Many investors are unaware of the legal recourse available to them after losing money due to securities broker misconduct and/or negligence. Investors who believe they may have lost money in this fashion may entitled to damages. The law firm of Oakes & Fosher is currently interested in hearing from investors who believe this may be them.

Oakes & Fosher is currently investigating securities broker Shimshon Plotkin for possible misconduct and/or negligence. According to his publicly available FINRA BrokerCheck report, Shimshon Plotkin has been the subject of multiple customer disputes in his career.

Shimshon Plotkin is currently operating as a Maryland based securities broker. He has worked in the securities industry for twenty-five years. During his career, he has been registered with five different securities firms.

His Registrations

  • Sun Investment Services (1994-1996)
  • Royal Alliance Associates (1996-2005)
  • Cambridge Investment Research (2005-2006)
  • Pacific West Securities (2008-2011)
  • Independent Financial Group (2011-Present)

The Allegations

  • In January 2002, a customer alleged that Shimshon Plotkin misrepresented material details regarding their investments and handled their account negligently. This case went to arbitration where the customer was awarded $55,391 in damages.
  • In October 2002, a customer alleged that Shimshon Plotkin made unsuitable investment recommendations and breached his fiduciary duty. This case went to arbitration where the customer was awarded $25,000 in damages.
  • In May 2005, a customer alleged that Shimshon Plotkin concentrated their account in unsuitable mutual funds. This case was settled for $70,000 in damages.
  • In January 2016, an attorney on behalf of a customer, alleged mismanagement, non-disclosure, breach of fiduciary duty, and conflict of interest.
  • In June 2016, a customer alleged negligence, misrepresentations, breach of contract, breach of fiduciary duty, and unsuitable investments in connection with REITs and DPPs. This case was settled for $250,000 in damages.

What Does This Mean?

Non-traded Real Estate Investment Trusts, also known as non-traded REITs, are privately traded securities not sold on any public securities exchanges. Their private nature creates the potential for significant oversight when trading these products. Many securities brokers, like Shimshon Plotkin, use this lack of over-sight to their advantage when pitching these products to their customers. This is because non-traded REITs are incredibly speculative and illiquid products that are unsuitable for most investors. Despite this fact, many brokers, like Shimshon Plotkin, continue to pitch this product to their customers because of the incredibly high commissions they receive when selling them.The commissions that the broker receives on these sales are so high, that it makes it almost impossible for the investor to profit on their investment under anything other than outstanding market conditions. Investors who believe they have lost money due to their securities broker investing them in unsuitable non-traded REITs may be entitled to damages.

Oakes & Fosher Can Help

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Shimshon Plotkin, please contact Oakes & Fosher for a free and private consultation.