william martin ornstein

BrokerCheck Report

WILLIAM MARTIN ORNSTEIN

Section Title

Report Summary

Broker Qualifications

Registration and Employment History

Disclosure Events

CRD# 500470

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2 - 3

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Page(s)

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WILLIAM M. ORNSTEIN

CRD# 500470

This broker is not currently registered.

Report Summary for this Broker

This report summary provides an overview of the broker's professional background and conduct. Additionalinformation can be found in the detailed report.

Disclosure Events

All individuals registered to sell securities or provideinvestment advice are required to disclose customercomplaints and arbitrations, regulatory actions,employment terminations, bankruptcy filings, andcriminal or civil judicial proceedings.

Are there events disclosed about this broker? Yes

The following types of disclosures have beenreported:

Type Count

Regulatory Event 1

Criminal 2

Customer Dispute 11



This broker has passed:

2 Principal/Supervisory Exams

1 General Industry/Product Exam

1 State Securities Law Exam

Registration History

This broker was previously registered with thefollowing securities firm(s):

GMS GROUPCRD# 8000BOCA RATON, FL10/2001 - 12/2021

B

HERBERT J. SIMS & CO. INC.CRD# 3420FAIRFIELD, CT09/2001 - 10/2001

B

ATLANTIC GROUP SECURITIES, INC.CRD# 42194MILLBURN, NJ09/1997 - 06/1998

B

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1�2021 FINRA. All rights reserved. Report about WILLIAM M. ORNSTEIN.


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Registrations

This section provides the self-regulatory organizations (SROs) and U.S. states/territories the broker is currently registered and licensed with, thecategory of each license, and the date on which it became effective. This section also provides, for every brokerage firm with which the broker iscurrently employed, the address of each branch where the broker works.








Industry Exams this Broker has Passed

This individual has passed 2 principal/supervisory exams, 1 general industry/product exam, and 1 state securities law exam.

This section includes all securities industry exams that the broker has passed. Under limited circumstances, a broker may attain a registrationafter receiving an exam waiver based on exams the broker has passed and/or qualifying work experience. Any exam waivers that the broker hasreceived are not included below.

Exam Category Date

Principal/Supervisory Exams

Municipal Securities Principal Examination 06/12/1984Series 53B

Registered Principal Examination 10/20/1977Series 40B

Exam Category Date

General Industry/Product Exams

Securities Industry Essentials Examination 10/01/2018SIEB

Exam Category Date

State Securities Law Exams

Uniform Securities Agent State Law Examination 04/30/1999Series 63B

Additional information about the above exams or other exams FINRA administers to brokers and other securities professionals can be found atwww.finra.org/brokerqualifications/registeredrep/.





www.finra.org/brokerqualifications/registeredrep/



Professional Designations

This section details that the representative has reported 0 professional designation(s).

No information reported.






Registration and Employment History

Registration History

Registration Dates Firm Name CRD# Branch Location

The broker previously was registered with the following firms:

B 10/2001 - 12/2021 GMS GROUP 8000 BOCA RATON, FL

B 09/2001 - 10/2001 HERBERT J. SIMS & CO. INC. 3420 FAIRFIELD, CT

B 09/1997 - 06/1998 ATLANTIC GROUP SECURITIES, INC. 42194 MILLBURN, NJ

B 04/1997 - 08/1997 RICKEL & ASSOCIATES, INC. 7839 NEW YORK, NY

B 06/1989 - 05/1997 FIRST INTERREGIONAL EQUITY CORP. 7486 MILBURN, NJ

B 04/1987 - 05/1989 FIRST MONMOUTH SECURITIES CORP. 13268

B 11/1978 - 03/1987 BAIRD, PATRICK & CO., INC. 1149

B 06/1978 - 11/1978 MCLAUGHLIN, PIVEN INC. 7404

B 04/1976 - 07/1978 HALPERT, OBERST AND COMPANY 7094

Employment History

Employment Employer Name Investment RelatedPosition Employer Location

This section provides up to 10 years of an individual broker's employment history as reported by the individual broker on the most recently filedForm U4.

Please note that the broker is required to provide this information only while registered with FINRA or a national securities exchangeand the information is not updated via Form U4 after the broker ceases to be registered. Therefore, an employment end date of"Present" may not reflect the broker's current employment status.

