There are options for clients of former Royal Alliance Associates, Inc. broker Arthur Grossbard (CRD# 1020971) who lost money investing in private placements. He has been registered with Ameriprise Financial Services, LLC in West Orange, New Jersey since 2020. Previously, he was registered with Royal Alliance Associates, Inc. in West Orange, New Jersey from 2004 to 2020.
He also faced regulatory sanctions in 1986 and 1987 by the state of Vermont and the National Association of Securities Dealers, Inc., respectively.
Arthur Grossbard Customer Complaints
He has been the subject of two customer complaints between 2020 and 2021, according to his CRD report:
November 2021. “Claimants allege that the financial professional recommended an investment that was unsuitable.” The customer is seeking $250,000 in damages and the case is currently pending. The complaint took place while he was registered with Royal Alliance Associates, Inc. and was regarding a private placement.
April 2020. “It is alleged that two $50,000 private placement investments (in same fund but involving each individual claimant—claimants were sisters) were inappropriately recommended to the claimants.” The customer sought $100,000 in damages and the case was settled for $65,000. The complaint took place while he was registered with Royal Alliance Associates, Inc. and was regarding a private investment fund.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Royal Alliance Associates, Inc. may be liable for investment or other losses suffered by Arthur Grossbard’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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