The Financial Industry Regulatory Authority (FINRA) contains important information regarding securities broker Robert Mark Star (CRD#: 3235830, Bluffton, South, Carolina). Evidently, Star worked for securities firms UBS PaineWebber, EDI Financial, Source Capital Group, Starvangrouw Financial, IBN Financial Services, and IBN Advisory Services. Star has been a financial advisor or securities broker in those capacities. It appears that three investors disputed Star’s sales practices. Here’s a summary of these allegations against the securities broker.
Notably, in October 2020, a client of IBN Financial Services came forward with a complaint about Robert Star. First of all, the client alleged negligence in connection with DPPs and LPs. Next, the client alleged Star’s misrepresentation of those alternative investments. Finally, the client alleges that Star and IBN Financial Services’ breach of fiduciary duty led to damages. For this reason, the client asks for $500,000 in this ongoing matter.
It appears that a client of EDI Financial took aim at Robert Star’s sales practices too. In the April 2016 FINRA Arbitration Claim, the client alleges unsuitable real estate security transactions. Not only that, but the client alleges breach of fiduciary duty and failure to supervise. Supposedly, the client sustained damages by investing in private placements and “high-risk” alternative investments. Because of this, FINRA Arbitrators determined that EDI Financial was liable. As a result, EDI was responsible for paying $432,515 in compensation to the client.
BrokerCheck also shows that a client of UBS PaineWebber complained about Robert Star. Namely, the client alleges that Star engaged in excessive and unsuitable trading. Supposedly, Star also engaged in unauthorized trading of equities. He purportedly "bought and sold numerous risky stocks without approval." In addition, the client claims that Star did not contact them regarding margin. To resolve this matter with no admission of liability, UBS PaineWebber compensated the client in the amount of $62,500.
Did securities broker Robert Star cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that Star denies all allegations of his sales practice violations.
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