Did you lose money investing with Marc Lippman (CRD# 1575995)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Marc Lippman. If you suffered losses investing with Marc Lippman, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of February 13, 2023, Marc Lippman’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
2 Customer Disputes
1 Regulatory Event
1 Employment Separation After Allegations
June 17, 2021 – An AWC was issued in which Lippman was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Lippman consented to the sanction and to the entry of findings that he provided false information to FINRA during on-the-record testimony stating that he was unaware that his customer was deceased at the time of entering a securities transaction in the customer’s account. The findings stated that this matter originated from a Form U5 filed by Lippman’s member firm reporting his termination for alleged misconduct involving statements he made to the firm regarding the date he became aware of the customer’s death. The findings also stated that Lippman effected an unauthorized transaction in the deceased customer’s account. Lippman was aware that the customer had died and placed a trade in the customer’s account, selling approximately $80,000 in securities, without permission or consent. Following the transaction, Lippman distributed the funds to one of the customer’s family members. (FINRA Case #2021071514101)
Current and Previous Registrations
12/11/2009 – 01/04/2021 FOLGER NOLAN FLEMING DOUGLAS INCORPORATED (CRD#:319) WASHINGTON, DC
05/31/2006 – 12/15/2009 PNC INVESTMENTS (CRD#:129052) WASHINGTON, DC
12/15/2000 – 05/26/2006 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) WASHINGTON, DC
10/01/1999 – 12/18/2000 FIRST UNION SECURITIES, INC. (CRD#:19616) ST. LOUIS, MO
06/08/1992 – 10/01/1999 FIRST UNION CAPITAL MARKETS CORP. (CRD#:6124) CHARLOTTE, NC
04/14/1987 – 06/12/1992 DEAN WITTER REYNOLDS INC. (CRD#:7556) PURCHASE, NY
04/20/1987 – 09/26/1988 DANIEL TAYLOR COMPANY (CRD#:14574)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Marc Lippman and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
