Richard Randy Mireles, of San Diego, California, a stockbroker registered with Independent Financial Group LLC, has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Mireles failed to supervise a stockbroker who engaged in excessive trading in customer accounts. Letter of…
Wells Fargo Clearing Services, a securities broker dealer headquartered in Saint Louis, Missouri, has been censured and fined $400,000.00 because Wells Fargo failed to prevent its financial advisors from recommending unsuitable short-term trading of certain financial products to customers. Letter of Acceptance, Waiver, and Consent No. 2019061442702 (September 12, 204). According to the AWC, from…
Eric Andrew Wittenberg, of Mount Kisco, New York, a stockbroker registered with UBS Financial Services Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer was awarded $425,000.00 in compensatory damages because UBS Financial Services Inc. was held liable on the customer’s claims,…
Joseph Gunnar Co. LLC, headquartered in Uniondale, New York, has been censured and fined $65,000.00 by Financial Industry Regulatory Authority (FINRA) because Joseph Gunnar charged unfair commissions on equity transactions and failed to supervise its business to ensure that commissions complied with FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2019060648401 (July 8, 2024)….
New York-The Guiliano Law Group, P.C. announced today it has filed an arbitration claim on behalf of certain investors before the Financial Industry Regulatory Authority or FINRA, against a national securities broker-dealer, based upon the conduct of its former registered representative for the violation of the federal securities laws and Regulation Best Interest, and for…
Chadwick David Carrick (also known as Chadwick Davie Carrick and as Chad Carrick), of Mobile, Alabama, a stockbroker registered with Stifel Nicolaus Company Incorporated, was referenced in a customer initiated investment related civil action that was settled for $300,000.00 in damages based upon the alleged breach of fiduciary duty, churning, excessive trading, failure to supervise,…
Gregory Alexander Gangas (also known as Greg Gangas), of Tulsa, Oklahoma, a stockbroker registered with Morgan Stanley, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $235,000.00 in damages based upon the alleged failure to supervise certain representatives in connection with the recommendation…
Guy Gregory Clemente, of New York, New York, a stockbroker formerly registered with Andrew Garrett Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $750,000.00 in damages based upon alleged breach of contract, failure to supervise, excessive trading, unsuitable recommendations, and…
Western International Securities Inc., headquartered in Pasadena, California, has been censured and fined $475,000.00 by Financial Industry Regulatory Authority (FINRA) because Western International Securities failed to supervise certain representatives who engaged in excessive trading in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2021071099404 (June 15, 2023). According to the AWC, from January of…
Ron Yehuda Itin, of Jersey City, New Jersey, the former president of E1 Asset Management Inc., has been suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Itin failed to create and maintain a supervisory system for purposes of identifying and preventing fraudulent fund transfers…
RBC Capital Markets LLC, headquartered in New York, New York, has been censured and fined $75,000.00 by the Financial Industry Regulatory Authority (FINRA) because the firm failed to properly supervise investors’ rights of reinstatement benefits on eligible mutual fund transactions. Letter of Acceptance, Waiver, and Consent No. 2019063914601 (July 2, 2024). According to the AWC,…
UBS Financial Services Inc., headquartered in Weehawken, New Jersey, has been censured and fined $850,000.00 by the Financial Industry Regulatory Authority (FINRA) because UBS failed to supervise certain representatives’ private securities transactions and failed to supervise transfers of customer funds to third parties. Letter of Acceptance, Waiver, and Consent No. 2021073037102 (July 8, 2024). The…
Ronald G. Smith (also known as Ron Smith), of Stamford, Connecticut, a stockbroker registered with Sanford C. Bernstein Co. LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $250,000.00 in damages based upon allegations that Smith made misrepresentations and omissions of…
Scott Callis Barcomb, of Sarasota, Florida, a stockbroker registered with Berthel Fisher Company Financial Services Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $10,000.00 in damages based upon allegations that Barcomb failed to conduct adequate due diligence, failed to supervise certain…
Russell Paul Green of Syosset, New York, a stockbroker registered with Cabot Lodge Securities LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customers. ostensibly residents of the Commonwealth of Pennsylvania requested $410,000.00 in damages based upon allegations that Green committed common law…
TradeZero America Inc., headquartered in Brooklyn, New York, has been censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) because TradeZero America allowed influencers to make misleading communications about the company’s services and had failed to supervise influencers’ communications to investors. Letter of Acceptance, Waiver, and Consent No. 2021072581301 (June 10, 2024). According to…
Douglas Cy Waisner of Westlake Village, California, a stockbroker registered with Western International Securities Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested damages based upon allegations that Waisner made misrepresentations of material fact in connection with the sale of government…
Clarence Ronald Patton Jr. (also known as Ron Patton), of Red Bank, New Jersey, a stockbroker registered with Alexander Capital L.P., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim which was settled for $225,000.00 in damages based upon allegations that Patton violated Florida Securities and Investor…
Yong Soo Kim (also known as Yong Kim) of Los Angeles, California, a securities principal registered with Kayan Securities Inc., has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Kim failed to supervise certain representatives who engaged in excessive trading…
Arive Capital Markets, based in Staten Island, New York, has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) for failure to supervise suitability and telemarketing. Letter of Acceptance, Waiver, and Consent No. 2018056483905 (May 14, 2024). According to the AWC, from August 2016 to June 2020, Arive Capital Markets did not maintain…
Ariel A. Rivero of Miami, Florida, a stockbroker registered with Jefferies LLC, has been fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rivero borrowed money from a customer without firm approval and attempted to settle a customer complaint without firm knowledge. Letter…
Zachary Ellis Taylor (also known as Zach Taylor), of Newport Beach, California, a stockbroker registered with Oppenheimer Co. Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $426,000.00 in damages based upon allegations that Taylor breached his fiduciary duties, breached a…
Murray Securities Inc., a securities broker dealer headquartered in Tyler, Texas, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) because of non-compliance with regulations intended to protect investors. Letter of Acceptance, Waiver, and Consent No. 2021069350301 (April 8, 2024). The securities broker dealer was also ordered to undertake corrective measures by…
Dawson James Securities Inc., a securities broker dealer headquartered in Boca Raton, Florida, has been censured and fined $500,000.00 by Financial Industry Regulatory Authority (FINRA) because the company and its CEO, Robert Dawson Keyser Jr., failed to preserve business-related text messages and failed to supervise certain representatives in connection with due diligence on private placements….
James Brett Stuart of Castle Rock, Colorado, a stockbroker previously registered with Richfield Orion International Inc., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he failed to create and implement a supervisory system designed to comply with securities laws and FINRA rules; he failed to supervise stockbrokers’…
Harry John Buckman Jr. (also known as Chip Buckman), of Little Silver, New Jersey, the senior vice president at Buckman Buckman & Reid Inc. and Chief Executive Officer (CEO) and Chief Investment Officer (CIO) of Buckman Advisory Group LLC, has been ordered by the United States Securities and Exchange Commission to cease and desist from…
James Brett Stuart, of Castle Rock, Colorado, a stockbroker and securities principal registered with Richfield Orion International Inc., is the subject of an enforcement action initiated by the Financial Industry Regulatory Authority (FINRA) in which the regulator is seeking sanctions against Stuart based upon allegations that Stuart failed to supervise certain representatives to ensure suitability…
Mark Bedros Beloyan, of Davie, Florida, a stockbroker and securities principal formerly registered with Tradespot Markets Inc., has been fined $60,000.00, suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity, and ordered to pay disgorgement because he failed to supervise certain representatives and engaged in unauthorized transactions…
LPL Financial LLC, a securities broker-dealer headquartered in Fort Mill, South Carolina, has been censured and fined $5,500,000.00 by Financial Industry Regulatory Authority (FINRA) because LPL Financial failed to supervise direct business transactions, provided false information to customers regarding mutual fund switch transactions, and failed to supervise Business Development Company (“BDC”) transactions. Letter of Acceptance,…
Patrick Michael Mendenhall of Houston, Texas, a stockbroker registered with USCA Securities LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $5,000,000.00 in damages based upon allegations that Mendenhall engaged in unsuitable trading and failed to supervise certain representatives in connection with…
David Leslie Arlein of Boca Raton, Florida, a stockbroker registered with Cabot Lodge Securities LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $300,000.00 in damages based upon allegations that Arlein was negligent, made misrepresentations of material facts, breached a contract, breached his fiduciary duty,…
Frank Levi Martin (also known as Frangel Levi Martin and Frangel Levi Martinez), of Brooklyn, New York, a stockbroker now registered with LPL Financial, has been suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any supervisory capacity because Martin failed to supervise trading activities and investigate red flags…
George Wilson Howe, of Austin, Texas, a stockbroker associated with USCA Securities LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $20,000.00 in damages based upon allegations that Howe breached fiduciary duty and was negligent during the time that he was associated…
Mario Divita of Flushing, New York, a stockbroker associated with Traderfield Securities Inc., has been fined $75,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Divita failed to adequately supervise registered representatives’ proposed outside business activities. Letter of Acceptance, Waiver, and Consent No….
Chay Thomas Lapin, of Torrance, California, a stockbroker associated with WealthForge Securities, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $552,535.65 in damages based upon allegations that Lapin failed to conduct reasonable due diligence, was negligent, made unsuitable recommendations, failed to…
Craig Sherman Thistlethwaite, of Perrysburg, Ohio, a stockbroker associated with Morgan Stanley, has been discharged by the securities broker dealer on January 17, 2023. The termination was based upon Thistlethwaite supposedly entering transactions in two related customers’ accounts without receiving verbal confirmation, purchasing a timeshare from a customer without firm approval, and engaging in unauthorized…
Damian Maggio, of Garden City, New York, a stockbroker and the Chief Executive Officer of Joseph Stone Capital L.L.C., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $354,994.55 in damages based upon allegations that Maggio failed to supervise certain representatives in…
Jerry Thomas Bileski (also known as Jay Bileski), of Garden City, New York, a stockbroker associated with Worden Capital Management LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled to resolve allegations that Bileski failed to supervise certain representatives in connection with the…
Donald Trendley McKiernan of Antioch, Illinois, a stockbroker registered with Landolt Securities Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $45,000.00 in damages based upon allegations that McKiernan failed to supervise certain representatives’ GWG L Bond sales resulting in misappropriation when McKiernan…
James Leroy Raper Jr., of Richmond, Virginia, a stockbroker and the Chief Compliance Officer of Wealthforge Securities LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $552,535.65 in damages based upon allegations that Raper made misrepresentations and omissions of material fact, breached his fiduciary duties,…
Monmouth Capital Management LLC, a securities broker dealer headquartered in Point Pleasant Beach, New Jersey, has been expelled from Financial Industry Regulatory Authority (FINRA) membership because it churned customer accounts and failed to supervise certain representatives, resulting in losses to customers. Letter of Acceptance, Waiver, and Consent No. 2022076459303 (July 6, 2023). Between August of…
Network 1 Financial Securities Inc., a securities broker dealer headquartered in Red Bank, New Jersey, as well as stockbroker and Chief Compliance Officer, Michael Robert Molinaro, have been sanctioned by Financial Industry Regulatory Authority (FINRA) because Network 1 Financial Securities Inc. and Molinaro failed to supervise suitability of securities transactions in customer accounts. Letter of…
Tammie Lyn Farrell (also known as Tammie Burk and Tammie Brown), of Franklin, North Carolina, a stockbroker registered with Capital Investment Group Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $100,000.00 in damages based upon allegations that Farrell committed fraud,…
Troy Thomas of Huntington Beach, California, a stockbroker registered with McDermott Investment Services LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested compensation based upon allegations that Thomas committed fraud, failed to supervise certain representatives, was negligent, breached his fiduciary duties,…
William Sideny Friedman (also known as Willie Friedman and Bill Friedman), of Boca Raton, Florida, a stockbroker registered with Newbridge Securities Corporation, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested compensation based upon allegations that Friedman breached a contract, breached his…
Howard Hao-Chung Hsieh of Irvine, California, a stockbroker registered with Cetera Investment Services LLC, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $60,000.00 in damages based upon allegations that Hsieh was negligent, breached his fiduciary duties, overconcentrated accounts in certain investments, and made…
Joseph Francis Bartosiewicz Jr. of Stamford, Connecticut, a stockbroker registered with LPL Financial LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Bartosiewicz failed to provide information and documents to FINRA during the time that it investigated possible violations of FINRA rules during the time that…
Joseph Michael Todd of Panama City, Florida, formerly associated with Centaurus Financial, Inc., partially settled charges that through Todd Financial Services, defrauded at least twenty of his brokerage customers of at least $3 million, most of whom were senior citizens, retirees, or individuals with disabilities. Securities and Exchange Commission v. Joseph Michael Todd, et al.,…
Ricky Alan Mantei (also known as Ricky Mantel), of Lexington, South Carolina, a stockbroker registered with Centaurus Financial Inc., has been fined $15,000.00 and suspended for six months by FINRA according to a National Adjudicatory Council Decision containing findings that Mantei directed prearranged trades with counterparties. In the Matter of Department of Enforcement v. Ricky…
Park Avenue Securities, a securities broker dealer headquartered in New York, New York, has been censured and fined $30,000.00 because it failed to supervise a representative who engaged in outside business activities and private securities transactions. Letter of Acceptance, Waiver, and Consent No. 2020066651002 (May 31, 2023). According to the AWC, between December of 2014…
Betsy Lou Whipple of Hiko, Nevada, a stockbroker registered with Newbridge Securities Corporation, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $500,000.00 in damages based upon allegations that Whipple breached a contract, made misrepresentations and omissions of material fact, and breached her fiduciary duties, and…
Jason Lee Pintus of Point Pleasant Beach, New Jersey, a stockbroker registered with Monmouth Capital Management LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Pintus failed to testify during the time that FINRA investigated the stockbroker for possible violations of FINRA rules on excessive and…
Rande Scott Aaronson of Lawrenceville, New Jersey, a stockbroker and principal of David Lerner Associates Inc., has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that he failed to supervise stockbrokers’ sales of limited partnerships to…
David Jonathon Feigeles of Melville, New York, a stockbroker registered with Oppenheimer Co. Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $3,500,000.00 in damages based upon allegations that Feigeles breached his fiduciary duties, breached a contract, converted funds, was negligent, failed to supervise certain…
Michael John Laderer of Uniondale, New York, a stockbroker registered with Henley Company LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $450,000.00 in damages based upon allegations that Laderer failed to supervise a stockbroker in connection with the sale of investments when Laderer was associated…
Tori K. Uhiren (also known as Tori K. Hickey), of Bloomington, Illinois, a stockbroker registered with State Farm VP Management Corporation, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Uhiren failed to provide information and documents to FINRA when it investigated possible violations of FINRA rules….
Alexander Strachan Hackley (also known as Lex Hackley), of Centennial, Colorado, a stockbroker registered with Lifemark Securities Corporation, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $300,000.00 in damages based upon allegations that Hackley breached his fiduciary duties to the customer, failed to supervise certain…
Newbridge Securities Corporation, a securities broker dealer headquartered in Boca Raton, Florida, has been censured and fined $50,000.00 by Financial industry Regulatory Authority (FINRA) because Newbridge Securities Corporation failed to supervise certain representatives in connection with the recommendation and sale of LJM Preservation and Growth Fund. Letter of Acceptance, Waiver, and Consent No. 2019061764901 (March…
Michael Philip Ecker (also known as Mike Ecker), of Wellington, Florida, a stockbroker registered with Concorde Investment Services LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $60,000.00 in damages based upon allegations that Ecker breached his fiduciary duties to the customer, was negligent, and breached…
Marc Frederick Korsch of Sarasota, Florida, a stockbroker registered with Centaurus Financial Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $100,000.00 in damages based upon allegations that Korsch recommended risky corporate bonds when Korsch was associated with Centaurus Financial Inc. Financial Industry Regulatory Authority…
David Cameron Monckton of Columbia, South Carolina, a stockbroker registered with Voya Financial Advisors Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $60,000.00 in damages based upon allegations that Monckton made unsuitable investment recommendations in connection with the sale of real estate securities when Monckton…
Mary Turner Moose (also known as Mary Elizabeth Turner), of Greenwood Village, Colorado, a stockbroker registered with Cetera Advisors LLC, is the subject of a customer initiated investment related civil action in which the customer requested $450,000.00 in damages based upon allegations that Moose was negligent and failed to supervise certain registered representatives in connection…
Jon Christopher Vinge, of Seattle, Washington, a stockbroker registered with Intervest International Equities Corporation, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $183,000.00 in damages based upon allegations that Vinge breached his fiduciary duties, made unsuitable recommendations, made misrepresentations and omissions of material fact, and…
Chad Edward Allen of New York, New York, a stockbroker registered with Oppenheimer & Co. Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $50,000.00 in damages based upon allegations that Allen committed fraud, engaged in excessive and unauthorized trading, made unsuitable recommendations, and failed to…
Daniel William Sopher of Metuchen, NJ, a stockbroker registered with Kestra Investment Services LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $73,000.00 in damages based upon allegations that Sopher was negligent and breached his fiduciary duties, and that Kestra Investment Services LLC failed to…
Jeffrey Scott Graves (also known as Jeff Graves), of Addison, TX, a stockbroker registered with FFEC Wealth Partners LLC, has been fined $5,000.00 and suspended for fifteen days from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Graves failed to supervise certain registered representatives. Letter of Acceptance, Waiver, and…
Dexter Leroy Thomas of Dallas, TX, a stockbroker registered with National Planning Corporation, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $40,000.00 in damages based upon allegations that Thomas failed to supervise certain registered representatives, whom were negligent, or made unsuitable recommendations, breached their fiduciary duties, and…
Brian Robert Roth of Morristown, NJ, a stockbroker registered with Newbridge Securities Corporation, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,500,000.00 in damages based upon allegations that Roth made misrepresentations and omissions of material fact and failed to supervise certain registered representatives in connection…
Christine Anne Warner (also known as Christine Anne Schneider), of Monaca, PA, a stockbroker registered with Fortune Financial Services Inc., has been fined $5,000.00 and suspended for forty days from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Warner failed to supervise certain registered representatives. Letter of Acceptance, Waiver,…
Douglas Fulton Kaiser (also known as Doug Kaiser), of Boca Raton, FL, a stockbroker registered with Westpark Capital Inc., has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Kaiser failed to supervise certain registered representatives. Letter of Acceptance, Waiver, and…
Jeffrey Brian Forehand (also known as Jeff Forehand) of Myrtle Beach, SC, a stockbroker registered with First Allied Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $14,600.00 in damages based upon allegations that Forehand made unsuitable recommendations, breached a contract, was negligent, and failed…
Michael Girard DeLuca (also known as Mike DeLuca) of Beaver Falls, Pennsylvania, a stockbroker registered with Fortune Financial Services Inc., has been fined $5,000.00 and suspended for fifteen days from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based because DeLuca failed to supervise certain representatives’ annuity exchanges and surrenders….
Kyle Robert Franklin of Roseville, California, a stockbroker registered with First Allied Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $15,000.00 in damages based upon allegations that Franklin made unsuitable recommendations, breached his fiduciary duties, breached a contract, was negligent, and failed to supervise…
Ronald Reed McCook (also known as Ron Reed McCook Jr.), of Scottsdale, Arizona, a stockbroker registered with First Allied Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $1,961,500.00 in compensatory damages because First Allied Securities Inc. was held liable for sales practice…
Ron Yehuda Itin of Jersey City, New Jersey, the President and Chief Compliance Officer of E1 Asset Management Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in certain principal capacities based upon allegations that Itin failed to supervise certain registered representatives. Letter of Acceptance, Waiver, and…
Edward Joseph Rudiger Jr., of New York, New York, a the Chief Executive Officer of Reid Rudiger LLC, is the subject of a customer initiated investment related complaint filed on August 8, 2022, in which the customer requested damages based upon allegations that Rudiger charged excessive commissions and engaged in the unauthorized trading of over-the-counter…
Michael Giokas of Clarence, New York, a stockbroker registered with Fortune Financial Services Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $15,000.00 in damages based upon allegations that Giokas breached his fiduciary duties, was negligent, breached a contract, violated state securities laws, and violated FINRA…
Efrain Balderrama Trujillo of Los Angeles, California, a stockbroker registered with Western International Securities Inc., has been fined $5,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Trujillo borrowed from a customer. Letter of Acceptance, Waiver, and Consent No. 2021072406801 (October 14, 2022). According…
Gregory Patrick Bodkin Jr., of New York, New York, a stockbroker registered with Worden Capital Management LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled to resolve allegations that Bodkin failed to supervise certain registered representatives in connection with the recommendation and sale of over-the-counter equities during…
James F. Anderson of Dakota Dunes, South Dakota, a stockbroker registered with Ameritas Investment Corp., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $1,600,000.00 in damages based upon allegations that Anderson failed to supervise certain registered representatives and made misrepresentations of material fact in connection with…
Teresa Watkins Douberly (also known as Sharlene Douberly, Teresa S. Watkins, and Teresa Sharlene Watkins), of Fort Lauderdale, Florida, a Registered Principal of with Aegis Capital Corp., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because Douberly failed to supervise certain registered representatives….
Kim Marie Monchik (also known as Kim Marie Amendola), a stockbroker and CCO of Spartan Capital Securities LLC, is the subject of a Financial Industry Regulatory Authority (FINRA) enforcement action in which the regulator is seeking sanctions against Monchik based upon allegations that Monchik failed to disclose customer initiated investment related arbitration claims. Department of…
Joseph Victor Alhadeff of New York, New York, a stockbroker formerly registered with National Securities Corporation, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $129,524.00 in damages based upon allegations that Alhadeff breached his fiduciary duties, and was otherwise negligent, in connection with the recommendation and…
Joseph Michael Giordano (also known as Joe Giordano) of Melville, New York, a principal registered with Aegis Capital Corp. has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for six months based upon allegations that Giordano failed to supervise. FINRA Enforcement (AWC) No. 2016051704306 (Nov….
Joshua Nathan Helmle of Monterey Park, California, a stockbroker and Chief Compliance Officer of Integrity Brokerage Services Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $489,862.00 in damages based upon allegations that Helmle failed to supervise the customer relating to…
Donnie Eugene Ingram of Winter Haven, Florida, a stockbroker formerly registered with Centaurus Financial Inc., and Centaurus Financial are the subject of a Financial Industry Regulatory Authority (FINRA) enforcement action in which the regulator is seeking sanctions against Ingram based upon allegations that Ingram made unsuitable recommendations, and that Centaurus Financial failed to reasonably supervise…
Tuan Anh Ngo (also known as Toon Ngo) of Los Angeles, California, a stockbroker registered with VFG Securities Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $20,000.00 in damages based upon allegations that Ngo failed to supervise certain registered representatives in…
Richard Alyn Rappaport (also known as Rick Rappaport) of New York, New York, a stockbroker registered with Westpark Capital Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim which was settled for $1,050,000.00 in damages based upon allegations that Rappaport failed to supervise the sale of…
Nicholas James Schiano of New York, New York, a stockbroker registered with Spartan Capital Securities LLC, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $350,343.10 in damages based upon allegations that Schiano churned the customer’s account, made unsuitable investment recommendations, breached…
Joseph John Weinrich, of Overland Park, Kansas, a stockbroker registered with Moloney Securities Co. Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for thirty days based upon allegations that Weinrich failed to make regulatory disclosures. Case No. 2018058611601 (Feb. 1, 2022). According to…
Adam Maggio of Mineola, New York, a stockbroker currently registered with Joseph Stone Capital LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $2,087,663.24 in damages based upon allegations that Maggio made unauthorized and unsuitable transactions, churned the customer’s account, acted negligently, and breached a…
Anthony Joseph Graziano of New York, New York, a stockbroker currently registered with Joseph Stone Capital, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity because he failed to supervise stockbrokers who executed excessive transactions in Joseph Stone customer accounts. Letter…
Amanda Yvonne Berry (also known as Amanda Yvonne Coleman and as Amanda Yvonne Oostrum) of Oklahoma City, Oklahoma, a stockbroker formerly registered with MML Investors Services LLC, is the subject of a customer initiated investment related complaint that was settled on May 27, 2022, for $82,967.79 in damages based upon accusations that Berry made unsuitable…
On July 28, 2022, Aegis Captial Corp agreed to settle with the United States Securities & Exchange Commission an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934, and Section 203(e) of the Investment Advisers Act…
John Dennis Lowry of New York, New York, the owner of Spartan Capital Securities LLC, was identified in a customer initiated investment related FINRA securities arbitration claim which was settled for $75,000.00 in damages because Lowry allegedly breached a fiduciary duty and had recommended unsuitable investments while he was registered with Spartan Capital Securities. Financial…
Roy Daniel Budd of Little Falls, New Jersey, a stockbroker formerly registered with Morgan Stanley, was referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $53,000.00 in damages because Budd allegedly made unsuitable investment recommendations for the customer’s managed account at Morgan Stanley Smith Barney in April of 2019….
