Haselkorn & Thibaut has opened an investigation into Stefan Ara Shimshidian, a formerly registered broker based in White Plains, NY who was most recently affiliated with Cabot Lodge Securities LLC. Investors who worked with Mr. Shimshidian and have experienced losses, especially related to GWG L-bond investments, may have viable recovery options. This comprehensive research report details his career history, regulatory disclosures, and outlines important considerations for affected clients.
Who Is Stefan Shimshidian of White Plains, NY?
Table of Contents
Stefan Ara Shimshidian (CRD #3043669) has built a 26-year career in the securities industry, spanning both major financial institutions and independent broker-dealers. Most recently, he was registered with Cabot Lodge Securities LLC in White Plains, NY, serving nearly 12 years before ending his registration in May 2025. Over the years, he has also worked with firms such as Citicorp Investment Services, Quick & Reilly, Banc of America Investment Services, Clark Dodge & Co., Advanced Planning Securities, and Allied Beacon Partners.
Currently, Mr. Shimshidian is not registered with FINRA and holds no active state licenses. He is not a registered investment advisor.
Customer Complaints and Dispute Summary
One of the most critical aspects investors should be aware of is Mr. Shimshidian’s record of customer disputes. According to FINRA BrokerCheck and internal records, there are four settled customer complaints involving a total of $297,320 paid out in settlements. Each of these disputes relates specifically to the sales of GWG L-bonds. Below is a comprehensive table of all complaints:
| Event Date | Allegations | Product | Damages Requested | Settlement Amount | Status |
|---|---|---|---|---|---|
| November 21, 2024 | Breach of fiduciary duty, negligence, negligent misrepresentation, breach of contract, failure to supervise, violation of Regulation Best Interest regarding GWG L-bonds (Nov 2017–Apr 2021). | GWG L-bonds | $255,000 | $75,000 | Settled |
| March 25, 2024 | Violations of federal securities laws, NY Consumer Protection Act, breach of contract, common law fraud, breach of fiduciary duty, negligence, and gross negligence regarding GWG L-bonds (Dec 2019, Dec 2020). | GWG L-bonds | $100,001 | $46,500 | Settled |
| July 13, 2023 | Breach of fiduciary duty, negligence, negligent misrepresentation, breach of contract, failure to supervise, violation of Regulation Best Interest regarding GWG L-bonds (Nov 2020, Mar 2021). | GWG L-bonds | $171,500 | $41,000 | Settled |
| September 26, 2022 | Violations of federal securities laws, NY Consumer Protection Act, breach of contract, fraud, fiduciary duty, negligence, gross negligence, all relating to GWG L-bonds. | GWG L-bonds | $235,000 | $134,820 | Settled |
Key Findings and Red Flags for Investors
- GWG L-bonds Concentration: All four customer disputes are linked to GWG L-bonds. This product later became untradeable and problematic following GWG Holdings’ bankruptcy in April 2021.
- Settled Complaints: Settlements ranged from 29% to 57% of the damages requested, totaling $297,320 paid to settle all claims.
- Timeline of Disputes: The complaints were filed from September 2022 to November 2024, well after the investment period (November 2017–April 2021), suggesting issues emerged after the full impact of GWG’s bankruptcy was realized by customers.
- Common Allegations: Across all cases, allegations included breach of fiduciary duty, negligence, failure to supervise, misrepresentation, and violation of industry conduct rules such as Regulation Best Interest.
- No Barred Status: Mr. Shimshidian is not barred by any regulator but is currently not registered after leaving Cabot Lodge Securities LLC in May 2025.
- Prior Association with Expelled Broker-Dealer: His work history includes employment at Allied Beacon Partners, which was expelled by FINRA in December 2013.
Employment History Overview
- Cabot Lodge Securities LLC (White Plains, NY): Nearly 12 years, ending in May 2025
- Allied Beacon Partners, Inc. (Pleasantville, NY): 4.5 years (firm later expelled)
- Advanced Planning Securities, Inc. (White Plains, NY): 9 months
- Clark Dodge & Co., Inc. (White Plains, NY): 2.5 years
- Banc of America Investment Services, Inc. (Boston, MA): 11 months
- Quick & Reilly, Inc. (NY, NY): 2 years, 8 months
- Citicorp Investment Services (Long Island City, NY): 3 years
What Should Investors Do?
If you are a client, or former client, of Stefan Shimshidian and believe you suffered losses—particularly involving GWG L-bonds—it’s essential that you review your investments. The repeated nature of these customer disputes and the concentration in high-risk, illiquid alternative products may signal that some investors were not adequately informed of the risks or that suitability and best interest standards may not have been fulfilled.
Haselkorn & Thibaut has a national practice focused on representing investors in recovery actions against brokers and firms. With over 50 years of experience, a 98% success rate, and millions recovered for clients, their team can help you better understand your rights—and they work entirely on a no recovery, no fee basis.
Take Action – Free Consultation
Haselkorn & Thibaut is actively investigating claims regarding Stefan Ara Shimshidian of Cabot Lodge Securities LLC in White Plains, NY, and related GWG L-bond sales. If you suffered losses or are concerned about how your investments were handled, reach out for a free, confidential consultation about your options and potential next steps.
- Call now: 1-888-885-7162
- No recovery, no fee
- Connect with a team that has helped thousands of investors nationwide
Don’t delay—your ability to recover losses may be affected by time limits on your claim. Contact Haselkorn & Thibaut today and let their experience work for you.
