Robert Spiegel, formerly with First Standard Financial Company, Suspended from Securities Industry
Have you lost money with financial advisor Robert Joseph Spiegel from Staten Island, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Robert F. Spiegel. FINRA suspended Robert Spiegel from the securities industry for four months, fined him $5,000, and ordered him to pay over $18,000 in restitution.
Spiegel was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning). FINRA alleged that one of Spiegel’s customers had a cost-to-equity ratio of 113%. To put this in perspective, if an account had a cost equity ratio of 113%, that means the trading in the account would have to make a 113% profit annually just to break even from the costs of trading.
Robert Spiegel was a registered representative and financial advisor with First Standard Financial Company from October 2014 to November 2018. He worked out of a branch office in Staten Island, New York. Spiegel has also been the subject of two customer complaints and three tax liens.
Broker-dealers like First Standard Financial Company have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York City. Our attorneys have represented over one thousand investors against many brokerage firms in the past.