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Broker Edward Herbst: Complaints for Excessive Trading

 Edward HerbstThe securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding former New York-based Wellington Shields & Company broker Brian Hobbs (CRD# 243580).

Edward Herbst has spent 45 years in the securities industry and has been registered with Wellington Shields & Company in New York, New York since 2009. Previous registrations include Shields & Company in New York, New York (2001-2009); Dominick & Dominick in New York, New York (1999-2001); SG Cowen Securities in New York, New York (1998-1999); Cowen & Company in New York, New York (1983-1998); Drexel Burnham Lambert Inc. (1977-1988); and Drexel Burnham & Company (1970-1977). He is a registered broker in 25 US states and territories.

According to his BrokerCheck report, Edward Herbst is the subject of one regulatory sanction, four customer complaints, and one pending customer complaint.

In 2002 the State of Massachusetts sanctioned Edward Herbst after it was “revealed” that five complaints against him were settled “for sizeable monetary payments.” Mr. Herbst was placed on heightened supervision for two years and forbidden from having any principal, supervisory, or managerial duties.

In 1999 a customer alleged Edward Herbst, while employed at SG Cowen Securities, engaged in excessive, unauthorized, and unsuitable trading, and generated excessive commissions. The complaint settled in 2000 for $330,000.

In 1999 a customer alleged Edward Herbst, while employed at SG Cowen Securities, executed excessive, unsuitable, and unauthorized trades, and additionally generated excessive commissions. The complaint settled in 2000 for $850,000.

In 1999 a customer alleged Edward Herbst, while employed at SG Cowen Securities, engaged in excessive trading, recommended unsuitable investments, and generated excessive commissions. The complaint settled in 2000 for $500,000.

In 1995 a customer alleged Edward Herbst, while employed at Cowen & Company, omitted material facts, churned an account, executed unauthorized trades, and recommended unsuitable investments. The complaint resulted in an award to the customer of $3,843,141.

If you or someone you know has lost money investing with Edward Herbst, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: Fitapelli Kurta only gets paid if and when you collect 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.