Securities Arbitration Lawyers BlogAfter FINRA’s Ruling, Joel Weiner has been Permanently Barred from the Securities Industry
The Boynton Beach broker is alleged to have profited from unsuitable investment recommendations
Joel Weiner is no longer allowed to act as a broker as of December of 2016. It was then that the Financial Industry Regulatory Authority (FINRA) decided to permanently bar him due to serious allegations involving the solicitation of millions of dollars from a client.
FINRA reported that Weiner recommended that his client invest in an outside business that was owned by a representative of his firm, whom Weiner supervised. The business provided loans to small businesses, and the client ended up issuing $2.6 million in loans over several years. Weiner is reported to have earned about $65,000 in finder’s fees as the result of these transactions. In 2014, the business stopped providing loans and asked for repayment of all outstanding loans, but by February of 2015, only half of them had been repaid.
FINRA also found that Weiner not only didn’t disclose his activity to his member firm, but over the course of many years he “provided inaccurate responses about the outside business activity in connection with the firm’s annual compliance questionnaires.”
From 1987 to 2014, Weiner worked for nine firms, but spent the majority of that career (from 1995 on) at LaSalle St Securities, L.L.C. in Boynton Beach, FL.
Other firms include:
- First Investors Corporation
- Geneva Securities, Inc.
- Blunt Ellis & Loewi Incorporated
- LCL Investments, Inc.
- R.D. Kushnir & Co. – Northbrook, IL
- Product Distributors, Inc. – Schaumburg, IL
- Foundation Investors Securities Corp.
- Coordinated Planners Investment Corp.
Weiner also was the sole practitioner in a law firm that provided business and estate planning, among other services.
At the heart of the allegations against Weiner is the report that the investment he recommended to his client was not suitable. A broker is obligated to know his or her clients and their financial situation in order to put them in appropriate investments – or the broker risks violating FINRA rules.
If you want more information about Joel Weiner, you can take a look at his BrokerCheck report.
Were you given unsuitable investment advice that resulted in the loss of money? You may be able to recover it through securities arbitration. To find out if you have the possibility, contact the Silver Law Group for a free consultation. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities and Financial Fraud Group and routinely represents investors in securities arbitration claims. Our primary office is in South Florida and we represent investors in Boynton Beach, Florida and nationwide in securities arbitration claims.
We’ve recovered millions of dollars related to arbitration claims, and because we’re a contingency-based firm, our clients don’t pay us unless they recover money. Give us a call at 800-975-4345 or get in touch through our online contact form.