Alan Feigenbaum is Subject of FINRA Fine and Suspension
Alan Feigenbaum (CRD #: 3132230), a broker formerly registered with Newbridge Securities Corporation, was suspended by FINRA, according to his BrokerCheck record, accessed on February 25, 2022.
FINRA Allegations
According to the findings, while registered with National Securities Corporation and Newbridge Securities Corporation, Alan Feigenbaum allegedly exercised discretion for approximately 2,000 trades in 120 accounts without written authorization from the clients. Although the customers permitted Alan Feigenbaum to exercise discretion, none had given him written authorization to do so, and neither member firm had approved the accounts as discretionary. FINRA Rule 3260(b) prohibits unauthorized discretionary trading, and doing so is a serious offense.
Making unauthorized trades in or facilitating unauthorized withdrawals from a customer’s account is a breach of the duty to observe high standards of commercial honor and just and equitable principles, in violation of FINRA Rule 2010.
FINRA Rules 4511 and 2010
FINRA Rule 4511 states that firms “shall make and preserve books and records as required under the FINRA Rules, the Exchange Act and the applicable Exchange Act rules.” While registered with National Securities Corporation, Alan Feigenbaum allegedly violated FINRA Rule 4511 after communicating with some of his brokerage customers regarding securities-related matters using an email account he used for his outside business. Alan Feigenbaum also allegedly marked approximately 100 trades as unsolicited, when in fact he had allegedly solicited the transactions.
Alan Feigenbaum’s alleged unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
Sanctions
As part of the terms of the AWC, Alan Feigenbaum consented to
- A five-month suspension
- A $15,000 fine
You can read the full copy of the AWC here.
Employment Resignation
On February 22, 2019, Alan Feigenbaum was permitted to resign from his position at National Securities Corporation following allegations that he improperly used the firm’s trading platform to execute trades in client accounts.
Background Information
Alan Feigenbaum has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Besides Newbridge Securities Corporation and National Securities Corporation, he has also worked with Prime Capital Services (CRD#:18334).
Kurta Law Can Help
If you have been victimized after working with Alan Feigenbaum, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.