Advisor Alert: Our Attorneys Are Investigating Philip Alan Goldstein For Investment Fraud

Chetan Patil on March 27, 2024

Did You Lose Money Because of Philip Goldstein?

Filed: March 19, 2024

Philip Goldstein (also known as Phil Goldstein, Philip A Goldstein) currently has one (1) pending customer complaint. Overall, he has been the subject of two (2) regulatory events, sixteen (16) customer complaints, one (1) financial event, and six (6) judgment/lien events. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Philip Alan Goldstein.

Who Is Philip Alan Goldstein of Vere Global Wealth Management and 1st Financial Investment, Inc.?

  • Advisor Name: Philip Alan Goldstein
  • Aliases: Phil Goldstein, Philip A Goldstein
  • CRD: 1031460
  • Location: Clarks Summit, Pennsylvania
  • Current Employer: Vere Global Wealth Management and 1st Financial Investment, Inc.
  • Previous Firms: Kalos Capital, Inc., Kalos Management, and WFG Investments, Inc.
  • Number of Known Customer Complaints: 16
  • Number of Known Regulatory Events: 2
  • Number of Known Financial Events: 1
  • Number of Known Judgment/Lien Events: 6
  • Can Philip Goldstein Be Sued: Yes, in Private Arbitration
  • Can Philip Goldstein’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $288,280
  • Highest Settlement: $88,026

If you have suffered investment losses by Philip Goldstein, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Philip Goldstein For Broker Misconduct

As of this publication date, Philip Goldstein has been the subject of 2 regulatory events, 16 customer disputes, 1 financial event, and 6 judgment/lien events. Let’s review them below.

In December 2023, Philip Goldstein was the subject of a civil judgment or lien in the amount of $83,370.76. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In December 2023, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of 1st Financial Investment, Inc. and 1st Financial Safeguard Co alleging rescission, benefit of the bargain damages and/or compensatory damages; breach of written contract pursuant to the customer agreements; breach of fiduciary duty of failing to act in Claimant’s best interests, to deal fairly and honestly with the Claimant, to observe fair business practices and equitable principles of trade as embodied in the standards of the securities industry, FINRA Rules, and Respondents’ own internal policies, to make only suitable investments and not to knowingly or negligently make material misrepresentations and omissions to Claimant; failure to supervise; by neglecting its duty to properly supervise and control its agents pursuant, but not limited, to Section 20(a) of the 1934 Securities and Exchange Act, FINRA Rule 3111, and Section 342 of the NYSE Rules; negligence and gross negligence; misrepresentations and omissions; violation of FINRA Rules; violations of the Pennsylvania Securities Act; violation of the federal securities laws; and violation of the Best Interest Obligations (Reg B1). As of this publication date, this claim remains pending.

In December 2022, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of 1st Financial Investment, Inc. and Vere Global Wealth Management alleging breach of fiduciary obligations / duties; breach of contract; negligence / professional negligence; failure to supervise; violations of State and Federal rules and regulations; agency, respondent superior and control person liability; and general equitable principals that apply to arbitration. Per the customer, he/she lost over $20,000 because of Mr. Goldstein’s actions. On April 3, 2023, Mr. Goldstein settled the claim for $12,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In November 2022, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of 1st Financial Investment, Inc. and Vere Global Wealth Management alleging violations of Sections 10(b) and 20(a) of the 1934 Act [15 U.S.C. 78j(b) and 78t(a)] and Rule 10b-5 Thereunder [17 C.F.R. 240.10b-5]; violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law [73 P.S. 1-201 et seq.]; violations of the Pennsylvania Securities Act of 1972, [70 P.S. 1-101 et seq.]; breach of fiduciary duty; common law fraud; negligence, including negligent failure to supervise; and breach of contract. Per the customer, he/she lost over $288,280 because of Mr. Goldstein’s actions. On August 24, 2023, Mr. Goldstein settled the claim for $81,916.25, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In June 2022, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of 1st Financial Investment, Inc. and 1st Financial Safeguard Co alleging net loss of current investment’ loss; loss of potential opportunities; surrender fees; other consequential damages; Violations of Sections 10(b) and 20(a) of the 1934 Act [15 U.S.C. 78j(b) and 78t(a)] and Rule 10b-5 Thereunder [17 C.F.R. 240.10b-5; Violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law [73 P.S. 1-201 et seq.]; Violations of the Pennsylvania Securities Act of 1972, 70 P.S. 1-101 et seq.; breach of fiduciary duty; common law fraud; negligence; and breach of contract. Per the customer, he/she lost over $129,209.82 because of Mr. Goldstein’s actions. On May 11, 2023, Mr. Goldstein settled the claim for $30,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In November 2018, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of Kalos Capital, Inc. alleging lack of due diligence and negligence. Per the customer, he/she lost over $25,000 because of Mr. Goldstein’s actions. On March 5, 2019, Mr. Goldstein settled the claim for $22,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In February 2018, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of Berthel Fisher and Company Financial Services, Inc., Kalos Capital, Inc., and Calton & Associates, Inc. alleging violations of Sections 10(b) and 20(a) of the 1934 Act [15 U.S.C. 78j(b) and 78t(a)] and Rule 10b-5 Thereunder [17 C.F.R. 240.10b-5; Violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law [73 P.S. 1-201 et seq.]; Violations of the Pennsylvania Securities Act of 1972, 70 P.S. 1-101 et seq.; Breach of Fiduciary Duty; Common Law Fraud; Negligence; Breach of Contract; and Punitive Damages. Per the customer, he/she lost over $100,000 because of Mr. Goldstein’s actions. On June 21, 2018, Mr. Goldstein settled the claim for $51,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In August 2017, a FINRA arbitration was filed against or in reference to Philip Goldstein by a customer of Kalos Capital, Inc. alleging unnecessary surrender charges of annuity and unsuitability of Oil & Gas Program. Per the customer, he/she lost over $80,579 because of Mr. Goldstein’s actions. On February 23, 2018, Mr. Goldstein settled the claim for $45,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In December 2015, Philip Goldstein filed for bankruptcy in the United States Bankruptcy Court for the Middle District of the Commonwealth of Pennsylvania.

