Rafael Golan & Crystal Bay Securities Allegedly Engaged in Gross Negligence by Purportedly Failing to Disclose the Risk of the Investments

Rafael Golan and Crystal Bay Securities, a Delray Beach, Florida independent brokerage formerly known as RSG Capital Corp., allegedly committed gross negligence under Florida law, according to Reports from a Financial Industry Regulatory Authority panel in Florida under review by investor rights attorney Alan Rosca.

Said alleged gross negligence purportedly involved alleged failure to disclose the risk of the investments, disregarding the customer’s rights and committing fraud and extreme carelessness in record-keeping, said panel reports.

Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Rafael Golan and Crystal Bay Securities’ alleged gross negligence. Investors who believe they may have lost money in activity related to Rafael Golan and Crystal Bay Securities’ alleged gross negligence are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

A Financial Industry Regulatory Authority Panel in Florida Ruled in Assessing $25K in Punitive Damages

Rafael Golan and Crystal Bay Securities have been assessed $25,000 in punitive damages by the Financial Industry Regulatory Authority panel in Florida, the aforementioned Reports note.

The panel has also ruled that Golan pay punitive damages and sanctions to an elderly woman, in addition to requiring them to repurchase real estate investment trusts it sold her, the panel reports.

What is more, the panel has also made the imposition of another $25,000 fine as a sanction forfailure to comply with multiple discovery obligations throughout the life of the case, which was filed by Mariana B. Smith in January 2018, the panel reports.

Smith’s complaint made accusations against Golan and Crystal Bay of exploiting a vulnerable and disabled adult in violation of Florida’s investor protection law, had asked for compensatory damages of $47,000 and statutory damages of $205,370, according to the award document from the case.

Rafael Golan has 14 disclosures during his 34 years in the securities industry, and has been registered with 15 different firms, FINRA notes. Golan has been registered with Crystal Bay Securities in Delray Beach, Florida since March 21, 2007, FINRA states.

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 mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Rafael Golan and Crystal Bay Securities’ alleged gross negligence. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Rafael Golan and Crystal Bay Securities’ alleged gross negligence may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.