April 8, 2015- Austin, Texas
The Texas State Securities Board (TSSB) suspended Bruce William Schoendorf, an investment adviser of Hurwitz Associates, for ten days for exercising discretion in a client account in violation of a prior agreement with the TSSB to refrain from exercising discretion in customer accounts. See Disciplinary Order here.
According to FINRA records Schoendorf was registered with Wells Fargo Advisors in Houston, Texas, from 2/1999-11/2013. FINRA records also reveal that a customer filed an arbitration against Schoendorf alleging that his account had been traded without his knowledge and that it was churned and speculative investments were made. The matter was settled for $1.1 million. FINRA Case #09-05299.
A discretionary trading account is an account that allows a broker to buy and sell securities without the client’s consent. The client generally must sign an agreement documenting the fact he has authorized this type of trading.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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