FINRA

Without admitting or denying the findings, Cohen consented to the sanction and to the entry of findings that he declined to produce information or documents requested by FINRA during the course of its investigation that originated from allegations regarding the sale of securities through one of his prior OBAs in an arbitration matter disclosed on his Form U4.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

6/5/2023

Claimant alleges illiquid alternative investments were misrepresented and unsuitable resulting in a Breach of Fiduciary Duty and Negligence

$5,000.00

$200,000.00

It is alleged that the Registered Representative made an unsuitable recommendation for the client to invest in alternative investments. 2016

$150,000.00

$80,000.00

It was alleged that during the period of time during which the registered representative is and/or has been registered with the firm and/or as further specified in allegations filed with the Financial Industry Regulatory Authority (FINRA), certain customer(s) and/or purchaser(s) of certain investments and/or securities expressed concerns concerning suitability and/or declines in portfolio values and/or other alleged concerns about such purchases, by filing such allegations with the Financial Industry Regulatory Authority (FINRA) on July 7, 2020.

$800,000.00

$350,000.00

The case was settled without admitting any wrongdoing. I still refute the allegations of the claim. The broker dealer settled the matter before arbitration.

It is alleged that the Registered Representative made unsuitable recommendations.

$500,000.00

$95,000.00

The case was settled without admitting any wrongdoing. I still refute the allegations of the claims. The broker dealer settled the matter before arbitration.

It is alleged that the Registered Representative made unsuitable recommendation(s). Sept 2016 - Current

$700,000.00

$125,000.00

This case was settled without admitting any wrongdoing. I still refute the allegations of the claims. The broker dealer settled the matter before arbitration.

It is alleged that the Registered Representative made unsuitable recommendation(s).

$200,000.00

$100,000.00

This case was settled without admitting any wrongdoing. I still refute the allegations of the claims. The broker dealer settled the matter before arbitration.

It is alleged that the Registered Representative made an unsuitable recommendation for the client to invest in alternative investments.

$2,000,000.00

$714,000.00

It is alleged that the Registered Representative made an unsuitable recommendation for the client to invest in alternative investments.

It is alleged that the Registered Representative made an unsuitable recommendation for the client to invest in alternative investments.

$3,000,000.00

$700,000.00

This case was settled without admitting any wrongdoing. I still refute the allegations of the claims. The broker dealer settled the matter before arbitration.

CLAIMANT ALLEGES INTENTIONAL MISREPRESENTATION, NEGLIGENT MISREPRESENTATION AND BREACH OF FIDUCIARY DUTY RELATED TO FINANCIAL ADVICE PROVIDED IN 1996

$400,000.00

$320,000.00

LITIGATION SETTLED FOR $320,000. ISI CONTRIBUTED $40,000, DAVID DERINGTON AND HERITAGE ESTATE SERVICES CONTRIBUTED $275,000, AND JEFFREY COHEN AND JMC CONCEPTS, INC. CONTRIBUTED $5,000 TO THE SETTLEMENT. REPRESENTATIVE STATES HE NEVER MET THESE PEOPLE AND HAD NEVER HEARD OF THESE PEOPLE. APPARENTLY, DAVE DERINGTON ATTENDED A SEMINAR PRESENTED BY THE REPRESENATIVE WHICH DISCUSSED THE USE OF A SPECIFIC CHARITABLE TAX PLANNING STRATEGY. APPARENTLY, DAVID DERINGTON IMPROPERLY STRUCTURED THE CHARITABLE TAX PLANNING STRATEGY AND COMMITTED OTHER VIOLATIONS WHICH WERE THE BASIS FOR THE LAW SUIT. AS IS CUSTOMARY, THE PLAINTIFF'S LAWYERS NAMED EVERY POTENTIAL DEFENDANT REGARDLESS OF ITS MERIT. THE REPRESENTATIVE E&O CARRIER REQUIRED THE REPRESENTATIVE TO SETTLE THE MATTER EVEN THOUGH HE HAD NEVER MET THE PLAINTIFF OR HAD ANY COMMUNICATION WITH THEM WHATSOEVER. IN RETURN FOR THE REPRESENATIVE'S ACQUIESENCE, THE E&O CARRIER AGREED TO PAY THE $5000. THE REPRESENTATIVE CONTINUES TO CLAIM THAT THE SUIT AGAINST HIM WAS MERITLESS AND WITHOUT CAUSE.