Robin Lee Taliaferro of Solvang, California, a stockbroker formerly registered with Boustead Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he failed to cooperate with a FINRA investigation concerning accusations of Taliaferro’s sales practice violations at Boustead Securities as well as Sutter Securities Incorporated…
William Sideny Friedman of Boca Raton, Florida, a stockbroker formerly registered with Pinnacle Investments, is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $50,000.00 in damages based upon accusations that Friedman breached a fiduciary duty and made unauthorized trades when he was registered with Pinnacle Investments, Woodstock…
David Charles Turetzky of New York, New York, a stockbroker formerly registered with Morgan Stanley, was identified in a customer initiated investment related FINRA securities arbitration claim which was settled for $390,000.00 in damages based upon allegations that Turetzky failed to supervise a stockbroker’s management of investment accounts at Morgan Stanley Smith Barney. Financial Industry…
Christopher R. Bice (also known as Cubby Bice) of Greensboro, North Carolina, a stockbroker currently registered with Sagepoint Financial Inc., is referenced in a customer initiated investment related written complaint on February 9, 2022, where the customer sought $7,600.00 in damages based upon accusations of Bice’s unsuitable investment recommendations concerning structured notes while he was…
Kristian M. Gaudet of Cut Off, Louisiana, a stockbroker formerly registered with Ameritas Investment Corp, is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $450,000.00 in damages based upon accusations of negligence and breach of fiduciary duty while Gaudet was employed by Ameritas Investment Corp. Financial Industry…
William Mark Heiden of Newport Beach, California, a stockbroker formerly registered with Wedbush Securities, is identified in a customer initiated investment related FINRA securities arbitration claim which was resolved for $70,000.00 in damages based upon accusations of unsuitable and unauthorized trading of stocks by Heiden during the time that he was registered with Wedbush Securities…
John Michael Krohn (also known as John Micheal Krohn) of West Des Moines, Iowa, a stockbroker formerly registered with Principal Securities Inc., is identified in a customer initiated investment related FINRA securities arbitration claim which was resolved for $250,000.00 in damages based upon allegations of Principal Securities’ failure to supervise Krohn, in connection with the…
Antoine Nabih Souma of Los Angeles, California, a stockbroker formerly registered with JP Morgan Securities LLC and Morgan Stanley, has been fined $20,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Souma provided a customer with misleading and incorrect accounts reports…
Mark Charles Cohen of New York, New York, a stockbroker formerly registered with BCG Securities Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $55,000.00 in damages based upon accusations of BCG Securities’ failure to supervise trading in the customer’s account, resulting in unsuitable real estate…
Robert James D’Andria (also known as Bobby Dandria and Bob Dandria) of Spring Lakes, New Jersey, a stockbroker currently registered with International Assets Advisory LLC, is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $45,000.00 in damages founded on accusations of negligent supervision, fraud, unauthorized trading, breach of…
Torch Securities LLC, a securities broker dealer headquartered in Sugar Land, Texas, has been censured and fined $17,500.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that Torch Securities failed to supervise private placement transactions recommended to customers. Letter of Acceptance, Waiver, and Consent No. 2019062311702 (May 6, 2022). According to the AWC, from…
Berthel Fisher Company Financial Services, a securities broker-dealer headquartered in Cedar Rapids, Iowa, has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on findings that it recommended unsuitable options to a customer and failed to supervise options trading in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2018057425202…
Clifford Ronald Reid of New York, New York, a stockbroker currently registered with Reid Rudiger LLC, is identified in a customer initiated investment related FINRA securities arbitration claim which was settled for $21,000.00 in damages supported by accusations that Reid breached a fiduciary duty to the customer in reference to stock and over-the-counter equities trades…
Geneos Wealth Management, a securities broker dealer headquartered in Centennial, Colorado, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that it failed to supervise alternative investment transactions, resulting in losses to Geneos Wealth Management customers. Letter of Acceptance, Waiver, and Consent No. 2019061764701 (March 18, 2022). According to…
Vorpahl Wing Securities and Tim James Vorpahl (President and CCO), of Spokane, Washington, have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon findings that the firm and Vorpahl failed to supervise suitability of securities transactions and failed to supervise trading, resulting in excessive trading in Vorpahl Wing Securities customer’s accounts. Letter of Acceptance,…
David Michael Lademan of Okemos Michigan, a stockbroker formerly registered with Kalos Capital Inc., is referenced in a customer initiated investment related FINRA arbitration claim in which the customer sought up to $500,000.00 in damages founded on allegations of negligent supervision and breach of contract concerning private placements and real estate securities through Lademan at…
Albert Foronda of New York, New York, a stockbroker currently registered with Spartan Capital Securities LLC, is identified in a customer initiated investment related FINRA arbitration claim where the customer sought $36,836.24 in damages founded on accusations of unauthorized and unsuitable trading by Foronda concerning a private placement when Foronda was registered with Spartan Capital…
Worden Capital Management LLC, a securities broker dealer headquartered in Garden City, New York, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement with failing to supervise private placement offerings, including its failure to conduct due diligence to ensure that investments were suitable for investors. Department of Enforcement v. Worden Capital Management…
John Dennis Lowry, of New York, New York, a stockbroker and Chief Executive Officer of Spartan Capital Securities, is referenced in another customer initiated investment related FINRA securities arbitration claim in which the customer requested compensatory damages supported by allegations including failure to supervise, unauthorized trading, misrepresentation, unsuitability, breach of fiduciary duty, and churning concerning…
Vincent Leonard Petrangelo, of Springfield, Massachusetts, a stockbroker formerly registered with Raymond James Associates Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought compensatory damages founded on allegations of failure to supervise stock and mutual fund trading in the customer’s account when Petrangelo was employed…
CIM Securities LLC, a securities broker dealer headquartered in Centennial, Colorado, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that CIM Securities failed to supervise suitability requirements for private placement transactions. Letter of Acceptance, Waiver, and Consent No. 2019060957101 (January 31, 2022). According to the AWC, from September…
Sean Joseph Kelly, of Marietta, Georgia, a stockbroker formerly registered with Center Street Securities Inc., is identified in a customer initiated investment related, FINRA Securities Arbitration claim in which the customer sought $160,000.00 in damages based upon accusations of misrepresentations and unsuitable investments by Kelly regarding alternative investments sold to the customer while Kelly was…
Travis Justin Lippmann, of New York, New York, a stockbroker formerly registered with Joseph Stone Capital LLC, is identified in a customer initiated investment related written complaint on July 30, 2021, where the customer sought $853,231.33 in damages founded on accusations of Lippmann’s unsuitable trading of over-the-counter equities during the time that he was associated…
Charles Lewis Bloom, of Royal Palm Beach, Florida, a stockbroker formerly registered with Chelsea Financial Services and International Assets Advisory, is identified in a customer initiated investment related FINRA arbitration claim which was settled for $40,000.00 in damages based upon allegations that the customer was defrauded by investing in direct investments including direct participation programs…
Triad Advisors LLC, a securities broker dealer headquartered in Atlanta, Georgia, has been censured and fined $195,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on findings that Triad Advisors failed to supervise stockbrokers’ recommendations of alternative mutual funds, including the LJM Preservation and Growth Fund (LJM), which resulted in losses to Triad Advisors’…
SagePoint Financial Inc., a securities broker dealer headquartered in Phoenix, Arizona, has been censured and fined $700,000.00 by Financial Industry Regulatory Authority (FINRA), supported by findings that SagePoint failed to supervise stockbrokers who were the subject of misconduct, and it failed to supervise its reporting of wrongdoing by those who associated with the securities broker…
Merrill Lynch Pierce Fenner Smith Inc., a securities broker dealer headquartered in New York, New York, has been censured and fined $1,200,000.00 by Financial Industry Regulatory Authority (FINRA), founded on findings that it failed to comply with FINRA during two misconduct investigations. Letter of Acceptance, Waiver, and Consent No. 2018058015702 (December 20, 2021). According to…
Joseph Scott Audia, of Hauppauge, New York, a stockbroker formerly registered with Joseph Stone Capital LLC, has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon findings that he failed to supervise a stockbroker, resulting in excessively trading in a…
Scott Randall Martinson, of Staten Island, New York, a stockbroker formerly registered with First Standard Financial Company LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to adequately supervise a stockbroker which resulted in unsuitable and excessive trading…
Adam Maggio, of Mineola, New York, a stockbroker currently registered with Joseph Stone Capital LLC, has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity supported by findings that he failed to supervise a stockbroker which resulted in excessive trading in customer…
Anthony Joseph Graziano, of New York, New York, a stockbroker currently registered with Joseph Stone Capital LLC, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any supervisory capacity supported by findings that he failed to supervise a stockbroker who made excessive trades in…
Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network, of St. Louis, Missouri, have been censured and collectively fined $650,000.00 by Financial Industry Regulatory Authority (FINRA) based on findings that Wells Fargo failed to supervise stockbrokers’ unit investment trust trades in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2016050947801 (December 13, 2021)….
Emerson Equity LLC and its Chief Executive Officer, Dominic Julio Baldini, of San Mateo, California, have been sanctioned by Financial Industry Regulatory Authority (FINRA), supported by findings that they failed to supervise stockbrokers’ trading of mutual funds in customer accounts, resulting in unsuitable short-term switching of mutual funds by one of the Emerson Equity stockbrokers…
John R. Mateyko, of Rolling Meadows, Illinois, a stockbroker formerly registered with World Equity Group, Inc., is identified in a customer initiated investment related FINRA securities arbitration claim where the customer sought $500,000.00 in damages based upon allegations that Mateyko made misrepresentations regarding business development programs and real estate investment trusts between 2014 and 2018…
Pasquale James Rappa (also known as James Rappa or PJ Rappa), of Miller Place, New York, a stockbroker formerly registered with First Standard Financial Company LLC, has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to…
Robert Patrick Foley, of Red Bank, New Jersey, a stockbroker formerly registered with Wynston Hill Capital LLC, has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity supported by findings that Foley failed to supervise stockbrokers who excessively traded in customer accounts…
Darren Michael Kubiak, of Alpharetta, Georgia, a stockbroker formerly registered with Kalos Capital Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,000,000.00 in damages founded on accusations of breach of fiduciary duty and the violation of securities laws regarding preferred stock, real estate security, and…
Traderfield Securities Inc. and supervisor Mario Divita, of Flushing, New York, have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to findings that Traderfield and Divita failed to supervise stockbrokers resulting in excessive trading in customer accounts. Letter of Acceptance, Waiver, and Consent No. 2018059045003 (November 24, 2021). According to the AWC, from December…
Efrain Balderrama Trujillo, of Los Angeles, California, a stockbroker formerly registered with Western International Securities Inc., was discharged by the securities broker dealer on October 26, 2021, supported by accusations that he borrowed money from a customer. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that Trujillo has been fined $20,000.00 and barred from…
Clifford Edward Bryan III, of Merrillville, Indiana, a stockbroker formerly registered with Wells Fargo Clearing Services, is referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $695,000.00 in damages founded on accusations that Bryan failed to supervise a stockbroker’s recommendations in a customer’s account at Wells Fargo Clearing Services….
WestPark Capital Inc. and its CEO, Richard Alyn Rappaport (also known as Rick Rappaport), of Los Angeles, California, have been sanctioned by Financial Industry Regulatory Authority (FINRA) based on findings that WestPark and Rappaport misrepresented information to customers concerning WPCFS offerings, and failed to supervise stockbrokers’ solicitations of investments. Letter of Acceptance, Waiver, and Consent…
McNally Financial Services Corporation, a securities broker dealer headquartered in San Antonio, Texas, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based upon accusations that it failed to supervise stockbrokers’ sales of nontraditional exchange traded funds. Letter of Acceptance, Waiver, and Consent No. 2018058820103 (November 23, 2021). According to the AWC,…
Craig Jay Sherman of Fletcher, North Carolina, a stockbroker formerly registered with Wynston Hill Capital LLC, has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to supervise stockbrokers’ trading at Wynston Hill. Letter of Acceptance Waiver…
Aegis Capital Corp of New York, New York, has been censured and fined $1,050,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on findings that it failed to supervise stockbrokers resulting in unsuitable and excessive trading in customer accounts. Letter of Acceptance Waiver and Consent No. 2016051704305 (November 8, 2021). According to the AWC,…
Mark Alan Haenny of Loveland Colorado a stockbroker formerly registered with First Allied Securities Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $55,000.00 in damages based upon accusations including negligence and unsuitable recommendations by Haenny as it pertained to LPs and DPPs during the period that…
Damian Marlon Bell of Daphne Alabama a stockbroker formerly registered with WFG Investments Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $50,000.00 in damages supported by accusations of breach of contract and breach of fiduciary duty regarding direct investments, including direct participation programs and limited…
Spartan Capital Securities a securities broker dealer headquartered in Manhattan New York—along with John D. Lowry (co-founder and CEO of Spartan) and Kim M. Monchik (CCO of Spartan)—have been charged by Financial Industry Regulatory Authority Department of Enforcement with failing to disclose reportable events concerning Spartan stockbrokers, including customer complaints and arbitrations. Department of Enforcement…
NYLife Securities LLC a securities broker dealer headquartered in New York New York has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings that it failed to create and implement a supervision system and written supervisory procedures relating to the suitability of mutual fund switching, resulting in unsuitable short-term trades…
Jamie John Worden of New York New York the Owner and CEO of Worden Capital Management LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to comply with FINRA’s investigation into a private placement offering of pre-IPO securities through Worden Capital…
Blake H. Kiernan of Melville New York a stockbroker registered with Four Points Capital Partners LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon allegations that Kiernan did not comply with a FINRA Arbitration Award in which he was required to pay a customer $69,250.00…
Vincent Anthony Virga (also known as Vincenzo Anthony Virga) of Bayonne New Jersey a stockbroker formerly registered with Madison Avenue Securities LLC is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $495,000.00 in damages based on allegations that Virga provided unsuitable advice to them regarding alternative investments including…
Robert Scott Smith of Newberg Oregon a stockbroker formerly registered with Concorde Investment Services is the subject of a customer initiated investment related written complaint on May 10, 2021 in which the customer sought $678,500.00 in damages supported by accusations that they had been sold unsuitable private placements by Smith while he was registered with…
Jeremy Seth Rosen of Easton Pennsylvania a stockbroker formerly registered with Nationwide Planning Associates Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought $1,535,568.66 in damages founded on allegations that Rosen made misrepresentations to them regarding stock trades during the period that he was associated…
Jonathan Todd Pyne of Plymouth Minnesota a stockbroker currently registered with Berthel Fisher Company Financial Services Inc. has been referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $116,000.00 in damages based upon accusations of misrepresentation relating to their investments in real estate securities while Pyne was associated…
Andes Capital Group LLC a securities broker dealer headquartered in Chicago Illinois has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings that Andes Capital Group failed to supervise its stockbroker’s private securities transactions. Letter of Acceptance Waiver and Consent No. 2019064979901 (Aug. 25, 2021). According to the AWC, in…
Ramiro Luis Colon III (also known as Ramiro Luis Colon Ortiz III) of Miami Florida a stockbroker formerly registered with UBS Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,421,565.59 in damages supported by accusations that Colon failed to supervise municipal bond and closed…
Steven Paul Reznik of Tallahassee Florida a stockbroker formerly registered with Raymond James Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $100,000.00 in damages based on allegations that the customer was sold unsuitable equities by Reznik while he was associated with Raymond James Financial Services….
Henry Bones II of New York New York a stockbroker formerly registered with Worden Capital Management has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon findings that Bones failed to supervise a Worden Capital Management stockbroker who made unsuitable investment recommendations to…
Jeffrey John Kartheiser of Sun City Center Florida a stockbroker formerly registered with Raymond James Financial Services has been ordered by Florida Office of Financial Regulation to pay a $20,000.00 fine, to cease and desist violating securities laws or rules in Florida, and to refrain from any supervisory or managerial duties in the securities industry…
Dominic Anthony Tropiano of Cleveland Ohio a stockbroker formerly registered with America Northcoast Securities Inc. has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative based on accusations that Tropiano effected unauthorized and unsuitable transactions in customer accounts causing customers to experience more than $1,000,000.00 in losses. SEC…
Walter Warren Parker of Rowlett Texas a stockbroker formerly registered with Titan Securities is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $95,000.00 in damages supported by accusations of negligence regarding the sale of interests in a private placement and the sale of a real estate security…
Jeffrey Allen Baber of Red Bank New Jersey a stockbroker formerly registered with First Standard Financial Company LLC is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $95,000.00 in damages founded on accusations of unsuitable transactions being effected in the customer’s account and First Standard Financial Company…
Sanctuary Securities (formerly known as David A. Noyes Company) has been censured and fined $160,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that Sanctuary Securities failed to supervise its non-traditional exchange traded fund (NT-ETF) business to ensure that stockbrokers executed suitable transactions. Letter of Acceptance Waiver and Consent No. 2019060694201 (July 1, 2021)….
NEXT Financial Group a securities broker dealer headquartered in Houston Texas has been censured and fined $750,000.00 by Financial industry Regulatory Authority (FINRA) founded on findings that NEXT Financial Group failed to supervise its stockbrokers’ transactions resulting in unsuitable municipal bond and mutual fund transactions in customer accounts. Letter of Acceptance Waiver and Consent No….
Robinhood Financial LLC a securities broker dealer headquartered in Menlo Park California has been censured and fined $57,000,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on findings that Robinhood Financial provided customers with misleading and false information about their accounts, authorized margin use in the accounts of customers against their wishes, and failed…
Farmers Financial Solutions LLC a securities broker dealer headquartered in Westlake Village California has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings that the securities broker dealer failed to supervise its mutual fund business and its variable universal life insurance business. Letter of Acceptance, Waiver and Consent No. 2017052173001…
Cesar Gabriel Hernandez of Old Bridge New Jersey a stockbroker formerly registered with Gentem Capital LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to cooperate with a FINRA investigation concerning his involvement in a customer identification program. Letter of Acceptance…
Merrill Lynch Pierce Fenner Smith Incorporated a securities broker dealer headquartered in New York New York has been censured and fined $3,250,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that Merrill Lynch failed to supervise its stockbrokers’ recommendations of unit investment trusts resulting in customers being overcharged on UIT transactions. Letter of Acceptance…
Titan Securities a securities broker dealer headquartered in Addison Texas has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based on findings that Titan Securities failed to supervise outside business activities of its stockbrokers. Letter of Acceptance Waiver and Consent No. 2019061705101 (June 8, 2021). According to the AWC, a Titan Securities…
UnionBanc Investment Services LLC a securities broker dealer headquartered in Glendale California has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that UnionBanc failed to supervise its variable annuity transactions. Letter of Acceptance Waiver and Consent No. 2019062972401 (May 5, 2021). According to the AWC, between January of 2016…
Calton Associates Inc. a securities broker dealer headquartered in Tampa Florida has been censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings of Calton Associates failing to supervise sales of volatility-linked exchange traded products which resulted in customers’ experiencing losses on unsuitable transactions. Letter of Acceptance Waiver and Consent No. 2018060466201…
Carl George Antaki of Syosset New York a stockbroker formerly registered with First Standard Financial Company LLC has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he made unsuitable investment recommendations in a customer’s account. Letter of Acceptance…
PHILADELPHIA (May 27, 2021). The Guiliano Law Group is pleased to announce that a FINRA Securties Arbitration Panel, siting in Atlanta, after a series of lengthy hearings last month, rendered an Final Award in the amount of $1,978,713 for our clients in 18-04008 Executed Award. The Award includes interest, costs and attorney’s fees of $328,540,…
Independent Financial Group LLC a securities broker dealer headquartered in San Diego California has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings that it failed to supervise a stockbroker who made unsuitable recommendations to customers. Letter of Acceptance Waiver and Consent No. 2018059223401 (Apr. 8, 2021). According to the…
ON Equity Sales Company Inc. (ONESCO) a securities broker dealer headquartered in Cincinnati Ohio has been censured and fined $275,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings that ONESCO failed to supervise sales of variable annuities resulting in a stockbroker having made unsuitable recommendations to customers of the firm. Letter of Acceptance Waiver…
American Independent Securities Group LLC (AISG) a securities broker dealer headquartered in Eagle Idaho together with AISG securities principals Ryan Carlson and Nicholas Cioffi have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon findings that they failed to supervise the sales of collateralized mortgage-backed securities (CMOs) resulting in losses to customers. Letter of…
JW Cole Financial Inc. a securities broker dealer headquartered in Tampa Florida has been censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that the securities broker dealer failed to supervise its stockbrokers’ recommendations of alternative investments. Letter of Acceptance Waiver and Consent No. 2019061764801 (Mar. 18, 2021). According to the…
Cabot Lodge Securities LLC a securities broker dealer headquartered in New York has been censured and fined $270,000.00 by Financial Industry Regulatory Authority (FINRA) according to an Order Accepting Offer of Settlement which contains findings of Cabot Lodge failing to supervise REIT offerings and providing unsuitable recommendations to customers. Department of Enforcement v. Cabot Lodge…
Corey Andrew White of Westlake Village California a stockbroker formerly registered with Financial West Group has been fined $20,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any supervisory or principal capacity founded on findings that he failed to supervise his stockbrokers’ trading resulting in unsuitable alternative investment trading in…
David Nathan Hale of San Francisco California a stockbroker currently registered with Purshe Kaplan Sterling Investments is referenced in a customer initiated investment related written complaint which was settled on April 23, 2019 for $12,113.11 in damages founded on allegations that the customer’s investment account had been subject of “reverse churning” by Hale as it…
Jack Howard Owens Jr. of Lady Lakes Florida a stockbroker formerly registered with Gradient Securities LLC is the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $17,500.00 in damages supported by accusations that there was a breach of fiduciary duty by the stockbroker and that the customer’s annuity…
Triad Advisors LLC a securities broker dealer headquartered in Atlanta Georgia has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based on findings of Triad’s failure to supervise its stockbrokers’ transactions resulting in unsuitable trades being effected in customers’ accounts. Letter of Acceptance Waiver and Consent No. 2017052330501 (Feb. 9, 2021). According…
Scott Alan Sanders of Fort Myers Florida a stockbroker formerly registered with Stifel Nicolaus Co. Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $100,000.00 in damages supported by Stifel Nicolaus being found liable on the customer’s claims including breach of contract and breach…
Worden Capital Management LLC (WCM) and Chief Executive Officer Jaime John Worden have been sanctioned by Financial Industry Regulatory Authority (FINRA) supported by findings that WCM and Jaime Worden failed to supervise the suitability of customer transactions and neglected to ensure the public disclosure of customer initiated investment related FINRA securities arbitration claims alleging sales…
David Charles Turetzky of Saddle Brook New Jersey a stockbroker currently registered with Ameriprise Financial Services LLC is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought $500,000.00 in damages founded on allegations of sales practice violations pertaining to the customer’s account at Ameriprise. Financial Industry Regulatory…
Whitehall-Parker Securities Inc. and its supervisor Robert J. Yuloo both of San Rafael California have been sanctioned by Financial Industry Regulatory Authority (FINRA) supported by findings of Whitehall-Parker and Yuloo having failed to supervise its stockbrokers’ outside business activities. Letter of Acceptance Waiver and Consent No. 2017052705802 (Jan. 15, 2021). According to the AWC, from…
Gary Wayne Hammond of Charlotte North Carolina a stockbroker formerly registered with Hornor Townsend Kent Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he was selling away from MML Investors and that he referred customers to fraudulent investments. Letter of Acceptance Waiver…
Transamerica Financial Advisors Inc. a securities broker dealer headquartered in Saint Petersburg Florida has been censured and fined $4,400,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings including that Transamerica failed to supervise securities transactions and investment recommendations that its stockbrokers made to customers. Letter of Acceptance Waiver and Consent No. 2015048250401 (Dec. 21,…
LPL Financial LLC a securities broker dealer headquartered in Fort Mill South Carolina has been censured and fined $6,500,000.00 based in part on findings that LPL failed to supervise its stockbrokers’ dissemination of consolidated reports to customers resulting in some of its customers being defrauded by an LPL stockbroker. Letter of Acceptance Waiver and Consent…
Cetera Advisor Networks LLC, Cetera Advisors LLC and Cetera Financial Specialists LLC have been censured and collectively fined $1,000,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings of the securities firms’ failure to supervise their stockbrokers’ private securities transactions and failure to preserve records relating to those outside transactions. Letter of Acceptance Waiver and…
RBC Capital Markets LLC a securities broker dealer headquartered in New York New York has been fined and censured by Financial Industry Regulatory Authority (FINRA) founded on findings that RBC failed to supervise stockbrokers’ recommendations of securities that were held in customers’ 529 plans. Letter of Acceptance Waiver and Consent No. 2016047696701 (Dec. 15, 2020)….