10/2001 - Present THE GMS GROUP, LLC REGISTEREDREPRESENTATIVE

Y LIVINGSTON, NJ, UnitedStates

Other Business Activities

This section includes information, if any, as provided by the broker regarding other business activities the broker is currently engaged in either asa proprietor, partner, officer, director, employee, trustee, agent or otherwise. This section does not include non-investment related activity that isexclusively charitable, civic, religious or fraternal and is recognized as tax exempt.

No information reported.






Disclosure Events

What you should know about reported disclosure events:

1. All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations,regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.

2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event. o A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the

industry and that the activity resulted in damages of at least $5,000. o

3. Disclosure events in BrokerCheck reports come from different sources: o As mentioned at the beginning of this report, information contained in BrokerCheck comes from brokers, brokerage firms and

regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event willappear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled.

o4. There are different statuses and dispositions for disclosure events:

o A disclosure event may have a status of pending, on appeal, or final.§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed.§ A "final" event has been concluded and its resolution is not subject to change.

o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative

panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing.§ A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that brokers and

brokerage firms may choose to settle customer disputes or regulatory matters for business or other reasons.§ A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the

individual broker. Such matters generally involve customer disputes.

For your convenience, below is a matrix of the number and status of disclosure events involving this broker. Further informationregarding these events can be found in the subsequent pages of this report. You also may wish to contact the broker to obtain furtherinformation regarding these events.

Final On AppealPending

Regulatory Event 0 1 0

Criminal 0 2 0

Customer Dispute 1 10 N/A






Disclosure Event Details

When evaluating this information, please keep in mind that a discloure event may be pending or involve allegations that are contested and havenot been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through anegotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputingthe allegations) with no admission or finding of wrongdoing.

This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report maybe blank if the information was not provided to CRD.

Regulatory - Final

This type of disclosure event may involve (1) a final, formal proceeding initiated by a regulatory authority (e.g., a state securities agency, self-regulatory organization, federal regulatory such as the Securities and Exchange Commission, foreign financial regulatory body) for a violation ofinvestment-related rules or regulations; or (2) a revocation or suspension of a broker's authority to act as an attorney, accountant, or federalcontractor.

Disclosure 1 of 1

Reporting Source: Regulator

Regulatory Action InitiatedBy:

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

Sanction(s) Sought:

Date Initiated: 07/27/2001

Docket/Case Number: C9B010063

Employing firm when activityoccurred which led to theregulatory action:

FIRST INTERREGIONAL EQUITY CORP.

Product Type:

Allegations: NASD RULE 2110 PARTICIPATED IN AN AGREEMENT WITH ANUNREGISTERED PERSON AND HIS MEMBER FIRM WHEREIN THEUNREGISTERED PERSON WOULD REFER PROSPECTIVE INVESTORS TOORNSTEIN WHO WERE INTERESTED IN PURCHASING SECURITIES-EQUIPMENT LEASES OFFERED BY HIS MEMBER FIRM IN RETURN FOR APERCENTAGE OF THE COMMISSIONS THAT ORNSTEIN WOULD RECEIVEFROM EACH SALE; AND, FAILED TO PROMPTLY AMEND HIS FORM U4 TODISCLOSE THE FILING OF A CIVIL COMPLAINT BY FORMER CUSTOMERS.

Current Status: Final

Resolution: Acceptance, Waiver & Consent(AWC)

Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?






Resolution Date: 07/27/2001

Sanctions Ordered:

Regulator Statement WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, ORNSTEINCONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OFFINDINGS, THEREFORE, HE IS FINED $10,000 AND SUSPENDED FROMASSOCIATION WITH ANY NASD MEMBER IN ANY CAPACITY FOR 30 DAYS.SUSPENSION EFFECTIVE AUGUST 20, 2001 - SEPTEMBER 18, 2001. FINESPAID ON 04/30/2003.

Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?

