Investigation: Hank Mark Werner of Legend Securities

Sonn Law Group is investigating claims related to former broker Hank Mark Werner (CRD#1615495). Werner was most recently associated with Legend Securities until March 2016 in New York, New York having worked there from December 2012 through March 2016. Prior to joining Legend, Werner was associated with Liberty Partners Financial Services, Inc. from July 2012 through December 2012. Werner is not currently working as a financial adviser in the industry.

FINRA Investigation

There is a related pending FINRA investigation for Werner’s potential violations of Section 10 (b) of the Securities Exchange Act of 1934, Rule 10b-5 and FINRA Rules 2020 and 2010 by engaging in a manipulative, fraudulent and deceptive scheme to churn the account an elderly, blind, physically disabled, widowed customer.

Customer Complaint

On February 18, 1998, a statement of claim was filed alleging damages of $412,636.35 with allegations of unsuitable investment activity, churning, misrepresentation and deception, and fraud. On September 27, 2002, American Investment Services, Inc. reported settling this complaint for $190,000.00;

Discharged from More than one Brokerage Firm

Werner’s CRD reflects that he was discharged from National Securities Corporation on October 15, 2009 for his failure to disclose 3 tax liens to the firm. He currently has a total of a combination of 6 federal and state tax liens recorded on his CRD.

Prior to his employment at National Securities, Werner was discharged from Robert Thomas Securities on April 26, 1994 for taking client orders before he was fully registered with the firm violating the firm’s internal policies and procedures.

The Financial Industry Regulatory Authority (“FINRA”) holds brokerage firms to high standards. A brokerage firm must have a reasonable basis to believe that a transaction is the right fit for you based on their awareness and understanding of your investment profile. The brokerage firm must consider your age, other investments, investment objectives, investment experience, risk tolerance, investment time horizon, liquidity needs, and the like. A broker can be held liable for making unsuitable investment recommendations. Recommendations must be suitable. Member brokerage firms are also barred from presenting misleading information to get you to buy or sell an investment.

Further, FINRA member firms are responsible for the supervision of a broker’s activities while the broker is registered with their firm. Therefore, Legend Securities may be liable for investment or other losses suffered by Werner’s customers.

If you were a client of Legend Securities or Hank Mark Werner and have experienced investment losses or irregularities in your investment accounts, please call Sonn Law Group at 844-689-5754 or click here to access our contact form. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.