Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on October 26, 2016 indicate that New York-based Wunderlich Securities broker Howard Brous is the subject of a pending customer dispute. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Brous (CRD# 31868).
Howard Brous has spent 48 years in the securities industry and has been registered with Wunderlich Securities in Great Neck, New York since 2005. Previous registrations include HD Brous & Company in Great Neck, New York; Gruntal & Company; JII Securities; Rosenkrantz Ehrenkrantz Lyon & Ross; Wise Friedman; Hans Utsch & Company; Securities & Arbitrage Company; Halcyon Securities; Faulkner Dawkins & Sullivan; Moore & Schley, Cameron & Company; Thomson McKinnon Securities; Laidlaw Adams & Peck; and EF Hutton & Company. He is a registered broker with thirty US states and territories.
According to his BrokerCheck report, Howard Brous has received five customer complaints, one pending customer complaint, and fourteen regulatory sanctions.
In August 2016 a customer alleged Howard Brous, while employed at Wunderlich Securities, breached his fiduciary duty, over-concentrated the account in unsuitable securities, acted negligently, and committed fraud. The customer is seeking $2,500,000 in damages in the pending complaint.
In 2001 a customer alleged Howard Brous, while employed at HD Brous & Company, made unsuitable recommendations. The complaint settled for $45,000.
In 1999 a customer alleged Howard Brous, while employed at HD Brous & Company, misrepresented material facts and made unsuitable recommendations. The complaint settled in 2002 for $5,000.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have suffered losses while investing with Howard Brous, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.