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Written by 4:04 pm Blog, Securities Fraud Articles

Howard Slater Fined by FINRA

Have you suffered investment losses as a result of your dealings with Howard Slater and Cedar Brook Financial Partners? If so, The White Law Group may be able to recover some of your investment losses through a FINRA arbitration claim.

According to Cleveland.com, one of the principals of Cedar Brook Financial Partners, a wealth management firm in Ohio, was suspended and fined by the Financial Industry Regulatory Authority (FINRA). Former Securities America financial advisor, Howard Slater, received a five-month suspension and $30,000 fine.

FINRA alleged that Slater and his colleagues made false and misleading statements about IMH Fund and Medical Capital Holdings. MedCap was shut down for fraud by the SEC in 2009. In addition, FINRA alleged Slater altered three customer accounts by falsifying the customers net worth. As a result the customers’ portfolio in high-risks fund appeared to fall within limits set by Cedar Brook, when in fact the portfolio was over concentrated.

In addition, Cleveland.com reports that FINRA accused Slater of sending emails to customers that contained “material misrepresentations” regarding the liquidity of IMH Fund and Medcap. “For example, a Slater email about IMH to a customer on Aug. 13, 2008, said ‘if you can project your needs at least 90days in advance then yes, I’m comfortable with IMH. Otherwise, there isn’t much selection with more liquidity and stability.’”

Brokerage firms have a responsibility to monitor the business actives of their registered representatives. When brokers, like Slater, operate a business outside of the firm and violate securities laws or FINRA’s regulations, the firm may be liable for negligent supervision and responsible for investment losses.

According to BrokerCheck, Slater is currently working for Securities America and previously worked with the firm from 07/2005 – 02/2013

To determine whether you may be able to recover investment losses incurred as a result of your dealings with Howard Slater, please contact The White Law Group at (312) 238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

To learn more about The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.

Tags: , , , , , , , , , Last modified: July 17, 2015