PHX Financial Inc. a securities broker dealer headquartered in New York New York and Robert Delaplain (branch supervisor and Chief Compliance Officer) have been censured and fined by Financial Industry Regulatory Authority (FINRA) supported by findings that PHX and Delaplain neglected to supervise stockbrokers who effected unsuitable transactions in customer accounts. Letter of Acceptance Waiver…
Robert Joseph Calamunci Sr. of Bronx New York a stockbroker currently registered with Wynston Hill Capital LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $314,852.00 in damages based upon accusations of the failure of Wynston Hill Capital LLC to supervise options and equities in the customer’s…
Jeffrey Lamar Burton of Charleston South Carolina a supervising stockbroker of Wells Fargo Advisors Financial Network is referenced in a customer initiated investment related written complaint which was settled for $100,000.00 on September 17, 2020 founded on allegations that trades failed to be made according to the customer’s instructions while Burton was registered with Wells…
Brett Stephen Briggs of Los Angeles California a stockbroker and supervisor formerly registered with Financial West Group has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity and has been fined $20,000.00 supported by findings that he failed to supervise stockbrokers at Financial West Group. Letter of Acceptance…
Sebastian Wyczawski of Manorville New York a stockbroker currently registered with Joseph Stone Capital LLC has been referenced in a customer initiated investment related arbitration claim where the customer requested $235,635.00 in damages based upon accusations that Wyczawski failed to supervise a stockbroker who effected unsuitable over-the-counter equities trades in the customer’s Joseph Stone Capital…
Joseph Victor Alhadeff of New York New York a stockbroker formerly registered with National Securities Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Alhadeff neglected to cooperate with FINRA during its investigation into Alhadeff’s supervision of a stockbroker who was associated with…
National Securities Corporation a securities broker dealer headquartered in Boca Raton Florida has been censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that it did not timely report customer complaints and failed to supervise contingency offerings. Letter of Acceptance Waiver and Consent No. 2017053208002 (Oct. 27, 2020). According to the AWC,…
Robert Joseph Kerrigan Senior of Scottsdale Arizona a stockbroker formerly employed by First Financial Equity Corporation is referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages supported by accusations that a fiduciary duty that was owed to the customer had been breached and that First Financial Equity Corporation…
Coastal Equities Inc. a securities broker dealer headquartered in Wilmington Delaware has been censured by Financial Industry Regulatory Authority (FINRA) supported by findings that Coastal Equities failed to supervise a stockbroker who recommended unsuitable and excessive trades for the accounts of Coastal Equities customers. Letter of Acceptance Waiver and Consent No. 2017052325702 (Nov. 9, 2020)….
Barry Todd Eisenberg of New York New York a stockbroker and branch manager formerly registered with Alexander Capital LP is the subject of a customer initiated investment related arbitration claim in which the customer requested $606,046.00 in damages based upon allegations that Eisenberg failed to supervise stockbrokers who executed inappropriate stock transactions in at least…
Efrain Balderrama Trujillo of Los Angeles California a stockbroker formerly registered with Financial West Group has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity and has been fined $20,000.00 based upon findings that he neglected to supervise those of his stockbrokers who executed unsuitable securities and options…
Darren Michael Kubiak of Alpharetta Georgia a stockbroker formerly employed by Kalos Capital Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $250,000.00 in damages based upon allegations that a contract had been breached and that a fiduciary duty that was owed to the customer had been breached…
Capital City Securities LLC a securities broker dealer headquartered in Powell Ohio has been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that Capital City failed to supervise the suitability of trades that its stockbrokers effected in customer accounts. Letter of Acceptance Waiver and Consent No. Letter of Acceptance Waiver and Consent No….
Christ Elias Baltas a stockbroker formerly registered with Worden Capital Management LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Baltas failed to comply with FINRA during its investigation into accusations of his failed supervision of a stockbroker who engaged in unsuitable trading…
Wells Fargo Clearing Services LLC a securities broker dealer headquartered in Saint Louis Missouri has been censured and fined $625,000.00 by Financial Industry Regulatory Authority (FINRA) supported by findings that Wells Fargo failed to supervise the suitability of customers’ switches from variable annuities to other investment products through transactions initiated by Wells Fargo stockbrokers. Letter…
Michael Thomas Williams of Vero Beach Florida a stockbroker formerly registered with Raymond James Financial Services has been terminated from the securities broker dealer based upon accusations of Williams’ failure to supervise stockbrokers’ private correspondence with customers. Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that Williams is the subject of a customer initiated…
Griffinest Asia Securities LLC a securities broker dealer located in Pasadena California has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that it failed to supervise the sales of non-traditional exchange traded products which had been initiated by stockbrokers of Griffinest Asia. Letter of Acceptance Waiver and Consent No….
James Bernis Lunsford (also known as Jim Lunsford) a stockbroker formerly employed by Mid Atlantic Capital Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $200,000.00 in damages supported by accusations that the customer’s account was negligently supervised at Mid Atlantic Capital Corporation and that misrepresentations and…
Wells Fargo Advisors LLC a securities broker dealer headquartered in Saint Louis Missouri has been censured and fined $350,000.00 based upon findings that it failed to supervise two stockbrokers who made unsuitable recommendations to customers regarding energy securities causing customers to experience losses. Letter of Acceptance Waiver and Consent No. 2015045713304 (Aug. 28, 2020). According…
Nordo Mauro Nissi III of Boston Massachusetts a stockbroker formerly registered with Morgan Stanley is referenced in a customer initiated investment related arbitration claim in which the customer sought $500,000.00 in damages supported by allegations that fraudulent misrepresentations and omissions had been made relating to the customer’s investments and that the customer was defrauded during…
Richard Calabrese of New York New York the President and Chief Compliance Officer of Corinthian Partners LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $11,500.00 in damages founded on accusations that the customer had been placed into unsuitable private placements by Calabrese which led the Corinthian Partners…
Eric Juan Stubbe Arsuaga of Dorchester Massachusetts a stockbroker formerly employed by Santander Securities LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $82,500.00 in damages based upon allegations that the customer had been placed in common and preferred stock and mutual funds among other investments that failed…
Morgan Stanley a securities broker dealer headquartered in Purchase New York has been censured and fined $175,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that it neglected to supervise stockbroker engaged in bond trading scheme. Letter of Acceptance Waiver and Consent No. 2019063917801 (Aug. 12, 2020). According to the AWC, a stockbroker by…
John Wade Loofbourrow of New York New York the President and Chief Executive Officer of John W. Loofbourrow Associates (JWLA) has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon findings that Loofbourrow neglected to supervise outside business activities. Letter of Acceptance Waiver…
Concorde Investment Services and its Chief Compliance Officer Kimberlee Elizabeth Levy of Livonia Michigan have been sanctioned by Financial industry Regulatory Authority (FINRA) based upon findings that they failed to supervise a stockbroker who enabled a disqualified stockbroker to effect trades in the accounts of Concorde customers. Letter of Acceptance Waiver and Consent No. 2018060577602…
Peter Rajinder Kohli of Leesport Pennsylvania a stockbroker formerly registered with Trustmont Financial Group is the subject of a customer initiated investment related arbitration claim in which the customer requested $373,023.00 in damages based upon allegations that Trustmont failed to supervise Kohli’s securities transactions in the customer’s account which resulted in losses. Financial Industry Regulatory…
Sandlapper Securities LLC as well as Trevor Lee Gordon (chief executive officer) and Jack Charles Bixler (vice-present) were handed down a Decision from Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council which affirmed an Extended Hearing Panel’s findings of Sandlapper, Gordon and Bixler’s fraudulent activities and breach of fiduciary duty with respect to saltwater disposal…
David Wayne Krumrey of The Woodlands Texas a stockbroker formerly registered with Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages based upon accusations including breach of fiduciary by Krumrey as it pertained to equity transactions effected in the customer’s account between January…
Dexter Leroy Thomas of Dallas Texas a former United Planners Financial Services of America stockbroker is the subject of a customer initiated investment related arbitration claim which was resolved for $256,250.00 in damages based upon accusations that a fiduciary duty that was owed to the customer had been breached by Thomas and that transactions were…
Cadaret Grant a securities broker dealer headquartered in Syracuse New York has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based on findings that Cadaret Grant failed to supervise its stockbrokers who engaged in private securities transactions one or more of which was a Ponzi scheme. Letter of Acceptance Waiver and Consent…
JP Morgan Securities LLC a securities broker dealer headquartered in New York City New York has been censured and fined $325,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that JP Morgan Securities did not supervise sales of volatility-linked exchange traded products to make sure that stockbrokers and its customers knew about the risks…
Jeremy Seth Rosen of Easton Pennsylvania a stockbroker formerly employed by BFC Planning Inc. has been identified in a customer initiated investment related arbitration claim where the customer sought $1,800,000.00 in damages founded on accusations that a bad investment strategy had been used for the customer’s account between 2016 and 2019. Financial Industry Regulatory Authority…
Merrill Lynch a securities broker dealer headquartered in New York New York has been censured by Financial Industry Regulatory Authority (FINRA) founded on findings that Merrill Lynch overcharged customers on mutual fund transactions. Letter of Acceptance Waiver and Consent No. 2017053494401 (June 4, 2020). According to the AWC, between April of 2011 and April of…
Tuan Anh Ngo (also known as Toon Ngo) of Culver City California a stockbroker formerly associated with VFG Securities Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations of Ngo’s failure to supervise a stockbroker who provided a customer with bad…
SagePoint Financial a securities broker dealer headquartered in Phoenix Arizona has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that it failed to supervise short-term trades of unit investment trusts with a view towards ensuring the suitability of those transactions for customers. Letter of Acceptance Waiver and Consent No….
Cindy Lucille Porto Chiellini (also known as Cindy L. Porto) of Lexington South Carolina a stockbroker currently associated with Centaurus Financial LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations that between 2011 and March of 2020: (1) a fiduciary duty…
Stifel Nicolaus a securities broker dealer headquartered in Saint Louis Missouri has been censured and fined $1,750,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that (1) Stifel Nicolaus failed to supervise customers’ unit investment trust transactions which led to seemingly inappropriate and unwarranted sales charges and (2) Stifel Nicolaus provided customers with wrong…
Terence Patrick Dolan Jr. of Miami Florida a stockbroker formerly employed by Benjamin Jerold Brokerage I LLC has been identified in a Financial Industry Regulatory Authority (FINRA) investigation in which it has been initially recommended by the regulator for Dolan to face disciplinary action for failing to supervise securities transactions. Investigation Nos. 20170539737 and 20170553345…
SunTrust Investment Services a securities broker dealer headquartered in Atlanta Georgia has been censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that SunTrust failed to supervise the suitability of non-traditional exchange traded funds transactions in customer accounts. Letter of Acceptance Waiver and Consent No. 2018057530701 (May 1, 2020). According to…
Moloney Securities Co. Inc. a securities broker dealer headquartered in Manchester Missouri has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that Moloney failed to supervise its stockbrokers with a view towards ensuring that their transactions were suitable for customers. Letter of Acceptance Waiver and Consent No. 2015046315102 (May…
William Michael Robertson of Denver Colorado a stockbroker registered with First Allied Securities is the subject of a customer initiated investment related arbitration claim which was resolved for $8,000.00 in damages based upon accusations of (1) negligence (2) breach of a fiduciary duty (3) unsuitable real state security transactions and (4) First Allied Securities’ failure…
Daniel Todd Lerner of New York New York a stockbroker registered with David Lerner Associates Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought unspecified damages based upon accusations that (1) David Lerner Associates failed to supervise Daniel Lerner (2) a fiduciary duty that was owed to the…
Christine Louise Cantone (also known as Christine L. Gefken) of Eatontown New Jersey a Vice President and Chief Compliance Officer of Cantone Research Inc. is the subject of a customer initiated investment related complaint which was resolved on February 14, 2019 for $42,500.00 in damages based upon accusations of Christine Cantone’s failure to supervise a…
Northwestern Mutual Investment Services a securities broker dealer headquartered in Milwaukee Wisconsin has been censured and fined $350,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that Northwestern Mutual failed to supervise a stockbroker who converted customer funds. Letter of Acceptance Waiver and Consent No. 2017054642101 (Apr. 7, 2020). According to the AWC, five…
Pratol Victor Agnihotri of Melville New York a stockbroker associated with SW Financial has been referenced in an investigation initiated by Financial Industry Regulatory Authority (FINRA) on October 18, 2019 in which he may face disciplinary action for possibly converting funds belonging to investors and for engaging in undisclosed outside business activities. FINRA Investigation No….
Anthony Sica of New York New York a stockbroker registered with Joseph Gunnar Co. LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $750,000.00 in damages based upon allegations that private placements were sold by Sica without reasonable supervision from Joseph Gunnar and that those investments failed…
Frederic Thomas O’Hara (also known as Ted O’Hara) of Burnt Hills New York a stockbroker formerly registered with SagePoint Financial Inc. has been fined $10,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that (1) O’Hara engaged in undisclosed outside business activities…
William Nicholas Athas of Melville New York a stockbroker formerly registered with KC Ward Financial is the subject of a customer initiated investment related arbitration claim which was resolved for $95,000.00 in damages based upon accusations that the customer was defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00213 (Feb. 22, 2018). According to the…
Ricky Alan Mantei of Lexington South Carolina a stockbroker and branch manager of Centaurus Financial Inc. (also known as JP Turner Company) is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages based upon allegations that (1) a fiduciary duty that was owed to the customer had…
Samuel Izaguirre of Miami Lakes Florida a stockbroker currently employed by LPL Financial LLC has been identified in a customer initiated investment related arbitration claim where the customer sought $93,000.00 in damages based upon accusations that (1) Izaguirre lacked appropriate supervision from the securities broker dealer concerning his real estate securities transactions (2) information relating…
Jill Marie Cody (also known as Jill Marie Tramontano) of Spring Lake New Jersey a stockbroker associated with Westminster Financial Securities Inc. and Concorde Investment Services LLC has been referenced in a customer initiated investment related arbitration claim which has been settled for $125,000.00 in damages supported by allegations that (1) misrepresentations were made to…
Joseph Morris Thurnherr of New York New York a stockbroker formerly registered with Wynston Hill Capital LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Thurnherr failed to furnish information to FINRA personnel when a customer’s complaint alleging Thurnherr’s misconduct was…
William Mark Heiden of Newport Beach California a stockbroker registered with Wedbush Securities Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $475,000.00 in damages based upon allegations that (1) unauthorized trades were effected in the customer’s account (2) the customer was defrauded through misrepresentations (3) a fiduciary…
Gustavo Trujillo Franco of Old Bridge New Jersey a stockbroker formerly registered with Global Strategic Investments LLC (now known as Gentem Capital LLC and LevelX Capital LLC) has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he neglected to provide recorded testimony to the regulator during the time that it…
Louis Cook (also known as Lou Cook) of Knoxville Tennessee a stockbroker formerly registered with National Planning Corporation and Securities Service Network LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that customer funds were improperly used by Cook and that misrepresentations were made…
Douglas Anthony Leone of Melville New York a stockbroker associated with SW Financial has been referenced in a customer initiated investment related arbitration claim in which the customer requested $250,000.00 in damages supported by allegations that (1) transactions effected in the customer’s account were not suitable (2) contractual and fiduciary obligations were violated (3) misleading…
Brandon Curt Stimpson of North Logan Utah a stockbroker associated with Allegis Investment Services LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $2,481,000.00 in damages supported by allegations of (1) breach of a fiduciary duty by Stimpson (2) unauthorized and unsupervised options trades in the customer’s…
Vincent James Mazza of Jersey City New Jersey a stockbroker employed by National Securities Corporation has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any member in any capacity founded on accusations of the stockbroker’s failure to comply with the regulator’s request for information. Case No. 2018060932001 (Oct. 28, 2019). FINRA Public…
Andrew Stephen Vitek Jr. of Jenkintown Pennsylvania a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been identified in a customer initiated investment related arbitration claim where the customer sought at least $152,000.00 in damages founded on accusations that (1) mutual funds and structured products were not suitable for the customer given their…
Andrew Owen Brown of Melville New York a stockbroker formerly registered with Aegis Capital Corp and Worden Capital Management LLC has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon accusations that Brown did not pay an Arbitration Award in which he was found liable…
Edward Barnett Woll of Atlanta Georgia the former Chief Compliance Officer of JP Turner Company has been identified in a customer initiated investment related arbitration claim where the customer sought $1,750,000.00 in damages founded on accusations that (1) Woll did not supervise the stockbroker who effected inappropriate trades in the customer’s account (2) the customer…
Mason Wayne Gann of Dallas Texas a stockbroker formerly registered with Berthel Fisher Company Financial Services has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that defrauded an elder customer by engaging in unsuitable options trading. Letter of Acceptance Waiver and Consent No….
Wells Fargo Advisors LLC (now known as Wells Fargo Clearing Services LLC) a securities broker dealer headquartered in Saint Louis Missouri has been censured and fined $175,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it failed to supervise a stockbroker who effected excessive trades in an elderly customer’s investment account….
Michael William Leahy (also known as Mike Leahy) of Red Bank New Jersey a former Chief Compliance Officer of First Standard Financial Company LLC has been fined $5,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Leahy neglected to supervise a stockbroker of First…
Suzanne Short of San Juan Puerto Rico a stockbroker registered with Santander Securities LLC is the subject of a customer initiated investment related arbitration claim where the customer sought between $500,000.00 and $1,000,000.00 in damages based upon accusations that transactions violated securities laws or rules (1) a contract and warranties were breached (2) transactions lacked…
Andrew Scott Corbman of Lansdowne Virginia a stockbroker employed by Kovack Securities Inc. has been referenced in a customer initiated investment related arbitration claim which has been resolved for $80,000.00 in damages founded on accusations that (1) common or preferred equity stock transactions failed to be adequately supervised by the securities broker dealer (2) transactions…
Christopher Richard Barone of Cleveland Ohio the former president and Chief Compliance Officer of America Northcoast Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he doctored documents which he provided to FINRA personnel in regard to his supervision of…
Luis Currais Lopez of Dorchester Massachusetts a stockbroker formerly employed by Santander Securities LLC has been identified in a customer initiated investment related arbitration claim which has been resolved for $12,000.00 in damages founded on accusations that (1) transactions failed to be adequately supervised by the securities broker dealer (2) false or misleading statements had…
James Edward Lyons of Shreveport Louisiana a stockbroker employed by Raymond James Associates Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer had been awarded $2,986,708.96 in compensatory damages supported by Raymond James Associates being found liable on the customer’s claims which included that (1) mutual funds, stocks…
Murray Bee Roark (also known as Pap Roark) of Dallas Texas a stockbroker currently employed by B. Riley Wealth Management (formerly known as Wunderlich Securities) has been identified in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on accusations that (1) the customer was inappropriately advised to purchase…
Steven Paul Reznik of Tallahassee Florida a stockbroker formerly registered with Raymond James Financial Services Inc. is the subject of a customer initiated investment related arbitration claim which has been resolved for $20,000.00 in damages based upon accusations that (1) fiduciary obligations were breached (2) transactions lacked appropriate supervision from the securities broker dealer (3)…
John Cochran Maccoll of Birmingham Michigan a stockbroker registered with UBS has been stripped of his stockbroker license or investment adviser representative license based upon accusations that (1) the stockbroker violated securities laws or regulations and (2) the stockbroker was expelled by a securities regulator based upon accusations of his misconduct in the securities industry….
Tom Abel Puentes of Camarillo California a stockbroker formerly associated with Kestra Investment Services LLC has been fined $12,500.00 supported by allegations that (1) the stockbroker failed to comply with a heightened supervision plan implemented because of his misconduct in the securities industry and (2) Puentes failed to report customer complaints concerning transactions he effected…
Thomas Whitmeyer O’Brien of Shreveport Louisiana a stockbroker currently registered with Raymond James Associates Inc. is the subject of a customer initiated investment related arbitration claim where the customer was awarded $2,986,708.96 in compensatory damages based on Raymond James Associates being found liable on the customers’ claims which included that Raymond James failed to supervise…
Michael Giokas of Clarence New York a stockbroker employed by Fortune Financial Services Inc. has been identified in a customer initiated investment related arbitration claim which has been resolved for $22,000.00 in damages founded on accusations that (1) a fiduciary duty was breached (2) transactions failed to be adequately supervised by the securities broker dealer…
Cabot Lodge Securities LLC a securities broker dealer headquartered in New York New York has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint containing allegations that (1) Cabot Lodge failed to supervise a non-traded real estate investment trust initial public offering and (2) the securities broker dealer poorly advised…
Michael Fisher of Melville New York a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $50,000.00 in compensatory damages based upon Wells Fargo Advisors being found liable on the customer’s claims which included that (1) the customer’s account…
Gregory Walter McCloskey (also known as Gregory Walter Meier) of Newport Beach California a stockbroker formerly registered with WestPark Capital Inc. has been terminated by the securities broker dealer on October 7, 2019 founded on accusations that McCloskey failed to comply with a heightened supervision plan that was implemented because of his misconduct in the…
Lek Securities Corporation a securities broker dealer headquartered in New York New York and Samuel Frederik Lek (its former Chief Executive Officer) have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to a FINRA Office of Hearing Officers Order Accepting Offer of Settlement based in part on findings that Lek Securities Corporation and Samuel…
Bruno Henrique Silva (also known as Harvey Silva) of Melville New York a stockbroker formerly registered with Worden Capital Management LLC has been fined $15,000.00 and suspended for sixteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based in part on findings that Silva falsified the securities broker dealer’s…
Cambridge Investment Research a securities broker dealer headquartered in Fairfield Iowa has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Cambridge failed to adequately supervise mutual fund and unit investment trust (UIT) trades (2) Cambridge neglected to create an adequate supervision system to identify and prevent its…
Yanique Elaine Lawrence of Charlotte North Carolina a former Chief Executive Officer and President of Innovation Partners LLC agreed to sanctions imposed by the Maryland Securities Division which involve her not engaging in securities business in Maryland based on her being permanently barred by Financial Industry Regulatory Authority (FINRA) in all principal capacities and suspended…
Oppenheimer Co. Inc. a securities broker dealer headquartered in New York New York has been censured and fined $800,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that the securities broker dealer neglected to adequately supervise its stockbrokers’ unit investment trust trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2016050948101 (Dec….
