The Financial Industry Regulatory Authority has charged former J.P. Turner & Company, LLC (J.P. Turner) broker, Leonard Allen Goldberg with multiple forms of securities fraud including: unsuitable mutual fund switching/trading, exercising of discretion without written authorization, falsification of electronic records, mutual fund switch forms, and new account documents, and forgery of customer signatures.
Goldberg first became registered with FINRA in 1972. Goldberg was registered with J.P. Turner from July 2007 until October 2010, and with Newport Coast Securities, Inc. from October 2010 to December 2014. He is not currently affiliated with any brokerage firm.
According to the complaint, from August 2007 through August 2014, Goldberg caused over $123,600 in losses to five customers while making over $77,900 for himself and his firms by using discretion without the requisite written authorization in connection with 300 mutual fund and Exchange Trading Fund (“ETF”) transactions to his benefit. Goldberg allegedly bought his clients class “A” mutual funds, held on to them for a few months, and then sold and repurchased additional mutual funds with the funds. The client would incur upfront sales charges with each transaction.
In the complaint, FINRA stated that there was no legitimate business purpose for those transactions, other than to generate commissions. Additionally, the complaint indicates that during the relevant period, Goldberg, caused inaccurate and false firm records based on submitting approximately 20 mutual fund switch forms and 238 electronic orders to his firm, where the majority of such transactions were identified as unsolicited orders. FINRA also alleged that Goldberg forged signatures of five of his customers on mutual fund switch letters and new account forms. Finally, FINRA alleged Goldberg falsified information pertaining to each of his customers ‘ investment experience, tolerance and net worth.
If you believe you have been the victim of stockbroker misconduct, you may wish to consult an attorney to find out more about your legal rights and options. Investors may contact a securities arbitration attorney at Law Office of Christopher J. Gray at (866) 966-9598 or firstname.lastname@example.org for a no-cost, confidential consultation.