Jeffrey Max Cohen (CRD# 2528929), a financial advisor affiliated with Moloney Securities, has been the subject of numerous complaints and lawsuits over the years. This article will delve into the details of these allegations and the resulting legal actions.
Background
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Cohen has been in the securities industry since 1994, with a history of employment at several firms. He has been registered with Moloney Securities Co., Inc. since 2015. Despite his long tenure in the industry, Cohen’s career has been marred by a series of customer complaints and legal disputes.
Allegations and Complaints
Cohen has faced numerous customer complaints, primarily concerning unsuitable investment recommendations. These allegations often pertain to direct and alternative investments. The complaints have resulted in substantial alleged damages, with recent ones seeking damages ranging from $200,000 to $3 million.
Cohen has also been accused of selling high-risk investments, including GPB Capital investments, totaling over $6 million. These investments are considered high-risk and illiquid, typically suitable for sophisticated investors.
Legal Actions and Settlements
Cohen has been involved in several legal actions due to these allegations. He has one settled and four pending customer complaints. He has also faced nine customer complaints, resulting in settlements totaling $2.6 million in damages.
One notable settlement involved a customer dispute from 2001 related to a seminar where Cohen provided financial advice, resulting in settlement of $320,000.
FINRA Bar
In addition to the customer complaints and lawsuits, Cohen has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). The investigation by FINRA stemmed from allegations related to the sale of securities in one of Cohen’s prior Outside Business Activities. Cohen violated FINRA Rules 8210 and 2010 by failing to provide the requested information and documents.
Potential Investor Recourse
Investors who have suffered losses due to Cohen’s alleged misconduct may have legal recourse. They may be eligible to file a claim with FINRA for arbitration. Hiring an experienced attorney can greatly increase their chances of success. Several law firms, including Haselkorn & Thibaut, offer free consultations to investors seeking assistance with securities-related claims.
Conclusion
The high number of customer complaints against Cohen raises concerns about supervisory practices at Moloney Securities Co. Investors are advised to review their accounts and consider whether they have suffered investment losses due to Cohen’s alleged misconduct. Those who have questions or wish to file a claim to recover their losses can seek a free consultation with an experienced trial attorney.