No

Civil and Administrative Penalty(ies)/Fine(s)Suspension

iReporting Source: Broker

Regulatory Action InitiatedBy:

NASD REGULATION, INC. DIST. 9B

Sanction(s) Sought: Suspension

Other Sanction(s) Sought: $10,000 FINE

Date Initiated: 01/17/2001

Docket/Case Number: C9B010063

Employing firm when activityoccurred which led to theregulatory action:

FIRST INTERREGIONAL EQUITES

Product Type: Other

Other Product Type(s): EQUIPMENT LEASES

Allegations: SHARING COMMISSIONS WITH AN UNREGISTERED PERSON. FAILED TOPROMPTLY AMEND FORM U-4.


Resolution: Acceptance, Waiver & Consent(AWC)

Resolution Date: 07/27/2001

Sanctions Ordered:






Sanctions Ordered:

Other Sanctions Ordered:

Sanction Details: 30 DAY SUSPENSION IN ALL CAPACITIES. SUSPENSION COMMENCES WITHTHE OPENING OF BUSINESS ON AUGUST 20, 2001, AND CONCLUDING ATTHE CLOSE OF BUSINESS ON SEPTEMBER 18, 2001. SETTLEMENT ALSOINCLUDED A FINE OF $10,000.

Broker Statement COMPLAINT WAS ISSUED ON JANUARY 17, 2001, ALLEGING MR.ORNSTEIN'S PARTICIPATION IN AN AGREEMENT INVOLVING ANUNREGISTERED PERSON AND HIS (THEN) EMPLOYING FIRM. UNDER THEAGREEMENT, IT WAS ALLEGED THAT MR. ORNSTEIN SHAREDCOMMISSIONS WITH AN UNREGISTERED PERSON. IN ADDITION, IT WASALLEGED THAT MR. ORNSTEIN FAILED TO PROMTLY UPDATE HIS FORM U-4TO DISCLOSE THE FILING OF A CIVIL COMPLAINT BY CUSTOMERS.SUBSEQUENTLY, MR. ORNSTEIN SIGNED AN AWC TO SETTLE THE MATTER.THE AWC WAS ACCEPTED BY THE NASD IN JULY, 2001. THE AWC WAS FORA FINE OF $10,000 AND A 30 DAY SUSPENSION. THE COMMENCEMENTDATE OF THE SUSPENSION HAS NOT YET BEEN DECIDED BY NASDR.

Monetary/Fine $10,000.00Suspension






Criminal - Final Disposition

This type of disclosure event involves a criminal charge against the broker that has resulted in a conviction, acquittal, dismissal, or plea. Thecriminal matter may pertain to any felony or certain misdemeanor offenses, including bribery, perjury, forgery, counterfeiting, extortion, fraud, andwrongful taking of property.

Disclosure 1 of 2

Reporting Source: Firm

Charge Date: 12/09/1986

Charge Details:

Felony?


Status Date: 07/13/1987

Firm Statement "CONSPIRING TO POSSESS WITHINTENT TO DISTRIBUTE A SCHEDULE II CONTROLLED SUBSTANCE."


Court Details: COURTCR 87-00188-01


Charge Details: CONSPIRACY TO P0SSES WITH INTENT TODISTRIBUTE A SHEDULE II CONTROLLED SUBSTANCE

Felony?



Disposition Details:

Broker Statement Not Provided

3 YRS PROBATION & 90 DAYS IN TREATMENT CENTER.SPECIAL ASSESMENT OF $50.00 22K-THIS EVENT RESULTED ONPROPERTYOF $225,000 WHICH $100,000 WAS ALREADY PAID.

Disclosure 2 of 2

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Reporting Source: Broker

Court Details: JAY OBERST OF HALPERT, OBERST & CO.C5037-80 & C5038-80






Court Details: JAY OBERST OF HALPERT, OBERST & CO.C5037-80 & C5038-80


Charge Details: THE CLAIM WAS THAT I WAS IN ILLEGALPOSSESSION OF THEIR MAILING LIST.

Felony?



Disposition Details: THE CASE WAS DISMISSED - THE ATTORNEYS INVOLVEDWORKED OUT THE DIFFERENCES AND BOTH PARTIES INVOLVEDDROPPEDTHE CHARGES.






Customer Dispute - Settled

This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegationsof sale practice violations against the broker that resulted in a monetary settlement to the customer.

