Paul Blum was a Florida based securities broker. He worked in the securities industry for thirty-four years. During his career, he was registered with three different securities firms.
His registrations included; J.B. Hanauer & Co. (1981-1990, 1991-2009), Prudential-Bache Securities (1990-1991), and RBC Capital Markets (2009-2015). He is no longer working as a registered securities broker in any fashion.
Paul Blum’s publicly available FINRA BrokerCheck report shows that he has received numerous customer complaints over the course of his career.
He received four complaints throughout 1995 all from customers alleging that he misrepresented the details of plaid clothing bonds and that these bonds were highly unsuitable. These cases were settled for a total of $650,259 in damages.
In October 2012, a customer alleged that Blum excessively traded their accounts. This case was settled for $110,000 in damages.
In February 2016, customers alleged that Paul Blum recommended unsuitable investments in the energy sector. The alleged transgressions taking place between December 2009 and 2015. This case was settled for $750,000 in damages.
In May 2016, a customer alleged that Paul Blum excessively traded and over-concentrated their account in oil and gas bonds. The alleged transgressions taking place between 2014 and 2016. This case was settled for $137,500 in damages.
In June 2017, a customer alleged unsuitable recommendations that led to an over-concentration of energy bonds and Puerto Rico municipal bonds. The alleged transgressions taking place between 2009 and 2015. This case was settled for $117,500 in damages.
These are just some of the many complaints that Paul Blum received during his career as a registered securities broker.
During an investigation into Paul Blum’s possible unsuitable trading, he allegedly failed to appear for testimony when requested. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Paul Blum, please contact Oakes & Fosher for a free and private consultation.