Frank Mark Levy – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Frank Mark Levy.
BrokerComplaints.com is currently investigating allegations related to Frank Mark Levy. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Frank Levy
Frank Mark Levy is an Investment Adviser. Frank Mark Levy’s Central Registration Depository (CRD) number is 855702 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/855702.
Click here to download a Detailed Audit Report for Frank Mark Levy.
Frank Mark Levy has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Frank Mark Levy’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 2/13/2007
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA:
- Initiated By: DELAWARE DIVISION OF SECURITIES, DELAWARE DEPARTMENT OF JUSTICE
- Allegations: CONSENT ORDER OF THE DE SECURITIES COMMISSION. ORDER DOES NOT CITE, MAKE ANY FINDING REGARDING, OR MENTION, ANY INVESTMENT RELATED STATUTES OR RULES THAT WERE VIOLATED BY MR. LEVY DBA DIVERSIFIED FINANCIAL CONSULTANTS (DFC)AND DOES NOT RELATE ANY PORTION OF THE FINDINGS, AGREEMENT OR ORDER IN THE ORDER TO ANY INVESTMENT RELATED STATUTE OR RULE. THE ALLEGATIONS FORMING THE ORDER ARE SUMMARIZED AS FOLLOWS: AS A RESULT OF A ROUTINE EXAMINATION OF THE BOOKS AND RECORDS FOR MR. LEVY’S REGISTERED INVESTMENT ADVISER, DFC, THE DE DIVISION OF SECURITIES ALLEGED THAT DFC HAD INCORRECTLY POSTED AN AMOUNT LESS THAN $2500.00 TO ITS GENERAL LEDGER. IT WAS ALSO ALLEGED THAT DFC MISUNDERSTOOD THE TERM ADVERTISING WHEN IT CLAIMED THAT IT DID NOT CONDUCT ANY ADVERTISING, BUT IN ACTUALITY THE DIVISION ALLEGED THAT DFC HAD CONDUCTED ADVERTISING BY VIRTURE OF A OF A SOLICITOR’S AGREEMENT. FINALLY, THE DIVISION ALLEGED THAT DFC’S WEBSITE ADDRESS IMPROPERLY REPRESENTED THAT DFC WAS A NON-PROFIT COMPANY OR ASSOCIATION BECAUSE IT USED THE .ORG SUFFIX INSTEAD OF THE .COM SUFFIX.
- Resolution: Decision & Order of Offer of Settlement
- Sanction Details :: Sanctions: Monetary/Fine
- Sanction Details :: Amount: $1,750.00
- Sanctions: PROBATIONARY PERIOD UNTIL THE END OF CALENDAR YEAR 2007. UNDERTAKING TO PROPERLY MAINTAIN BOOKS AND RECORDS, PROPERLY CATEGORIZE EXPENSES, RECONCILE LEDGER AND FULLY DISCLOSE TO THE DE DIVISION OF SECURITIES, WITHOUT MISSTATEMENTS OF MATERIAL FACT.
- Sanction Details: MR. LEVY’S REGISTERED INVESTMENT ADVISER FIRM WILL BE REEXAMINED BY THE DE DIVISION OF SECURITES AT THE END OF THE PROBATIONARY PERIOD ENDING ON DECEMBER 31, 2007 FOR COMPLIANCE WITH DE SECURITIES LAWS. THE ADMINISTRATIVE FINE OF $1,750.00 WAS PAID ON 04/26/2007.
- Broker Comment: MR. LEVY COMPLIED WITH THE ORDER AND WAS REEXAMINED IN DECEMBER 2007. NO INCONSISTENCIES WITH DE STATUTES OR REGULATIONS WERE FOUND. PROBATIONARY PERIOD ENDED AS A RESULT OF SATISFACTORY REEXAMINATION.
DISCLOSURE 2 –
- Event Date: 4/2/1986
- Disclosure Type: Criminal
- Disclosure Resolution: Final Disposition
- Disclosure Detail :: Criminal Charges :: Charges: ON APRIL 2, 1986 APPLICANT WAS INDICTED ON FOUR COUNTS OF DELIVERY OF A NON-NARCOTIC SCHEDULE II CONTROLLED SUBSTANCE TWO COUNTS OF TRAFFICING IN METHAMPHETMINE AND TWO COUNTS OF MAINTAINING A DWELLING FOR KEEPING A CONTROLLED SUBSTANCE. CHARGES WERE SUBSEQUENTLY NOLLE PROSSED APPLICANT REINDICTED CHARGED POSSESSION OF METHAMPHETAMINE.
- Disposition: POSSESSION OF METHAMPHTAMINE $50 FINE ALL REQUIREMENTS COMPLETED FULL PARDON GRANTED BY THE GOVERNOR OF THE STATE OF DELAWARE 9/22/92
DISCLOSURE 3 –
- Event Date: 3/21/1985
- Disclosure Type: Criminal
- Disclosure Resolution: Final Disposition
- Disclosure Detail :: Criminal Charges ::
- Broker Comment: MISDEMEANOR – FINE $1000 AND COURT COSTS, MAKE RESTITUTION, 2 YEARS PROBATION, 100 HOURS COMMUNITY SERVICE. ALL REQUIREMENTS COMPLETED – FULL PARDON GRANTED BY THE GOVERNOR OF THE STATE OF DELAWARE. 9-22-92.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- SECURITIES SERVICE NETWORK, INC. (CRD#: 13318) :: 2/11/2013 – 2/18/2014 :: WILMINGTON, DE
- SIGNATOR INVESTORS, INC. (CRD#: 468) :: 8/17/1993 – 2/8/2013 :: WILMINGTON, DE
- JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY (CRD#: 5181) :: 8/17/1993 – 5/1/1997 :: BOSTON, MA
- JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY (CRD#: 5181) :: 5/25/1982 – 4/7/1988
- JOHN HANCOCK DISTRIBUTORS, INC. (CRD#: 468) :: 8/15/1984 – 4/5/1988
- MAIN STREET MANAGEMENT COMPANY (CRD#: 547) :: 1/29/1988 – 2/16/1988
- MANEQUITY, INC. (CRD#: 5249) :: 10/14/1982 – 12/31/1987
- HEATHER AGENCY, INC. (CRD#: 398) :: 4/23/1981 – 11/4/1982
- PML SECURITIES COMPANY (CRD#: 4082) :: 8/17/1978 – 2/22/1982
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Frank Mark Levy, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Frank Levy
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Frank Mark Levy – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (855702) for the broker – Frank Mark Levy
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.
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