Financial Industry Regulatory Authority (FINRA) records indicate that Douglas P. Simanski (Simanski), a former stockbroker who was associated with NEXT Financial Group, has been permanently barred from the brokerage industry. Simanski’s record also shows 4 currently pending customer disputes, 1 prior final customer dispute and a recent employment separation after allegations.
FINRA is the agency that licenses and regulates stockbrokers and brokerage firms. In response to FINRA charges, Simanski, without admitting or denying the findings, consented to a permanent bar from the securities industry and entry of findings that he failed to provide documents and information related to an investigation into allegations related to the conversion of funds.
Four customers of NEXT Financial have also filed arbitration claims involving Simanski, alleging sales of high risk investments, loans to customers, sale of unregistered securities and sale of fictitious investments as part of a scheme to steal money from a customer.
Simanski was registered with NEXT Financial Group from August 1999 through June 2016.
If you believe you may have been the victim of misconduct by Simanski or another stockbroker or financial advisor, and suffered significant losses are a result, you may be able to recover your losses in FINRA arbitration or in a lawsuit. To find out more about your legal rights and options, contact a securities arbitration lawyer at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 (toll free call) or firstname.lastname@example.org for a no-cost, confidential consultation.
Platinum Partners LP Funds are under scrutiny after federal agents reportedly raided the funds’ New York offices in July 2016. Hedge fund entities sponsored by Platinum Partners include the Platinum Partners Value Arbitrage Funds, the Platinum Partners Credit Opportunities Fund, Platinum Credit Holdings LLC, Platinum Credit Management LP, Platinum Partners Value Corp., and Platinum Management (NY) LLC.
In June, the New York-based hedge fund manager reportedly began liquidating its funds, after the firm’s longtime associate Murray Huberfeld (Huberfeld) was accused of arranging for a $60,000 bribe and kickback, in a Salvatore Ferragamo bag, to Norman Seabrook, President of the New York correctional officers’ union. Seabrook allegedly directed $20 million in union investments into the Platinum Partners Value Arbitrage Fund. Seabrook has denied that he is guilty of any charges.
Later, Cayman Islands Judge Andrew Jones reportedly ordered that a new advisor take control of the international arm of Platinum’s flagship fund, which is based in the Caymans, after an investor claimed he has not been able to gain access to his money since 2015.
If improper activity by Platinum Partners is proven, brokers and advisors who sold and recommended the Platinum Funds to investors may possibly be liable. If you were advised to invest in Platinum Partners funds by broker or investment adviser, and suffered significant losses are a result, you may be able to recover your losses in FINRA arbitration or in a lawsuit. To find out more about your legal rights and options, contact a securities arbitration lawyer at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or email@example.com for a no-cost, confidential consultation.