Samuel Borger Suspended by FINRA for Two Months

FINRA did not impose a fine though Borger failed to report outside accounts

After 43 years in the securities industry, Samuel Jacob Borger was hit with a two-month suspension from FINRA on May 29 following allegations that he failed to inform his employing firm of outside accounts over which he had authority, according to FINRA reports.

From November 2003 to April 2014, Borger allegedly failed to disclose his association with several outside accounts to any of his employing firms in that time period. These allegations violate rules under both FINRA and the National Association of Securities Dealers (NASD). He accepted the two-month suspension without admitting or denying the findings, and he submitted a statement regarding his finances and inability to pay a fine, so a fine was not imposed.

Whereas the early years of his career were relatively quiet, Borger has been involved in multiple disclosure events in the past two years. In December 2013, he was involved in a customer dispute alleging that Borger made unsuitable investments between 2010 and 2013 while employed by AXA Advisors. AXA settled the dispute for $50,000 in February.

In April 2014, he was discharged from his employment with Metlife, an action that that firm claimed was due to a “loss of confidence” in Borger due to alleged unsuitable investments he made at his former employing firm.

Before being employed with Metlife, Borger worked with several New York firms, including Lincoln Financial Advisors, Signator Investors and Park Avenue Securities. Prior to that, he also worked in firms in Cincinnati and Boston.

If you’re an investor who has suffered financial losses at the hands of Samuel Borger or any other financial adviser, you may have rights to loss recovery through securities arbitration. With the right securities fraud attorney, you can feel confident knowing that your case is being handled with proven expertise.

At Silver Law Group, you’ll meet experienced securities attorneys who are committed to helping you recover any losses you may have experienced due to stockbroker misconduct. We work with investors nationwide on a contingent fee basis, which means no legal fees are paid unless the case is won. Contact us today to discuss your rights in a free consultation.