Securities Arbitration Lawyer Blog
On September 8, 2020, FINRA filed a complaint against former Westpark Capital and Laidlaw & Company broker Bryan Gabriel Mazliach (CRD#: 5518438). The complaint alleges that Mazliach engaged in excessive trading in 7 customer accounts and executed over 400 unauthorized trades in 10 customer accounts. Many of the investors who suffered losses are elderly.
The allegations involve Mazliach’s conduct between February 2015 and July 2017:
- Mazliach engaged in excessive and unsuitable trading in five customer accounts.
- Mazliach executed 450 trades, which exceeded thresholds for excessive turnover and cost-to-equity ratios. The cost-to-equity ratios in these accounts ranged from 37% to a whopping 218%. The annualized turnover rates in these accounts ranged from 12 to 50.
- Mazliach executed 420 unauthorized trades in a total of 10 accounts. Seven of the ten accounts were also excessively traded.
- Mazliach failed to have a reasonable basis that his recommendations were suitable for his customers.
- Mazliach’s actions caused his customers over $170,000 in losses; however, they generated over $187,000 in fees and commissions for Mazliach and Laidlaw.
Generally, a turnover rate of 6 suggests that excessive trading has occurred. Likewise, a cost-to-equity ratio above 20% suggests excessive trading.
Financial Advisor Bryan Mazliach (CRD#: 5518438)
Mazliach is no longer registered as a broker with the securities industry. The investigation focuses on his time at Laidlaw & Company. He was previously registered at the following firms:
- Westpark Capital, Inc., Fort Lauderdale, FL (August 2017 – December 2018);
- Laidlaw & Company (UK) Ltd., Fort Lauderdale, FL (January 2015 – September 2017);
- Rockwell Global Capital LLC, Melville, NY (December 2010 – January 2015);
- Charles Vista LLC, Melville, NY (June 2010 – December 2010); and
- Obsidian Financial Group, LLC, Woodbury, NY (May 2008 – July 2010).
Charles Vista and Obsidian are two disreputable firms that have been expelled from the securities industry by FINRA.
Mazliach has also been the subject of three customer complaints alleging the same types of violations outlined in the FINRA complaint: unauthorized trading, excessive trading, and unsuitable trading.
FINRA indicated that Mazliach failed to respond to its requests for more information regarding the allegations on two separate occasions.
Brokerage firms like Westpark Capital, Inc. and Laidlaw & Company must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to supervise account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to adequately supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers. Investors harmed by Mazliach’s actions may have a claim against his prior firms, Westpark Capital and Laidlaw & Company.
Iorio Altamirano LLP is investigating potential securities arbitration claims involving former broker Bryan Mazliach. Iorio Altamirano is also investigating the liability that Westpark Capital, Inc. and Laidlaw & Company may have for their failure to properly supervise Mr. Mazliach.
If you have lost money with former Westpark Capital and Laidlaw & Company broker Bryan Mazliach, contact New York securities lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.