According to his BrokerCheck report maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Gold has been the subject of no less than five customer complaints and was discharged from Morgan Stanley DW in 2004.
In addition to UBS and Morgan Stanley, FINRA reports that Mr. Gold has also been registered with Merrill Lynch in Florida, Advest in Connecticut, and Prudential in New York City.
Per FINRA, Mr. Gold was discharged from Morgan Stanley, where he had worked from 2000 to 2004 “after allegations” and in the midst of a firm investigation into his conduct.
That same year, in 2004, a customer made allegations of unsuitability against Mr. Gold, which was reported on his FINRA BrokerCheck Report.
In 2006, Mr. Gold was again the subject of a customer complaint alleging unsuitability; according to FINRA records, this was settled for roughly 50% of the alleged damages.
Again in 2009, a customer of Mr. Gold complained regarding unsuitability, and FINRA records indicate the matter was settled for $150,000.
The next year, 2010, Mr. Gold was again the subject of a customer complaint alleging unsuitability, and this claim was reportedly settled for $125,000.
Finally, this past October 2015, Mr. Gold was the subject of a fifth customer complaint, again alleging unsuitability, per FINRA.
Unsuitability is especially dangerous for elderly and retirement age investors because unsuitable investments frequently involve the investor taking on more risk than they should. When these risks manifest, large and devastating losses may be incurred. The older an investor is at the time of the losses, the less time they have to recover those losses. This is why it is imperative – and required – for brokers to understand their client’s risk tolerance and investment objective before making a recommendation.
If you or a family member lost money with Brian J. Gold, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.
Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.
Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.