New York-based Beech Hill Securities Broker Frank Hamrak Under Investigation Over Unsuitability Allegations
Posted: June 6th, 2017
Silver Law Group is investigating New York-based Beech Hill Securities (CRD# 24771) broker Frank Hamrak (CRD# 1385077) after a customer complaint filed against him alleging unsuitable recommendations settled.
According to Hamrak’s FINRA BrokerCheck report, a customer complaint filed in November 2016 against Hamrak settled. The complaint alleged unsuitability and settled for $127,000.
In addition to the settled complaint, Hamrak has six other disclosures on his BrokerCheck report.
In 1993, a suitability complaint settled for more than the requested amount. In 2011, Hamrak declared bankruptcy. A little more than four years later, a tax lien was levied on Hamrak in the amount of almost $50,000.
In February 2016, another suitability complaint settled for $40,000. Currently, a suitability complaint filed in May 2016 is pending against Hamrak. The complaint alleges $750,000 in damages.
Beech Hill Securities has employed Hamrak since June 2010 at its New York, New York branch.
According to Hamrak’s detailed CRD report, Hamrak is also the principal and portfolio manager of Chain Bridge Capital, LP, an investment-related long/short fund. Chain Bridge Capital, LP filed a Form D private placement with the SEC in September 2013. Chain Bridge Capital is also based out of New York, New York.
Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there has to be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.
Contact Our Firm if You’ve Lost Money
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.
If you have invested with Frank Hamrak and Beech Hill Securities or Chain Bridge Capital and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll free at (800) 975-4345.
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