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Garden State Securities, Inc.

Background Information

Garden State Securities, Inc. (GSS), founded in 1980 in Red Bank, NJ, is a full service independent brokerage and financial planning firm, offering a wide variety of investment management products to corporate and individual investors.

Regulatory Violations

Garden State Securities has been the subject of several regulatory investigations, some of which resulted in disciplinary actions by regulators.

FINRA Fines and Sanctions – Garden State Securities

Source: FINRA, Financial Industry Regulatory Authority, Inc. Full Disciplinary Reports Available to the public at: finra.org.

Garden State Securities, Inc. (CRD #10083, Red Bank, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $85,000. Without admitting or denying the allegations, the firm consented to the sanctions and entry of findings that it failed to timely report various events to FINRA, including arbitration settlements, an internal disciplinary action and customer complaints. Included in the findings where that the firm failed to disclose material information concerning activities by its representatives that should have been disclosed on the U4s for those representatives. FINRA also found that the firm’s website, websites of its registered representatives and sales literature distributed via email by representatives contained unfair, unbalanced, exaggerated and/or misleading statements. Further, FINRA alleged that the firms written supervisory procedures were not adequate to address the failures alleged. ( FINRA Case #2011025318202 )

Garden State Securities, Inc. (CRD #10083, Red Bank, New Jersey) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and ordered to pay restitution in the amount of $300,000 to investors. Without admitting or denying the findings, the firm [GSS] consented to the described sanctions and the entry of findings that it failed to establish, maintain and enforce a supervisory system and written supervisory procedures. The firm was deficient in that they failed to specify particulars regarding due diligence. Specifically, the firm failed to conduct adequate due diligence on two private placements. Certain material facts were either mischaracterized and/or negligently omitted in solicitations to customers. Had proper due diligence been conducted on the offering, the firm reasonably should have known that the company had defaulted on two of its earlier offerings and that there was a misrepresentation of the principal and interest payments to investors in the earlier offerings. The firm solicited customers to invest a total of $1.98 million in the company. ( FINRA Case #2009018819201 )

Silver Law Group

Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell® Peer Review Ratings™ “AV” rated lawyers that handle all securities arbitration matters on a contingency fee basis. The Law Firm, at no cost to investors will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. We investigate all sales practice violations, while taking into consideration the investor’s age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). We represent investors in FINRA arbitration claims on a contingency fee basis.

To learn more call us at (954) 755-4799 or Toll Free at (800) 975-4345

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