Securities Arbitration Lawyer Blog
FINRA has suspended Buckman, Buckman and Reid broker Allan Katz from associating with any FINRA member for 20 business days for reusing an elderly customer’s signature pages on account transfer forms. The alleged conduct took place while Katz was associated with another FINRA member, Royal Alliance. In addition to his suspension, Katz was fined $5,000.
If you have lost money with Allan Katz, or Buckman, Buckman and Reid, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent (“AWC”)
Allan Katz and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on March 22, 2021, over the following findings:
- On or about February 20, 2019, while registered with Royal Alliance, Katz recommended that his elderly customer move directly-held mutual funds into two management investment accounts. In order to effect the transactions, the customer signed two account transfer forms to transfer two retirement and nine non-retirement mutual funds into both an IRA and individual management investment account, respectively. The mutual fund company then notified Katz that it required separate account transfer forms for each mutual fund.
- On or about March 5, 2019, Katz reused the original account transfer form signature page for the IRA management investment account and resubmitted it to the mutual fund company on two new account transfer forms. He reused the original account transfer form signature page for the individual management investment account and resubmitted it on nine new account transfer forms. In total, Katz reused the customer’s original signature pages 11 times to expedite the processing of the transactions.
Royal Alliance terminated Katz in May 2020.
Allan Katz (CRD#: 2166004)
Katz has 29 years of experience in the securities industry and has been registered as a broker with Buckman, Buckman and Reid since June 2020. He has been registered as an investment adviser with Comprehensive Wealth Management Group, LLC since July 2006. During his career, Katz has been registered with 15 firms:
- Invescor Advisory Services, Inc., Staten Island, NY (August 12, 2005 – November 11, 2006);
- Royal Alliance Associates, Inc., Staten Island, NY (April 20, 2004 – May 28, 2020);
- ING Financial Partners, Inc., Staten Island, NY (September 26, 2002 – May 13, 2004);
- ING Financial Partners, Inc., Des Moines, IA (September 18, 2002 – May 13, 2004);
- Financial Network Investment Corporation, El Segundo, CA (April 11, 2000 – October 15, 2002);
- First Union Brokerage Services, Inc., Charlotte, NC (January 6, 1999 – April 10, 2000);
- Citicorp Investment Services, Long Island City, NY (May 29, 1998 – January 7, 1999);
- Joseph Stevens & Company, Inc., Brooklyn, NY (February 24, 1995 – June 2, 1998);
- Thomas James Associates, Inc., Rochester, NY (February 18, 1994 – March 16, 1995) – FINRA expelled the firm on March 1, 1999;
- Network 1 Financial Securities, Inc., Red Bank, NJ (March 22, 1993 – March 25, 1994);
- GKN Securities Corp., New York, NY (September 6, 1991 – March 25, 1993);
- IDS Life Insurance Company, Minneapolis, MN (August 16, 1991 – November 8, 1991); and
- American Express Financial Advisors Inc., Minneapolis, MN (August 16, 1991 – November 8, 1991).
His FINRA CRD shows one customer dispute.
Buckman, Buckman and Reid, Inc.
Buckman, Buckman and Reid, Inc. is a New Jersey-based broker-dealer. In April 2019, FINRA ordered Buckman, Buckman and Reid to pay approximately $205,000 in restitution to seven customers for supervisory failures involving excessive and unsuitable trading.
As part of its settlement with FINRA, the firm was required to review and revise its supervisory system and written supervisory procedures (WSPs).
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Allan Katz, or Buckman, Buckman and Reid, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.