Public records published by the Financial Industry Regulatory Authority (FINRA) on June 23, 2016 indicate that former Pennsylvania-based First Allied Securities broker Theodore Rothman has been permanently barred from “engaging in certain activities.” The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Rothman (CRD# 405741).
Theodore Rothman has spent 45 years in the securities and was most recently registered with First Allied Securities in Southampton, Pennsylvania (2015-2016). Previous registrations include First Allied Securities in Southampton, Pennsylvania (2013-2014); Rothman Securities in Southampton, Pennsylvania (1983-2013); Zenith American Securities Corporation (1973-1984); and American Diversified Investors (1970-1973). He is currently not registered with any state or firm.
According to his BrokerCheck report, Theodore Rothman has received four customer complaints, one pending customer complaint, and two regulatory sanctions. He was additionally recently discharged from his position at First Allied Securities.
In May 2016, Theodore Rothman was terminated from his position at First Allied Securities following allegations he failed to disclose an outside business activity.
In 2014, the Securities and Exchange Commission sanctioned Theodore Rothman following allegations he failed to supervise a registered representative at his firm, who was also his son, inflated account statements to several investors and misappropriated funds from elderly and unsophisticated investors. He was barred from acting in a supervisory capacity and issued a fine of $40,000.
In 2011, a customer alleged Theodore Rothman, while employed at Rothman Securities, failed to supervise the handling of an investment portfolio. The customer is seeking $304,000 in damages in the pending complaint.
In 2011, a customer alleged Theodore Rothman, while employed at Rothman Securities, failed to supervise a representative who engaged in fraud the complaint resulted in an award to the customer of $75,000, to which Mr. Rothman individually contributed $75,000.
In 2007, a customer alleged Theodore Rothman, while employed at Rothman Securities, recommended unsuitable mutual fund investments. The complaint settled in 2008 for $47,500.
In 2005, a customer alleged Theodore Rothman, while employed at Rothman Securities, recommended unsuitable investments and over-concentrated the account. The complaint settled in 2006 for $25,000.
In 2004, FINRA sanctioned Theodore Rothman following allegations he effected mutual fund purchases without reasonable grounds to believe they were suitable. He was issued a 30-day suspension and a fine of $45,000.
In 1998, a customer alleged Theodore Rothman, while employed at Rothman Securities, misrepresented material facts, made unsuitable recommendations, breached his fiduciary duty, and failed to supervise. The complaint settled in 1999 for $14,750.
If you have suffered losses while investing with Theodore Rothman, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.