Mitchell Howard Hirsch, Broker with Fortune Financial Services, Named in Customer Dispute Alleging Breach of Fiduciary Duty

INVESTORS: Fortune Financial Services broker Mitchell Howard Hirsch was named in a customer dispute alleging breach of fiduciary duty.

Mitchell Howard Hirsch (CRD#: 1147538) is registered as a broker with Fortune Financial Services where he has been employed since January 2020. He is registered as an investment adviser with One Seven, where he has been employed since June 2018.

Hirsch has six disclosures on his BrokerCheck report. Two customer disputes filed against Hirsch were denied and one was closed with no action taken.

November 2021 Customer Dispute

Status: Pending

Allegations: Claimants entrusted Respondents with the management of their investments and expected Respondent to fulfill their fiduciary obligations by putting Claimants’ interests ahead of their own. Rather than satisfy their fiduciary obligations, Respondents invested Claimants’ money in redundant hedge funds for the sole reason that such investments generated substantially higher fees.

Damage Amount Requested: $1,000,000.00

Broker Comment: Hirsh denies any involvement with the investments listed in the statement of claim, including any recommendations or solicitation. Hirsch was not involved in the due diligence or approval of these investments Hirsch feels he was named in this arbitration because he handles another portion of the client’s investments, separately from the named investments.

May 2013 Financial Event

Status: Final

Type: Bankruptcy

Disposition: Discharged

October 1993 Customer Dispute

Status: Settled

Allegations: Prudential claimed after settling with all the customers that filed in the class action suit for limited partnerships that the client (customers) had too much money in the limited partnership.

Damage Amount Requested: $27,450.00

Settlement Amount: 35,323.00

Broker Comment: Prudential paid all people involved in the limited partnership class action suit. I don’t know the amount from the customer; the client asked me if he should go in on the class action suit. I advised him to file. The client was unhappy with how Prudential Sec did not disclose a lot of information on the limited partnership. The customers are still clients of mine to this day.

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