According to publicly available information from the Financial Industry Regulatory Authority (FINRA), Seraphim M. Rine (CRD: 4305797) has received a second customer complaint. FINRA arbitration complaints are akin to lawsuits. Seraphim “Sam” Rine is a registered broker and investment adviser employed with Raymond James & Associates, Inc. Prior to his employment with Raymond James, Mr. Rine worked for Morgan Stanley and Citigroup Global Markets, Inc.
Both customer disputes appear to arise from Mr. Rine’s conduct when employed by Morgan Stanley. According to his publicly available record, a customer dispute was settled in October 2008. At that time, a customer alleged that “the registered representative purchased equity positions without his authorization.”
In the most recent dispute, a customer alleges “inter alia, unsuitability with respect to investments – Oct, 2011 through Feb, 2019.” Damages of $7,000,000 are requested and the customer dispute is currently pending.
Stockbrokers, bankers, and financial advisors have a duty to make suitable investment recommendations. Additionally, brokerage firms are required to maintain and enforce a reasonable system of supervision over their agents. Failure to supervise, which results in losses to a customer, may result in the broker-dealer being liable to customers for ensuing losses.
If you have experienced losses because your stockbroker or financial advisor made unsuitable investment recommendations, please contact Brian Levin for a free case evaluation at 305-402-9050 or firstname.lastname@example.org. Levin Law accepts most cases on a contingency-fee basis, meaning that you would not be obligated to pay Levin Law’s attorney fees unless we recover money on your behalf.
Levin Law is a premier national securities and class action law firm. Brian Levin, Levin Law’s managing attorney, has obtained settlements and recoveries in excess of $100,000,000 in assets through arbitration and litigation for individual and institutional investors throughout the country and the rest of the world. Levin Law represents retirees, individual investors, high-net-worth investors, ultra-high-net-worth investors, institutions, family offices, trusts, publicly held companies, and others.