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Broker Complaints: Gilford Securities (CRD# 8076)

According to the Financial Industry Regulatory Authority (FINRA), New York-based brokerage Gilford Securities (CRD# 8076) has received a total of fifty-two regulatory sanctions and customer complaints that evolved into arbitration. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Gilford Securities.

Formed in 1979, Gilford Securities is headquartered in New York, New York, and is registered in fifty-two US states. Robert Andrew Maley serves as Chief Executive Officer; Ralph Worthington IV serves as Chairman; Bonnie Jane Edelman Sachs serves as Chief Financial Officer and Chief Operating Officer.

According to its BrokerCheck report, Gilford Securities is the subject of twenty regulatory sanctions and thirty-two customer complaints.

  • In 2014 FINRA sanctioned Gilford Securities following allegations the firm released a publication that failed to disclose a research analyst received compensation in the form of commissions on transactions in securities the analyst covered. Gilford Securities was censured and issued a fine of $125,000.
  • In 2011 the US Securities and Exchange Commission (SEC) sanctioned Gilford Securities following allegations the firm failed to supervise a representative who engaged in pump-and-dump schemes, facilitating unregistered sales of microcap stocks that generated at least $33 million in proceeds. Gilford Securities was censured and ordered to pay a fine of $260,000 and disgorgement of $275,000.
  • In 2007 a customer alleged Gilford Securities sold unsuitable investments, churned the customer’s account, made unauthorized trades, and failed to supervise its representatives. The complaint resulted in an award to the customer of more than $58,000.
  • In 2001 a customer alleged Gilford Securities misrepresented and omitted material facts pertaining to an investment in common stock, acted negligently, and failed to supervise its representatives. The complaint resulted in an award to the customer of $111,858.
  • In 2000 a customer alleged Gilford Securities breached its fiduciary duty, breached contract, and engaged in negligence connected to an investment in common stock. The complaint resulted in an award to the customer of more than $65,000.
  • In 1999 a customer alleged Gilford Securities breached its fiduciary duty, breached contract, and engaged in negligence. The complaint resulted in an award to the customer of $200,000.
  • In 1996 a customer alleged Gilford Securities breached its fiduciary duty, churned the customer’s account, made unauthorized trades, and engaged in negligence. The complaint resulted in an award to the customer of $905,000.
  • In 1994 a customer alleged Gilford Securities misrepresented and omitted material facts pertaining to an investment, made unauthorized trades, and acted negligently. The complaint resulted in an award to the customer of $175,000.

If you have lost money investing with Gilford Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. Since all cases are taken on contingency, we only get paid if and when you recover money.  Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.