Unsuitability, Common Law Fraud, Breach of Fiduciary Duty, Negligent Supervision, Breach of Contract.

$250,000.00

FINRA

Respondent Friedman failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All Capacities

Indefinite

Continues until required payment is made or discharged.

10/5/2021

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Friedman is suspended on October 5, 2021 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

FINRA

Respondent Friedman failed to respond to FINRA request for information.

Letter

Bar (Permanent)

All Capacities

Indefinite

10/5/2021

Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated July 2, 2021 and July 26, 2021, respectively, on October 5, 2021, Friedman is barred from association with any FINRA member in all capacities. Friedman failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

Unsuitable recommendations, misrepresentations, negligence/breach of fiduciary duty, unauthorized trading, and failure to supervise.

$700,000.00

$50,000.00

Friedman was named in a customer complaint that asserted the following causes of action: elder abuse; unjust enrichment; investments in unsuitable securities; excessive trading; unauthorized trading; misrepresentation and material omissions of fact; breach of fiduciary duty; breach of contract; securities and common law fraud; negligence; and violations of other federal and state securities laws and financial industry rules and regulations.

$250,000.00

This award has not been paid by or on behalf of Friedman as of October 5, 2021.

$318,419.61

Tax

THE CLIENT, THROUGH HER ATTORNEY, ALLEGED THAT THE REP PURSUED AN INAPPROPRIATE EQUITY TRADING STRATEGY WHICH RESULTED IN LOSSES ON THE ACCOUNT. CLIENT ALSO INDICATED THE REP EXERCISED DISCRETION OVER THE ACCOUNT, BREACHED HIS FIDUCIARY RESPONSIBILITIES AND SUITABILITY OBLIGATIONS.

$50,000.00

$10,000.00

THIS ORIGINALLY STARTED AS A WRITTEN COMPLAINT ON 04/16/2015 AND WAS DENIED ON 7/28/2015, WHICH HAS NOW EVOLVED INTO AN ARBITRATION. (REP IS NOT A NAMED PARTY).

$12,527,192.00

Tax

Balance due on lien as of 10/25/2017 is $81,167.29. Lien is currently in non-collectable status.

CLIENT ALLEGES SUITABILITY. NO COMPENSATORY DAMAGES CLAIMED, BUT APPEAR TO BE GREATER THAN $5000.