The suspension is in effect from March 6, 2017, through June 5, 2017. (FINRA Case #2016049938201)
Harold Stephen Pomeranz (CRD #365461, Plainview, New York) submitted an AWC (Accept, Waiver & Consent) in which he was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for three months.
Without admitting or denying the findings, Pomeranz consented to the sanctions and to the entry of findings that he recommended a number of unsuitable short-term unit investment trust (UIT) transactions in an elderly customer’s account. The findings stated that the UITs Pomeranz recommended to the customer had maturity dates of 24 months, and carried initial sales charges ranging from approximately 2.5 percent to 3.95 percent. Yet the average holding period for the UITs Pomeranz recommended was less than 14 months.
Moreover, on numerous occasions, Pomeranz recommended that the customer use the proceeds from the short-term sale of a UIT to purchase another UIT with similar or even identical investment objectives. Pomeranz’s recommendations to purchase and sell UITs on a short-term basis caused the customer to incur unnecessary sales charges and were unsuitable in view of the frequency, size and cost of the transactions.
Pomeranz worked for Stifel, Nicolaus & Company Incorporated from 2007 to 2016 (9 Years)
If you feel you have been misled regarding investing Harold Stephen Pomeranz or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877 – STOCK LAW), www.stockattorneys.com for a free consultation.