FINRA Bars Longtime Broker for Failing to Cooperate with Investigation
The Financial Industry Regulatory Authority has barred Nathan Gersteen Katz, a longtime broker who entered the industry in 1977, for failing to cooperate with an investigation into several allegations against him.
The Financial Industry Regulatory Authority has barred Nathan Gersteen Katz, a longtime broker who entered the industry in 1977, for failing to cooperate with an investigation into several allegations against him.
Although specific details were not disclosed by FINRA, the allegations include recommendations of short-term switching of mutual funds, forgery of customer signatures, use of discretion without authorization, and failure to timely disclose certain judgments and liens.
According to his BrokerCheck profile, Katz spent 17 with Triad until August 2018 when he was fired for a “signature irregularity” on a customer document, prompting an internal review and an onsite field audit, the broker-dealer said. He then joined American Independent Securities Group but was discharged roughly two years later for “exercising discretion in a client’s account without written authorization” and exhibiting “conduct inconsistent with [the firm’s] policies.”
His BrokerCheck profile shows five customer dispute disclosures dating back to 2001, with four settlements ranging from $7,500 to $275,000. The most recent, filed in February 2021, seeks damages of $450,000 for “mismanagement of accounts and unprofessional behavior.”
FINRA claims that Katz, through his counsel, refused to produce any information or documents requested by the regulator, an automatic bar from the industry.
Katz signed FINRA’s letter of acceptance, waiver, and consent without admitting or denying the findings.
