Currently registered investment adviser and broker Gary Ginsberg is the customer dispute disclosures alleging unsuitable recommendations of an alternative investment, according to his FINRA Brokercheck page under review by investor rights attorney Alan Rosca. A Ginsberg’s client alleged that his former broker dealer, Royal Alliance Associates performed an unreasonable due diligence review of an alternative investment. The product type involved is a real estate security and the client has reported a loss of $100,000.
Investor rights attorney Alan Rosca and his Rosca Scarlato LLC law firm colleagues often represent investors who have lost significant amounts of money due to misconduct such as poor investment recommendations. Alan Rosca and his colleagues are currently investigating customer dispute disclosuress involving broker Gary Ginsberg and are encouraging investors to call 888-998-0530 or email at arosca@rscounsel.law to learn more about the potential recovery options.
Gary Ginsberg Has Past Customer Dispute Disclosures Involving Real Estate Securities
In May 2019, a customer filed a dispute alleging broker Gary Ginsberg exposed claimants principal to unwanted and unreasonable risk involving real estate security. The customer sought $151,700 in alleged damages, and received a settlement of $12,500.
Another customer filed a dispute in December 2012 alleging they requested to open a beneficiary IRA account in connection with the purchase of a variable annuity, but a traditional IRA account was opened instead and this allegedly caused an increased tax liability, according to Ginsberg’s FINRA Brokercheck page. The customer sought $40,000 for the alleged damages and received a settlement of $30,000.
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What Should Investors Know About Alternative Investments?
Generally speaking, alternative investments seek to accomplish a fund’s objectives through non-traditional investments and/or trading strategies. These trading strategies are often regarded as complex and risky. They are sometimes designed to entice investors with promises of special features and/or higher returns compared to other types of investments.
Alternative investments are typically considered to be any investment made in asset classes other than publicly traded stocks, bonds, and cash. The management fees for alternative investments can be as high as 2% of the assets and 20% of all the cumulative profits, according to FINRA. This is in addition to substantial sales commission, typically far in excess of commissions that brokers receive when selling traditional investments.
Alternative investments are generally illiquid, therefore the money an investor commits might be inaccessible and might not be readily sold or exchanged for cash without a substantial loss in value. In addition, due to the typical high risk and complexity of alternative investments, they are typically reserved for accredited investors only, FINRA reports.
Investors who might have questions or concerns about their money being invested in alternative investments should contact an experienced securities lawyer for an evaluation of their portfolio for potential irregularities. Investors may contact Alan Rosca at 888-998-0530, via email at arosca@rscounsel.law, or fill out the contact form on this web page to get a jump start on a free case evaluation and discussion of your recovery options.
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Broker Gary Ginsberg Has Been Employed with FINRA Since 1983 and Subject to a Regulatory Action
Gary David Ginsberg joined the securities industry in 1983. He has been employed for about 37 years with FINRA member firms.
He was registered with Pennsylvania Securities Company from September 1983 until May 1989. He then switched to Financial Network Investment Corporation in May 1989 and remained there until September 1992.
He started working for Royal Alliance Associates in September 1992 and he remained there until June 2020. Gary Ginsberg is currently registered with Ameriprise Financial Services as a broker and investment advisor.
While being registered with Royal Alliance Association, in December 2010 broker Gary Ginsberg was subject to a regulatory action initiated by the State of New York Insurance Department alleging the sale of annuity contracts in New York by a company not authorized to sell products in New York, as reported on Ginsberg’s FINRA Brokercheck page.
New York state investigated whether or not Gary David Ginsberg knowingly submitted applications purportedly signed in New Jersey that Ginsberg knew were signed in New York. He received a civil and administrative penalty fine to the tune of $20,600.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Lost Money Invested in Alternative Investments or REITs?
Investor rights lawyers at Rosca Scarlato have decades of combined experience advocating on behalf of clients who have lost money after working with brokers who have recommended unsuitable investments such as REITs or alternative investments. The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients.
Investor rights lawyer Alan Rosca is actively investigating customer dispute disclosures involving Gary David Ginsberg and is prepared to pursue legal remedies to recover compensation on behalf of investors who’ve suffered similar alleged investment losses.
Gary Ginsberg investors are encouraged to contact Rosca Scarlato for a free, no-obligation consultation to review their case and be informed about their rights. You should reach out to investor rights lawyer Alan Rosca and his colleagues at 888-998-0530, by email at arosca@rscounsel.law, or by filling in the contact form on this page.