FINRA Bans Charles Bloom

Charles Lewis Bloom (CRD #4144108) is a former registered broker last employed by Chelsea Financial Services (CRD #47770) of Royal Palm Beach, FL. His previous employers include International Assets Advisory, LLC (CRD #10645) and IAA Financial LLC (CRD #6578) of West Palm Beach, FL, and U.S. Brokerage, Inc. (CRD #39307) of Wellington, FL. No current employment information is available. He has been in the industry since 2000.

FINRA began an investigation into Bloom’s trading practices in October of 2017 after allegations of unsuitable trading in at least three customer accounts. FINRA then requested Bloom to appear to give on-the-record testimony to FINRA regarding the investigation. He declined, and stated in a phone call that he would not give testimony at any time. On 7/17/2018, after signing an Acceptance, Waiver & Consent (AWC) letter, Bloom was indefinitely barred by FINRA effective immediately.

Shortly after the FINRA action, a customer dispute was filed on 11/8/2017, alleging that Bloom misrepresented and made unsuitable recommendations with regard to a REIT (real estate investment trust.) The case is currently “pending,” and the damages requested are $99,326.84.

Bloom was previously suspended by FINRA for 20 days in 2008 after settling a claim with a client and failing to notify his firm. He was also fined $5,000 in the action. Bloom paid the client $33,000 after he threatened to sue, and Bloom never notified his firm at the time, 1^st Discount Brokerage, Inc. (CRD #39164) of Delray Beach, FL, of the payment. The client threat and payment occurred sometime in 2005.

Bloom voluntarily resigned from 1^St Discount Brokerage on 12/13/2006, after a customer filed a complaint on 11/6/2006 alleging that Bloom engaged in unauthorized day trading in his account from January through April of 2004. The customer suffered significant losses, and requested damages of $138,000. The case was settled for $50,000.

Bloom has also twice filed for bankruptcy. The first time was on 7/12/2013, and again on 10/22/2013. The second time was 04/15/2015, and his case was dismissed.

Did You Invest With Charles Bloom?

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