Neil Fineman Barred By FINRA Following Allegations Of Engaging In Unapproved Private Securities Transactions

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Neil Fineman. According to his publicly available FINRA BrokerCheck report, Neil Fineman has been the subject of multiple customer complaints.

Neil Fineman was a Nevada based securities broker. He worked in the securities industry for twenty years. During his career, he was registered with thirteen different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Chatfield Dean & Co. (1992-1994)


• Josephthal Lyon & Ross Incorporated (1994)


• D. Blech & Company (1994)


• JW Charles Securities (1994-1995)


• Advest Inc. (1995-1999)


• Janney Montgomery Scott (1999-2000)


• Prudential Securities Incorporated (2000-2001)


• JVB Financial Group (2003-2004)


• Sunamerica Securities (2005)


• Brookstreet Securities Corporation (2005-2007)


• Regal Securities (2007-2013)


• Sagepoint Financial (2013-2014)


• First Allied Securities (2014-2016)

The Allegations

• In January 2014, a customer alleged that Neil Fineman failed to inform her of the tax consequences that accompanied the surrender of a variable annuity. This case was settled for $190,000 in damages


• In October 2015, Neil Fineman was officially sanctioned by FINRA. This was due to allegations that he took part in two outside business activities without proving written notice to his member firm. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of twenty business days.


• In May 2016, a customer alleged that Neil Fineman recommended unsuitable and high-risk investments. The customer also alleged that Neil Fineman committed fraud, breached his fiduciary duty, and handled their account negligently. This case was settled for $16,000 in damages.


• In December 2017, Neil Fineman was once again sanctioned by FINRA. The findings in this matter state that he once again took part in private securities transactions. He allegedly sold away at least $2.5 million worth of shares of an outside company without providing notice to his member firm. Due to these allegations, he was barred from acting as a securities broker in any fashion.


• In May 2019, a customer alleged that Neil Fineman recommended unsuitable investments, handled their account negligently, and breached his fiduciary duty. This case was settled for $20,000 in damages.


• In October 2019, another customer alleged that Neil Fineman recommended unsuitable investments, breached his fiduciary duty, and handled their account negligently. This case is presently pending. The customer is seeking $100,000 in damages.

What Does This Mean?

Securities brokers are not allowed to engage in any private securities transactions without first disclosing it to their member firm prior to engagement. This is because securities firms have a difficult time monitoring any outside transactions and need to determine if said transactions are suitable for investors or not. It is the responsibility of the securities firm to prevent its customers from being harmed by any unsuitable outside investments. They are not absolved from liability because the broker fails to communicate their intent to engage in these outside transactions. Firms need to have adequate procedures in place designed to supervise registered brokers and prevent them from engaging in any unauthorized and potentially harmful activities.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Neil Fineman, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis which means there are no fees charged unless we collect for you.