Key Investment Services LLC a securities broker dealer headquartered in Brooklyn Ohio has been censured and fined $425,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that the securities broker dealer: (1) failed to supervise unit investment trust transactions executed in customer accounts by its stockbrokers (2) neglected to enforce procedures relating to the…
Louis Ward of Ronkonkoma New York a former owner and Chief Executive Officer of KC Ward Financial has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Ward neglected to adequately supervise three KC Ward stockbrokers who gave customers…
Christopher Duke Bennett of Louisville Kentucky a stockbroker formerly employed by J.J.B. Hilliard W.L. Lyons LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $65,000.00 in damages supported by allegations that (1) the customer’s account was churned (2) unauthorized trades were executed by the stockbroker (3) investment…
Ace Diversified Capital Inc. a securities broker dealer headquartered in San Gabriel California has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) founded on findings that (1) Ace failed to supervise exchange traded funds and exchange traded notes sold by its stockbroker (2) Ace failed to create and maintain a supervision system…
International Assets Advisory LLC a securities broker dealer headquartered in Orlando Florida has been censured and fined $30,000.00 by Financial Industry Regulatory Authority (FINRA) founded on accusations that the securities broker dealer failed to create and implement a reasonable supervision system and written supervisory procedures for purposes of ensuring suitability or appropriateness of its stockbrokers’…
Anthony Pace of New York New York a stockbroker formerly registered with Windsor Street Capital LP has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he neglected to supervise a stockbroker who executed trades in the accounts of…
Chelsea Financial Services a securities broker dealer headquartered in Staten Island New York, and Christopher Vetrano (a stockbroker and supervisor employed by Chelsea Financial Services), have been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Chelsea Financial neglected to create and implement an adequate supervision system to protect against unsuitable and…
John Alexander Tarpinian of New York New York a stockbroker formerly registered with Paulson Investment Company LLC and Newport Coast Securities is referenced in a customer initiated investment related arbitration claim in which the customer sought unspecified damages founded on accusations that between February of 2013 and March of 2019: (1) fiduciary obligations were breached…
Cindy Lucille Porto Chiellini of Lexington South Carolina a stockbroker currently registered with Centaurus Financial Inc. is the subject of a regulatory action initiated by the State of Colorado in which the regulator is seeking to bar Chiellini from engaging in securities business in the State of Colorado supported by allegations that Chiellini engaged in…
NYLife Securities LLC a securities broker dealer headquartered in New York New York has been censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the securities broker dealer’s consent to findings that it neglected to supervise mutual fund sales executed by its stockbrokers to ensure that those sales were suitable for customers….
Dennis Masaaki Nakamura of Moraga California a stockbroker formerly registered with McNally Financial Services Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Nakamura neglected to follow FINRA’s instructions while he was under investigation for providing bad investment advice to customers of the…
Wessam Baiz (also known as Wes Baiz) of Perrysburg Ohio a stockbroker formerly employed by Huntington Investment Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Baiz failed to cooperate with an investigation into accusations of (1) Baiz’s undisclosed outside business activities and…
Gary Lyle Pevey of Sacramento California a stockbroker formerly registered with Mutual Securities Inc. is referenced in a customer initiated investment related written complaint on April 29, 2019 where the customer requested $134,009.35 in damages founded on accusations that (1) the customer had been sold speculative and fraudulent investments which led the customer to experience…
Thomas John Briguccia Jr. of Ronkonkoma New York a stockbroker currently registered with Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $1,911,616.00 in damages based upon accusations that (1) transactions executed by the stockbroker failed to be suitable for the customer and (2) Spartan Capital…
Paul Vincent Blum of West Palm Beach Florida a stockbroker formerly employed by RBC Capital Markets LLC is the subject of a customer initiated investment related arbitration claim which was settled for $70,000.00 in damages supported by allegations that (1) transactions executed by the stockbroker were unsuitable and (2) the customer’s energy-sector corporate bond transactions…
Paul Michael Mallory of Livonia Michigan a stockbroker formerly registered with Concorde Investment Services LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity founded on findings that (1) Mallory neglected to adequately supervise the recommendations of a stockbroker to ensure that those recommendations…
Eric Dean Rolshoven of Florence Montana a stockbroker formerly registered with FSC Securities Corporation is the subject of a customer initiated investment related arbitration claim which was settled to resolve accusations that Rolshoven failed to supervise a stockbroker’s activities which led to inappropriate transactions being effected by the stockbroker. Financial Industry Regulatory Authority (FINRA) Arbitration…
James Michael Casey of Palm Desert California a stockbroker formerly registered with Purshe Kaplan Sterling Investments is referenced in a customer initiated investment related written complaint on February 20, 2019 in which the customer sought $2,300,000.00 in damages based upon allegations that Purshe Kaplan Sterling Investments failed to supervise Casey’s activities which resulted in the…
Scott Vincent Kaup of Stuart Nebraska a stockbroker formerly employed by VSR Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $42,500.00 in damages based upon accusations that (1) unfounded statements and omissions had been made to the customer concerning real estate securities and direct investments (2)…
Amy Kathryn Forte and Charles Joseph Lawrence both of Palm Harbor Florida and stockbrokers formerly employed by Morgan Stanley have been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that (1) a customer’s account had been traded excessively and churned by Lawrence while at Morgan Stanley…
Kristian M. Gaudet of Cut Off Louisiana a stockbroker formerly registered with Ameritas Investment Corp. is referenced in a customer initiated investment related arbitration claim where the customer sought $538,500.00 in damages supported by accusations that (1) the customer’s account was administered negligently (2) Ameritas Investment Corp. failed to supervise Gaudet’s activities and (3) private…
Andre Pierre Davis of New York New York a stockbroker formerly registered with First Standard Financial Company LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $350,000.00 in damages founded on accusations that (1) transactions were not authorized (2) investments were neither appropriate nor suitable for the…
Dale Edward Wright of Henrico Virginia a stockbroker formerly registered with Cambridge Investment Research has been fined $50,000.00 by the Commonwealth of Virginia State Corporation Commission Bureau of Insurance according to an Order based upon findings that Wright inappropriately recommended that customers purchase insurance policies and use them as investment vehicles; conduct violative of Code…
Mitchell Allen Kurtz (also known as Mitch Allen Kurtz) of Roslyn Heights New York a stockbroker formerly registered with Henley Company LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $691,367.14 in damages based upon accusations that Henley Company LLC failed to supervise Kurtz’s activities or trades…
Ace Diversified Capital Inc. a securities broker dealer headquartered in San Gabriel California has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Ace failed to supervise recommendations of non-traditional exchange traded notes and exchange traded funds recommended by one of its stockbrokers (2) Ace neglected to supervise…
David Michael Levy of Wellington Florida a stockbroker formerly registered with Titus Rockefeller LLC (also known as TR Capital Group LLC) is the subject of a customer initiated investment related arbitration claim where the customer requested $1,554,000.00 in damages founded on accusations that (1) fiduciary duties were not complied with (2) the extension of margin…
Jeffrey Sean Crystal of Paramus New Jersey a former stockbroker and branch manager of Morgan Stanley is referenced in a customer initiated investment related arbitration claim which was settled for $2,193,015.00 in damages founded on allegations that the financial advisor mismanaged the customer’s account; and trades executed in the customer’s account were not supervised by…
Newbridge Securities Corporation a securities broker dealer headquartered in Boca Raton Florida, and Bruce H. Jordan (Director of Investment Banking), have been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Newbridge failed to supervise structured products sold to customers of the firm (2) Newbridge failed to supervise non-traditional exchange traded fund…
James J. Mariani of Mineola New York a stockbroker formerly registered with National Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $467,000.00 in damages supported by accusations that (1) fiduciary duties failed to be complied with and (2) real estate security transactions executed in the customer’s…
Todd Joseph Henrich of Iselin New Jersey a stockbroker formerly employed by National Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer was awarded $14,441.79 in compensatory damages based upon Henrich being found liable on the customer’s claims of (1) misrepresentations concerning the terms or risks of investments…
James Thomas Booth of Norwalk Connecticut a stockbroker formerly registered with both LPL Financial LLC and Invest Financial Corporation and the founder of Booth Financial Associates has been charged by Securities Exchange Commission (SEC) in a Complaint alleging that Booth engaged in a Ponzi scheme in which forty investors were defrauded. SEC v. James T….
William Cranston Fenwick Jr. (also known as Bill Fenwick) of Louisville Kentucky a stockbroker currently registered with First Kentucky Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer requested unspecified damages supported by allegations that (1) the customer’s account was administered negligently (2) contractual obligations had been breached…
Ronald Harris Rothchild of Garden City New York a stockbroker formerly registered with Raymond James Financial Services is referenced in a customer initiated investment related arbitration claim which was resolved for $50,000.00 in damages based upon accusations that (1) the customer’s account was overconcentrated in bad investments (2) fiduciary duties had been breached (3) the…
Shawn Bruce Davis of Auburn California a stockbroker formerly employed by Independent Financial Group LLC is the subject of a customer initiated investment related civil action brought in the Superior Court of the State of California in which the customer requested unspecified damages founded on accusations that (1) false or misleading statements had been made…
Kalos Capital, a securities broker dealer headquartered in Alpharetta Georgia, and Darren Michael Kubiak of Lawrenceville Georgia, a stockbroker formerly registered with Kalos Capital, have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) leveraged inverse exchange traded funds (LIETFs) had been recommended to the firm’s customers without Kalos Capital or…
Melissa Ann Strouse of Scottsdale Arizona a stockbroker formerly registered with First Financial Equity Corporation is the subject of a Financial Industry Regulatory Authority (FINRA) investigation in which FINRA indicated that its Department of Enforcement should pursue disciplinary action against the stockbroker for possible supervisory failures and other violations of FINRA and National Association of…
Van Clemens Co. Inc. of Minneapolis Minnesota has been censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon accusations that the firm failed to supervise its business practices with a view towards protecting against excessive trading by Van Clemens stockbrokers in customer accounts. Letter of Acceptance Waiver and Consent No. 2017053162101 (Aug….
Robert Abramowitz of Jericho New York a stockbroker formerly registered with Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for more than $50,000.00 in damages founded on accusations that (1) fiduciary duties had been violated (2) the customer’s investment account was handled in a negligent manner…
Craig Alan Sutherland of Columbus Ohio a stockbroker registered with Money Concepts Capital Corp is the subject of a customer initiated investment related arbitration claim in which an Arbitration Panel ordered Money Concepts Capital Corp to pay the customer $698,979.00 in compensatory damages based on finding the firm liable on the customer’s claims including (1)…
Scott Lindsay Reed of Indianapolis Indiana a stockbroker registered with David A. Noyes Company is referenced in a customer initiated investment related arbitration claim which was settled for $395,000.00 in damages supported by allegations that (1) false or misleading statements and omissions had been made to the customers concerning the terms of non-traded real estate…
Mason Wayne Gann of Dallas Texas a stockbroker employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages on January 22, 2019 supported by accusations that (1) Gann churned the customer’s investment portfolio (2) Gann executed unauthorized trades in the…
Stephen James Sullivan of New York New York a stockbroker employed by Newbridge Securities Corporation is referenced in a customer initiated investment related arbitration claim in which the customer sought $540,618.00 in damages founded on allegations that (1) trades had been executed in the customer’s account in excessive amounts (2) transactions were not suitable for…
Merrimac Corporate Securities and Robert G. Nash (Chief Compliance Officer) of Altamonte Springs Florida are subject of a Securities and Exchange Commission (SEC) Order which sustained in part Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council’s sanctions against Merrimac and Nash based on findings of (1) Merrimac offering and selling securities that were neither registered…
Michael Salvatore Stanton of New York New York a former Director of Capital Markets for Legend Securities Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $15,000,000.00 in damages founded on allegations that (1) contractual obligations to the customer had been breached (2) the customer’s account was administered…
Park Avenue Securities LLC a securities broker dealer headquartered in New York New York has been censured by Financial Industry Regulatory Authority (FINRA) supported by findings that (1) customers were excessively charged by the firm on mutual fund transactions and (2) the firm failed to adequately supervise its sales charges waivers to ensure that they…
Tomas Juhan Velken of Lafayette California a stockbroker currently employed by Sigma Financial Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $28,195.50 in damages supported by accusations that the customer was placed into tenant in common investments which had not been adequately investigated by Sigma Financial Corporation or…
CV Brokerage Inc. a securities broker dealer headquartered in West Conshohocken Pennsylvania has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based upon accusations that the firm neglected to supervise its stockbrokers’ private securities transactions to ensure compliance with FINRA rules. Letter of Acceptance Waiver and Consent No. 2017052325902 (July 2, 2019)….
Frank Hamrak of New York New York a stockbroker formerly registered with Beech Hill Securities Inc. and Beech Hill Advisors Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $195,271.67 in damages supported by allegations that (1) fiduciary duties owed to the customer had been breached (2) contract obligations…
Summit Brokerage Services Inc. a securities broker dealer headquartered in Boca Raton Florida has been censured and fined $325,000.00 by Financial industry Regulatory Authority (FINRA) based upon findings that (1) Summit Brokerage Services neglected to supervise its stockbrokers’ recommendations for purposes of ensuring that the stockbrokers’ trades were suitable for customers of the firm and…
Robert Lansing Hicks (also known as Lance Hicks) of Irvine California a stockbroker and former owner of Finance 500 Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $45,000.00 in damages founded on accusations that (1) contractual obligations to the customer had been breached (2) the customer’s account had…
Terry Joe Bagwell of Birmingham Alabama a stockbroker formerly registered with Pruco Securities LLC is the subject of a customer initiated investment related arbitration claim which was settled for $120,000.00 in damages founded on accusations that Bagwell failed to supervise a stockbroker who sold away from the firm by placing customers into fraudulent unregistered securities…
John Rothrock McKinstry Jr. of St. Louis Missouri a stockbroker formerly registered with Moloney Securities Co. Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages supported by allegations that (1) fiduciary obligations to the customer were violated (2) false or misleading statements had been made…
Planmember Securities Corporation a securities broker dealer with main offices in Carpinteria California has been censured and fined $90,000.00 by Financial Industry Regulatory Authority (FINRA) based in part upon findings that (1) Planmember Securities Corporation failed to supervise the execution of variable annuity exchanges to determine if they were appropriate for customers and (2) Planmember…
Michael Anthony Valdini of Garden City New York a stockbroker currently registered with Worden Capital Management LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $2,115,095.00 in damages supported by accusations that (1) unauthorized transactions were effected in the customer’s account (2) transactions executed in the customer’s…
Citigroup Global Markets Inc. a securities broker dealer headquartered in New York New York has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that (1) Citigroup overcharged its customers in regard to their purchases of unit investment trusts and (2) Citigroup failed to supervise the unit investment trust transactions…
Crown Capital Securities L.P a securities broker dealer and investment advisory headquartered in Orange California has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it neglected to supervise its business practices to adequately monitor the stockbrokers’ trading of mutual fund shares to determine if…
Michael James Hebner of Flint Michigan a stockbroker formerly employed by Wunderlich Securities Inc. is referenced in a customer initiated investment related arbitration claim which was settled for $15,000.00 in damages founded on allegations that (1) Wunderlich Securities failed to supervise Hebner’s trading in the customer’s account (2) misrepresentations had been made to the customer…
Charles Caleb Fackrell of Yadkinville North Carolina a stockbroker formerly employed by LPL Financial LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought compensatory damages founded on accusations that (1) penny stock and equities trades were placed in the customer’s account by Fackrell even though Fackrell lacked…
Thomas G. Gresham (also known as Tom Gresham) of Overland Park Kansas a stockbroker currently registered with Moloney Securities Co. Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $495,000.00 in damages founded on accusations that (1) Moloney Securities Co. and UBS Financial Services Inc. collectively failed to…
Charles John Obryant III of Raleigh North Carolina a stockbroker formerly registered with Stifel Nicholas Co. Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $330,000.00 in damages founded on accusations that (1) stock trades effected in the customer’s account failed to be suitable for the customer given…
Richard Edward Bohack of Global Arena Capital Corp has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Bohack failed to comply with his obligation to pay compensatory damages to a customer who prevailed in a claim containing allegations that Bohack gave bad advice and…
David K. Mallett of Conway Arizona a stockbroker formerly registered with Wunderlich Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Mallett disregarded a FINRA inquiry possibly concerning Mallett being discharged from Wunderlich Securities Inc. or Mallett being subject of customer initiated…
Stephen Skeffington Eubanks of Las Vegas Nevada a stockbroker formerly employed by Bright Trading LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser or otherwise associating with securities broker dealers or investment advisories according to an Order Instituting Administrative Proceedings Pursuant to Investment Advisers Act of 1940…
J.W. Korth Company a securities broker dealer headquartered in Lansing Michigan has been censured by Financial industry Regulatory Authority (FINRA) according to a National Adjudicatory Council Decision affirming a Hearing Panel’s findings of the firm overcharging customers on municipal and corporate debt securities transactions effected in customers’ accounts. In the matter of Department of Enforcement…
Paul Joseph Godlewski of Coatesville Pennsylvania a stockbroker formerly registered with Allstate Financial Services LLC is referenced in a customer initiated investment related arbitration claim which was settled for $28,000.00 in damages supported by allegations that (1) Godlewski solicited a customer’s private placement investment outside the firm’s auspices causing a customer losses and (2) Allstate…
Wayne Fitzgerald Ford of Farmingdale New York a stockbroker formerly registered with Salomon Whitney Financial is referenced in a customer initiated investment related arbitration claim which was settled for $17,000.00 in damages based upon accusations that (1) transactions effected in the customer’s account violated Louisiana Securities Act (2) fiduciary duties to the customer had been…
Perry De Leeuw of Duluth Georgia a stockbroker formerly registered with PFS Investments Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $100,000.00 in damages based upon allegations that the customer sustained losses on money provided to Leeuw for an outside business investment that Leeuw supposedly concealed from…
Kerri Lynn Wasserman of New York New York president of Portfolio Advisors Alliance LLC is referenced in a customer initiated investment related arbitration claim in which the customer sought unspecified damages founded on allegations that between July of 2013 and August of 2017: (1) inappropriate stock and over-the-counter equities trades were effected in the customer’s…
Voya Financial Advisors Inc. a securities broker dealer headquartered in Des Moines Iowa has been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) the firm overcharged customers on their purchases of mutual funds by failing to apply sales charge discounts and (2) the firm neglected to supervise its mutual fund sales…
Buckman Buckman Reid Inc. a securities broker dealer headquartered in Little Silver New Jersey has been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Buckman Buckman Reid Inc. neglected to create and implement a supervision system and written supervisory procedures regarding the suitability of trades recommended by stockbrokers of the firm…
Felipe Nery Arrieta of Boca Raton Florida a stockbroker formerly employed by Revere Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer sought $200,000.00 in damages based upon accusations that (1) unauthorized options and mutual fund trades were executed in the customer’s account (2) contractual obligations to the customer…
Arturo Colon of Mayaguez Puerto Rico a stockbroker formerly employed by Santander Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $150,000.00 in damages founded on accusations that (1) the customer’s account transactions had been negligently administered (2) contractual obligations were breached (3) securities rules and…
Ralph Wilson Smith of Valdosta Georgia a stockbroker formerly employed by Raymond James Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $320,000.00 in damages supported by accusations that (1) the customer’s account transactions were negligently administered (2) contractual obligations were breached by the firm (3) fiduciary…
Bassam S. Salem of Birmingham Michigan a stockbroker formerly registered with Wunderlich Securities Inc. is the subject of a customer initiated investment related arbitration claim that settled for $50,000.00 supported by accusations that between January of 2011 and February of 2017: (1) poor investment recommendations were made to the customer concerning over the counter equities…
Christopher Nicholas Cacace of New York New York a former Chief Compliance Officer of Legend Securities Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Cacace failed to inform FINRA about customer initiated investment related disputes alleging the…
Parkland Securities LLC a stockbrokerage firm headquartered in Ann Arbor Michigan has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to create and implement a supervision system pertaining to non-traditional exchange traded fund transactions. Letter of Acceptance Waiver and Consent No. 2016052300601…
Doreen Lea Weber (also known as Doreen L. Tyler Strand and as Doreen Lea Strand) the former Chief Executive Officer of Fintegra LLC. is named in a customer initiated investment related arbitration claim in which the customer was awarded $20,000.00 in compensatory damages based upon Weber being found liable on the customer’s claims of (1)…
Revere Securities LLC a brokerage firm headquartered in New York New York and Kurt Alfred Hurst (the firm’s branch manager) have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon FINRA finding in part that the firm failed to supervise its penny stock transactions to ensure compliance with federal securities laws. Letter of Acceptance…
Corinthian Partners, L.L.C. a brokerage firm headquartered in New York New York and Richard Calabrese (the firm’s majority owner, Chairman, Chief Compliance Officer and President) and Mitchell Manoff (the firm’s Chief Executive Officer) have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon findings that the firm, Calabrese and Manoff: (1) neglected to supervise…
Titan Securities a brokerage firm headquartered in Addison Texas, and Brad Curtis Brooks (the firm’s Chief Executive Officer and President) and Richard Wayne Demetriou (the firm’s registered representative) have been fined by Financial Industry Regulatory Authority (FINRA) according to an Extended Hearing Panel Decision containing findings that (1) misleading or false representations had been made…
Kenneth Marc Hutkin of New York New York a stockbroker formerly employed by Morgan Stanley Wealth Management has been discharged by the firm on September 24, 2018 based upon accusations that (1) Hutkin engaged in outside business activities without having disclosed them to the firm and (2) Hutkin received compensation for activities that had not…
Donovan St. Anthony Hunter of Houston Texas a stockbroker formerly employed by J.P. Morgan Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA’s investigation into accusations that Hunter engaged in unapproved outside business activities…
Sigma Financial Corporation a brokerage firm headquartered in Ann Arbor Michigan has been sanctioned by the Financial Industry Regulatory Authority (“FINRA”) based upon findings that the firm failed to supervise its non-traditional exchange traded fund transactions to ensure that they were properly reviewed for suitability. Letter of Acceptance, Waiver and Consent No. 2016052300602 (Mar. 7,…
Halifax America LLC a brokerage firm headquartered in Sherman Oaks California has been censured and fined $60,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on findings that the firm neglected to create and implement supervision systems with a view towards ensuring brokers’ transactions in customer accounts had been properly reviewed by the firm…
Steven Paul Reznik of Tallahassee Florida a stockbroker formerly employed by Raymond James Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages based upon accusations that (1) fiduciary duties and contractual obligations had been breached (2) the firm failed to supervise transactions…
ProEquities Inc. a brokerage firm headquartered in Birmingham Alabama has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it excessively charged customers who purchased mutual funds through the firm. Letter of Acceptance Waiver and Consent No. 2016052179401 (Mar. 7, 2019). According to the AWC, a variety of mutual fund…
Tom Abel Puentes of Woodland Hills California a stockbroker formerly associated with Kestra Investment Services has been terminated on May 7, 2018 based upon accusations that Puentes possibly failed to conform to Kestra Investment Services LLC policies by concealing that at least one customer complained about his activities. This is not the first time that…
James Bradley Schwartz (also known as Jim Schwartz) of New York New York a stockbroker formerly registered with Aegis Capital Corp. has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that (1) Schwartz excessively traded and churned customers’ accounts and (2) Schwartz engaged in deceptive and fraudulent activities…
Barry Ronald Block of Arlington Heights Illinois a stockbroker formerly employed by World Equity Group Inc. has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Block made misrepresentations to customers concerning the expenses of variable annuities when advising…
Jonathan Rafe Rankin (also known as Jonathan Rafe Ranlein) a stockbroker and supervisor currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on November 8, 2017 in which the customer requested damages estimated to exceed $5,000.00 founded on accusations that misrepresentations and omissions had…
Stephen Michael Hart of New York New York a stockbroker formerly employed by CFWP Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Hart failed to cooperate with FINRA’s investigation into his possible conversion of funds. Letter of Acceptance Waiver and Consent…
Ganesh Iyer (also known as Ganesh Ramachandran) of Houston Texas a stockbroker formerly registered with Morgan Stanley has been named in a customer initiated investment related arbitration claim in which Iyer and Morgan Stanley were ordered by a FINRA Arbitration Panel to pay $54,954.04 in compensatory damages to the customer based upon the Panel finding:…
John Dennis Lowry of New York New York the Chief Executive Officer and Managing Member of Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim in which customers were collectively awarded $330,000.00 based upon findings that Lowry and Spartan Capital Securities LLC (1) breached fiduciary duties to the customer (2)…
Sperry Randall Younger of Garden City New York the Chief Executive Officer and Chief Compliance Officer of NMS Capital Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Extended Hearing Panel Decision containing findings that (1) Younger falsified investment banking transactions executed through…
William Howard Desser of Los Angeles California a stockbroker currently registered with J.P. Morgan Securities LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $1,300,000.00 in damages founded on accusations that (1) Desser effected unauthorized transfers of funds from the customer’s account (2) Desser utilized the customer’s assets impermissibly…
Leon William Vaccarelli of Waterbury Connecticut a stockbroker formerly registered with The Investment Center has been indicted for wire fraud and mail fraud based on allegations that he engaged in a scheme which victimized elderly customers. United States v. Leon Vaccarelli No. 18-cr-g2-SRU (D. Conn May 2, 2018). On May 29, 2019, the Securities and…
Accelerated Capital Group a brokerage firm headquartered in California has been censured and fined $400,000.00 by Financial Industry Regulatory Authority (FINRA) founded on accusations that the firm’s brokers: (1) executed unauthorized trades in customer accounts (2) sold customers investments that were not suitable for them and (3) executed trades in customer accounts on an excessive…
Raj Sharma of Boston Massachusetts a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer requested $70,000.00 in damages founded on accusations that (1) misrepresentations and omissions had been made to the customer from January of 2012 to January…
Brandon Boyd Hanna of Minneapolis Minnesota a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint on July 17, 2018 in which the customer sought $350,000.00 in damages founded on accusations that (1) the customer’s account was churned and (2) stock, mutual funds and exchange traded funds…
William Bruckner of Boca Raton Florida a stockbroker formerly employed by Merrill Lynch has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Bruckner mismarked customer order tickets by claiming that the transactions were not solicited when they were actually solicited by…
Gary George Vescio of Palm Beach Gardens Florida a stockbroker formerly registered with Raymond James Associates is the subject of a customer initiated investment related written complaint on May 21, 2016 where the customer sought $62,000.00 in damages supported by allegations that excessive stock trades were effected in the customer’s account while Vescio was employed…
Stephen Brown of Fort Lauderdale Florida a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint on July 29, 2016 in which the customer requested more than $5,000.00 in damages based upon allegations that (1) the customer’s assets were not appropriately diversified and (2) overly speculative mutual…
Brad Curtis Brooks of Addison Texas, a stockbroker and supervisor currently registered with Titan Securities of Addison Texas (CRD No. 131392) , is referenced in a customer initiated investment related arbitration claim which was resolved for $9,850.00 in damages founded on allegations that Brooks failed to supervise a customer’s investments in limited partnership interest or…
Donald Logan of Silverdale Washington a stockbroker formerly registered with Waddell Reed and Edward Jones has been fined $25,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Logan traded in customer’s investment accounts without authorization (2) Logan exercised discretion in customer’s…
Christopher T. Dallas of Arlington Heights Illinois a stockbroker and supervisor currently employed by World Equity Group Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any supervisory capacity based upon consenting to findings that Dallas failed to supervise variable annuity transactions effected by the firm’s…
Caeron Arlington McClintock of New York New York a stockbroker formerly registered with Spartan Capital Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that McClintock failed to provide FINRA with information that was requested of him. Case No. 2016051468601 (Nov. 6, 2017)….
