Claimant alleges overconcentration, misrepresentation, and unsuitability related to the sale of REITs in 2014.

$240,000.00

$150,000.00

Claimant alleges that Representative sold unsuitable investments.

$85,000.00

Client alleges negligence, unsuitability, failure to supervise related to stock purchases. Time frame 2013-

$80,000.00

Claimant alleges breach of fiduciary duty, unsuitability and failure to supervise and violation statutes, regarding the sale of individual securities.

$52,500.00

Claimant alleges unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and overconcentration in connection with the purchase of stocks.

$50,000.00

$28,000.00

Claimants allege unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and overconcentration, in relation to the purchases of shares of Augme Technologies Inc. stock.

$100,000.00

$10,000.00

FINRA

Without admitting or denying the findings, Corbman consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony as requested by FINRA in connection with FINRA's inquiry into the circumstances surrounding Corbman's termination from his member firm, as well as allegations against him regarding unsuitable and unauthorized trading.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

12/9/2016

Claimant alleges unsuitability, fraud, breach of contract, negligent supervision, breach of fiduciary duty, overconcentration, and violation of California's Securities Act.

$125,000.00

Client alleged losses in his accounts caused by his Rep.

$48,000.00

$40,000.00

Claimants allege unsuitability, common law fraud, breach of contract, breach of fiduciary duty, overconcentration

$45,000.00

Claimant alleges over-concentration of her account

$15,000.00

Unauthorized and unsuitable investments; failure to supervise.

$1,300,000.00

$400,000.00

FINRA

Without admitting or denying the findings, Corbman consented to the sanctions and to the entry of findings that he made recommendations that were unsuitable as they were over-concentrated and exposed customers to a risk of loss that exceeded each customer's risk tolerance and investment objectives. The findings stated that Corbman also distributed a sales brochure for an alternative mutual fund to his customers that contained information that was misleading and failed to provide a sound basis for evaluating the alternative mutual fund referenced in it.

Acceptance, Waiver & Consent(AWC)

Suspension

any capacity

one month

3/7/2016

4/6/2016

In light of Corbman's financial status, no monetary sanction has been imposed.

Violations of the Virginia Securities Act, Common Law Fraud, Securities Fraud, Breach of Fiduciary Duty, Unsuitability, Negligence, Breach of Contract

$700,000.00

$428,250.00

Bankruptcy

Closed

Proceedings in FINRA Arbitration Case #13-02154 against Andrew Corbman were stayed by Bankruptcy proceedings in the U.S. Bankruptcy Court, Eastern District of Virginia, Alexandria, Case #15-13119.

Owing in part to recent major medical surgery, I was advised that bankruptcy was a prudent financial option.

$11,278.00

Tax

I HAVE BEEN PAYING FOR, AND TAKING CARE OF, MY MOTHER SINCE 2010; THAT HAS COST ME OVER $75,000 PER YEAR.

Suitability of investment, including over concentration in one fund

$50,000.00

$21,000.00

RR MAINTAINS THAT HIS RECOMMENDATION OF A MUTUAL FUND TO THE CLIENT WAS SUITABLE, AS THE CLIENT WANTED TO DIVERSIFY FROM THE THREE STOCKS SHE OWNED. THE STOCK MARKET WENT DOWN IMMEDIATELY AFTER THE PURCHASE, AND THE CLIENT BECAME CONCERNED. SEVERAL MONTHS LATER, BOTH THE MUTUAL FUND AND THE STOCK RECOVERED, BUT THE CLIENT NONETHELESS WROTE A COMPLAINT MAKING WHAT I BELIEVE WERE UNFOUNDED ALLEGATIONS.

$158,508.21

Tax

I HAVE BEEN PAYING FOR, AND TAKING CARE OF, MY MOTHER SINCE 2010; THAT HAS COST ME OVER $75,000 PER YEAR.

