Archive by Author

Elder Abuse Cases At FINRA, How Prevalent and How Successful?

October 11, 2017  |   Posted by :   |   News   |   Comments Off on Elder Abuse Cases At FINRA, How Prevalent and How Successful?

By: Dana N. Pescosolido We’ve all heard the warnings, for many years now. The population is aging, the baby-boomers are starting to retire, and as they age, the opportunities for exploitation by unscrupulous brokers will increase exponentially. Some sources say that upwards of $7 trillion in retirement assets will be in play. States like Florida […]

Read More »

Spring Runs Cold for Cold Spring Advisory Group

September 20, 2017  |   Posted by :   |   News   |   Comments Off on Spring Runs Cold for Cold Spring Advisory Group

Last September we wrote an article entitled: “Securities Regulators Caution Suckers to Avoid Fake Lawyers.” As we stated, on September 19, 2016, FINRA issued an Investor Alert, entitled “It can be hard to recover from Recovery Scams.” According to the Investor Alert: You hear from someone who claims to be able to help you recover […]

Read More »

Arbitration Panel Awards $300,000 Over Failed Oil and Gas Ventures

September 15, 2017  |   Posted by :   |   News   |   Comments Off on Arbitration Panel Awards $300,000 Over Failed Oil and Gas Ventures

Heath Marell, Susan Marell and James Marell filed a claim in March 2016 against Mark Allan Plummer and Texas E & P Partners, Inc., alleging breach of contract, failure to supervise, negligence, intentional fraud and misrepresentation, among other claims. The claims related to Chestnut GEB Joint Ventures and Chestnut 2007 4×4 Joint Venture. The Washington […]

Read More »

Criminal Complaint filed Against Radio Show Advisor

August 31, 2017  |   Posted by :   |   News   |   Comments Off on Criminal Complaint filed Against Radio Show Advisor

Federal prosecutors and the SEC recently filed separate but related complaints against Dawn J. Bennett, a 28-year industry veteran, alleging that she conducted a Ponzi-like scheme through her investment company, DJB Holdings, LLC. Bennett worked out of Washington, DC. According to the complaints filed in Maryland federal court, Bennett and her firm sold convertible notes […]

Read More »

SEC Gets Emergency Asset Freeze Against Colorado Springs LPL Financial Broker

August 31, 2017  |   Posted by :   |   News   |   Comments Off on SEC Gets Emergency Asset Freeze Against Colorado Springs LPL Financial Broker

The SEC filed an emergency action in Colorado federal court on August 23rd to freeze the assets of recently terminated LPL Financial broker Sonya D. Camarco, a/k/a Sonya D. Fatchett. The court granted the request August 24th. The SEC alleges in its complaint that from 2004 to 2017, Camaro stole approximately $2.8 million from multiple […]

Read More »

FINRA Bars Louisiana Broker For Selling Away

August 31, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Bars Louisiana Broker For Selling Away

Adam K. Veron, a broker formerly employed at Questar Capital Corporation in Lake Charles, LA, has agreed to be barred from the securities industry. In mid 2015, Veron formed Contract Funding & Corporate Management LLC (“CFCM”), naming himself as president. From July 2015 until December 2016 he then sold approximately $1.8 million of shares of […]

Read More »

Merrill Lynch Broker Barred From the Industry

August 26, 2017  |   Posted by :   |   News   |   Comments Off on Merrill Lynch Broker Barred From the Industry

William H. Merriam IV recently signed a letter of acceptance, waiver and consent (“AWC”) with FINRA agreeing to be barred from the securities industry. Merriam joined Merrill Lynch in June 2014 to work in the Jacksonville FL branch office of Merrill Lynch. He worked with his father. In January 2017 Merriam voluntarily resigned from Merrill […]

Read More »

Estate Beneficiaries Awarded $440,000 Against Ameriprise

August 25, 2017  |   Posted by :   |   News   |   Comments Off on Estate Beneficiaries Awarded $440,000 Against Ameriprise

An Omaha Nebraska FINRA panel has awarded $440,000 if favor of the beneficiaries of an estate. Kari Larson opened two individual retirement accounts with Ameriprise in Nebraska in 2013. She later opened a third non-retirement account with the firm. The claimants Tab and Jan Larson were named as beneficiaries for the IRAs. After Kari Larson […]

Read More »

FINRA Bars Supervisors For Churning Customer Accounts

August 14, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Bars Supervisors For Churning Customer Accounts

A FINRA hearing panel has barred broker Edward Byen and his two supervisors, Craig Scott Taddonio and Brent Morgan Porges, from the securities industry. They all previously worked at Craig Scott Capital of Uniondale, NY. FINRA filed an enforcement complaint in December 2015 alleging that the “firm and its owners had fostered a culture of […]

Read More »

Ridgewood NJ Broker Barred From the Industry

August 14, 2017  |   Posted by :   |   News   |   Comments Off on Ridgewood NJ Broker Barred From the Industry

Anthony Vincent Ferrone entered into an acceptance, waiver and consent agreement (“AWC”) with FINRA and has been barred from the securities industry. Ferrone was the subject of a FINRA investigation concerning the unsuitable sales of unit investment trusts to customers. Ferrone was actually in the middle of an on the record interview (“OTR”) being conducted […]