Jordan John Boyle of Saratoga Springs Utah a stockbroker formerly employed by LPL Financial LLC is the subject of a customer initiated investment related written complaint on January 23, 2019 in which the customer requested $10,000.00 in damages founded on accusations that between September 10, 2014 and January 18, 2019, the customer was provided unsuitable…
Floyd Earl Powell of Albertville Alabama a stockbroker formerly employed by MML Investors Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Powell engaged in private securities transactions while associated with the firm. Letter of Acceptance Waiver and Consent No….
William Charles Schumann of Wheaton Illinois a stockbroker currently employed by H. Beck Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $63,000.00 in damages based upon accusations that Schumann made poor investment recommendations to the customer concerning mutual funds as well as a variable annuity and non-traded real…
Thomas Anthony Gallo of New York New York a stockbroker formerly registered with Corinthian Partners LLC has been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misrepresentations concerning promissory notes that had been sold by…
John Belesis of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested unspecified damages supported by allegations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) transactions were negligently…
Marc S. Strafaci of Parsippany New Jersey a stockbroker currently registered with Hennion Walsh Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $83,000.00 in damages supported by accusations that Strafaci made unsuitable investment recommendations to the customer concerning municipal debt products that the customer ultimately purchased and…
Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by United Planners’ Financial Services of America A Limited Partner has been discharged from employment on August 2, 2018 supported by allegations that (1) Thomas maintained a number of private investments and loans with customers of United Planners’ Financial Services of America wherein those investments…
Harvey Allan Kaluzna of Northbrook Illinois a stockbroker currently employed by Sigma Financial Corporation is the subject of a customer initiated investment related arbitration claim which was settled for $28,000.00 in damages based upon accusations that (1) misrepresentations had been made to the customer concerning unit investment trust and real estate security investments held in…
Eric Alan Zakarin of Cranford New Jersey a stockbroker formerly registered with Lombard Securities Incorporated has been terminated by the firm on October 10, 2018 based upon allegations that (1) Zakarin generated excessive commissions from customers and (2) Zakarin executed trades in customer accounts that customers’ possibly had not authorized. This is not the first…
Michael Joseph Dorsey of Honolulu Hawaii a stockbroker currently registered with Stifel Nicolaus Company Incorporated is the subject of a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages founded on accusations of (1) violation of New York Stock Exchange (NYSE) and FINRA Rules (2) violation of federal and state securities…
Thomas John Leone of Farmington Connecticut a stockbroker formerly registered with MML Investors Services is referenced in a customer initiated investment related written complaint which was settled on May 10, 2018 to resolve accusations that (1) the customer’s assets had been inappropriately transferred a number of times between annuities and mutual funds and (2) the…
Edward Beyn of New York New York a stockbroker formerly registered with Craig Scott Capital LLC is the subject of a Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council Decision which affirms FINRA’s Hearing Panel’s decision to bar Beyn because (1) Beyn effected excessive trades in customer accounts (2) Beyn churned customers’ investment portfolios and…
Vincent Joseph Storms of Saint Petersburg Florida a broker formerly registered with Raymond James Associates Inc. has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that (1) Storms falsified information to FINRA in regard to his handling of outside business activities supervisory procedures and (2) Storms neglected to…
Jack Alan Quick of New Home Minnesota a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $214,180.00 in damages supported by accusations that (1) Quick made investment recommendations to the customer that were not suitable regarding variable annuities, variable life insurance,…
Craig Landon Siegel of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance LLC is the subject of a customer initiated investment related arbitration claim where the customer sought unspecified compensatory damages supported by accusations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) the…
Yosef Yehuda Fox (also known as Joseph J. Fox) of Chicago Illinois the Chief Executive Officer and Chief Compliance Officer employed by Ditto Trade Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Fox failed to pay an Arbitration Award after having been…
Harold Weber of Airmont New York a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages based upon allegations that between December of 2012 and June of 2016: (1) transactions were executed in the customer’s account that were not…
David Philip Antypas of Brentwood Tennessee a stockbroker formerly registered with LPL Financial LLC is the subject of a Tennessee Department of Commerce and Insurance Securities Division disciplinary action where the regulator is seeking the denial of Antypas’ securities registration based upon accusations that (1) during the time Antypas was associated with LPL Financial LLC…
Hennion Walsh Inc. a broker dealer headquartered in Parsippany New Jersey has been censured and fined $165,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that (1) Hennion Walsh’s registered representatives made unsuitable investment recommendations concerning the switching of unit investment trusts in customers’ accounts and (2) Hennion Walsh neglected…
Kristian M. Gaudet of Cut Off Louisiana a stockbroker formerly registered with Ameritas Investment Corp has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Gaudet failed to cooperate with a FINRA investigation into allegations of Gaudet’s misuse of customer funds during the…
Martin Kevin Walcoe of Syosset New York a stockbroker currently employed by David Lerner Associates Inc. is referenced in a customer initiated investment related written complaint on August 9, 2016 where the customer requested unspecified compensatory damages founded on accusations that unauthorized trades of equities and government-debt products had been executed in the customer’s account….
Bruce Anthony Zaro of Plymouth Massachusetts a stockbroker formerly employed by Bolton Global Capital has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Zaro signed customers’ names on account documentation without authorization to effect transactions in…
Christopher Matthew Keeler Sr. of Stamford Connecticut a stockbroker formerly employed by Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $542,000.00 in damages based upon allegations that (1) unauthorized oil and gas, mutual fund and equity trades were effected in the customer’s account (2)…
Joseph Leon Bess II of Edmond Oklahoma a stockbroker formerly registered with J.P. Morgan Securities has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Bess mismarked customer’s order tickets concerning exchange traded fund purchases. Letter of Acceptance Waiver and…
Steven Wayne Vance of Newtown Pennsylvania a stockbroker currently registered with Boenning Scattergood Inc. is referenced in a customer initiated investment related complaint involving Vance’s activities that was settled on February 27, 2018 for $9,138.67 in damages based upon accusations that (1) the customer’s portfolio was allocated in unsuitable mutual fund investments given the customer’s…
Robert Ian Siegel of Boca Raton Florida a stockbroker currently registered with Southeast Investments NC Inc. is referenced in a customer initiated investment related arbitration claim in which the customer was awarded $14,482.00 in damages based upon findings that while Siegel was associated with Southeast Investments NC Inc: (1) Siegel failed to inform the customer…
James David Armer of Albuquerque New Mexico a stockbroker formerly registered with BBVA Securities Inc. is referenced in a customer initiated investment related written complaint on December 7, 2018 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that while associated with BBVA Securities Inc. Armer failed to inform the customer about…
James Hal Heafner (also known as Jim Heafner) of Charlotte North Carolina a stockbroker formerly registered with Taylor Capital Management Inc and former investment adviser representative of Retirement Wealth Advisors is the subject of a customer initiated investment related arbitration claim in which the customer requested $268,015.79 in damages founded on allegations that (1) inappropriate…
James Thomas Walters II of Macon Georgia a stockbroker formerly employed by Edward Jones has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Walters neglected to provide a response to FINRA’s information request possibly concerning his termination from Edward Jones. FINRA Case No. 2018058353701…
Aaron Robert Parthemer of Fort Lauderdale, Florida has been fined $160,000.00 and barred from being a broker or investment adviser or otherwise associating with any brokers or investment advisories according to an Order Making Findings and Imposing Sanctions Pursuant To Securities Exchange Act of 1934 Section 15(b), Investment Advisers Act of 1940 Section 203(f) and…
Abed William Lulu of Melville New York a stockbroker formerly employed by Worden Capital Management LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Lulu failed to provide information to FINRA that had been requested of him. Case No. 2017055568801 (May 7, 2018)….
Christopher Vincent Paul of Mineola New York a stockbroker formerly registered with Joseph Stone Capital L.L.C. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Paul failed to comply with FINRA’s request for information potentially relating to Paul’s employment separations after being subject of…
Robert L. Friederich of Lake Zurich Illinois a stockbroker formerly registered with Edward Jones is the subject of a customer initiated investment related complaint which was settled on September 22, 2017 for $18,827.28 in damages founded on allegations that Friederich made inappropriate investment recommendations concerning the customer’s sale of mutual funds and purchase of single…
Jay R. Weiser of Collinsville Illinois a stockbroker formerly employed by DesPain Financial Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Weiser failed to cooperate with FINRA’s investigation into accusations of hm selling promissory notes and securities interests away from…
William Frank Welsh of Williamsville New York a stockbroker currently employed by LPL Financial LLC is the subject of a customer initiated investment related written complaint on November 14, 2016 where the customer requested damages estimated to exceed $5,000.00 founded on accusations that Welsh was placed into an indexed annuity that was not suitable for…
Jeffrey Duane Jacobson of Minneapolis Minnesota a stockbroker formerly employed by Dougherty Company LLC has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Jacobson failed to supervise a registered representative that executed unsuitable investment transactions in a customer’s investment…
James Francis Lowe of New York New York a stockbroker and supervisor currently registered with Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $25,000.00 in damages founded on accusations that Lowe failed to supervise one of the firm’s financial advisors servicing the customer’s account who…
Johnathon Leland Cope of Canton Georgia a stockbroker formerly registered with Invest Financial Corporation is referenced in a customer initiated investment related complaint on February 19, 2016 in which the customer sought $8,015.32 in damages supported by allegations that Cope effected the sale of a mutual fund in the customer’s account without procuring the customer’s…
NTB Financial Corporation of Centennial Colorado has been censured and fined $45,000.00 by Financial Industry Regulatory Authority (FINRA) supported by allegations that the firm overcharged customers on corporate bond transactions. Letter of Acceptance Waiver and Consent No. 2015047738901 (Dec. 10, 2018). Letter of Acceptance Waiver and Consent No. 2015047738901 (Dec. 10, 2018). According to the…
Cantone Research Inc. a FINRA member brokerage firm headquartered in Tinton Falls New Jersey and its president Anthony Joseph Cantone have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to a National Adjudicatory Council Decision containing findings that (1) the firm and Cantone made misrepresentations concerning securities sold through private placements (2) the firm…
Richard William Schloss of Canton Ohio a stockbroker formerly employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related arbitration claim which was settled to resolve allegations that Schloss inappropriately placed the customer’s assets in a variable annuity which exposed the customer to unnecessary surrender penalties and illiquidity. Financial…
Sebastian George Bongiovanni of Staten Island a stockbroker currently employed by Newbridge Securities Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $91,000.00 in damages supported by accusations that (1) investment recommendations made to the customer were not suitable (2) unauthorized trades were executed in the customer’s account (3)…
Kai Chong Cheng of New York New York a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. and investment adviser representative and president of Affinity Capital Management LLC has been fined $10,000.00 and suspended for five years from registering as an investment advisor according to a New Jersey Bureau of Securities Administrative Consent…
CFD Investments Inc. a brokerage firm headquartered in Kokomo Indiana has been censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise variable annuity recommendations and exchanges made by CFD Investments Inc. brokers. Letter of Acceptance Waiver and Consent No. 2016048224201 (Jan. 10,…
Merrill Lynch Pierce Fenner Smith Inc. a brokerage firm headquartered in New York New York has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise a registered representative who defrauded a customer of the firm. Letter of Acceptance Waiver and Consent…
John Jeffrey Clay of Washington District of Columbia a stockbroker formerly registered with Morgan Stanley Smith Barney is referenced in a customer initiated investment related written complaint on January 25, 2017 in which the customer sought unspecified damages based upon allegations that the customer was inappropriately sold a variable annuity investment in July of 2016….
Morgan Stanley Smith Barney LLC a brokerage firm headquartered in New York New York has been censured and fined $10,000,000.00 by Financial Industry Regulatory Authority (FINRA) based in part upon the firm’s consent to findings that it failed to supervise its penny stock sales to ensure compliance with federal securities law. Letter of Acceptance Waiver…
Carlos Aurelio Alvarado of Houston Texas a stockbroker currently employed by Morgan Stanley is referenced in a customer initiated investment related written complaint on November 8, 2018 where the customer sought unspecified damages supported by accusations that between 2005 and 2018, Alvarado executed corporate debt transactions in the customer’s account that were not suitable for…
Alain J. Florestan of New York New York a stockbroker formerly registered with Caldwell International Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings that (1) Florestan made unsuitable investment recommendations to customers and (2) Florestan failed to cooperate in…
Cetera Advisor Networks LLC a brokerage firm headquartered in El Segundo California has been censured and fined $700,000.00 founded on allegations that the firm neglected to supervise a registered representative who made unsuitable trades and mutual fund switches in customer accounts. Letter of Acceptance Waiver and Consent No. 2014040951702 (Dec. 19, 2018). According to the…
Scott Allen Edwards of Minneapolis Minnesota a stockbroker currently registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which customers were awarded $13,652.29 in compensatory damages based on Edwards having been found liable on the customers’ claims that (1) Edwards negligently transacted in the customers’ accounts…
Michael C. Rodriguez of Dallas Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been named in a customer initiated investment related arbitration claim which settled for $475,000.00 in damages based upon accusations that Merrill Lynch or Rodriguez failed to supervise unit investment trust transactions that were placed in the customer’s…
James Edward Armstrong Sr. and his son James Edward Armstrong Jr. both of Wake Forest North Carolina and stockbrokers formerly registered with Royal Alliance Associates Inc. were fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that they failed to adequately supervise a…
Edward William Wedbush of New York New York the President and Chairman of Wedbush Inc. (the parent company of Wedbush Securities Inc.) and registered representative of Wedbush Securities Inc. and Lime Brokerage LLC has been named in a Financial Industry Regulatory Authority (FINRA) Wells Notice in which FINRA made an initial decision to advise that…
Kevin Richard Wilson of New York New York a stockbroker formerly employed by Laidlaw & Company (UK) Ltd. is referenced in a customer initiated investment related arbitration claim where the customer sought $2,000,000.00 in damages supported by accusations that between 2010 and 2017, private placements sold to the customer were not appropriate. Financial Industry Regulatory…
Sandlapper Securities LLC a broker dealer headquartered in Greenville South Carolina and Trevor Gordon (its majority owner and Chief Executive Officer) and Jack Bixler (its Chief Executive Officer) have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to a FINRA Office of Hearing Officers Extended Hearing Panel Decision containing findings that (1) Sandlapper Securities…
The Financial Industry Regulatory Authority released its 2018 Examination Report, showing the areas in which the regulator has taken some form of enforcement action against brokerage firms to prevent them from taking advantage of their customers, and to “better protect investors and maintain the integrity of the markets.” The Recommendation of Unsuitable Investments First, on…
Philip Jay Patlis of Boca Raton Florida a stockbroker currently registered with Shearson Financial Services LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Patlis falsely represented that transactions executed in customer accounts were not solicited. Letter of…
Anthony Fusco of New York New York the Chief Executive Officer of Legend Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in FINRA’s investigation into accusations that he failed to supervise the firm’s brokers. Letter…
Frank Roland Dietrich, of Lake Forrest, California, formerly associated with Quest Capital Strategies, Inc. was barred by the Financial Industry Regulatory Authority in connection with the sale of Woodbridge Group related securities. Letter of Acceptance Waiver & Consent, No. 2018057197801 (November 26, 2018). Dietrich, betwen 2013 and 2017, was found to have solicited fifty eight…
Commonwealth Financial Network a brokerage firm headquartered in Waltham Massachusetts has been censured by Financial Industry Regulatory Authority (FINRA) supported by accusations that the firm excessively charged customers on mutual fund transactions by failing to apply discounts for the customers that were eligible for them. Letter of Acceptance Waiver and Consent No. 2016049975901 (Nov. 9,…
D.A. Davidson Co. a brokerage firm headquartered in Great Falls Montana has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it (1) overcharged customers by failing to apply sales charges waivers and (2) failed to supervise its mutual fund transactions to ensure that eligible customers received applicable discounts. Letter…
Bradley John Freimark of Otsego Minnesota a stockbroker formerly registered with ProEquities Inc. is the subject of a customer initiated investment related arbitration claim which settled for $100,000.00 in damages founded on accusations that (1) misrepresentations were made to the customer and (2) the customer’s assets were inappropriately invested in D&L Energy 2010 Ltd. –…
Avalon Investment Securities Group a brokerage firm headquartered in Muscle Shoals Alabama has been censured and fined by Financial Industry Regulatory Authority (FINRA) supported by allegations that the firm had failed to supervise its brokers’ sales of variable annuity products. Letter of Acceptance Waiver and Consent No. 2016047823901 (Oct. 25, 2018). According to the AWC,…
J.P. Morgan Securities LLC a broker-dealer headquartered in New York New York has been censured and fined by FINRA based upon the firm’s consent to findings that it harmed customers by charging them erroneous fees. Letter of Acceptance Waiver and Consent No. 2017053493101 (Oct. 18, 2018). According to the AWC, in 2012, a vendor was…
Maxim Group LLC a brokerage firm headquartered in New York New York has been censured and fined $65,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise its stockbrokers’ recommendations of unit investment trusts to ensure that they were not unsuitable for customers. Letter of Acceptance…
Woodley Hannon Bagwell of Montgomery Alabama a stockbroker formerly registered with Raymond James Associates Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to honor FINRA’s requests for Bagwell’s information. Letter No. 20160520299901 (September 18, 2017). FINRA Public Disclosure confirms that…
Alex Jose Gierbolini of Guaynabo Puerto Rico a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim in which the customer sought $265,000.00 in damages founded on accusations that misrepresentations had been made to the customer and mutual fund transactions were placed in the…
CIM Securities LLC (also known as Brookline Capital Markets) a brokerage firm headquartered in Centennial Colorado has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that its failed to supervise three registered representatives’ private securities transactions. Letter of Acceptance Waiver and Consent No. 2017052070001 ….
William Hennion of Parsippany New Jersey the current vice president of Hennion Walsh Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $50,000.00 in damages founded on allegations that inappropriate municipal debt investment recommendations had been made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01082 (Mar….