UNJUST ENRICHMENT; MISREPRESNTATIION AND NON-DISCLOSURE; NEGLIGENCE; BREACH OF FIDUCIARY DUTY; BREACH OF CONTRACT; VIOLATION OF STATE SECURITIES LAWS; VIOLATION OF THE PENNSYLVANIA UNFAIR TRADE PRACTICES AND CONSUMER PROTECTION LAW; COMMON LAW FRAUD; CONSTRUCTIVE FRAUD; BREACH OF DUTY OF FAIR DEALING; VIOLATIONS OF PA INSURANCE LAW; CHURNING; UNAUTHORIZED TRADING; CIVIL CONSPIRACY

THE WRITTEN COMPLAINT ORIGINALLY INVOLVED [CUSTOMER]; HE IS NOW JOINED BY HIS WIFE [SPOUSE] AND ADDED TRANSACTIONS THAT OCCURRED IN THEIR JOINT ACCOUNT. CLIENT WANTED GUARANTEED INCOME AND SAFETY FOR HIM AND HIS MUCH YOUNGER SPOUSE. THE VARIABLE ANNUITY ACHIEVED HIS GOALS. HE WAS AWARE OF ALL FEES CHARGED BY THE ANNUITY AND ACKNOWLEDGED THEM BEFORE THE PURCHASE WAS MADE.

CLIENT ALLEGES UNSUITABLE INVESTMENTS AND POOR PERFORMANCE.

$25,000.00

FSC SECURITIES CORPORATION

Discharged

THE REGISTERED REPRESENTATIVE VIOLATED FIRM POLICIES, INCLUDING THE USE OF UNAPPROVED ADVERTISING, FAILURE TO UTILIZE REQUIRED FIRM SALES PRACTICE FORMS AND WAS FOUND TO HAVE UTILIZED AN UNAPPROVED E-MAIL ADDRESS.

CUSTOMER'S ALLEGE THE REPRESENTATIVE HAD THEM PURCHASE UNSUITABLE AND HIGH RISK INVESTMENTS.

$84,000.00

THE CLAIMANTS ALLEGE THAT THE REPRESENTATIVE LIQUIDATED CERTAIN INVESTMENTS CAUSING THEM TO PAY DEFERRED SALES CHARGES AND SURRENDER FEES AND THAT HE DIDN'T NOT COMBINE PURCHASES DENYING THEM MUTUAL FUND BREAKPOINTS AND RIGHTS OF ACCUMULATION.

$500,000.00

$72,500.00

WITHOUT ADMITTING GUILT OR LIABILITY, THE FIRM ENTERED INTO A SETTLEMENT AGREEMENT WITH THE CLIENT AND MORGAN STANLEY FOR $72,500. IFP AGREED TO $65,000 AND MORGAN STANLEY AGREED TO $7,500 IN EXCHANGE FOR A RELEASE OF ALL CLAIMS.

CLIENT ALLEGES UNSUITABILITY OF INVESTMENTS AND MISREPRESENTATION

$10,000.00

CLIENT IS IN HER 30'S. SHE NEVER WANTED FIXED INVESTMENTS. SHE WANTED TO GROW HER MONEY WITH THE MARKET AND THAT IS HOW IT WAS INVESTED.

CLAIMANT ALLEGES VIOLATIONS OF SECTION 10(B)-5, COMMON LAW FRAUD, NEGLIGENCE, UNSUITABILITY, UNAUTHORIZED TRADING, CHURNING, BREACH OF FIDUCIARY DUTY AND BREACH OF CONTRACT. THE CLAIM COVERS THE PERIOD FROM ON OR ABOUT MAY 2000 UNTIL NOVEMBER 11 2002.

$75,000.00

$25,000.00

TO AVOID THE COSTS AND UNCERTAINTY OF LITIGATIN, MORGAN STANLEY DW INC DECIDED TO SETTLE THE MATTER FOR $25,000 WITHOUT ADMITTING LIABILITY.

CUSTOMER ALLEGED THAT BROKER FAILED TO ADEQUATELY DIVERSIFY INVESTMENTS. CUSTOMER FURTHER ALLEGED THAT BROKER DID NOT FULLY DISCLOSE THE FEES AND CHARGES OF B SHARES.

$8,850.00