Corbman currently works for Newbridge Securities Corporation. Corbman’s FINRA BrokerCheck Report reveals 13 disclosures, including 7 customer disputes and the present regulatory action.
FINRA’s Department of Enforcement investigated Corbman and alleged he recommended unsuitable investments to at least three customers. Specifically, Corbman recommended an unsuitable highly risky leveraged, inverse Non-Traditional ETF to a married customer who were seeking growth and had a moderate risk tolerance. Corbman also recommended a risky alternative mutual fund with no operational history to an elderly client who was seeking income as an investment objective and maintained a conservative risk tolerance. With respect to both sets of clients, FINRA alleged the investments were also unsuitable Corbman over-concentrated and exposed each customer to a risk of loss that exceeded each customer’s risk tolerance and investment objectives.
Based upon the foregoing misconduct, FINRA alleged Corbman violated NASD Rules 2210 and 2310, as well as FINRA Rule 2010. NASD Conduct Rule 2310 requires financial advisors to recommend suitable investments and investment strategies to their clients (known as the suitability rule) based upon the client’s unique financial situation, including investment objectives and risk tolerance.. Here, FINRA alleged Corbman recommended risky investments that exceeded each customer’s risk tolerance and investment objectives.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages investing with Corbman through FSC Securities, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.