Adam Feierstein (Adam S Feierstein, CRD# 6033082) is a barred broker who was last registered with Proequities Inc and Woodbury Financial Services, Inc. in Redondo Beach, California. He had been in the industry since 2011. Woodbury has been the subject of recent arbitration claims by investors who were sold GPB Capital Holdings investments.
Adam Feierstein Disclosures
Adam Feierstein has 6 disclosures on his publicly-available FINRA BrokerCheck record, including 2 customer disputes, 1 judgment, 1 financial disclosure, 1 employment separation after allegations, and 1 regulatory:
May, 2021: A customer dispute alleged misrepresentation related to variable annuities purchased in 2017 and requested $5,000 in damages. The claim was denied.
February, 2021: A regulatory disclosure initiated by FINRA alleged that “Feierstein 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.”
October, 2020: An employment separation after allegations disclosure states that Feierstein was discharged from ProEquities Inc. over allegations that he and his assistant “used outside email accounts almost exclusively to conduct securities business” and that his assistant “completed Feierstein’s mandatory firm element and Reg BI training without firm knowledge or approval.”
March, 2019: A customer dispute alleged that the purchase of variable annuities purchased in 2017 were unsuitable and requested $5,000 in damages. The claim was denied.
November, 2018: A financial disclosure stated that a debt was settled. Feierstein stated that the debt was incurred by his ex-wife and that he settled with the company.
November, 2009: A judgment/lien in the amount of $614 is disclosed. Feierstein stated that the judgment was from expenses incurred by his ex-wife.
Variable Annuity Problems
Both customer disputes against Feierstein involve the sale of variable annuities. This is an issue that Silver Law Group has seen many times. Misunderstandings and questionable sales practices are common with variable annuities, and they are frequently a reason for investors to complain to FINRA.
Variable annuities typically have high fees and pay large commissions to the brokers and financial advisors that sell them. They also have surrender charges investors must pay to liquidate them.
In some cases, the high commissions and fees for a variable annuity are not disclosed, which can be considered omission of material fact and/or misrepresentation.
Advisors have also been known to engage in variable annuity switching, which is selling clients out of one variable annuity and into a new one to get the fees and commissions of the new contract. Unless there’s a benefit to the investor, switching is prohibited.
Variable annuity sales are regulated by the SEC and FINRA. Investors may be able to recover their losses through arbitration. Silver Law Group has helped investors recover variable annuity losses from through arbitration.
In 2019, Scott Silver, Silver Law Group’s managing partner, delivered a presentation to PIABA on how to win arbitration cases to recover investment losses caused by unsuitable annuity and life insurance recommendations.
Did You Invest With Adam Feierstein?
Silver Law Group represents investors in securities and investment fraud cases nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call us today for a no-cost consultation.
Most cases are handled on a contingency fee basis, meaning that you won’t owe us until we recover your money for you. Contact Silver Law Group toll free at (800) 975-4345 or email email@example.com for a confidential consultation.