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Mark Kaplan: Received Six Customer Complaints

Mark KaplanPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 22, 2016 indicate that New York-based Vanderbilt Securities broker Mark Kaplan has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Kaplan (CRD# 1978048).

Mark Kaplan has spent 27 years in the securities industry and has been registered with Vanderbilt Securities in Woodbury, New York since 2011. Previous registrations include Morgan Stanley Smith Barney in New York, New York; Citigroup Global Markets in New York, New York; Morgan Stanley DW in Purchase, New York; CIBC Oppenheimer in New York, New York; and Lehman Brothers in New York, New York. He is a registered broker with eight US states: California, Connecticut, Florida, Michigan, New Jersey, New York, Ohio, and Oregon.

According to his BrokerCheck report, Mark Kaplan has received six customer complaints and one pending customer complaint.

In March 2016 a customer alleged he, while employed at Citigroup Global Markets, executed unsuitable and excessive trades. The complaint settled in August 2016 for $240,000.

In January 2016 a customer alleged Mark Kaplan, while employed at Vanderbilt Securities, made unsuitable investment recommendations involving Master Limited Partnerships and real estate investment trusts. The customer is seeking $1,130,000 in damages in the pending complaint.

In 2015 a customer alleged Mark Kaplan, while employed at Vanderbilt Securities, made unsuitable recommendations. The complaint settled in May 2016 for $25,000.

In 2015 a customer alleged he, while employed at Vanderbilt Securities, executed unauthorized and unsuitable trades. The complaint settled in April 2016 for $470,000.

In 2011 a customer alleged he, while employed at Morgan Stanley Smith Barney, executed excessive trades. The complaint settled for $45,000.

In 2011 Mark Kaplan was terminated from his position at Morgan Stanley Smith Barney following allegations involving the receipt of a customer complaint and “concerns regarding activity in client accounts.”

A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, non-traded REITs may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you or someone you know has lost money investing with Mark Kaplan, 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: 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.