Disclosure 1 of 10


Employing firm whenactivities occurred which ledto the complaint:

Allegations:

THE GMS GROUP, LLC

Clients allege negligence, breach of fiduciary duty

Product Type: Debt-Municipal

Alleged Damages: $100,000.00

Date Complaint Received: 03/01/2019

Complaint Pending? No

Status:


Settlement Amount: $9,500.00

Individual ContributionAmount:

$0.00

Customer Complaint Information

Settled

Is this an oral complaint? No

Is this a written complaint? No

Is this an arbitration/CFTCreparation or civil litigation?

Yes

Arbitration/Reparation forumor court name and location:

FINRA

Docket/Case #: 19-00553

Filing date ofarbitration/CFTC reparationor civil litigation:

02/22/2019

Disclosure 2 of 10

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Allegations:

The GMS Group, LLC

Client alleges negligence, misrepresentation, breach of fiduciary duty, deception,exploitation





Status:




$11,750.00


Settled




Yes


FINRA



02/19/2019

Disclosure 3 of 10

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Allegations:

The GMS Group, LLC

Client alleges fraudulent sales practices and over-concentration of client's accountduring 2011-2015.






Allegations: Client alleges fraudulent sales practices and over-concentration of client's accountduring 2011-2015.

Product Type: Debt-MunicipalOther: MLP




Status:




$15,875.00


Settled


Is this a written complaint? Yes


Yes


FINRA



11/02/2015

Disclosure 4 of 10

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Allegations:

THE GMS GROUP, LLC

THE CLIENT ALLEGES THE AE MADE UNSUITABLE RECOMMENDATIONS INJANUARY 2007 AND FEBRUARY 2008.

Product Type: Debt-Corporate


Is this an oral complaint?14�2021 FINRA. All rights reserved. Report about WILLIAM M. ORNSTEIN.







Status:




$0.00


Settled




Yes


FINRA DISPUTE RESOLUTION



10/28/2009

Disclosure 5 of 10

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Allegations:

THE GMS GROUP, LLC

THE CLIENT OPENED AN ACCOUNT WITH GMS IN APRIL 2006. THE CLIENTALLEGES THAT THE ACCOUNT EXECUTIVE ENGAGED IN UNAUTHORIZEDAND UNSUITABLE TRADING IN HER ACCOUNT. ADDITIONALLY THE CLIENTALLEGES HER ACCOUNT EXECUTIVE VIOLATED THEIR FIDUCIARYOBLIGATIONS AND MADE MATERIAL MISREPRESENTATIONS AND/OROMMISSIONS IN THE HANDLING OF THE ACCOUNT.

Product Type: Debt-CorporateDebt-MunicipalOther: CLOSED END FUND

Alleged Damages: $2,500,000.00






Date Notice/Process Served: 06/02/2009

Arbitration Pending? No

Disposition: Settled

Disposition Date: 05/09/2011

Monetary CompensationAmount:

$675,000.00

Arbitration Information


$337,500.00

Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):

FINRA


Disclosure 6 of 10

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Allegations:

THE GMS GROUP, L.L.C.

THE CLIENT ALLEGES THE ACCOUNT EXECUTIVE DID NOT PROVIDE ACOMPLETE DESCRIPTION OF A BOND PURCHASED IN 2008.





Status:


Settlement Amount:




Evolved into Arbitration/CFTC reparation (the individual is a named party)











$5,000.00


$2,500.00

Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):

FINRA


Disclosure 7 of 10

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Allegations:


ALLEGES THAT I MADE FALSE AND MATERIAL MISREPRESENTATIONS ANDOMITTED MATERIAL FACTS CONCERNING THE SALE OF EQUIPMENTLEASES AND CERTAIN OTHER SECURITIES TO THESE CLIENTS BEGININGAROUND EARLY 1990'S THROUGH 1997. ALLEGES BREACH OF FIDUCIARYDUTY, FRAUD, AND UNJUST ENRICHMENT

Product Type: Other

Other Product Type(s): EQUIPMENT LEASE OBLIGATIONS AND MUNICIPAL BONDS




Status:


Settlement Amount:



Litigation







Court Details: NEW JERSEY SUPERIOR COURT - ESSEX COUNTYDOCKET NO. 8886-01


Litigation Pending? No




$10,000.00


$10,000.00

Civil Litigation Information

Disclosure 8 of 10

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Allegations:


