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Herbert Buchbinder Allegedly Engaged in Negligence

Herbert Buchbinder (CRD #: 34261), a broker registered with Stifel, Nicolaus & Company, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on November 10, 2023. Investors should know this is his fifth investor dispute. 

On August 15, 2023, investors alleged that Herbert Buchbinder breached his contract, engaged in negligence, and breached his fiduciary duty. The investor is seeking $76,000. 

Fiduciary Duties

Brokers are often dually registered as Registered Investment Advisers (RIAs) with the SEC. RIAs are fiduciaries, and fiduciaries are required to act in their clients’ best interests. Brokers are not fiduciaries but must abide by FINRA Rule 2111 and Regulation Best Interest. (To learn more about the differences between brokers and Registered Investment Advisers, click here.) 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Negligence and breaches of contract may violate this rule. 

Background Information 

Herbert Buchbinder has passed the following exams: 

  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 7TO General Securities Representative Examination 
  • SIE Securities Industry Essentials Examination 
  • PC – Amex Put and Call Exam 
  • Series 1 Registered Representative Examination 

He is a registered broker in 31 states and is a registered investment adviser in Texas. 

Herbert Buchbinder has registered with the following firms: 

  • Stifel, Nicolaus & Company (CRD #: 793) 
  • Wells Fargo Advisors (CRD #: 19616) 
  • George K. Baum & Company (CRD #: 36354) 
  • Painewebber Incorporated (CRD #: 8174) 
  • Kidder, Peabody & Co. (CRD #: 7613) 

Kurta Law Can Help

If you worked with Herbert Buchbinder and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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.

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