Herbert Voss, Jr. Barred During Unauthorized Trading Investigation

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Marquardt Law Office LLC is interested in speaking with individuals who suffered losses while investing with Herbert Voss, Jr.  On May 23, 2018, the Financial Industry Regulatory Authority, Inc. (FINRA) barred the Stockcross Financial Services, Inc. broker and investment advisor from associating with firms registered with FINRA in any capacity.  FINRA registers and regulates brokers and brokerage firms.

In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Voss because he declined to provide sworn testimony during FINRA’s investigation.  FINRA reported it was investigating “a customer complaint alleging that Voss had engaged in unauthorized trading in the customer’s account.”

Prior to FINRA’s sanction, Voss was the subject of eight customer arbitration claims.  According to public records, the claims alleged Voss caused the customers’ losses through misconduct such as unauthorized trading, excessive trading, or recommending unsuitable investments.  Seven claims resolved as follows:

  • Four were denied or closed with no action.
  • A claim filed in 1999 resulted in a customer recovering $64,000.
  • A claim filed in April 2010 resulted in Voss’s prior firm, UBS, paying a settlement of $950,000.
  • A claim filed in February 2017 resulted in Starcross paying a settlement of $900,000, which was 100% of the damages requested.

A claim filed in December 2017 that seeks $500,000 of losses Voss allegedly caused while at Stockcross is pending resolution.

Herbert Voss, Jr. first entered the securities industry in 1982, and has been registered with several brokerage firms.  He has been registered with Stockcross since July 2009.

Options to Recover Losses

Brokers, like Herbert Voss, must obtain permission from their customers before exercising discretion to place trades in customer accounts.  Failure to do so is a violation commonly called unauthorized trading.

Additionally, brokers are required to recommend only suitable investment products and strategies to their customers.  Suitability is based on factors such as a customer’s age, investment objective, risk tolerance, investment experience, and financial status and needs.

Moreover, brokerage firms, like Stockcross Financial Services, must supervise their brokers to ensure they do not recommend unsuitable investments or place unauthorized trades.  This duty gives a customer a right to pursue claims against a firm to recover losses caused by a broker’s violations.

If you suffered losses while investing with Herbert Voss, Jr., contact Marquardt Law Office LLC to receive a free phone consultation with a securities attorney.  You may be able to recover your losses.

Marquardt Law Office LLC is a securities law firm that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.

Adam J. Marquardt

Adam Marquardt represents investors in securities litigation claims such as unsuitable investments, negligence, and fraud. He is dedicated to recovering financial losses for investors, primarily through FINRA arbitration. Adam’s background includes experience as a FINRA regulator, an accountant and auditor, and an attorney who recovered $8 million litigating cases involving fraudulent financial practices. Adam previously passed the Certified Public Accountant (CPA) exam and is an attorney licensed in Illinois.

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