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Herbert Marache Allegedly Sold Client’s Securities Without Authorization

Herbert Marache (CRD #: 1742490), a broker registered with Janney Montgomery Scott, allegedly executed unauthorized trades, according to his BrokerCheck record, accessed on November 13, 2022. If you have questions about his conduct as a broker, read on.

Investor Dispute

On August 29, 2022, an investor alleged that Herbert Marache sold securities in the client’s trust accounts without authorization on June 16, 2022. This dispute was settled for $210,382.84.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which restricts brokers from exercising their trading discretion in pre-approved discretionary accounts.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. 

Background Information

Herbert Marache has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Herbert Marache is a registered broker in 16 states, the District of Columbia, and the Virgin Islands. He is also a registered investment adviser in California, New Jersey, New York, Texas, and the District of Columbia.

He has also worked for Legg Mason Wood Walker (CRD#:6555) and Moseley Securities Corporation (CRD#:7908).

Kurta Law Can Help

If you worked with Herbert Marache and you 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 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. 

 

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