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William Ornstein: Attorney Investigation

William Ornstein Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 15, 2016 indicate that Florida-based GMS Group broker William Ornstein has received resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Ornstein (CRD# 500470).

William Ornstein has spent 37 years in the securities industry and has been registered with the GMS Group in Boca Raton, Florida since 2001. Previous registrations include Herbert J. Sims & Company in Fairfield, Connecticut; Atlantic Group Securities in Millburn, New Jersey; Rickel & Associates in New York, New York; First Interregional Equity Corporation in Milburn, New Jersey; First Monmouth Securities; Baird Patrick & Company; McLaughlin Piven; and Halbert Oberst and Company. He is a registered broker with twelve US states and territories: California, Connecticut, the District of Columbia, Florida, Georgia, Maryland, Minnesota, New Jersey, New York, North Carolina, Pennsylvania, and Virginia.

According to his BrokerCheck report, William Ornstein has received six customer complaints and three pending customer complaints.

In November 2015 a customer alleged William Ornstein, while employed at the GMS Group, engaged in fraudulent sales practices and over-concentrated the account. The customer is seeking $200,000 in damages in the pending complaint.

In 2009 a customer alleged William Ornstein, while employed at the GMS Group, made unsuitable recommendations. The customer is seeking $101,183 in damages in the pending complaint.

In 2009 a customer alleged William Ornstein, while employed at the GMS Group, engaged in unauthorized and unsuitable trading, breached his fiduciary duty, and made material misrepresentations and/or omissions. The complaint settled in 2011 for $675,000.

In 2008 a customer alleged William Ornstein, while employed at the GMS Group, “did not provide a complete description of a bond purchased in 2008.” The complaint settled in 2009 for $5,000.

In 2001 a customer alleged William Ornstein, while employed at First Interregional Equity, breached his fiduciary duty, committed fraud, engaged in unjust enrichment, and misrepresented material facts. The complaint settled in 2002 for $10,000.

In 1999 a customer alleged William Ornstein, while employed at First Interregional Equity, breached his fiduciary duty, negligently misrepresented material facts, committed fraud, and made unsuitable recommendations. The complaint settled in 2002 for $30,000.

In 1998 a customer alleged William Ornstein, while employed at First Interregional Equity, breached his fiduciary duty. The complaint settled in 2000 for $30,000.

In 1995 a customer alleged William Ornstein, while employed at First Interregional Equity, misrepresented and omitted material facts, breached his fiduciary duty, and made unsuitable recommendations. The complaint settled in 1996 for $10,000.

If you or someone you know has lost money investing with William Ornstein, 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. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.