Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 12, 2016 indicate that former New Jersey-based Summit Brokerage Services broker Michael Woloshin has received numerous customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Woloshin (CRD# 732640).
Michael Woloshin has spent 34 years in the securities industry and was most recently registered with Summit Brokerage Services in Medford, New Jersey (2015-2016). Previous registrations include JP Turner & Company in Medford, New Jersey; Oppenheimer & Company in New York, New York; Smith Barney Harris Upham & Company in New York, New York; Gruntal & Company in New York, New York; Herzfeld & Stern; DH Wallach; and Merrill Lynch. He is currently not registered with any state or firm.
According to his BrokerCheck report, Michael Woloshin has received five customer complaints and was recently discharged from Summit Brokerage Services.
In April 2016, Michael Woloshin was discharged from his position at Summit Brokerage Services following allegations he “submitted 2 Fixed Index Annuity applications to the issuing insurance company prior to the approval of those applications by the Firm.”
In 2001, a customer alleged that Michael Woloshin, while employed at Fahnestock & Company, executed unsuitable transactions, acted negligently, and breached contract. The complaint settled in 2002 for $19,000, to which Mr. Woloshin individually contributed $9,520.
In 2000, a customer alleged that Michael Woloshin, while employed at Fahnestock & Company, recommended an outside money manager who executed unauthorized trades and unsuitable transactions. The complaint settled in 2001 for $14,000, to which Mr. Woloshin individually contributed $7,000.
In 1998, the National Association of Securities Dealers sanctioned Michael Woloshin following allegations he made unsuitable investment recommendations and charged unnecessary commissions. He was censured, issued a fine of $10,000, and suspended for five business days.
In 1996, a customer alleged that Michael Woloshin, while employed at WH Newbold’s Son & Company, engaged in churning. The complaint settled in 1997 for $49,500.
In 1993, a customer alleged that Michael Woloshin, while employed at Salomon Smith Barney, engaged in churning. The complaint settled in 1996 for $55,000.
In 1990, a customer alleged that Michael Woloshin did not offer mutual fund break points. The complaint resulted in an award to the customer of $10,000.
If you have lost money investing with Michael Woloshin, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get 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.