Read More »

FINRA Panel Awards Investors $192,000

August 14, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Panel Awards Investors $192,000

In an arbitration award dated June 27, 2017, a three-member panel awarded Oregon investors Scott and Jan Tullis $192,103 in damages and interest against Ameriprise Financial Services, Inc., and its broker, Andrew Joseph Hall. Hall worked in Portland, Oregon. The panel gave a one-paragraph explanation for the award. The panel determined that respondents engaged in […]

Read More »

Boilerroom Broker Barred From Securities Industry

August 14, 2017  |   Posted by :   |   News   |   Comments Off on Boilerroom Broker Barred From Securities Industry

David Leonard Sheppard, a former broker who worked in New York and Massachusetts, was barred from the securities industry in April 2017. Sheppard was in the middle of a FINRA inquiry. FINRA was investigating Sheppard for potential excessive trading and churning in multiple customer accounts. In conjunction with its investigation, FINRA requested that Sheppard appear […]

Read More »

FINRA Arbitration Panel Awards Clients $559,000

August 14, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Arbitration Panel Awards Clients $559,000

On July 24,2017 a FINRA arbitration panel in Wyoming awarded John and Kathleen Keck $559,612 based on their claim of negligence against RBC Capital Markets LLC and three RBC brokers, Jacqueline Sarette Georgio, Paul Samuel Howard and Brian Kristian Pedersen. The award was joint and several against the four respondents. They worked out of an […]

Read More »

MID-YEAR REPORT FINRA CUSTOMER AWARDS 2017

July 27, 2017  |   Posted by :   |   News   |   Comments Off on MID-YEAR REPORT FINRA CUSTOMER AWARDS 2017

By: Dana N. Pescosolido Overall win rates for the first six months of 2017 are consistent with the past, but All-Public Panels gave awards to Claimants more often than in the past, and almost twice as often as did Majority-Public Panels. Recovery Rates are running higher this year, with compensatory awards averaging 63% of the […]

Read More »

RBC Wealth Management Settles Customer Complaint For $3.5 Million

July 27, 2017  |   Posted by :   |   News   |   Comments Off on RBC Wealth Management Settles Customer Complaint For $3.5 Million

RBC Wealth Management has settled a customer complaint filed by a prominent Indianapolis, IN family for $3.5 million. The settlement occurred in April of this year. According to news reports and FINRA filings, the family of the late Robert Skinner, co-founder of Skinner and Broadbent, Inc., a prominent shopping center developer in the Midwest, settled […]

Read More »

It Takes a Village, a Global Village of Barred Brokers

July 27, 2017  |   Posted by :   |   News   |   Comments Off on It Takes a Village, a Global Village of Barred Brokers

Aaron Robert Parthemer was barred from the securities industry by FINRA in 2015. The bar resulted from Parthemer’s unapproved outside business activities, inappropriate and unapproved loans to customers and unapproved private securities transactions. Parthemer worked in Ft. Lauderdale, FL, at Morgan Stanley from June 2009 to October 2011. He then worked at Wells Fargo, also […]

Read More »

Edward Jones Broker Steals From 82-Year-Old With Dementia

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Edward Jones Broker Steals From 82-Year-Old With Dementia

These are only allegations, these are only allegatons, there are only allegations. FINRA filed a complaint in February, 2017, alleging that former Edward Jones broker Austin Morton of Sallisaw, Oklahoma, converted $36,000 from an elderly former client. This tale of woe begins in November 2016, when the daughter of the client, with a power of […]

Read More »

Calling All Cops, and DROPS, Pennsylvania Gets Dutton

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Calling All Cops, and DROPS, Pennsylvania Gets Dutton

On July 11, 2017,  the Pennsylvania Department of Banking and Securities announced that it has fined Newbridge Securities Corporation $499,000 for failure to supervise. The order does not specify the products or the number of affected Pennsylvania investors. It also does not identify the broker who made the problematic sales. The BrokerCheck report for Newbridge […]

Read More »

FINRA Arbitration Panel Renders $1.8 million Award Against Northeast Securities

July 27, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Arbitration Panel Renders $1.8 million Award Against Northeast Securities

A FINRA arbitration panel from New York issued an award dated July 10, 2017, in favor of customer Timothy McLaughlin against Northeast Securities, Inc., and three of its employees, Steven Joseph Perrone, Diane Hawkins and Jonathan Michael Zucker. Northeast Securities and the three employees were all named as respondents in the claim.  FINRA Arbitration No. […]

Read More »

Arbitration Panel Hits Wedbush Securities For Punitive Damages Award in Elder Abuse Case

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Arbitration Panel Hits Wedbush Securities For Punitive Damages Award in Elder Abuse Case

On July 13, 2017, a FINRA arbitration panel issued an award finding that Wedbush Securities and its former broker, Mark F. Augusta, “engaged in improper conduct” regarding two elderly customers, Agatha and John Dancy, 16-00847. The hearing took place in Los Angeles, CA. Augusta worked out of Wedbush’s Solana Beach, CA office. The arbitration claim, […]

Read More »