Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on May 30, 2018 indicate that New York-based Wellington Shields & Company broker Edward Herbst has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Herbst (CRD# 243580).
Edward Herbst has spent 47 years in the securities industry and has been registered with Wellington Shields & Company in New York, New York since 2009. Previous registrations include Shields & Company in New York, New York (2001-2009); Dominick & Dominick in New York, New York (1999-2001); SG Cowen Securities Corporation in New York, New York (1998-1999); Cowen & Company in New York, New York (1983-1998); Drexel Burnham Lambert (1977-1983); and Drexel Burnham & Company (1970-1977). He has passed six securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 16, 1982; Series 15 (Foreign Currency Options Examination), which he obtained on November 17, 1982; Series 5 (Interest Rate Options Examination), which he obtained on September 21, 1981; PC (AMEX Put and Call Exam), which he obtained on August 29, 1977; Series 1 (Registered Representative Examination), which he obtained on August 20, 1970; and Series 4 (Registered Options Principal Examination), which he obtained on November 28, 1977. He is a registered broker with 26 US states and three self-regulatory organizations (SROs): FINRA, NYSE American LLC, and the New York Stock Exchange.
According to his BrokerCheck report, he has received four customer complaints and one pending customer complaint.
In February 2018 a customer alleged Edward Herbst, while employed at Wellington Shields & Company, recommended investments in Puerto Rico municipal bonds that resulted in losses. The customer is seeking more than $88,300 in damages in the pending complaint.
In 1999 a customer alleged Edward Herbst, while employed at SG Cowen Securities, participated in unauthorized, excessive and unsuitable trading, and generated excessive commissions. The complaint settled for $330,000.
In 1999 a customer alleged Edward Herbst, while employed at SG Cowen Securities, made unsuitable investment recommendations, executed excessive transactions, and charged excessive commissions. The complaint settled in 2000 for $850,000.
In 1990 a customer alleged he, while employed at SG Cowen Securities, made unsuitable investment recommendations, charged excessive commissions, and executed excessive transactions in the account. The complaint settled for $500,000.
In 1995 a customer alleged he, while employed at Cowen & Company, recommended unsuitable investments, churned the account, omitted material facts related to an investment, and executed unauthorized trades. The complaint resulted in an award to the customer of $3,843,141.
If you or someone you know has lost money investing with Edward Herbst, call 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.