DID WILLIAM MARTIN ORNSTEIN CAUSE YOU INVESTMENT LOSSES?
William Martin Ornstein with The GMS Group, LLC Has 11 Customer Complaints For Alleged Broker Misconduct
Who is William M. Ornstein with The GMS Group, LLC?
William Ornstein (CRD #500470) who is currently registered with The GMS Group, LLC and located in Boca Raton, Florida is a subject of one of our many securities industry sales practice abuse investigations. Prior to The GMS Group, LLC, William Ornstein was associated with 8 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
William Ornstein has had his own share of regulatory problems with FINRA f/k/a NASD. He was suspended for 30 days and all capacities for allegedly sharing commissions with an unregistered person in failing to amend his U-4 registration application to disclose a customer complaint.
The GMS Group, LLC Broker Misconduct
In his career, William Ornstein has been the subject of 11 customer complaints that we know about, 2 of those complaints were filed in the last 2 years to recover investment losses. Nine of William Ornstein’s 11 customer complaints were settled in favor of investors. There are currently 2 pending customer complaints filed against William Ornstein’s current employer The GMS Group, LLC for investment losses caused by his alleged misconduct.
Allegations Against William Ornstein
A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:
- Clients alleged negligence and breach of fiduciary duty in connection with the offer and sale of municipal bonds.
- Client alleged fraudulent sales practices and over-concentration of investments in master limited partnerships and municipal bonds.
- Client alleged unsuitable investment recommendations related to corporate debt.
- Client alleged that William Ornstein engage in unauthorized and unsuitable trading in her account.
- Claimant alleged that William Ornstein made false and material misrepresentations concerning the sale of equipment leases, and other securities which constituted a breach of fiduciary duty and fraud.
- Claimant alleged negligence, misrepresentation, breach of fiduciary duty, and financial exploitation of an elderly in connection with securities investments.
William Ornstein Red Flags & Your Rights As An Investor
Of course, William Ornstein did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of William Ornstein at The GMS Group, LLC on alert to review carefully the activity and performance of their accounts and question whether William Ornstein has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at The GMS Group, LLC about William Ornstein also raises questions about its supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At The GMS Group, LLC
If you have questions about The GMS Group, LLC and/or William Ornstein and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.