Adam Feierstein, Formerly of ProEquities, Inc., Named in Customer Disputes Following Recommendations of Unsuitable Investments

INVESTORS: Former ProEquities, Inc. broker Adam Feierstein was named in multiple customer disputes alleging recommendation of unsuitable investments.

Adam Feierstein (CRD: 6033082) was registered as a broker with ProEquities, Inc. from 2018 until 2020. Previously, Feierstein was registered as a broker with Woodbury Financial Services from 2013 until 2018.

Feierstein has eight disclosures on his BrokerCheck report. Two customer disputes filed against Feierstein were denied. One of Feierstein’s disclosures relates to a personal financial matter and a personal judgment against him.

May 2022 Customer Dispute

Status: Pending

Allegations: Claimants allege that Mr. Feierstein recommended an unsuitable investment.

Damage Amount Requested: $400,000.00

March 2022 Customer Dispute

Status: Pending

Allegations: Claimant alleges breach of fiduciary duty, fraud, negligence, misrepresentation and unsuitable investments with regard to the sale of variable annuities in 2017

Damage Amount Requested: $50,000.00

February 2021 Regulatory Judgment

Initiated By: FINRA

Allegations: Respondent Feierstein failed to respond to FINRA request for information.

Resolution: Letter

Bar: Bar (Permanent)

Registration Capacities Affected:  All Capacities

Duration: Indefinite

Start Date: 5/5/2021

Regulator Statement: Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated February 2, 2021 and February 26, 2021, respectively, on May 5, 2021, Feierstein is barred from association with any FINRA member in all capacities. Feierstein failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities.

October 2020 Employment Separation After Allegations

Firm Name: ProEquities, Inc. 

Termination Type: Discharged

Allegations: Firm identified that Feierstein and his assistant Krause used outside email accounts almost exclusively to conduct securities business. Additionally, by reviewing IP addresses, firm discovered that Feierstein’s assistant (Krause) completed Feierstein’s mandatory firm element and Reg BI training without firm knowledge or approval.

The Sonn Law Group is currently investigating allegations surrounding Adam Feierstein. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.