Division of Administrative Hearings, Florida
Filed: Nov. 22, 2002
The issue in this case is whether Respondent's, Stuart Daniel Goldfarb's, a licensed agent, license should be disciplined because he knowingly made untrue statements of material facts to induce Mr. and Mr. Devries to purchase certain investment instruments; the charges are that Respondent, in his solicitations, negotiations and presentations to Mr. and Mrs. Devries, stated that the offered investment instruments, "guaranteed 11% annual return the first year, and they were insured by both the Federal Deposit Insurance Corporation and Great American Insurance Company, through a financial guarantee bond," for the purpose of inducing Mr. and Mrs. Devries to purchase the investment instruments. In reliance thereon, Mr. and Mrs. Devries did purchase the offered investment instruments and, thereafter, suffered the loss of their investment principle. If proven, whether Respondent's conduct is in violation Sections 626.611(7), 626.611(9), 626.611(13), 626.621(2), 626.621(3), 626.621(6)(g), and 626.9541(1)(e)1, Florida Statutes, and, if so, what are appropriate penalties under Sections 626.611, 626.621, 626.681, 626.691, and 626.9521, Florida Statutes.Licensed insurance agent sold unregistered securities to former health insurance client under false representations--license suspended for nine months, followed by two years` probation.
