Frank Hamrak: Complaints Against New York City Financial Advisor

Investor complaints against former New York City broker and investment advisor Frank Hamrak (CRD#: 1385077) allege conduct including unsuitable investment recommendations, breach of contract, negligence, and more. Hamrak is a former representative of Beech Hill Securities, according to information drawn from Financial Industry Regulatory Authority records.

A 2018 complaint alleged that as a representative of Beech Hill Securities and Beech Hill Advisors, Frank Hamrak breached contract, acted negligently, breached his fiduciary duty, and recommended unsuitable equity products. The complaint reached a settlement of $70,000.

A 2016 complaint alleged that as a representative of Beech Hill Advisors, Frank Hamrak recommended unsuitable investments from 2014 until 2016. The complaint reached a settlement of $127,000.

A 2016 complaint alleged that as a representative of Beech Hill Securities and Beech Hill Advisors, he made unsuitable investment recommendations, breached his fiduciary duty, and breached contract. The complaint reached a settlement of $310,000.

A 2016 complaint alleged that as a representative of Beech Hill, he mis-managed the account. The complaint reached a settlement of $40,000.

A 2002 complaint alleged that as a representative of Salomon Smith Barney, he committed fraud, breached contract, breached the covenant of good faith and fair dealing, breached his fiduciary duty, executed unauthorized trades, failed in his supervisory duties, and engaged in unauthorized trading. The complaint reached a settlement of $24,056.

A 1996 complaint alleged that as a representative of Shearson Lehman Brothers, he made unsuitable investment recommendations. The complaint reached a settlement of $40,000.

Frank Hamrak is currently not registered as a broker or investment advisor. His employment history includes Beech Hill Securities in New York City; Morgan Stanley Smith Barney in Melville, New York; Morgan Stanley & Company in Smithtown, New York; Morgan Stanley DW in Melville, New York; Citigroup Global Markets in New York City; Painewebber in Weehawken, New Jersey; Lehman Brothers in New York City; and Dean Witter Reynolds. He currently holds zero state licenses and has passed four securities industry qualification examinations.