The US Department of Justice recently announced fraud charges against former Queens investment advisor Roshan Perera (CRD# 4716321). According to...Read More
Red Bank Advisor Stacy Goldsmith: Private Placement Complaints
Pending investor complaints listed on Herbert J. Sims & Company broker Stacy Goldsmith’s BrokerCheck report allege hundreds of thousands of dollars in losses. Financial Industry Regulatory Authority records show that Ms. Goldsmith (CRD# 1416323) is currently based in Red Bank, New Jersey.
There are three pending investor complaints currently disclosed on Ms. Goldsmith’s BrokerCheck report, a summary of her history as a securities industry professional. Two claims were filed in April 2022, both of which allege that she recommended unsuitable private placement investments. One complaint alleges damages of $95,000; the other alleges damages of $300,000. A pending third complaint, filed in October 2022, similarly alleges that she recommended “unsafe” private placements, seeking damages of $30,000.
All three of the pending complaints on Ms. Goldsmith’s BrokerCheck report include a “Broker Statement” that reads: “Stacy Goldsmith is not a named respondent in this arbitration. The arbitration is filed against H J Sims, the firm, and Stacy Goldsmith is the broker of record.”
FINRA rules stipulate that brokers like Ms. Goldsmith must follow a standard known as “suitability.” In essence, the suitability standards requires them to “have a reasonable basis to believe a recommended transaction or investment strategy” is in line with the customer’s investment profile. An investor’s profile is drawn from a variety of factors, including their net worth, age, financial situation, financial needs, investment objectives, investment experience, liquidity needs, and risk tolerance. FINRA rules require the broker to have a reasonable basis to believe the investment recommendation is suitable for at least some investors and that it is reasonable for the individual customer to which they are making it. In situations where the broker is executing a series of transactions in an account over which they have actual or de facto control, they must additionally have a reasonable basis to believe that the series of transactions, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.”
According to the Financial Industry Regulatory Authority, Stacy Goldsmith holds 35 years of securities industry experience. She has been affiliated with Herbert J. Sims & Co. in Red Bank, New Jersey as a broker since 2012. Her past registrations include UBS Financial Services (New York, New York; 2008-2012), Glen Rauch Securities (New York, New York; 2004-2008), W.H. Mell Associates (Summit, New Jersey; 2003-2004), WM Financial Services (Irvine, California; 2002-2003), Dime Securities (Brooklyn, New York; 2001-2002), First Union Securities (St. Louis, Missouri; 2000-2001), First Union Brokerage Services (Charlotte, North Carolina; 1993-1996), First Fidelity Brokers (Newark, New Jersey; 1993-1996), Broadway Financial Investment Services (1990-1992), R. Seelaus & Co. (Chatham, New Jersey; 1990), Commonwealth Securities and Investments (Pittsburgh, Pennsylvania; 1989-1990), and Discount Corporation of New York Municipals (1985-1989). Her credentials include the passage of six securities industry qualifying exams: the Uniform Combined State Law Examination, or Series 66; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Series 24 – General Securities Principal Examination, or Series 24; and the Municipal Securities Principal Examination, or Series 53. She holds 29 state licenses. (Information current as of December 24, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.