PLAINTIFFS, WEALTHY & SOPHISTICATED INVESTORS, ALLEGE CLAIMSAGAINST MR. ORNSTEIN FOR COMMON LAW FRAUD AND AIDING ANDABETTING COMMON LAW FRAUD, BREACH OF FIDUCIARY DUTY,NEGLIGENT MISREPRESENTATION, FEDERAL SECURITIES FRAUD,UNSUITABILITY, NEGLIGENCE AND GROSS NEGLIGENCE, INVESTORADVISOR MALPRACTICE, AND UNJUST ENRICHMENT WITH RESPECT TOPLAINTIFF'S PURCHASE OF CERTAIN EQUIPMENT LEASES FROM 8/93TO1/97. MR. ORNSTEIN HAS FILED AN ANSWER DENYING ALLALLEGATIONS OF WRONGDOING AND IS VIGOROUSY DEFENDING THECLAIMS.

Product Type: Other











Status:


Settlement Amount:


Court Details: UNITED STATES DISTRICT COURT, EASTERN DISTRICT OF NEW YORK,DOCKET # 99CIV 1581






$30,000.00


$30,000.00


Litigation

Disclosure 9 of 10

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Reporting Source: Firm


Allegations:

FIRST INTERREGIONAL EQUITY CORPORATION

Product Type:

Alleged Damages:

Date Complaint Received:


Status:


Settlement Amount:



Litigation







Court Details: U.S. DISTRICT; SOUTHERN DISTRICT OF NY; 98 CIV. 4285


Litigation Pending? Yes




Allegations:


BREACH OF FIDUCIARY DUTY IN SALES OFEQUIPMENT LEASES WHILE EMPLOYED BY FIRST INTERREGIONAL EQUITYCORP. ALLEGED DAMAGES ARE NOT LESS THAN $4,000,000 AGAINST 10DEFENDANTS FOR ACTIVITIES THAT ALLEGEDLY OCCURRED WHEN I WASEMPLOYED BY FIRST INTERREGIONAL EQUITY CORPORATION.

Product Type: Other





Status:




$30,000.00

Court Details: U.S. DISTRICT; SOUTHERN DISTRICT OF NY; 98 CIV. 4285






Settled









$30,000.00


$30,000.00

Broker Statement SETTLEMENT WITH PLAINTIFFS, WITH NO ADMISSION OF LIABILITY OR ANYWRONGDOING BY DEFENDANT ORNSTEIN.

Disclosure 10 of 10

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Reporting Source: Regulator


Allegations:


SUITABILITY; MISREPRESENTATION; OMISSION OFFACTS; BRCH OF FIDUCIARY DT

Product Type:


Arbitration/Reparation Claimfiled with and Docket/CaseNo.:

UNKNOWN - CASE #95-02398





Disposition Detail: CASE CLOSED,SETTLED/OTHERNot Provided




Allegations:


CUSTOMER ALLEGES THAT A $75,000 INVESTMENT INPOLARIS INCOME FUND V WAS UNSUITABLE AND MISREPRESENTED. THERESPONDENT DENIES THAT ALLEGATIONS.






Allegations: CUSTOMER ALLEGES THAT A $75,000 INVESTMENT INPOLARIS INCOME FUND V WAS UNSUITABLE AND MISREPRESENTED. THERESPONDENT DENIES THAT ALLEGATIONS.

Product Type:


Date Complaint Received:


Status:

Status Date:

Settlement Amount:


Arbitration/Reparation Claimfiled with and Docket/CaseNo.:

NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.; 95-02398






$10,000.00

Broker Statement WE SETTLED WITH CLAIMANT FOR $10,000.00.




Arbitration/Reparation






Customer Dispute - Pending

This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of salespractice violations against the broker; or (2) a pending, consumer-initiated, investment-related written complaint containing allegations that thebroker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, orconversion of funds or securities.

Disclosure 1 of 1



Allegations:

THE GMS GROUP, LLC

THE CLIENT ALLEGES HER ACCOUNT WAS MISHANDLED BY THE ACCOUNTEXECUTIVE. THE ACTIVITY OCCURRED DURING THE PERIOD 2004 UNTIL2007.

Product Type: Debt - Corporate

Other Product Type(s): DEBT MUNICIPAL




Status:


Settlement Amount:



Closed/No Action






End of Report

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