Investigation into Samuel Kluft Koltun of RBC

Sonn Law Group is currently investigating claims related to broker Samuel Kluft Koltun (CRD#1739664). Koltun is currently employed with RBC Capital Markets, LLC (“RBC”) in West Palm Beach, Florida having worked there since October 9, 2009. Prior to joining RBC, Koltun was associated with J.B. Hanauer & Co. from October 1987 through October 2009.

Regulatory Actions

Koltun was penalized/fined $4,635.86, disgorged of $7,864.14 in commissions and suspended from association with any NASD (nka FINRA) member for 12 days in 2004 after allegations that Koltun broke various regulatory rules relating to the unsuitability of certain class B mutual fund transactions Koltun brokered.  Koltun was an employee of J.B. Hanauer at the time.

Pending Customer Complaints

Koltun currently has a total of 3 pending customer complaints with the Financial Industry Regulatory Authority (FINRA), all made within the past 6 months and while employed with RBC, including:

  1. A $655,000 arbitration claim for damages based on allegations of overconcentration in Puerto Rico municipal bonds and failure to disclose risks associated with the Puerto Rico municipal bonds filed on October 16, 2015;
  2. A $750,000 arbitration claim for damages based on allegations of overconcentration in Puerto Rico municipal bonds and failure to disclose risks associated with the Puerto Rico municipal bonds filed on October 16, 2015; and
  3. An approximate $260,000 arbitration claim for damages based on allegations of unsuitability and overconcentration of Puerto Rico municipal bonds filed on April 1, 2016.

Closed Customer Complaints

In addition to the aforementioned 3 open customer complaints, Koltun had 2 prior customer complaints that have been resolved, including:

  1. A complaint with alleged damages of $15,000 based on allegations of common law fraud, negligent misrepresentation, breach of fiduciary duty, and violation of Fla. Stat. §517 relating to mutual fund purchases received by FINRA on June 12, 2000 and filed with Martin County Circuit Court and settled on September 14, 2000 for $95,000; and
  2. A complaint with alleged damages of $100,000 received by FINRA on March 3, 2003 based on allegations of unsuitable mutual fund investments. The matter was closed with no action taken in March 3, 2005. As of February 23, 2016, the matter settled for $150,000;

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, RBC Capital Markets, LLC may be liable for investment or other losses suffered by Koltun’s customers.

If you were a client of RBC Capital Markets, LLC or Samuel Kluft Koltun 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

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