Laurence Braunstein: Investor Complaints Against NYC Financial Advisor

Investor complaints against former New York City broker and investment advisor Laurence Braunstein (CRD#: 1220577) allege conduct including suitability violations, misrepresentations, and more. Braunstein is a former representative of Janney Montgomery Scott, according to information drawn from Financial Industry Regulatory Authority records.

A July 2018 complaint alleged that as a representative of First Allied Securities, Morgan Stanley, and Janney Montgomery Scott, Laurence Braunstein made misrepresentations with respect to variable annuity products, unit investment trust products, and direct investments. The complaint reached a settlement of $14,999

A 2016 complaint alleged that as a representative of Morgan Stanley Smith Barney, Laurence Braunstein made unsuitable recommendations of mutual fund, unit investment trust, and closed-end fund products. The complaint reached a settlement of $24,900.

A 2013 complaint alleged that as a representative of Morgan Stanley Smith Barney, he misrepresented material facts regarding the risks of investments in unit investment trust and closed-end fund products. The complaint reached a settlement of $25,000.

A 2011 complaint alleged that as a representative of Morgan Stanley Smith Barney, he “invaded principal” without the customer’s permission. The complaint reached a settlement of $3,000.

A 2011 complaint alleged that as a representative of First Allied Securities, he recommended unsuitable investments, made misrepresentations of material facts, concealed risks, and breached his fiduciary duty in connection to mutual fund investments and unit investment trust products. The complaint reached a settlement of $125,000.

A 2010 complaint alleged that as a representative of First Allied Securities, he breached his fiduciary duty, committed fraud, and violated the New Jersey Consumer Fraud Act. The complaint reached a settlement of $490,316.

Laurence Braunstein is currently not registered as a broker or investment advisor. His employment history includes Janney Montgomery Scott in New York City; Morgan Stanley in New York City; First Allied Securities in New York City; Walnut Street Securities in El Segundo, California; Nathan & Lewis Securities in New York City; and Home Life Equity Sales Corporation. He currently holds zero state licenses and has passed six securities industry qualification examinations.