Jesse Kovacs Suspended By FINRA For Allegedly Participating In Private Securities Transactions

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

Rafael Golan was a Florida based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with fifteen different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • The Keyes Investment Group (1983)
  • CVR Financial Corporation of America (1983-1984)
  • Kidder, Peabody & Co. (1984-1988)
  • Shearson Lehman Hutton Inc. (1988-1989)
  • A.G. Edwards & Sons (1989-1990)
  • Painewebber Incorporated (1990-1992)
  • Securities America (1992-1996)
  • U.S. Securities & Futures Corp. (1996)
  • Baxter Banks & Smith, LTD (1997-1988)
  • Shochet Securities (1998-1999)
  • Avalon Research Group (1999)
  • Prime Capital Services (1999-2001)
  • Sentra Securities Corporation (2001-2004)
  • Independent Financial Group (2004-2006)
  • Crystal Bay Securities (2007-2019)

The Allegations 

  • In March 2007, a customer alleged that Rafael Golan breached his fiduciary duty. This case went to arbitration where the customer was awarded $240,000 in damages.
  • In July 2013, a customer alleged that Rafael Golan recommended unsuitable investments, breached regulatory requirements, managed their account negligently, breached his fiduciary duty, and violated industry rules. This case was settled for $125,000 in damages.
  • In January 2018, customers alleged that Rafael Golan recommended unsuitable investments, breached contract, managed their account negligently in connection with various REIT purchases. This case is currently pending. The customers are seeking an undisclosed amount in damages.
  • Also in January 2018, a customer alleged that Rafael Golan made unsuitable investments on their behalf. This case went to arbitration where the customer was awarded $136,201 in damages.
  • In October 2018, a customer alleged that Rafael Golan made a series of sales practice violations. This case is currently pending. The customer is seeking $1,585,895 in damages.
  • In January 2019, Rafael Golan was officially sanctioned by FINRA. After allegedly failing to provide the organization with information that had been requested, he was indefinitely suspended until such time the information is provided.

What Does This Mean? 

Securities brokers have a duty to their customers to always act in their best financial interests. This is their duty as a fiduciary. This means that brokers can only recommend investments that their customers are actually suited for. Brokers like Rafael Golan can determine if a particular investment is suitable for their customer by looking at various different factors provided to them by the customer. This includes the customer’s investment objectives, financial situation, liquidity needs, and risk tolerance. Brokers who invest their customers contrary to these needs have either done so in a fraudulent manner, placing their own financial interests ahead of their customer’s, or in a negligent one. Regardless if the broker’s intent was fraudulent or negligent, managing a customer’s account unsuitably disqualifies them from the ability to perform their duties in the required manner.

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 Rafael Golan, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.