Shimshon Plotkin Complaints – Independent Financial Group
The White Law Group is investigating complaints involving Shimshon Plotkin, a former broker with Independent Financial Group, LLC in Chevy Chase, Maryland. A customer reportedly filed a new complaint against Plotkin in November 2025 alleging an unsuitable investment recommendation, the latest in a string of similar disputes stretching back more than two decades. Here is what is on his FINRA record and what your options may be if you invested through him.
If you lost money working with Shimshon Plotkin or another financial advisor, The White Law Group’s FINRA arbitration attorneys may be able to help you pursue a recovery.
Shimshon Plotkin Complaints: A Pattern Going Back to 2001
Shimshon Plotkin (CRD #2431863) spent 31 years in the securities industry, most recently at Independent Financial Group, LLC from 2011 until he left the firm in January 2025. He is reportedly no longer registered as a broker or investment adviser anywhere. According to his BrokerCheck record, Plotkin has been the subject of 12 customer disputes since 2001, and nearly all of them allege unsuitable investment recommendations, over-concentration in alternative investments, or misrepresentation.
Recent and notable disputes include:
- November 26, 2025 (pending): A customer alleges an unsuitable investment, seeking $100,000.
- September 29, 2023 (settled for $105,000): A customer alleged an unsuitable investment recommendation.
- January 30, 2023 (settled for $150,000): A beneficiary of a deceased client’s estate alleged certain investments were unsuitable.
- June 21, 2019 (settled for $145,000): A customer alleged over-concentration in alternative investments and a lack of diversification.
- June 20, 2016 (settled for $250,000): A customer alleged unsuitable investments in REITs and direct participation programs purchased through two broker-dealers from approximately 2007 to 2014.
Plotkin’s record also includes two FINRA arbitration awards against him in 2002 for unsuitable investment recommendations and misrepresentation, along with several additional disputes denied or settled between 2001 and 2005. Many of these disputes were settled or denied rather than adjudicated, and the firms involved maintained the investments were suitable at the time; a settlement is not an admission of wrongdoing.
About Independent Financial Group, LLC
Independent Financial Group, LLC (CRD #7717) is a dually registered broker-dealer and investment adviser based in San Diego, California. The White Law Group maintains an ongoing review of complaints and regulatory actions against Independent Financial Group, including a September 2024 FINRA fine for failing to supervise actively traded accounts.
Frequently Asked Questions
How do I file a claim to recover money invested through Shimshon Plotkin?
Most brokerage account agreements typically include a pre-dispute arbitration clause, so claims like these are usually resolved through FINRA arbitration instead of in court. Arbitration can still result in a monetary recovery, and an attorney can review your account records to help determine whether you have a claim, even though Plotkin is no longer registered in the industry.
What does “over-concentration” mean, and why does it matter for my investments?
Over-concentration happens when a broker puts too much of a client’s portfolio into one investment, sector, or type of product, such as non-traded REITs or direct participation programs, instead of spreading out the risk. It matters because a concentrated portfolio can suffer outsized losses if that one investment performs poorly, even when no single recommendation was unsuitable on its own.
Can Independent Financial Group be held responsible for my losses?
Brokerage firms have a duty to supervise their representatives, including monitoring for patterns of unsuitable recommendations or concentrated positions across client accounts. If Independent Financial Group knew or reasonably should have known about a pattern of complaints involving Plotkin and failed to act, the firm may be liable for failing to supervise.
Contact The White Law Group
The White Law Group is a national securities fraud law firm with offices in Chicago and Seattle. If you invested with Shimshon Plotkin or Independent Financial Group and believe you suffered losses due to unsuitable investment advice, contact our FINRA arbitration attorneys for a free consultation. Call (888) 637-5510 or visit our contact page to get started.
