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Broker Lawrence Ira Goldstein Charged with ~$1.6 Million Fraud

Last updated March 30, 2023

Cetera Advisor Networks LLC Broker Lawrence Ira Goldstein Charged with Approximately $1.6 Million in Customer Claims

Lawrence Ira Goldstein (CRD #  3223787) is a FINRA-registered broker and investment advisor with Cetera Advisor Networks in Los Angeles and was formally employed by Oppenheimer & Co. Inc., Oppenheimer Asset Management, Fahnestock Asset Management, and PaineWebber Incorporated. Goldstein has a long history of customer disputes dating back to 2002:

  • In February 2002, Goldstein settled claims of unauthorized trades and unsuitable investments between November 2000 and February 2002 for $40,000
  • In March 2007, Goldstein settled claims of unauthorized trades and unsuitable investments between July 2005 and March 2007 for $19,500
  • In January 2008, Goldstein settled claims of unsuitable trades in a fee-based, nondiscretionary account between December 2005 and March 2008 for $22,000
  • In August 2008, Goldstein settled a claim involving the unauthorized purchase of a bond fund and failure to cancel the transaction for $25,800
  • In November 2008, Goldstein settled claims of breach of fiduciary duty, unsuitability, misrepresentation, and negligence in connection with mishandling a customer’s account for $30,000
  • In April 2009, Goldstein was accused of misrepresentation regarding investments of approximately $5,000
  • In January 2011, FINRA suspended Goldstein’s license for 10 days for investing a customer’s $100,000 inheritance in unsuitable auction rate securities rather than a conservative, income-producing investment. Goldstein settled the customer’s claim for approximately $6,600 and paid civil and administrative penalties and fines to FINRA.
  • In April 2011, FINRA entered a letter of acceptance, waiver, and consent (AWC) with Goldstein, suspending his license to trade in Illinois after state authorities filed a complaint
  • In June 2016, Goldstein was accused of unsuitable investments in a customer account during an unspecified time period
  • In August 2019, customers alleged breach of fiduciary duty, fraud, negligence, misrepresentation, omission, breach of contract, violations of California’s Securities Act against Goldstein, and negligent supervision against Cetera Advisor Networks. A settlement of approximately $1,500,000 is pending.

Reif Law Group is investigating additional claims of investment losses by current and former customers of Lawrence Ira Goldstein and his employer, Cetera Advisor Networks.

Looking To Sue Lawrence Goldstein For Your Losses?

Contact Reif Law Group today if you suffered investment losses resulting from improper trading activity or other misconduct by LAWRENCE IRA GOLDSTEIN or Cetera Advisors Network. Our securities disputes attorneys are determined to protect your rights, but time is of the essence and you must take action immediately. Working with our firm increases the likelihood of recovering your investment losses. Contact us now for a free consultation.

Brandon S. Reif is the managing partner at Reif Law Group, P.C. and a distinguished trial attorney with a track record of delivering successful trial verdicts and arbitration awards. Mr. Reif is Martindale-Hubbell® AV Preeminent™ peer-rated, AV Preeminent™ – Judicial Edition-rated, and a Client Champion Platinum™ client-rated attorney. He has been voted one of Los Angeles Magazine’s “Top Attorneys in Southern California” from 2011 to 2021 and Southern California’s Super Lawyer® from 2011 to 2021 (elevated from Rising Stars® in 2015). Mr. Reif represents the securities and financial services industries in all types of lawsuits and arbitrations, including customer, vendor, sponsor, and insurer disputes. If you have a question about this article you can contact Mr. Reif by visiting his biography page here.