Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on March 23, 2018 indicate that former New York-based Four Points Capital Partners broker Daniel Fischer has been sanctioned by the Securities and Exchange Commission (SEC) and barred from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fischer (CRD# 2796625).
Daniel Fischer has spent 11 years in the securities industry and was most recently registered with Four Points Capital Partners in New York, New York (2012-2017). Previous registrations include WTS Proprietary Trading Group in New York, New York (2012); Dimension Securities in New York, New York (2010-2012); Dimension Trading Group in New York, New York (2011-2012); ETrade Securities in Jersey City, New Jersey (2007-2008); Hold Brothers On-Line Investment Services in New York, New York (2007); Quest Capital Strategies in Lake Forest, California (2004); Worldco in New York, New York (2001-2002); On-Site Trading in Great Neck, New York (1998; 2000-2001); and Monroe Parker Securities in Purchase, New York (1997). He has passed four securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on Mary 12, 1997; Series 55 (Limited Representative-Equity Trader Exam), which he obtained on October 23, 2000; Series 7 (General Securities Representative Examination), which he obtained on May 9, 1997; and Series 24 (General Securities Principal Examination), which he obtained on March 20, 2000. He is currently not registered with any state or firm.
According to his BrokerCheck report, Daniel Fischer has been the subject of FINRA and SEC sanctions, as well as a civil action by the SEC.
In January 2018 the SEC sanctioned Daniel Fischer in connection to a prior injunction against him resulting from allegations that he violated antifraud positions of federal securities law by recommending an unsuitable investment strategy, making material misrepresentations, churning customer accounts, and executing unauthorized trades. He was indefinitely barred from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or NRSRO.
In December 2017 he was named in an SEC action alleging he and one other broker made unsuitable trades that were costly for customers and lucrative for them. The complaint specifically alleges that he and the other respondent “conducted in-and-out trading that was almost certain to lose money for customers while yielding commissions for themselves.” According to the SEC, ten customers of their firm suffered losses totaling $573,867, while Mr. Fischer received approximately $175,000 in commissions. The SEC also stated that he recommended four customers use a “high-cost in-and-out trading strategy” without any reasonable basis to believe it was suitable. He was issued an injunction and ordered to pay disgorgement totaling more than $174,500.
In 2016 FINRA sanctioned him following allegations he exercised discretion without written authorization from customers or firm approval of the accounts as discretionary. He was issued a 20-day suspension and a fine of $5,000.
If you or someone you know has lost money investing with Daniel Fischer, call the experienced attorneys at 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.