In October 2014, Philip Goldstein was the subject of a civil judgment or lien in the amount of $85,381.05. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In March 2014, Philip Goldstein was the subject of a civil judgment or lien in the amount of $5,467.96. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In May 2013, Philip Goldstein was the subject of a civil judgment or lien in the amount of $264,443.48. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In March 2013, Philip Goldstein was the subject of a civil judgment or lien in the amount of $288,138.75. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In November 2012, Philip Goldstein was the subject of a civil judgment or lien in the amount of $552,582.23. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In November 2012, FINRA initiated a regulatory action against or in reference to Philip Goldstein for willfully failing to timely amend his form u4 to disclose material information.

In March 2012, a complaint was filed against or in reference to Philip Goldstein by a customer of Kalos Capital, Inc. alleging unsuitability.

In October 2009, Commonwealth of Pennsylvania, Department Of Insurance initiated a regulatory action against or in reference to Philip Goldstein for violation of Pennsylvania Statutes Section 310.11(7); and 310.11(20) of the Commonwealth of Pennsylvania Insurance Law.

In July 1999, a complaint was filed against or in reference to Philip Goldstein by multiple customers of Prudential Securities. Per the customers, they lost over $16,573 because of Mr. Goldstein’s actions. On July 7, 1999, Mr. Goldstein settled the claim for $39,782, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In July 1999, a complaint was filed against or in reference to Philip Goldstein by multiple customers of Prudential Securities. Per the customers, they lost over $16,670 because of Mr. Goldstein’s actions. On January 11 1995, Mr. Goldstein settled the claim for $23,417, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In November 1995, a complaint was filed against or in reference to Philip Goldstein by a customer of Merrill Lynch, Pierce, Fenner & Smith Incorporated alleging unsuitable investments. Per the customer, he/she lost over $22,500 because of Mr. Goldstein’s actions. On March 21, 1996, Mr. Goldstein settled the claim for $17,500, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In September 1994, a complaint was filed against or in reference to Philip Goldstein by a customer of Prudential Securities alleging unsuitable recommendations in Ltd partnership investments. Per the customer, he/she lost over $280,250 because of Mr. Goldstein’s actions. On January 17, 1996, Mr. Goldstein settled the claim for $19,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In October 1993, a complaint was filed against or in reference to Philip Goldstein by a customer of Prudential Securities. Per the customer, he/she lost over $8,292 because of Mr. Goldstein’s actions. On December 15, 1994, Mr. Goldstein settled the claim for $31,654, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In October 1993, a complaint was filed against or in reference to Philip Goldstein by a customer of Prudential Securities. Per the customer, he/she lost over $28,237 because of Mr. Goldstein’s actions. On December 15, 1994, Mr. Goldstein settled the claim for $88,026, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In October 1993, a complaint was filed against or in reference to Philip Goldstein by multiple customers of Prudential Securities. Per the customers, they lost over $24,880 because of Mr. Goldstein’s actions. On December 15, 1994, Mr. Goldstein settled the claim for $51,839, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

In October 1993, a complaint was filed against or in reference to Philip Goldstein by a customer of Prudential Securities alleging that Mr. Goldstein made misrepresentations and recommended unsuitable investments. Per the customer, he/she lost over $100,000 because of Mr. Goldstein’s actions. On December 15, 1994, Mr. Goldstein settled the claim for $10,000, and some or all of this amount may have been paid by Mr. Goldstein’s employer and/or insurance carrier.

How To File A Claim Against Philip Goldstein of Vere Global Wealth Management and 1st Financial Investment, Inc. (previously with Kalos Capital, Inc., Kalos Management, and WFG Investments, Inc.) To Get Your Money Back

If you have questions about Philip Goldstein, Vere Global Wealth Management, 1st Financial Investment, Inc., Kalos Capital, Inc., Kalos Management, WFG Investments, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.