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Written by 5:09 pm Blog, Securities Fraud

FINRA Lawsuit involving Andrew Corbman & Kovack Securities

Andrew Corbman Lawsuit, Featured by Top Securities Fraud Attorneys, The White Law Group

Claim Alleges Advisor Andrew Corbman made Unsuitable Investment Recommendations

The White Law Group announced this week that it has filed a FINRA Statement of Claim requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision against Kovack Securities.

The Statement of Claim alleges financial advisor Andrew Corbman, who was barred from the securities industry in 2016, made unsuitable investment recommendations by soliciting the purchase of two high risk penny stocks, Marathon Patent Group, Inc. and TrovaGene, Inc.

The claim seeks damages between $100,000.01 and $500,000.

According to the statement of claim, Kovack Securities allegedly failed to perform the necessary due diligence on these investments prior to recommending them to these particular investors.

According to Andrew Corbman’s FINRA BrokerCheck report, he has 16 customer complaints since 2002. Allegations include unsuitability, over-concentration, unauthorized investments, and breach of contract, among others. Corbman, who was based in Lansdowne, VA, has also reportedly been the subject of at least two regulatory events and one employment separation.

Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor.

According to D. Daxton White, managing partner of The White Law Group, ” It is unfortunate, but we believe that many more investors have suffered devastating losses due to the broker-dealer’s alleged failure to supervise and don’t realize they have recovery options.”

“Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Andrew Corbman violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.”

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. The firm has handled more than 600 FINRA arbitration claims alleging claims for unsuitable investment recommendations, conversion, breach of fiduciary duty, selling away, fraud and other issues.

For more information The White Law Group and the claim filed against Kovack Securities, please contact the offices at 1-888-637-5510 or visit

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