Shane Applebaum is a broker at Herbert J. Sims & Co, Inc.
Total Damages Reported
Shane Applebaum (CRD# 4772668) has allegedly caused damages of $86,864 to his clients and customers.
Who is Shane Applebaum (Herbert J. Sims & Co, Inc.)?
Shane Applebaum is a financial advisor currently operating atHerbert J. Sims & Co, Inc. The Firm is located in Fairfield, Connecticut, United States. Applebaum has been registered with Herbert J. Sims & Co, Inc. in Boca Raton, Florida since 2004.
Herbert J. Sims & Co, Inc. Reviews & Complaints
The Financial Industry Regulatory Authority or better known as FINRA, has received a total of 2 (two) complaints from clients/customers. All the official Shane Applebaum complaints are listed down below:
Status: The customer is seeking $86,864.90 in damages and the case is currently pending.
Complaint: Suitability of $75K Bank of America CD purchased in Oct. 2014, maturing 2030; & $240K Citibank CD purchased in Jan. 2014, maturing 2034 purchased for the partnership which is beneficially owned by an elderly husband & wife.
FINRA complaint against Shane Applebaum reported on February 2020
Status: The case was settled for $40,000. The complaint was regarding Peurto Rico bonds.
Complaint: Claimant alleged unsuitability, negligence, fraud, misrepresentation”
FINRA complaint against Shane Applebaum reported on June 2018
Red Flags & Shady Activities
In addition to the foregoing, Shane Applebaum has been accused of unsuitable investment recommendations and the sale of structured products.
Recover Funds You Lost With Shane Applebaum And/Or Herbert J. Sims & Co, Inc.
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Shane Applebaum. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
Herbert J. Sims & Co, Inc. Review Verdict
With several complaints of malpractice, fraud & unsuitable investments, Shane Applebaum fails to meet the basic standards required of a competent financial advisor. I cannot recommend his services or services of Herbert J. Sims & Co, Inc.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s:
• Other investments
• Financial situation and needs
• Tax status
• Investment objectives
• Time horizon
• Liquidity needs
• Risk tolerance
• Any other information disclosed by the customer