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Soreide Law Group Files Two FINRA Arbitration Claims On Behalf Of Customers Of GMS Group Advisor William Ornstein

Summary

Two Boca Raton Residents Lost $400,000 From Puerto Rican Bonds.

Bonds sold by William Ornstein of GMS Group in Boca Raton.

Claimants Claim GMS Failed To Supervise Ornstein Correctly.

Two residents of Boca Raton, Florida hired the securities arbitration law firm, Soreide Law Group, who combined claim an alleged $400,000 in realized losses from the sale of Puerto Rican bonds by William Ornstein who works out of GMS’ Boca Raton branch office. It is alleged by the Claimants in both cases that Bill Ornstein over concentrated his customer’s accounts into Puerto Rican bonds. The Claimants suffered damages from the sale of the Puerto Rican bonds which resulted in losses to both their principal and their lost future income. Some of the Puerto Rican bonds were sold on margin which it is further alleged was unsuitable for the Claimants.

William Ornstein has received several other customer complaints which are all disclosed on his FINRA broker check report. Ornstein has twelve disclosures on his FINRA broker check report, 10 of which are from other customer complaints. Several of the other complaints allege similar conduct now complained of by Claimants. The significance of Ornstein’s customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. In 2003, FINRA conducted a review of the CRD’s of all 663,000 registered representatives, only 2,751 (.41%) had been the subject of (3) or more customer complaints.

The Claimants’ attorney, Lars Soreide, Esq., has accused GMS Group of failing to supervise their advisor William Ornstein. William Ornstein is not named in either lawsuit filed by Soreide Law Group and only his supervising broker dealer the GMS Group is a named party. The suits being arbitrated through FINRA are case numbers 19-00553 and 19-00532. The GMS Group has yet to file a response to both lawsuits. Lars Soreide, Esq., expects the case to be arbitrated by the winter of 2020. For more information, Lars Soreide can be contacted at (888) 760-6552 and Securities Lawyers Helping Victims of Broker Fraud Before FINRA.

ABOUT SOREIDE LAW GROUP, PLLC

Located at 2335 E. Atlantic Blvd., Suite 405, in Pompano Beach, Fla., Soreide Law Group, PLLC is committed to helping victims recover investment losses due to negligent conduct on behalf of their broker or financial advisors. The firm represents investors nationwide in the handling of securities arbitration claims. The practice focuses on recovering investment losses due to stockbroker negligence or securities fraud and pursues claims against stockbrokers, financial advisors, brokerage houses and fund managers. For additional information on Soreide Law Group, PLLC, please call 888-760-6552 or visit www.securitieslawyer.com.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.