Kevin Paul Lemmon of Baton Rouge Louisiana a stockbroker currently registered with Bankers Life Securities Inc. is the subject of a customer initiated investment related written complaint on July 18, 2017 where the customer sought compensatory damages supported by accusations that Lemmon effected the unauthorized purchase of a fixed annuity. Financial Industry Regulatory Authority (FINRA)…
Lincoln Investment a brokerage firm with headquarters in Fort Washington Pennsylvania has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it failed to supervise the rates in which registered representatives made variable annuity exchanges. Letter of Acceptance Waiver and Consent No. 2017052410201 (Sept. 25, 2018). According…
Cadaret Grant Co. Inc. a broker-dealer headquartered in Syracuse New York along with its president Arthur Grant and chief compliance officer Beda Lee Johnson and stockbroker Eugene James Long have been named in a Securities and Exchange Commission (SEC) Order Instituting Administrative and Cease-and-Desist Proceedings containing findings of the firm’s failure to supervise its representatives’…
Citigroup Global Markets Inc. a broker-dealer headquartered in New York New York has been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it took advantage of customers by overcharging them on mutual fund purchases. Letter of Acceptance Waiver and Consent No. 2016049977601 (Sept. 7, 2018). According…
Securities America Inc. a brokerage firm headquartered in La Vista, Nebraska, has been censured and fined $175,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise variable annuity recommendations made by the registered representatives of the firm. Letter of Acceptance Waiver and Consent No. 2016048243101 (Sept….
Robert Matthew Krieger of New York New York a stockbroker formerly employed by LPL Financial LLC has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities without disclosing them to LPL Financial. Letter of…
Lincoln Investment Planning LLC a brokerage firm headquartered in Fort Washington Pennsylvania has been censured by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise the firm’s mutual fund sales practices which caused customers to be excessively charged. Letter of Acceptance Waiver and Consent No. 2017053723701 (Sept….
Steve Jeffrey Cummings of Fort Deposit Alabama a stockbroker formerly employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $300,000.00 in damages founded on accusations that (1) Cummings misled the customer concerning direct investment products (2) Cummings placed the customer in inappropriate…
Cadaret Grant Co. Inc. is a FINRA member broker firm headquartered in Syracuse New York who has been censured and fined $800,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it (1) failed to supervise its business practices with a view towards detecting and preventing bad investment recommendations (2) failed to…
Todd Joseph Thompson of Atlanta Georgia a stockbroker formerly registered with SunTrust Investment Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $40,000.00 in damages supported by allegations that (1) Thompson executed transactions in the customer’s account that were not suitable for the customer and (2) SunTrust Investment…
William K. Tress (also known as William K. Tress Garcia) of Dorchester Massachusetts a stockbroker formerly employed by Santander Securities is the subject of a customer initiated investment related arbitration claim where the customer requested $111,522.41 in damages based upon accusations including (1) gross negligence (2) breach of contract (3) failure to supervise (4) breach…
Wilfredo Felix Jr. of New York New York the chief executive officer of Primex is the subject of a Financial Industry Regulatory Authority (FINRA) investigation into accusations that Felix violated FINRA and NASD Rules pertaining to the supervision of business practices. FINRA’s investigation reveals that Felix may have failed to provide FINRA with a response…
Joseph Lianzo of Melville New York a stockbroker currently registered with SW Financial is referenced in a customer initiated investment related arbitration claim where the customer requested $108,215.00 in damages supported by allegations that (1) contractual obligations to the customer were breached (2) unauthorized trades were executed in the customer’s account (3) the customer’s account…
Wilson Henry Williams of Dallas Texas a stockbroker and principal registered with WFG Investments Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $236,081.00 in damages supported by accusations of the failure to supervise the customer’s investments in direct participation program or limited partnership interests. Financial Industry Regulatory Authority…
World Equity Group Inc. a brokerage firm headquartered in Arlington Heights Illinois has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) supported by accusations that the company failed to supervise its registered representatives’ variable annuities recommendations to ensure that they were suitable for customers in compliance with securities regulations and FINRA Rules….
Donald A. Lueke of Kansas City Missouri a stockbroker formerly employed by Kestra Investment Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $25,000.00 on May 15, 2018 founded on allegations that (1) the customer was placed into business development company group companies that were inappropriate for the…
John Nicholas Matson of Los Angeles California a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related written complaint on March 8, 2017 in which the customer requested $33,685.00 in damages supported by allegations that Matson failed to supervise and appropriately manage the customer’s assets which caused the…
Glen David Haddock of Petaluma California the President of Investment Architects Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,250,000.00 in compensatory damages and $2,500,000.00 in punitive damages supported by allegations that the firm failed to prevent excessive trading in the customer’s account between 2004 and…
Gary Stephen Radler of West Hartford Connecticut a stockbroker formerly employed by National Planning Corporation is referenced in a customer initiated investment related civil action which was resolved for $272,000.00 in damages supported by accusations that misrepresentations had been made to the customers concerning the collateralization and other terms and conditions of life insurance policies…
Richard Joseph Less Jr. of Fairfield New Jersey a branch manager currently registered with Morgan Stanley is the subject of a customer initiated investment related arbitration claim in which the customer requested $2,193,015.00 in damages supported by allegations of the failure to supervise an advisor’s management of transactions effected in a customer’s investment account between…
Jay Allan Ambroson of Garden City New York the president and chief compliance officer of Gould Ambroson Associates Ltd. is referenced in a customer initiated investment related arbitration claim where the customer requested $970,000.00 in damages supported by allegations that Ambroson was liable for negligent supervision and conversion of the customer’s funds relating to the…
Mark Angelo Senofonte of Edison New Jersey a stockbroker currently registered with Cetera Investment Services LLC is the subject of a customer initiated investment related written complaint on June 12, 2018 where the customer requested $12,500.00 in damages supported by allegations that (1) unsuitable real estate security transactions were executed int the customer’s account (2)…
Jamie Roger Meehan of Fort Lauderdale Florida a stockbroker currently employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $120,000.00 in damages founded on accusations of unsuitable exchange-traded fund recommendations having been made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No….
Thrivent Investment Management, Inc. a brokerage firm headquartered in Minneapolis Minnesota has been censured by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise mutual fund sales with a view towards ensuring customers obtained breakpoint discounts and sales charge waivers. Letter of Acceptance Waiver and Consent No….
My stockbroker stole my money. Ameriprise Financial Services Inc. will pay $4.5 million to the United States Securities & Exchange Commission to settle charges that it failed to safeguard retail investor assets from theft by its representatives. Ameriprise Financial Services provides brokerage services to customers and advisory clients through a national network of approximately 9,700…
An Enforcement Action was commenced against StockCross Financial Services, Inc. and one of its registered representatives, Peter Edward Cunningham by The Commonwealth of Massachusetts, Office of the Secretary of the Commonwealth, Securities Division for fraud in connection with the sale of securities and the violation of the Massachusetts Uniform Securities. StockCross is a registered securities…
Andrew Jack Cohen of Cherry Hill New Jersey a stockbroker currently employed by Questar Capital Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages founded on allegations of (1) breach of fiduciary duty (2) violation of Pennsylvania Unfair Trade Practices and Consumer Protection Law…
Dainforth Baker French Jr. of Troy Michigan a stockbroker currently employed by L.M. Kohn Company is the subject of a customer initiated investment related arbitration claim which was resolved for $33,000.00 in damages supported by accusations of the mismanagement of the customer’s investment account and the failure of the firm to supervise transactions effected in…
Royal Alliance Associates Inc. a brokerage firm headquartered in New York New York has been censured and fined $350,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it (1) failed to supervise and train its registered representatives regarding their multi-share class variable annuity sales and (2) ineffectively supervised the…
SII Investments Inc. a broker-dealer headquartered in Appleton Wisconsin has been censured and fined $325,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that the firm (1) failed to supervise its registered representatives’ variable annuity recommendations to customers and (2) failed to supervise its unit investment trust business to ensure…
Vanderbilt Securities LLC a brokerage firm headquartered in New York New York and its chief compliance officer Barry Champney have been sanctioned by Financial Industry Regulatory Authority (FINRA) founded on accusations that the firm and Champney failed to adequately supervise a registered representative who churned and effected unsuitable trades in a customer’s account. Letter of…
M. Holdings Securities Inc. a brokerage firm headquartered in Portland Oregon has been censured and fined $135,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to adequately supervise private securities transactions as well as the dissemination of consolidated reports. Letter of Acceptance Waiver and Consent No. 2017052293001…
Cetera Financial Specialists LLC a broker-dealer headquartered in Schaumburg Illinois has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it failed to supervise outside business activities pursued by its staff. Letter of Acceptance Waiver and Consent No. 2015045233601 (July 9, 2018). According to the AWC, from…
Timothy John Stack of New York New York a former chief compliance officer registered with Alexander Capital LP is the subject of a Second Amended Notice of Proposed Agency Action and Opportunity for Hearing issued by the Office of the Montana State Auditor Commissioner of Securities and Insurance in which sanctions have been sought against…
The Leaders Group Inc. a brokerage firm headquartered in Littleton Colorado has been censured and fined $95,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings of supervisory failures including the firm’s failure to supervise variable annuity suitability as well as registered representatives’ outside business activities. Letter of Acceptance Waiver and Consent No….
Dakota Securities International Inc. has been expelled from Financial Industry Regulatory Authority (FINRA) membership according to an Office of Hearing Officers Hearing Panel Decision containing findings that the firm failed to supervise its vice president Bruce M. Zipper and enabled Zipper to associate with the firm despite FINRA having disqualified him. Department of Enforcement v….
Alexander Lloyd Martin of Troy Michigan a stockbroker and former president of CSSC Brokerage Services Inc. has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Martin consenting to findings that he failed to supervise a registered representative who made unsuitable investment recommendations in…
Terry Lee McCoy of Palm Harbor Florida a stockbroker and supervisor employed by Morgan Stanley has been fined $75,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that he failed to supervise two registered representatives that placed excessive and unsuitable trades in…
Benjamin Solomon of New York New York a stockbroker and supervisor formerly registered with Deutsche Bank Securities Inc. has been fined $165,000.00 and suspended by Securities and Exchange Commission (SEC) for twelve months from associating with any broker dealer or investment adviser according to an Order Instituting Administrative Proceedings pursuant to Section 15(b) of the…
Franklin Ihendu Ogele of New York New York a former owner of Blackbook Capital LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise a stockbroker of the firm who placed unsuitable trades in a…
Peter Lee Swanson of Lakewood Colorado a stockbroker currently registered with Edward Jones is the subject of a customer initiated investment related civil action in which the customer requested more than $5,000.00 in damages based upon accusations that (1) unsuitable investment recommendations had been made to the customer (2) fiduciary duties had been breached (3)…
Fifth Third Securities Inc. a brokerage firm headquartered in Cincinnati Ohio has been censured and fined $4,000,000.00 by Financial Industry Regulatory Authority (FINRA) founded on the firm’s consent to findings that it (1) made misstatements and omissions in the course of effecting variable annuity business (2) effected variable annuity exchanges that were not suitable for…
Alan Dean Schmidgall of Jersey City New Jersey a stockbroker currently employed by Geneos Wealth Management Inc. is referenced in a customer initiated investment related written complaint which was resolved for $16,147.71 in damages based upon allegations that investment recommendations made to the customer were not suitable. FINRA Public Disclosure confirms that Schmidgall has been…
Brian Lewis Baum of Longmont Colorado a stockbroker currently registered with LPL Financial LLC is the subject of a customer initiated investment related arbitration claim which settled for $19,500.00 in damages based upon allegations that the customers were placed into unsuitable energy limited partnership, business development group and real estate security transactions. Financial Industry Regulatory…
Reginald Howell Robinson of Tampa Florida a stockbroker formerly employed by International Assets Advisory LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $300,000.00 in damages founded on allegations that faulty mutual fund switches in the customer’s account were not adequately supervised. Financial Industry Regulatory Authority (FINRA) Arbitration No….
Cambridge Investment Research a brokerage firm headquartered in Fairfield Iowa has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) supported by consenting to findings that the firm failed to supervise non-traditional exchange traded fund sales and variable annuity redemptions. Letter of Acceptance Waiver and Consent No. 2016048934301 (May 3, 2018). According to…
Laidlaw Company (UK) LTD. is a brokerage firm headquartered in London England that has been censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) founded on allegations that it failed to supervise recommendations of inverse and leveraged exchange traded funds to make sure that those recommendations complied with FINRA and NASD Rules. Letter of…
J.H. Darbie Co. Inc. a brokerage firm headquartered in New York New York has been censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise recommendations of variable annuities made by one of the firm’s registered representatives. Letter of Acceptance Waiver and Consent No….
E.J. Sterling LLC (now known as Allied Millennial Partners LLC) a brokerage firm headquartered in New York New York has been censured by FINRA based upon the firm’s consent to findings that the firm failed to adequately supervise its business to detect and stop unsuitable trades from being executed in customers’ investment accounts. Letter of…
Jeffrey Allen Fanning of West Palm Beach Florida is a former owner and chief executive officer of Liberty Partners Financial Services LLC who has been fined $20,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Order Accepting Offer…
Norman Gary Price of Gig Harbor Washington is a member of RP Capital LLC who is the subject of customer initiated investment related arbitration claim in which the customer requested $700,000.00 in damages supported by accusations of (1) suitability (2) conflict of interest (3) misrepresentation and (4) supervisory failures concerning the use of the customer’s…
Park Avenue Securities is a brokerage firm headquartered in New York New York which has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise its annuities operations to ensure that registered representatives made recommendations of annuities in compliance with securities laws…
William Bernard Lyons of New York New York is a stockbroker formerly employed by ACGM, Inc. who has been fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise a firm stockbroker’s private securities transactions…
Western International Securities Inc. is a brokerage firm headquartered in Pasadena California who has been censured and fined one hundred twenty five thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon accusations that it failed to create and implement adequate supervisory procedures and systems for purposes of making sure that non-traditional exchange traded fund…
George Craig Merhoff Jr. of Klamath Falls Oregon is a stockbroker currently associated with Cetera Advisors LLC who has been ordered by the Division of Financial Regulation of the Oregon Department of Consumer and Business Services to pay a thirty-five thousand dollar civil penalty and cease and desist committing violations of Oregon Securities Law based…
Supreme Alliance LLC is a brokerage firm headquartered in Wilmington North Carolina which has been censured by Financial Industry Regulatory Authority (FINRA) based upon accusations that it (1) failed to supervise its variable annuity business and (2) failed to supervise private securities transactions and outside business activities. Letter of Acceptance Waiver and Consent No. 201605005701…
Essex Securities LLC is a brokerage firm headquartered in Massachusetts that has been censured and fined twenty-five thousand dollars by Financial Industry Regulatory Authority (FINRA) based in part on consenting to findings that the firm neglected to adequately supervise outside business activities that its registered representatives engaged in during the time that they were employed…
SW Financial is a brokerage firm headquartered in Melville New York which has been censured and fined thirty-five thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm (1) made mutual fund recommendations that were not suitable for customers and (2) failed to supervise the firm’s investment recommendations to…
Huntleigh Securities Corporation is a brokerage firm headquartered in St. Louis Missouri who has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm overcharged customers on unit investment trust transactions and failed to supervise the application of sales charge discounts in customer accounts. Letter of Acceptance Waiver and…
Michael Ciro Colletti of Melville New York is a stockbroker formerly registered with National Securities Corporation who has been fined seven thousand five-hundred dollars and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order Accepting Offer of Settlement containing findings that Colletti failed…
Sagepoint Financial, Inc., a brokerage firm headquartered in Phoenix, Arizona, has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to apply sales charge waivers on customers’ purchases of mutual funds when customers were eligible, and failed to supervise the application of sales charge waivers….
Lucia Securities, LLC, a brokerage firm headquartered in San Diego, California, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to supervise and preserve consolidated reports which had been distributed to the firm’s customers. Letter of Acceptance, Waiver and Consent, No. 2017055425901 (Jan. 9,…
Andrew Joseph Hall, of Portland, Oregon, a stockbroker currently employed with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, wherein the customer was awarded $191,772.00 in damages supported by findings that from May of 2014 to December of 2015, Hall negligently handled the customer’s investment account, breached his…
Davenport & Company, LLC, a broker-dealer headquartered in Richmond, Virginia, was censured and fined $115,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm, inter alia, failed to supervise consolidated reports distributed to customers regarding their investment accounts. Letter of Acceptance, Waiver and Consent, No. 2016051515201 (Dec. 27, 2017). According to…
Robert Owen Kincaid of Sandpoint, Idaho, a stockbroker formerly registered with Edward Jones, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $1,053,664.00 in damages based upon allegations that the customer’s assets were over-concentrated in mutual funds products. The customer additionally alleged that investment losses were caused by Edward…
Accelerated Capital Group, Inc. a brokerage firm headquartered in Costa Mesa, California, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to supervise its trading activities. Department of Enforcement v. Accelerated Capital Group, Inc., Disciplinary Proceeding No. 2012033566205 (Dec. 13, 2017). According to the Complaint, between August…
Brighton Securities Corp., a brokerage firm headquartered in Rochester, New York, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise its stockbroker, who effected mutual fund trades that were not suitable for customers. Letter of Acceptance, Waiver and Consent, No. 2015046536701 (Dec….
WestPark Capital, Inc., located in Los Angeles, California, has been censured and fined $27,500.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to create and sustain adequate supervision of collateralized mortgage obligations and failed to enforce existing supervisory practices. Letter of Acceptance, Waiver and Consent, No. 2016051690101 (Dec. 22,…
Jeffrey Allen Fanning, of West Palm Beach, Florida, a former chief executive officer of Liberty Partners Financial Services, LLC, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Fanning, inter alia, failed to supervise stockbrokers’ activities for excessive trading in customer accounts. Department of Enforcement v. Jeffrey…
Wayne Ivan Miiler, of Scottsdale, Arizona, president of Accelerated Capital Group Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise the firm’s chief compliance officer and supervisor for stockbrokers located in…
Gary Bruce Weiss, of Farmingdale, New York, a chief operating officer formerly registered with Salomon Whitney Financial, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise a stockbroker that made unsuitable investment recommendations to a…
Janet Lynn Ross, of Irvine, California, chief compliance officer of Accelerated Capital Group, Inc., has been fined $10,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Ross, inter alia, failed to supervise stockbrokers who made unsuitable, excessive and unauthorized…
Kenneth S. Tyrrell, of Richmond Virginia, a stockbroker registered with UBS Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Tyrrell, inter alia, sold away from his firm, engaged in unapproved outside business activities, and inaccurately represented his activities…
Spencer Edwards, Inc., a brokerage firm headquartered in Centennial, Colorado, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to have a reasonable basis to effect private placement sales to customers, and failed to supervise private placement activities. Department of Enforcement v. Spencer Edwards, Inc., Disc. Proceeding…
Eric Dean Rolschoven, of Missoula, Montana, a stockbroker registered with FSC Securities Corporation, was fined $15,000.00 by the Office of the Montana State Auditor, Commissioner of Securities and Insurance, according to a Consent Agreement and Final Order containing findings that Rolschoven failed to supervise a registered representative who engaged in sales practice violations. In the…
Joseph Gunnar & Co. LLC, a FINRA brokerage firm headquartered in New York, New York, has been censured and fined $60,000.00 by Financial Industry Regulatory Authority (FINRA) founded on allegations that the firm failed to develop supervisory procedures to identify and stop unsuitable trades from being executed in customers’ investment accounts. Letter of Acceptance, Waiver…
Next Financial Group, Inc., a brokerage firm headquartered in Houston, Texas, has been censured and fined $750,000.00 by Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that the firm failed to create an adequate system to supervise consolidated reports, failed to create written supervisory procedures pertaining to multiple share…
LBMZ Securities, Inc., a brokerage firm headquartered in Chicago, Illinois, has been censured and fined $65,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to adequately conduct due diligence relating to private placement offerings, failed to supervise its communications to customers, and disseminated faulty advertisements to customers. Letter of…
Michael Anthony Regina, of Lynbrook, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, is the subject of a customer initiated investment related arbitration claim, which settled for $14,000.00 in damages based upon allegations that Regina failed to create and maintain adequate supervision systems to detect and prevent violation of securities laws relating…
Paul Michael Mallory, of Livonia, Michigan, a stockbroker registered with Concorde Investment Services, is the subject of a customer initiated investment arbitration claim, where the customer has sought damages based upon accusations that Mallory failed to supervise floating rate note transactions effected in the customer’s account from 2014 to 2016. Financial Industry Regulatory Authority (FINRA)…
Christopher Paul Anthony of Fort Worth, Texas, a stockbroker registered with Rhodes Securities, Inc., has been fired on April 28, 2015, based upon allegations that he placed unsuitable trades in customer accounts, exercised discretion in customer accounts, and failed to abide by the firm’s policies while on heightened supervision. Financial Industry Regulatory Authority (FINRA) Public…
Hornor, Townsend & Kent, Inc., a brokerage firm headquartered in Horsham, Pennsylvania, has been censured and fined $275,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise private securities transactions and variable annuity share class recommendations. Letter of Acceptance, Waiver and Consent, No. 2015043387001 (Nov. 14,…
Cabrera Capital Markets, LLC, a brokerage firm headquartered in Chicago, Illinois, was censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that the firm, inter alia, failed to supervise the underwriting of municipal securities issued through the firm. Letter of Acceptance, Waiver and Consent, No. 2015043640701 (Oct. 12, 2017). According to…
Network 1 Financial a broker headquartered in Red Bank, New Jersey, has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that Network 1 Financial failed to supervise non-traditional exchange traded funds effected by its registered representatives. Letter of Acceptance, Waiver and Consent, No. 2015046575201 (Oct. 2, 2017)….
Alexander Capital, L.P., a FINRA member brokerage firm headquartered in New York, New York, has been censured and fined $80,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise securities transactions to ensure that they were registered or otherwise exempt from registration. Letter of Acceptance, Waiver…
Ziv Investment Company, a broker-dealer headquartered in Chicago, Illinois, and Peter Gordon Ziv, president, chief compliance officer and principal of Ziv Investment Company, were fined $75,000.00 and $10,000.00, respectively, for failing to supervise, inter alia, transactions and discretionary trading by stockbrokers at Ziv Investment Company’s branch office. Letter of Acceptance, Waiver and Consent, No. 2014039231701…
Michael J. Isaac, of Shrewsbury, Massachusetts, a registered representative associated with Investors Capital Corp., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he caused a customer to provide him signed forms that were undated and blank, inaccurately conveying…
Michael Ciro Colletti, of Melville, New York, a stockbroker formerly registered with National Securities Corporation, was named in a Financial Industry Regulatory Authority (FINRA) Complaint containing allegations that he did not supervise the firm’s cold caller representatives, who utilized scripts for speaking with customers that contained inappropriate and possible investment misrepresentations. Department of Enforcement v….
