Theodore and David Rothman, Pennsylvania Banned Brokers

Theodore Rothman Banned by SEC

A financial advisor for more than 40 years based in Southampton, Pennsylvania, Rothman was employed most recently at Rothman Securities, Inc. and First Allied Securities, Inc. Rothman also sold insurance through Aviso Financial. According to Rothman’s BrokerCheck report, Theodore Rothman was the subject of multiple customer disputes, including over unsuitable investments and lack of supervision, before being disbarred and fined by the SEC in 2014/15.

David Rothman Banned by FINRA

The reason for Theodore Rothman’s ban from certain activities within the securities industry involves his failure to supervise his son, David Rothman’s investment activities an employee of Rothman Securities, Inc in Philadelphia, Pennsylvania and Southampton, Pennsylvania. According to his BrokerCheck report, David Rothman has also been permanently banned from acting as a broker or financial advisor. Having worked in the securities industry for almost 30 years, David Rothman accumulated numerous customer complaints and was convicted and imprisoned for money laundering in 2013 by the Eastern District Court of Pennsylvania.

Pennsylvania Securities Litigation Law Firm

Our law firm is currently investigating Theodore and David Rothman along with their brokerage firms, Rothman Securities and First Allied Securities. If you or someone you know has invested with the Rothmans, please contact us immediately at 1-855-462-3330 or by using our online contact form.

Green, Schafle & Gibbs Investigates McGinn Smith Ponzi Scheme

Green, Schafle & Gibbs' Securities Litigation Team has opened an investigation into an alleged ponzi scheme operated by banned broker-dealer McGinn Smith, based in Albany, New York.

According to the SEC, at least 10 brokers at McGinn Smith were involved in a ponzi scheme to recommend unregistered investment products to their customers. The brokers recommended these products in spite of red flags which should have led them to look more closely at the products. 

The SEC’s named the former McGinn Smith brokers in an administrative proceeding:

• Donald J. Anthony, Jr. of Loudonville, N.Y. 
• Frank H. Chiappone of Clifton Park, NY. 
• Richard D. Feldmann of Delmar, N.Y.
• William P. Gamello of Rexford, N.Y. 
• Andrew G. Guzzetti of Saratoga Springs, N.Y.
• William F. Lex of Phoenixville, Pa.
• Thomas E. Livingston of Slingerlands, N.Y. 
• Brian T. Mayer of Princeton, N.J. 
• Philip S. Rabinovich of Roslyn, N.Y. 

The SEC stated that approximately 750 investors have been affected by the alleged fraud at McGinn Smith, which led to an estimated $80 million in investor losses.

Pennsylvania & New Jersey Ponzi Scheme Law Firm

If you or someone you know has been the victim of a ponzi scheme or investment fraud, please contact our securities attorneys immediately at 1-866-462-3330 or via our online contact form.