The GMS Group financial advisor William Ornstein (CRD# 500470) has two pending customer complaints for negligence that lead to client investment losses. Ornstein has been registered with The GMS Group in Boca Raton, Florida since 2001.
In July 2001, the National Association of Securities Dealers, Inc. suspended Ornstein regarding, “NASD Rule 2110 participated in an agreement with an unregistered person and his member firm wherein the unregistered person would refer prospective investors to Ornstein who were interested in purchasing securities-equipment leases offered by his member firm in return for a percentage of the commissions that ornstein would receive from each sale; and, failed to promptly amend his form U4 to disclose the filing of a civil complaint by former customers.” Ornstein was fined $10,000 and suspended for 30 days from association with any NASD member in any capacity.
Ornstein has been the subject of 11 customer complaints between 1980 and 2019, according to his CRD report. Recent complaints include:
- March 2019. “Clients allege negligence, breach of fiduciary duty.” The customer is seeking $100,000 in damages and the case is currently pending. This case is regarding municipal debt.
- February 2019. “Client alleges negligence, misrepresentation, breach of fiduciary duty, deception, exploitation.” The customer is seeking $250,000 in damages and the case is currently pending. This case is regarding municipal debt.
- November 2015. “Client alleges fraudulent sales practices and over-concentration of client’s account during 2011-2015.” The customer sought $200,000 in damages and the case was settled for $36,750. This case was regarding municipal debt and Master Limited Partnerships (MLPs).
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, GMS Group may be liable for investment or other losses suffered by Ornstein’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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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