Were you the victim of Cabot Lodge Securities LLC broker Russell Green (CRD# 1391627)? He has been registered with Cabot Lodge Securities LLC in Syosset, New York, since 2018, and with CL Wealth Management LLC in Syosset, New York, since 2018. Previously, he was registered with B. Riley Wealth Management in Great Neck, New York, from 2005 to 2018.
In June 2014, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for 10 days. According to the Acceptance, Waiver & Consent (AWC), he “consented to the sanctions and to the entry of findings that he failed to ensure that all necessary information had been obtained from a customer in connection with the deposit and sale of a possible control or restricted stock. The findings stated that Green served as the branch office manager of his member firm’s branch office. under the firm’s written supervisory procedures in effect at the time, branch managers were responsible for daily review of all trades. Also, in cases involving the sale of a control or restricted stock, branch managers were required to determine the seller’s status (affiliate or non-affiliate), determine the eligibility for sale in terms of the number of shares and the timing of the sale and assist the customer in preparation of required forms.”
Russell Green Customer Complaints
He has been the subject of six customer complaints between 1991 and 2024, one of which was closed without action, according to his CRD report. The most recent complaints were regarding:
March 2024. “Claimant alleges Violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law, Violations of the Pennsylvania Securities Act, Common Law Fraud, Breach of Fiduciary Duties, Violations of FINRA Rules 2010, 2011, and 2360, Breach of Implied Contractual Duties, Professional Negligence, Failure to Supervise, and Respondeat Superior and Vicarious Liabilities due to the alleged “mishandling” of his account from Feb 2019 through Dec 2023.” The customer is seeking $410,000 in damages, and the case is currently pending. The complaint took place while he was registered with Cabot Lodge Securities LLC, and it was regarding options and common and preferred stocks.
August 2017. “Claim alleges excessive trading and unsuitable recommendations. Alleged activity occurred 2009-2017.” The customer sought $1,250,000 in damages, and the case was settled for $250,000. The complaint was regarding equity OTC, common and preferred stocks, and options losses, and it took place while he was registered with Wunderlich Securities and B. Riley Wealth Management.
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, Cabot Lodge Securities LLC may be liable for investment or other losses suffered by Russell Green’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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