Trustee Seeks Six-Figure Damages in Dispute with Paul Berkman
Paul Berkman (CRD #: 1002769), a broker registered with Ameriprise Financial Services, allegedly failed to follow a trustee’s instructions, according to his BrokerCheck record, accessed on March 15, 2023. If you have questions about his alleged conduct as a broker, keep reading.
Investor Disputes
On February 8, 2023, a trustee alleged that Paul Berkman failed to change a deceased client’s beneficiaries by her request on October 8, 2021. The trustee seeks $730,000 in damages in this pending dispute.
In a dispute filed on July 16, 2020, an investor alleged that Paul Berkman sold them an unsuitable variable insurance policy in 2010. This dispute was denied by the firm.
On November 13, 2019, an investor alleged that Paul Berkman made an unsuitable recommendation of a real estate investment trust (REIT) in 2014. The firm denied the dispute.
However, investors should be aware that firms can deny disputes without allowing an external review. Investors may still be able to recover their losses by pursuing FINRA arbitration after a denial.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. An investor’s profile describes their risk tolerance, age, tax status, and other characteristics.
Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.
What is a REIT?
A real estate investment trust (REIT) lets investors pool their funds in a portfolio of income-generating real estate without taking on the responsibility of managing the properties. However, REITs are typically illiquid, which may make them unsuitable for some investors.
Background Information
Paul Berkman has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 86 – Research Analyst Exam – Part I Analysis Module
- Series 87 – Research Analyst Exam – Part II Regulations Module
- Series 7 – General Securities Representative Examination
- Series 3 – National Commodity Futures Examination
- Series 24 – General Securities Principal Examination
Paul Berkman is a registered broker in 18 states and the District of Columbia. He is also a registered investment adviser in New Jersey and New York.
He has also worked for the following firms:
- AXA Advisors (CRD#:6627)
- J Giordano Securities Group (CRD#:104063)
- Paloma Securities (CRD#:24234)
- Paul Berkman & Company (CRD#:31212)
Kurta Law Can Help
If you worked with Paul Berkman 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.