Bernard Andre Breton, of Denver, Colorado, a stockbroker formerly registered with Cetera Advisors LLC, is the subject of a customer initiated investment related arbitration claim filed on January 19, 2016, for $876,195.00 in damages based on allegations that Breton failed to supervise the equity trades effected another Cetera stockbroker Abraham Heimann. Breton was terminated by…
Jeffrey Sean Crystal, of Paramus, New Jersey, a stockbroker registered with Morgan Stanley, was terminated on May 1, 2017, based upon accusations that as branch manager, he failed to supervise a financial advisor that engaged in wrongdoing. The wrongdoer, was former Morgan Stanley stockbroker Barry Franklin Connell. Connell, whom as of even date the subject…
Edward T. McFarlane, of Jenkintown, Pennsylvania, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected non-traditional exchange traded fund trades which were not suitable for…
Mitchell Steven Morrison, of Westlake Village, California, a principal registered with Financial West Group, is the subject of a customer initiated investment related arbitration claim on June 19, 2017, in which the customer requested $1,937,365.00 in damages based upon allegations that Morrison neglected to supervise the activities of a subordinate stockbroker that made misrepresentations to…
City National Securities, Inc., headquartered in Beverly Hills, California, has been censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to properly supervise outside business activities and private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2014043089901 (Aug. 24, 2017). According to the AWC,…
Mark Thomas Zielinski, of Newport Beach, California, a stockbroker registered with Wells Fargo Advisors, has been fired from his job on December 18, 2016, based upon allegations against him of supervisory “mishaps.” Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on January 12, 2000, a customer filed an investment related written complaint involving Zielinski’s…
Howard L. Hull III, of Newport Coast, California, a prior owner, vice-president, chief compliance officer, and financial and operations principal for HLH Securities, Inc., has been fined $20,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Hull, inter alia,…
Eduardo Juarez, of New York, New York, a stockbroker formerly registered with E.J. Sterling, LLC, is the subject of a customer initiated investment related arbitration claim on March 12, 2017, in which the customer requested $36,351.00 in damages based upon allegations that Juarez breached his fiduciary duties to the customer, as well as effected unauthorized…
Mercury Securities LLC, a brokerage firm located in San Rafael, California, was censured and fined $5,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise registered representatives’ private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015043459301 (July 12, 2017). According to the AWC, three of…
Daniel Joseph Hushek III, of Sarasota, Florida, a stockbroker formerly registered with G.F. Investment Services, LLC, has been fined $10,000.00 and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to reasonably supervise a registered representative who consequently made…
Trident Partners, Ltd., a brokerage firm located in Woodbury, New York, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise its staff, and authorized its registered representatives to make recommendations that were not suitable for customers. Letter of Acceptance, Waiver and Consent,…
Sumitro Pal, of Bethesda, Maryland, a stockbroker formerly registered with Morgan Stanley Smith Barney, is the subject of a customer initiated investment related written complaint on May 1, 2017, in which the customer requested $115,156.00 in damages based upon allegations that the firm failed to supervise Pal’s faulty corporate debt transactions placed in the customer’s…
Gregg Walter Stupinski, of Stuart, Florida, a registered representative currently registered with Morgan Stanley Smith Barney, is the subject of a customer initiated investment related arbitration claim on May 1, 2017, based upon allegations against Stupinski of his failure to supervise a firm customer’s equity portfolio. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that…
VFG Securities, headquartered in Culver City, California, has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that it failed to supervise securities transactions that its registered representatives effected, and did not maintain accurate records and books in reference to securities transactions that its representatives facilitated. Letter of Acceptance, Waiver…
Hilltop Securities Independent Network, a broker-dealer located in Dallas, Texas, was censured and fined $40,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise the activities of a registered representative who made investment recommendations that were not suitable for customers, and failed to create and implement…
Richard Anthony Barone, of Cleveland, Ohio, a stockbroker currently registered with America Northcoast Securities, Inc., has been named in a customer initiated investment related arbitration claim on May 17, 2017, in which the customer requested $250,000.00 in damages based upon allegations against Barone including failure to supervise, unauthorized trading, unsuitability, breach of fiduciary duty and…
Philip A. Dina, of Woodbury, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, has been named in a customer initiated investment related arbitration claim on April 24, 2017, where the customer requested $50,000.00 in damages based upon allegations that he failed to supervise one of the firm’s registered representatives who placed faulty…
Heath Shayne Bowen, of Idaho Falls, Idaho, a stockbroker currently registered with Allegis Investment Services, LLC, has been named in a customer initiated investment related arbitration claim on June 27, 2016, in which the customer requested $400,000.00 in damages based upon allegations that Bowen did not adequately supervise the customer’s investment portfolio, which resulted in…
Coastal Equities, Inc., a brokerage firm headquartered in Wilmington, Delaware, has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm did not properly supervise the sale of non-traditional exchange traded funds. Letter of Acceptance, Waiver and Consent, No. 2014041310602 (June 9, 2017). According to the AWC,…
Geraldine Gordon, of Lexington, Kentucky, a stockbroker currently registered with Ameriprise Financial Services, has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she made unsuitable investment recommendations to a firm customer. Letter of Acceptance, Waiver and Consent, No. 2016049353501…
Edward Barnett Woll, of Atlanta, Georgia, a chief compliance officer of J.P. Turner & Company, LLC, has been named in a customer initiated investment related arbitration claim on April 18, 2017, in which the customer requested $69,768.00 in damages based upon allegations that he failed to supervise a stockbroker, Dennis Salerno, who effected trades in…
William Terrence Behrens, of Saint Louis, Missouri, a stockbroker formerly registered with Fulcrum Securities, LLC, has been named in a customer initiated investment related arbitration claim on April 10, 2017, in which the customer requested $189,000.00 in damages based upon allegations against Behrens of negligent supervision in reference to the handling of the customer’s investments…
WFG Investments, Inc., headquartered in Dallas, Texas, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that the firm failed to supervise a stockbroker who effected unsuitable trades in the firm’s customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015045755003 (May 31, 2017). According to the AWC, from January…
MSI Financial Services, Inc., a brokerage firm headquartered in Springfield, Massachusetts, has been censured by Financial Industry Regulatory Authority (FINRA) by consenting to findings that excessive fees were charged by the firm within customers’ accounts regarding mutual fund transactions, and that the firm did not appropriately supervise operations to protect customers from being overcharged. Letter…
Frank Harmon Black, of Charlotte, North Carolina, owner of Southeast Investments, N.C., Inc., has been fined $170,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on an Extended Hearing Panel Decision containing findings that he failed to supervise the firm’s business operations in a manner which was…
Cetera Advisor Networks LLC, a brokerage firm headquartered in El Segundo, California, has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm charged customers with excessive fees in reference to mutual fund transactions, and inadequately supervised its business operations to make sure customers were not overcharged. Letter of…
Michael Salvatore Stanton, a former branch office manager and director of capital markets for Legend Securities, Inc., has been charged in a Complaint by Financial Industry Regulatory Authority (FINRA) Department of Enforcement containing allegations that Stanton failed to supervise a registered representative who defrauded a disabled, blind and elderly investor. Department of Enforcement v. Michael…
The Investment Center, headquartered in Bedminster, New Jersey, was reprimanded and fined $50,000.00 by Texas State Securities Board pursuant to a Consent Order containing findings that the firm failed to supervise a registered representative’s activities, which consisted of making unsuitable investment recommendations to customers. In the Matter of The Dealer Registration of The Investment Center,…
Garden State Securities, Inc., a brokerage firm headquartered in Red Bank, New Jersey, has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $142,168.00 in damages on July 5, 2016. The customer’s claim was based upon allegations that the firm breached its fiduciary and contractual duties to the…
David Howard Bigler, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on February 2, 2017, in which the customer requested $21,000,000.00 in damages based upon allegations that between 2013 and 2016, UBS Financial Services Inc. failed to supervise Bigler’s activities concerning the customer’s…
James Gilbert Blair, of Coronado, California, a stockbroker currently registered with Raymond James Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on February 1, 2017, in which the customer requested $300,000.00 in damages based upon allegations that Blair effected unauthorized and unsuitable over-the-counter equities transactions in the customer’s account,…
Carl Wayne Busch, of Oklahoma City, Oklahoma, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $50,000.00 in damages based upon allegations that Busch failed to conduct adequate due diligence in reference to the customer’s convertible…
Wood (Arthur W.) Company, Inc., headquartered in Boston, Massachusetts, has been fined $10,000.00 and statutory disqualified by Financial Industry Regulatory Authority (FINRA) pursuant to a National Adjudicatory Council Decision containing findings that the firm, inter alia, charged customers commissions which were excessive, and failed to supervise commissions charged by registered representatives. In the Matter of…
Ultralat Capital Markets, Inc., a brokerage firm headquartered in Miami, Florida, has been censured and fined $140,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm charged customers with excessive markups and failed to supervise business activities to prevent non-market foreign exchange rates from being utilized or markups from being…
Feltl & Company, a broker-dealer headquartered in Minneapolis, Minnesota, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, failed to supervise a registered representative’s trading activities. Letter of Acceptance, Waiver and Consent, No. 2010024882202 (Feb. 28, 2017). According to the AWC, between October…
Melissa A. Strouse, of San Diego, California, a stockbroker currently registered with First Financial Equity Corporation, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon an FINRA Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that she failed to…
Michael J. Spears, of Houston, Texas, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on August 19, 2016, in which the customer requested $1,667,000.00 in damages based upon allegations that Spears breached his fiduciary duties owed to the customer, made misrepresentations concerning real estate…
Purshe Kaplin Sterling Investments headquartered in Albany, New York, was censured and fined $750,000.00 by Financial Industry Regulatory Authority (FINRA) Department of Enforcement, and ordered to pay $3,373,303.68 in restitution according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that the firm failed to supervise a registered representative’s dual relationship with…
Alejandro Falla, of Miami, Florida, a former president and chief executive officer of Ultralat Capital Markets, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he omitted information from customers concerning non-market foreign exchange rates pertaining to transactions involving bond…
Gerald James Ohalloran, a stockbroker currently registered with Kovack Securities Inc., has been named in a customer initiated investment related arbitration claim on August 2, 2016, in which the customer requested $135,000.00 in damages based upon allegations that Ohalloran breached his fiduciary and contractual duties to the customer, made misrepresentations and omissions concerning investments, and…
Barry F. Connell, formerly of the Ridgewood office of Morgan Stanley, Inc., formerly known as Morgan Stanley Smith Barney, Inc., was charged by the United States Securities & Exchange Commission for the Connell, for the violation of Sections 206(1) and 206(2) of the Advisers Act, in that while acting as an investment adviser, by use…
James Bryant Eichner Junior, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on June 30, 2015, in which the customer requested $500,000.00 in damages based upon allegations that Eichner negligently handled the customer’s investment account and breached his fiduciary…
Joseph C. Noyes IV, a stockbroker formerly registered with Santander Securities LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Noyes falsified customer documents, and effected an annuity exchange which was not suitable for a customer. Letter of…
Richard Michael Gholson, of Pahoa, Hawaii, a principal formerly registered with Cuso Financial Services, L.P., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise the suitability of unit investment trust recommendations made by the firm’s…
Cadaret, Grant & Co., Inc., a brokerage firm headquartered in Syracuse, New York, and its former registered representative, Charles Lee Deremo, of Eagan, Minnesota, have been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that Deremo made unsuitable investment recommendations to a firm customer, and the firm failed to…
Sanctions levied on Fox Financial Mangement Corporation, a brokerage firm based on Carrollton, Texas, along with principals Brian A. Murphy, of Frisco, Texas, and James E. Rooney, Jr., of Carrollton, Texas, were affirmed by Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council in a Decision which confirmed findings that the firm and principals, inter alia,…
Cyrus M. Alphonse, of Boston, Massachusetts, a former registered principal with Summer Street Research Partners, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that, inter alia, he failed to supervise a subordinate registered representative’s private securities transactions. Letter…
Ameritas Investment Corp., a brokerage firm headquartered in Lincoln, Nebraska, has been censured and fined $145,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise recommendations made by its registered representatives pertaining to equity indexed annuities. Letter of Acceptance, Waiver and Consent, No. 2015046904101 (Jan. 11, 2017). According…
Joshua David Arnold, of Edina, Minnesota, a stockbroker formerly registered with TradingBlock, has been named in a customer initiated investment related arbitration claim from September 12, 2016, in which the customer requested $250,000.00 in damages based upon allegations that Arnold breached his contractual and fiduciary duties to the customer, made unsuitable investment recommendations, and negligently…
First Financial Equity Corporation, headquartered in Scottsdale, Arizona, was censured and fined $230,000.00 by Financial Industry Regulatory Authority (FINRA) Department of Enforcement according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that the firm failed to supervise key aspects of the firm’s operations, which included the commissions charged by the…
Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, both headquartered in Saint Louis, Missouri, have been censured and fined $1,000,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firms failed to supervise consolidated reports that were disseminated to customers concerning outside assets. Letter of Acceptance, Waiver and…
Daryl Eugene Allison, of Lubbock, Texas, a stockbroker and former president of Caprock Securities, Inc., has been fined $10,000.00 and fined from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that, inter alia, Allison failed to supervise registered representatives’ closed end fund sales to customers….
Phillip Howard Palmer, of Tulsa, Oklahoma, a stockbroker and principal formerly registered with First Independent Financial Services, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Palmer, inter alia, failed to supervise variable annuity withdrawal transactions. Letter of Acceptance,…
Capital One Investing, LLC, a broker-dealer headquartered in Seattle, Washington, was censured and fined $500,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, did not provide customers with required notifications pertaining to suitability determinations, and failed to supervise distributions of required notices to customers. Letter of Acceptance,…
Dougherty & Company LLC, headquartered in Minneapolis, Minnesota, has been censured and fined $140,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise a registered representative who effected unsuitable and unauthorized investment transactions. Letter of Acceptance, Waiver and Consent, No. 2015047008701 (Nov. 28, 2016). According to the…
Ralph Worthington, of New York, New York, chairman and chief executive officer of Gilford Securities, has been named in a customer initiated investment related arbitration claim on December 2, 2014, in which the customer requested $875,000.00 in damages based upon allegations that Gilford was liable, as a control person for the firm, for a subordinate…
Louise J. Neale, of Atlanta, Georgia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she failed to cooperate in a FINRA investigation into allegations that Neale mishandled her…
MML Investor Services, LLC, a broker-dealer headquartered in Springfield, Massachusetts, was censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm excessively charged customers concerning mutual funds transactions, and failed to have adequate supervisory procedures and protocols designed to make sure that eligible customers received waivers of sales charges. Letter of…
1st Discount Brokerage, headquartered in Lake Worth, Florida, was censured and fined by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to create and implement adequate supervision protocols and systems pertaining to non-traditional exchange traded funds, and failed to provide reasonable supervision pertaining to non-traditional exchange traded fund sales. Letter…
Charles E. White II, of Providence, Rhode Island, a stockbroker currently associated with Barrett & Company, has been subject to a customer initiated investment related arbitration claim on November 27, 2015, which was settled for $105,000.00 in damages based upon the customer’s allegations that the firm made misrepresentations to the customer concerning White’s qualifications, position…
Randy Merrill, of Waco Texas, a stockbroker currently registered with First Financial Equity Corporation, has been subject to a customer initiated investment related arbitration claim on October 19, 2015, which was settled for $22,500.00 in damages based upon allegations that Merrill effected unsuitable transactions in the customer’s investment account. The customer additionally alleged that First…
First Allied Securities, Inc., a broker-dealer headquartered in San Diego, California, was censured and fined $950,000.00 by Financial Industry Regulatory Authority (FINRA) after the firm consented to findings of misconduct that included, inter alia, the firm’s failure to appropriately supervise the sales of structured products. Letter of Acceptance, Waiver and Consent, No. 2015045234401 (Nov. 2,…
The Cetera Firms, which include Cetera Advisor Networks LLC, (headquartered in El Segundo, California), Cetera Financial Specialists LLC (headquartered in Schaumburg, Illinois), First Allied Securities, Inc. (headquartered in San Diego, California), Summit Brokerage Services, Inc. (headquartered in Boca Raton, Florida), and VSR Financial Services, Inc. (headquartered in Overland Park, Kansas), were censured and fined by…
FTB Advisors, Inc., a broker-dealer headquartered in Memphis, Tennessee, was censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise its variable annuity sales. Letter of Acceptance, Waiver and Consent, No. 2015043292101 (Nov. 2, 2016). According to the AWC, the firm failed to supervise recommendations…
Charles Ehnot of Dunmore, Pennsylvania, a stockbroker currently registered with LM Kohn & Company, settled a customer initiated investment related arbitration based upon allegations that LM Kohn & Company failed to supervise Ehnot. FINRA Public Disclosure reveals that Ehnot has been subject to an additional twenty-eight disclosure incidents. Particularly, on December 23, 1992, a customer initiated…
Douglas C. Osborn, of Troy, Michigan, a stockbroker currently registered with L.M. Kohn & Company, has been named in a customer initiated investment related arbitration claim on June 26, 2015, in which the customer has requested $500,000.00 in damages based upon allegations against Osborn of failing to adequately manage the customer’s accounts, and causing the…
Rembert D. McNeer III, of Parsippany, New Jersey, a stockbroker formerly registered with Summit Equities, Inc., was fined $10,000.00 and suspended for one-year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to properly supervise the activity of a Summit Equities registered representative. Letter…
Janet Ross, of Irvine, California, the chief compliance officer and a registered principal of Accelerated Capital Group, was named in a pending customer initiated investment related arbitration claim on September 15, 2016, in which the customer requested $400,000.00 in damages based upon allegations that Ross failed to supervise the sales of promissory notes to the…
McBarron Capital LLC, a broker-dealer headquartered in Greenwich, Connecticut, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to supervise suitability determinations pertaining to private placement investments. Department of Enforcement v. McBarron Capital LLC, No. 2015044211103 (Oct. 25, 2016). According to the Complaint, between January of 2011 and…
Titan Securities, of Addison Texas (CRD No. 131392), along with Brad C. Brooks, its hief compliance officer and president, and Richard Wayne Demetriou, a registered representative, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Demetrio made misrepresentations to customers and failed to disclose an outside business activity;…
Trustmont Financial Group, Inc., headquartered in Greensburg, Pennsylvania, was fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm, inter alia, did not properly supervise unit trusts transactions, and failed to adequately supervise consolidated reports which the firm distributed to customers. Letter of Acceptance, Waiver and Consent, No. 2014038914601 (Sept. 23,…
IMS Securities, Inc., of Houston, Texas, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise aspects of its variable annuity business. Letter of Acceptance, Waiver and Consent, No. 2014039417401 (Sept. 30, 2016). According to the AWC, between July 15, 2013 and May 8, 2014,…
Thomas J. Tedeschi, of Farmingdale, New York, a stockbroker with Salmon Whitney Financial, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after FINRA found that Tedeschi failed to abide by a settlement agreement or arbitration award in connection with a customer dispute. In late 2015, the FINRA…
Jay Dee Jordan of Oklahoma City, Oklahoma, a stockbroker with WFG Investments, Inc., is the subject of a pending customer initiated investment related arbitration claim filed on July 13, 2016, in which the customer requested $42,000.00 in damages based upon allegations that Jordan of effected unsuitable and unauthorized investment transactions in the customer’s securities account. FINRA Public…
David A. Allen, of Bethel, Vermont, one of the former owners of defunct Avenir Financial Group, on January 28, 2016, was terminated from Avenir Financial Group amid allegations that he had committed funds despite not having authorization, failed to supervise, and took possession of the firm’s funds without authority. At time tme of his termination,…
Wesley O. Clinton, of Lynbrook, New York, a stockbroker with Network One Financial Securities Inc., is subject to a customer dispute from March 28, 2016, seeking $137,000.00 in damages based upon the allegations that Clinton engaged in unsuitable transactions, effected unauthorized trades in the customer’s account, and that Network One failed to supervise him. FINRA…
James R. Bernthal, of New York, New York, a stockbroker with Dawson James Securities, has been named in pending customer initiated investment related claim filed on March 28, 2016 seeking $137,000.00 in damages based upon allegation that Bernthal effected unsuitable transactions in customer accounts and that Dawson James failed to supervise Bernthal. FINRA Public Disclosure…
Harris W. Kirk, of Richardson, Texas, a stockbroker Reef Securities, Inc., is subject to a pending customer dispute from February 11, 2016, in which a customer has requested $250,000.00 in damages after alleging that Kirk failed to conduct due diligence concerning investments, failed to disclose investment risks to the customer, committed breach of contract, and…
Steven L. Stahler, of Baton Rouge, Louisiana, is subject to a pending customer dispute from July 20, 2015, in which the customer requested $793,101.00 in damages in connection with allegations against Stahler of failing to diversify the customer’s investments that had been recommended by Stahler to the customer. According to FINRA Public Disclosure, Stahler has…
Peter F. Butler, of Cambridge, Ohio, a stockbroker and principal for Ameriprise Financial Services, Inc., conducting business under the same Partners Financial Group, was fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Butler failed to supervise a registered representative who converted…
Francine A. Lanaia, of Hauppauge, New York, a stockbroker with Meyers Associates, L.P., and formerly Alexander Capital, L.P., was named in regulatory action by The State of Montana’s Securities Division on August 2, 2016, in which Lanaia was alleged to have failed to supervise two registered representatives, Joseph Connelly and William Gennity. The two individuals,…
TradeSpot Markets, Inc., headquartered in Davie, Florida, and Mark B. Beloyan (president, chief operating officer, and chief compliance officer) were censured by Financial Industry Regulatory Authority (FINRA) Department of Enforcement per an Order Accepting Offering of Settlement containing findings that the firm and Beloyan failed to effect compliant penny stock transactions, and failured to adequately…
Caldwell International Securities Group, headquartered in Fischer, Texas, along with the firm’s supervisory staff members (Greg Caldwell, Lennie Freiman, and Paul Jacobs) were censured and fined by Financial Industry Regulatory Authority (FINRA) per an Order Accepting Offer of Settlement containing findings that the firm and individuals committed, inter alia, unsuitable investment strategy recommendations, unsuitable exchange…
Joseph Michael Araiz, of New York, New York, the chief executive officer of Further Lane Securities, L.P., was fined $45,000.00 and suspended from associating with a Financial Industry Regulatory Authority in any principal capacity, and had his licensure revoked in connection with an Office of Hearing Officers’ Order Accepting Offer of Settlement containing allegations of…
Leigh Garber, of New Woodstock, New York, president of Ridgeway & Conger, Inc., was fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that he failed to supervise mark-ups and unregistered securities sales….
Boenning & Scattergood, Inc., headquartered in West Conshohocken, Pennsylvania, was fined $100,000.00 and censured for, inter alia, failing to adequately supervise private securities transactions as well as consolidates reports. Letter of Acceptance, Waiver and Consent, No. 2014038906401 (Aug. 24, 2016). According to the AWC, between April 25, 2011, and March 13, 2014, a registered representative…
Neither a borrower nor a lender be. Ciro Gilbert Cavazos, of Chico, California, a stockbroker with Edward Jones, was fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm any capacity after consenting to findings that he engaged in the unauthorized borrowing of customer funds. Letter of…
Jonathan J. Casiano, of Arlington, Texas, a stockbroker with J.P. Morgan Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he misappropriated funds from firm customers. Letter of Acceptance, Waiver and Consent, No. 2016050795201 (Aug 18, 2016). According to the AWC,…
UBS Financial Services, Inc., was censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm overcharged customers who purchased mutual funds, and failed to create and preserve supervisory processes to ensure that customers who were eligible for such discounts had received them. Letter of Acceptance, Waiver and Consent,…
Brian James Egan, of Laguna Niguel, California, a stockbroker with Independent Financial Group, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to disclose outside trading accounts, made misrepresentations to his firm, and obstructed a FINRA investigation into allegations of his misconduct. Letter…
Landon L. Williams, of Jacksonville, Florida, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Williams had made misrepresentations to firm customers concerning securities transactions. Department of Enforcement v. Williams, No. 2014042524301 (Aug 4, 2016). According to the Complaint, from March…
Steven M. Wisniewski, of Phoenixville, Pennsylvania, a stockbroker with Cambridge Investment Research, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he forged customer signatures on accounts documents. Letter of Acceptance, Waiver and Consent, No. 2015044110101 (July 22, 2016). According…
Legend Securities Stockbroker Charged With Fraud. Hank M. Werner, of New York, New York, a stockbroker associated with Liberty Partners Financial Services, LLC, and later Legend Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Werner engaged in securities fraud, made unsuitable investment recommendations, and engaged in excessive amounts…
Robert Tuffy, of East Brunswick, New Jersey, a stockbroker with Wells Fargo Advisors, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in the unauthorized trading in a customer account. Letter of Acceptance, Waiver and Consent, No….
