Eight Customer Disputes Filed Against Broker Shimson Plotkin

Shimson Plotkin (CRD: 2431863) is a currently registered broker and investment advisor who is currently employed with Independent Financial Group, LLC (CRD#: 7717) of Chevy Chase, MD.  His previous employers include Pacific West Securities, Inc. (CRD#:6390) and Cambridge Investment Research, Inc. (CRD#:39543), both of Chevy Chase, MD, and Royal Alliance Associates, Inc. (CRD#:23131) of Jersey City, NJ. He has been in the industry since 1994.

Plotkin is the subject of eight customer disputes. The most recent, filed on 6/21/2019, alleges “over-concentration in alternative investments and lack of diversification,” and seeks damages of $500,000. This dispute is currently pending, and the firm denies the allegation.

A previous claim filed on 6/20/16 alleged negligence, misrepresentation, breaches of contract and fiduciary duty, and unsuitable REIT investments and “direct participation programs.” The client requested damages of $1,000,000, and the case was settled for $250,000, with the company neither admitting nor denying claims.

Earlier in the year, another client filed a dispute on 1/14/2016 with similar allegations relating to investments made in 2008. However, the firm denied the claim, citing the stock market collapse and the inherent risks of investment.

Two disputes filed in 2002 went through FINRA arbitration and both included financial judgments for the clients. The allegations included negligence, unsuitable investments, misrepresentation, and breach of fiduciary duty. Plotkin denied the allegations in both cases, and the total of the funds awarded was $80,391.08.

Have You Invested With Shimson Plotkin?

Silver Law Group represents investors in claims for the unsuitable sale of alternative investments. In many cases, alternative investments are sold as low risk non-stock market correlated assets. However, many investors allege these investments have significant risks and are popular with brokers because of the high commissions and fees.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.