Paul Weiss is a currently suspended broker who was last registered with Mora WM Securities in Miami, Florida. Weiss was suspended by FINRA after findings that he allegedly engaged in undisclosed outside business activities. According to Paul Weiss’ record, he was involved with West Hills Real Estate Fund in Miami, Florida.
Silver Law Group, winner of the 2020 South Florida Legal Guide top Securities Law Firm, represents investors in claims for securities and investment fraud including allegations of selling away, undisclosed business activity and other claims when stockbrokers fail to follow best practices.
Before joining Mora WM Securities in 2017, Weiss was previously registered with Global Investor Services, L.C. (CRD# 29249), Colony Park Financial Services LLC (CRD# 41534), Atlas One Financial Group, LLC (CRD# 124057), Synergy Investment Group, LLC (CRD# 46035), CIBC World Markets Corp. (CRD# 630), Painewebber Incorporated (CRD# 8174), Bear, Stearns & Co. Inc. (CRD# 79), and A.G. Edwards & Sons, Inc. (CRD# 4). He had been registered with FINRA since 1989 until his suspension in 2018.
Paul Weiss Disclosures
Paul Weiss (Paul David Weiss, CRD# 1849504) has 2 disclosures on his publicly-available FINRA BrokerCheck report:
April, 2020: A regulatory disclosure includes a sanction of $20,000 and states “Without admitting or denying the findings, Weiss consented to the sanctions and to the entry of findings that he engaged in undisclosed outside business activities. The findings stated that Weiss became a principal in a limited liability company in order to market and raise funds for the purchase of a property. To effect the purchase of the property, Weiss arranged for a loan of $800,125 from a fund that customers of his member firm were invested in. After the purchase of the property, Weiss obtained $119,000 in connection with the purchase and remained an indirect owner of the entity that purchased the property. Weiss also facilitated and processed payments for a nursing home that a firm customer owned. For this activity, Weiss received monthly compensation totaling approximately $14,664. Weiss did not provide any notice of these outside business activities to his firm, even though he received the firm’s annual certification. The findings also stated that Weiss, in connection with one of his outside business activities, sent a promotional email to a potential investor that failed to comply with FINRA’s content standards for member communications with the public. Weiss sent an email to an investment advisor, in an effort to have the investment advisor invest or raise funds to purchase the property. The email did not provide a fair and balanced discussion of potential risks arising from the potential investment. It also contained unwarranted and/or promissory claims. Further, in the email, Weiss claimed that investors would receive a particular level of distributions on a monthly basis after the sixth month of the investment. However, according to the offering memorandum that Weiss attached to the email, distributions would only be made from available cash flow. Weiss’ email also contained a projection of the amount of profit participation investors could expect to earn and the total cash return to investors. The investment advisor who received Weiss’ email did not invest himself or obtain any other investments for the purchase of the property.”
August, 2001: A customer dispute states that “The claimants allege that Mr. Weiss, their former account executive, failed to monitor their accounts, after the accounts had been transferred to other financial institutions. Claimants allege losses in excess of $150,000, and seek damages in this amount.” The claim was denied.
Undisclosed Business Activity
Stockbrokers have an obligation to disclose their outside business activity to their firms. Failure to do so may be related to the broker’s participation in selling away, which can be very risky for investors. Brokerage firms are required to monitor their representative’s activities and look for unapproved business activities. Victims of selling away may be able to recover their investment losses from the brokerage firm through FINRA arbitration.
Silver Law Group has seen a rise in claims relating to real estate investments, Ponzi schemes and high yield investments. Paul Weiss was affiliated with West Hills Real Estate Fund in Miami, Florida and may have been compensated for recommending West Hills to investors. Our Miami investment fraud attorneys can answer your questions and explain your legal rights to you.
Contact Silver Law Group If You Have Investment Losses With Paul Weiss Or Mora WM Securities
Silver Law Group represents investors around the country in cases of securities and investment fraud. We have assisted investors in recovering losses caused by stockbroker misconduct, including selling away.
Scott Silver, Silver Law Group’s managing partner, is chairman of the Securities and Financial Fraud Group of the American Association of Justice. Contact us today for a no-cost consultation at (800) 975-4345 or at email@example.com.