Christopher Lawrence Wacker, of Brookfield, Wisconsin, a stockbroker with Park Avenue Securities was fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had made misrepresentations concerning trading authority in customer accounts. Letter of Acceptance, Waiver and Consent, No….
Seth David Lampman, of Osceola, Iowa, a stockbroker for Edward Jones, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014042505601 (July 13, 2016). According…
James Earl Mahan, of Braunfels, Texas, a stockbroker with J.P. Morgan Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015047115101 (July 25,…
H.D. Vest Investment Securities, Inc., headquartered in Irving, Texas, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to adequately supervise variable annuity transactions, and failed to effectively utilize surveillance procedures to detect rates of annuity exchanges. According to the AWC, from May of 2010…
Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, was censured and fined $75,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding unit investment trust purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2014041840301…
Laidlaw & Company LTD., headquartered in London, England, was censured and fined $10,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had charged customers with excessive commissions on equity transactions. Letter of Acceptance, Waiver and Consent, No. 2014040622201 (July 21, 2016). According to the AWC, from April 2013 through June…
Robert W. Baird, headquartered in Milwaukee, Wisconsin, as well as Rolf Parker Griffith III, a stockbroker and supervisor with Robert W. Baird, were sanctioned by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm and Griffith failed to properly supervise a registered representative’s misuse of customer funds. Letter of Acceptance, Waiver and…
Brokers International Financial Services, LLC, headquartered in Panora, Iowa, was censured and fined $45,000.00 after consenting to findings that the firm failed to fully inform investors regarding variable annuities prior to investment, and authorized solicitation of purchases of annuities prior to ensuring suitability. Letter of Acceptance, Waiver and Consent, No. 2013038934401 (July 26, 2016). According…
Alexander P. Brown, III, of Baltimore, Maryland, a stockbroker with Chaplin Davis, was fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015047883501 (July 22, 2016)….
J. Randall Gladden of El Cajon, California, a stockbroker with Securities Equity Group, was fined $15,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Gladden had engaged in unauthorized private securities…
First Financial Equity Corporation, headquartered in Scottsdale, Arizona, as well as the firm’s Chief Compliance Officer, Melissa Strouse, was named in a Financial Industry Regulatory Authority (FINRA) Department of Enforcement Complaint alleging failure to supervise various aspects of the firm’s operations, including commissions charged by the firm’s staff. Department of Enforcement v. First Financial Equity…
William Norris Jordan Jr., of Philadelphia, Pennsylvania, a stockbroker with Kildare Capital, Inc., was named in a Complaint by Financial Industry Regulatory Authority (FINRA) Department of Enforcement alleging that Jordan partook in a deceptive and fraudulent scheme concerning round trips of municipal securities, charged customers excessive prices, and provided false information to his firm as…
Securities America, Inc., headquartered in Lavista, Nevada, was censured by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding mutual funds purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2015047269801(July 29, 2016). According to the AWC,…
Nathan Silva, of Omaha, Nebraska, a stockbroker with Ameritas Investment Corp., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misconduct against him. Letter of Acceptance, Waiver and Consent, No. 20140426897-01 (July 8, 2016). According to…
Kenneth Daley, of Garden City, New York, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he concealed customer funds and made an unsuitable investment recommendation. Letter of Acceptance, Waiver and Consent,…
Francisco G. Hervella, of Miami, Florida, a stockbroker with Invex Inc., was fined $50,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for two years after consenting to findings that he engaged in unauthorized outside business activities as well as unauthorized private securities transactions. Letter of Acceptance, Waiver…
Bernard G. McGee, of Cazenovia, New York, a stockbroker with Cadaret, Grant & Co., Inc. was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a National Adjudicatory Council Decision containing findings that McGee engaged in fraud, unsuitable recommendations, and unauthorized outside business activities. Department of Enforcement v….
Nathan D. Bartow, of Barberton, Ohio, a stockbroker with Fifth Third Securities, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of mismanagement and conversion of customer funds. Letter of Acceptance, Waiver and Consent, No….
Darrin B. Farrow, of Rocky River, Ohio, a registered representative with Royal Alliance Associates, Inc., was fined $25,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in several unauthorized private securities transactions. Letter of Acceptance, Waiver and…
Ameriprise Financial Services, headquartered in Minneapolis, Minnesota, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to create and adequately maintain a supervisory system to identify and prevent unsuitable trading in closed end funds. Letter of Acceptance, Waiver and Consent, No. 2014039843501 (June 20, 2016)….
Edward Manges, of Philadelphia, Pennsylvania, a municipal securities broker with Kildare Capital, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in a fraudulent trading scheme, and falsified statements to FINRA in the course of an investigation into his misconduct….
Glenn Robert King, of Shrewsbury, New Jersey, a stockbroker formerly with Royal Alliance, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he fraudulently omitted and misrepresented material facts to investors, prompted excessive and unsuitable transactions, and committed unauthorized discretionary trading. Department of…
Francisco Javier Sumavielle, of New York, New York, a stockbroker with Murex Capital, LLC, was fined $12,500.00 and suspended for seven months from associating with a Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized borrowing from customers. Letter of Acceptance, Waiver and Consent, No….
James P. Scullin, of Coral Gables, Florida, a stockbroker with UBS Financial Services Inc., was fined $15,000.00 and suspended for nine-months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent, No. 2014043554601 (May…
David Newman, of Duncan, Oklahoma, a stockbroker with First Western Securities, was fined $15,000.00 and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015046649901 (May 20, 2016). According to…
Gary Lee Rathbun and Douglas Scott Miller, both of Toledo Ohio, and stockbrokers for Triad Advisors, Inc., were permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after engaging in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2014041919401 (May 17, 2016). According to the AWC,…
Kovack Securities, Inc., headquartered in Fort Lauderdale, Florida, was censured and fined $125,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts, in addition to failing to develop and manage the requisite supervisory practices to ensure that eligible customers received sales charge…
Justin K. Wine, of Cherry Hill, New Jersey, a stockbroker with LPL Financial LLC, was fined $12,500.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2012033934201(May…
Equinox Securities, based in Redland, California, was expelled as a Financial Industry Regulatory Authority (FINRA) member firm, and the firm’s chief executive officer, Stephen Michael Oliveira, was permanently barred from associating with any FINRA member firm in a principal capacity, in connection with an Order Accepting Offer of Settlement containing findings that Equinox excessively traded…
Terry L. Haggerty, of Kenosha, Wisconsin, president and chief executive officer of Penvest Securities, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in securities fraud; and failed to supervise his and his firm’s trading conduct to prevent fraudulent trading…
Peyton Nelson Jackson, of New York, New York, was fined $20,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2012032095801 (Apr. 28, 2016). According to the AWC, FINRA launched…
World Equity Group, Inc., headquartered in Arlington Heights, Illinois, was fined $50,000.00 and censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise unsuitable and excessive equity trading. Letter of Acceptance, Waiver and Consent, No. 2014039231401 (Apr. 25, 2016). According to the AWC, from November 2009 through September…
William H. Jennings II, of New York, New York, a securities principal with Jefferies LLC, was fined $30,00.00 and suspended in a principal capacity for three months, and had his principal license revoked after consenting to findings that he failed to supervise representatives who made misrepresentations to firm customers. Letter of Acceptance, Waiver and Consent,…
John R. McKinstry Jr., of Saint Louis, Missouri, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate in an investigation into allegations of whether McKinstry engaged in unsuitable recommendations and unauthorized lending agreements with customers. Letter of Acceptance,…
MetLife Securities, Inc., headquartered in New York, New York, was censured and fined $20,000,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm made negligent omissions and misrepresentations concerning annuity products, and failed to supervise annuity transactions. Letter of Acceptance, Waiver and Consent, No. 20140408700001 (May 3, 2016). According to the…
David Michael Miller, of Columbus, Ohio, a stockbroker with Huntingdon Investment Company, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Office of Hearing Officers Default Decision containing findings that Miller engaged in unsuitable recommendations and negligent misrepresentations concerning customer accounts. Department of Enforcement v….
Robert Turpin, of Scottsdale, Arizona, a stockbroker with Source Capital Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his private securities transactions. Letter of Acceptance, Waiver and Consent,…
Feltl & Company Corporation, headquartered in Minneapolis, Florida, was censured and fined $250,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; for failing to develop and manage the requisite supervisory practices to ensure eligible customers received sales charge discounts on UIT…
INVEST Financial Corporation, headquartered in Tampa, Florida, was censured and fined $175,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and for failing to develop and manage the appropriate supervisory practices to ensure eligible customers received sales charge discounts on UIT…
John S. Hudnall, of San Francisco, California, a stockbroker with U.S. Bancorp Investments and Bancwest Investments Services, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Hudnall engaged in unauthorized private securities transactions, unsuitable recommendations, and made false representations to FINRA regarding his misconduct. Department of Enforcement…
Bruce William McNabb, of San Antonio, Texas, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was fined $50,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in an unauthorized private securities transaction. Letter of Acceptance,…
RBC Capital Markets LLC, headquartered in New York, New York, was censured and fined $225,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and for failing to develop and manage the requisite supervisory practices to ensure eligible customers received sales charge…
Leonard Allen Goldberg, of Palm Springs, California, a stockbroker with Newport Coast Securities, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Order Accepting Offer of Settlement containing findings that Goldberg engaged in unsuitable and fraudulent trading of funds in customer accounts. Department of Enforcement…
George Dahl, of New York, New York, a stockbroker with Newport Coast Securities, was fined $20,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized outside business activities; placed unauthorized trades in a customer’s account; and…
Triad Advisors LLC, headquartered in Norcross, Georgia, was censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and failed to develop and adequately implement supervisory policies and procedures to ensure that such customers received sales charge discounts on all…
Kenneth Lynn Miller, of Greeneville, Tennessee, a registered representative with FTB Advisors, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 20160490980-01 (Mar….
Lance E. Slater, of Mt. Laurel, New Jersey, a stockbroker with Morgan Stanley, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to cooperate in a FINRA investigation into allegations of unauthorized borrowing of funds from a firm customer. Letter of Acceptance, Waiver and Consent,…
Edward Beyn, of Syosset, New York, a stockbroker with Craig Scott Capital LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Beyn engaged in excessive trading or churning of his firm’s customers’ accounts. Department of Enforcement v. Beyn, No. 2015044823502 (Mar. 16, 2016). According to the Complaint,…
Steven D. Ridgley, of Louisville, Kentucky, a stockbroker with Waddell & Reed, was fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014043025703…
Lombard Securities Inc., headquartered in Baltimore, Maryland, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) pursuant to an Order Accepting Offer of Settlement containing findings that the firm committed supervisory violations pertaining to mutual fund switches, uniform investment trusts (UITs), and non-traditional exchange traded funds (ETFs); and failed to provide customers with…
Most stockbrokers get barred for failure to cooperate, but not this one. Jeffrey E. Rodgers, of Bend, Oregon, a stockbroker with Morgan Stanley, was suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Order Accepting Offer of Settlement containing findings that Rodgers engaged in unauthorized…
Giustino Destefano, of Williamsville, New York, a stockbroker with Merrill Lynch, was fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading and mismarked customers’ order tickets as unsolicited. Letter of Acceptance, Waiver and…
Harold Joseph Petro, of Indianapolis, Indiana, a stockbroker with Merrill Lynch, was fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014040640101 (Mar….
Jeffrey S. Ingros, of Beaver, Pennsylvania, a stockbroker with Raymond James Financial Services, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he engaged in unauthorized loans and outside business activities….
Lev Slootsky, of New York, New York, a stockbroker with Goldman, Sachs & Co., was fined $15,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized private securities transactions and outside business activities. Letter of Acceptance,…
Matthew Edward O’Callaghan, of New York, New York, a stockbroker with Odeon Capital Group LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to cooperate in a FINRA investigation into allegations that O’Callaghan stole customer funds. Letter of Acceptance, Waiver…
Thomas P. Schober, of Westborough, Massachusetts, a stockbroker with SII Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he made unsuitable recommendations to customers and attempted to conceal his misconduct to his firm. Letter of Acceptance, Waiver and Consent, No. 2015044007001 (Mar. 3,…
Robert O’Keef, of Milwaukee, Wisconsin, a stockbroker with RBC Capital Markets, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014040938602 (Feb. 23,…
Robert G. Stein, of Worcester, Massachusetts, a stockbroker with Capital Securities Management, was fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made unsuitable recommendations and prompted unsuitable sales of reverse convertible notes. Letter of Acceptance, Waiver and…
Karen Hajek, of Saint Petersburg, Florida, a stockbroker with Cetera Financial Specialists, LLC, was recently fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after Hajek consented to findings that she engaged in multiple undisclosed outside business activities. Letter of Acceptance, Waiver and Consent,…
Joel S. Bovee, of Wayzata, Minnesota, a stockbroker with Feltl & Company, was fined $5,000.00 and suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in a principal capacity after consenting to findings that he had failed to supervise a stockbroker who engaged in unsuitable transactions. Letter of Acceptance, Waiver…
Kevin Patrick Murphy of Summit, New Jersey, a stockbroker with TGP Securities, Inc., was fined $10,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No….
Michael Rene Lavelanet, of Garden City, New York, was charged by the Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Lavelanet willfully failed to disclose an estimated $382,490.00 in state warrants and federal tax liens via Form U4 updates, as well as falsely attesting the annual compliance questionnaire administered by Woodstock regarding such…
Walter Francis Grenda, Jr., of Buffalo, New York, a stockbroker with Mid Atlantic Capital Corporation was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities per an Order Accepting Offer of Settlement containing findings that he engaged in fraudulent omissions and misrepresentations, engaged in improper loans from the…
George Johnson, of Chicago, Illinois, a stockbroker for Meyers Associates, L.P., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with an Order Accepting Offer of Settlement containing findings that Johnson committed fraudulent market manipulation; fraudulent omission of material conflicts concerning purchases/sales of a security;…
Christopher Wynne, of Chicago, Illinois, a stockbroker with Meyers Associates, L.P., was fined $25,000.00, barred from acting as a principal in any Financial Industry Regulatory Authority (FINRA) member firm, and received a two-year suspension from associating with any FINRA member firm in any capacity per an Order Accepting Offer of Settlement containing findings that Wynne…
Alton Securities Group, Inc. located in Alton, Illinois, was censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had an inadequate supervisory system pertaining to non-traditional exchange traded funds and non-traditional mutual funds, caused unsuitable recommendations to be made to customers, and caused excessive markups/markdowns on municipal debt…
Matthew D. Maberry, of Alton, Illinois, was fined $10,000.00, suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity, and ordered to pay restitution of $38,445 after consenting to findings that he failed to supervise non-traditional exchange traded funds and made unsuitable recommendations to customers. Letter of Acceptance, Waiver and Consent,…
Wade James Lawrence was a stockbroker at Dallas Fort Worth area offices of Oppenheimer & Co., Inc.and Southwest Securities. Mr. Lawrence is now headed to jail for a three year prison term, and was ordered to pay restitution of $1,454,384.48, by a North Texas Federal Judge, See Case No. 3:15-cr-374- M: United States of America…
James W. Anderson of Oklahoma City, Oklahoma, a stockbroker with WFG Investments, Inc., was fined $15,000 and suspended for fifteen months from associating with a Financial Industry Regulatory Authority (FINRA) member firm in all principal capacities after consenting to findings that he failed to supervise a stockbroker who engaged in unsuitable trading. Letter of Acceptance,…
Purshe Kaplin Sterling Investments , based in Albany, New York, and its stockbroker Gopi Krishna Vungarala, of Midland, Michigan, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging misrepresentation and omission of a material fact in connection with the sale of securities ; failure to disclose volume discounts ;…
MidAmerica Financial Services, located in Joplin, Missouri, was censured and fined $150,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish and maintain supervisory systems associated with placements and deferred variable annuities. Letter of Acceptance, Waiver and Consent, No. 2014039194101 (Jan. 30, 2016). FINRA canceled the firm’s…
Michael William Hajeck III of St. Petersburg, Florida, a stockbroker with Genworth and Cetera Financial Services, LLC, was fined $35,000 and suspended for eighteen months by Financial Industry Regulatory Authority (FINRA) from associating with a FINRA member in any and all capacities after consenting to findings that he engaged in undisclosed outside business activities and…
Morissa F. Rivo of Boca Raton, Florida, a registered representative with Signator Investors, Inc., was barred by Financial Industry Regulatory Authority (FINRA) from associating with any member in any capacity in connection with Rivo’s failure to cooperate with a FINRA investigation into allegations of Rivo’s misconduct. Letter of Acceptance, Waiver and Consent, No. 2014041961001 (Jan….
Steve Hinkle of Englewood, Colorado, was fined $10,000 and suspended for twenty days from association with any Financial Industry Regulatory Authority (FINRA) member in all principal capacities after consenting to findings that he failed to supervise procedures associated with detecting and preventing excessive and unsuitable trading. Letter of Acceptance, Waiver and Consent, No. 2014038969301 (Jan….
Thomas Edmund Connors, of Toms River, New Jersey, a stockbroker with Prime Capital Services, Inc., was fined $40,000 and suspended for fourteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity in connection with a FINRA Office of Hearing Officers Hearing Panel Decision containing findings that Connors engaged in undisclosed…
Michael Roger Griffith of Timonium, Maryland, a stockbroker with NYLIFE Securities LLC, was barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had submitted fictitious applications for life insurance and forged customer signatures without authorization. Letter of Acceptance, Waiver and Consent, No. 2015046129301 (Jan….
Michael A. Nahass of Irvine, California, a stockbroker with Arque Capital, was fined $15,000.00 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in undisclosed outside business activities, opened an undisclosed outside securities account, and submitted false compliance questionnaires. Letter of…
Carlos Benavidez, Jr., of Louisville, Kentucky, a stockbroker with Waddell & Reed, was fined $10,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for two months after consenting to findings that he exercised discretion in eighty customer accounts without prior written authorization from the customers or…
Katherine Lapidoth of Aventura, Florida, a stockbroker with Wells Fargo Advisors, has been suspended for two years from association with any Financial Industry Regulatory Authority (FINRA) member and fined $15,000 in connection with an Office of Hearing Officers Order Accepting Offer of Settlement that contained findings that Lapidoth provided false information to regulators and failed to…
Stifel, Nicolaus & Company, Inc., headquartered in St. Louis Missouri, was censured and fined $200,000; while one of the firm’s supervisors, Kurt LaLomia of Baltimore, Maryland, was fined $15,000 and suspended for thirty-one days from association with any Financial Industry Regulatory Authority (FINRA) member firm in any principal capacity, after consenting to findings that from…
Liberty Associates, Inc. of New York, New York, was censured and fined $3,500.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish, maintain, and enforce adequate supervisory procedures concerning private placements. Letter of Acceptance, Waiver and Consent, No. 2013035239001 (Dec. 29, 2015). According to the AWC, from…
Merrill Lynch, Pierce, Fenner & Smith Inc. of New York, New York, was censured and fined $1,250,000 after consenting to findings of the firm’s failure to fingerprint or timely fingerprint associated persons; failure to adequately screen for statutory disqualification; failure to create required documents; and failure to establish and maintain an adequate supervisory system and…
Oppenheimer & Co., Inc., of New York, New York, was censured and fined $225,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed have adequate supervisory procedures to address short positions in tax-exempt municipal bonds that resulted primarily from trading errors and which resulted in inaccurate representations to Oppenheimer’s clients….
John D. Wiswell of Stuart, Florida, a stockbroker with American Portfolio Financial Services, was fined $5,000 and suspended for fifteen business days from association with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that she failed to supervise a Stockbroker’s conduct in order to prevent unsuitable recommendations from…
Carl W. Busch of Oklahoma City, Oklahoma, a Stockbroker with WFG Financial, was fined $5,000 and suspended in all principal capacities from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he failed to adequately supervise the sales practice of Larry Michael Crabtree, a Stockbroker of WFG, who had…
Larry Michael Crabtree of Edmond, Oklahoma, a stockbroker with WFG Investments, Inc., was suspended for six-months in all capacities from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that Crabtree engaged in unsuitable trading and improperly exercised discretion in the account of a customer; sent inappropriate and unapproved communications…
Craig Scott Capital, LLC, headquartered in Uniondale, New York, along with owners Craig Scott Taddonio and Brent Morgan Porges, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that the firm and its owners had engaged in excessive and unsuitable trading, fraudulent churning, and other supervisory failures. Department of…
Barclay’s Capital, Inc., headquartered in New York, New York, was censured and fined $3,750,000 after consenting to findings that the firm had inadequate supervisory systems and written supervisory procedures for supervising the sale of mutual funds to retail brokerage customers. Letter of Acceptance, Waiver and Consent, No. 2015044544001 (Dec. 18, 2015). According to the AWC,…
John Soon Lee, a stockbroker with Wunderlich Securities, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers Default Decision containing findings that Lee converted customer funds and failed to provide requested information and testimony to FINRA in connection with an investigation into allegations…
Quest Capital Strategies, Inc. of Miami, Florida, was censured and fined $25,000 from the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish adequate supervisory systems and written supervisory procedures pertaining to supervision of mutual funds sales, supervision of accounts to prevent overcharging of customers, and other compliance…
Valentino Infante of Miami, Florida, a Stockbroker with Wells Fargo Advisors LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Office of Hearing Officers Default Decision containing findings that Infante engaged in outside business activities without providing his employer with prior written notice; provided false…
Aon D. Miller of Chattanooga, Tennessee, a stockbroker with Benjamin F. Edwards & Company, was fined $50,000 and suspended for two years from association with any Financial Industry Regulatory Authority (FINRA) member per an FINRA Extended Hearing Panel Decision which contained findings that Miller engaged in private securities transactions without providing prior written notice to…
Yinyi Chen of Alhambra, California, a stockbroker with Fortune Securities, Inc., was fined $7,500.00 and suspended for thirty days from association with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that she failed to supervise the investment-advisory activities of a Stockbroker’s private securities transactions. Letter of Acceptance, Waiver…
Craig G. Langweiler of Philadelphia, Philadelphia, a registered representative with Meyers Associates, L.P., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Langweiler had willfully failed to update his Uniform Application for Securities Industry Regulation or Transfer (Form U4) to timely disclose tax liens and civil judgments. Department…
John Charles Kautter of Bethesda, Maryland, a registered representative with New England Securities, was suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities in connection with an Order Accepting Offer of Settlement containing findings that he had facilitated an unapproved loan transaction. Department of Enforcement…
William H. Watson III of Brookfield, Wisconsin, a registered representative with Finance 500, was fined $5,000 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for ten business days after consenting to findings that he had participated in securities offerings using marketing materials that were not fair and…
Barry David Abrams of Marlton, New Jersey, a registered representative with Securities Service Network, Inc., was fined $5,000 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for a period of fifteen business days after consenting to findings that he had engaged in unauthorized discretionary trading in…
Lori A. Hermanson of Greenwood Village, Colorado, a registered representative with TransAmerica Financial Advisors, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Hermanson had converted funds and engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015047979601 (Dec….
Fidelity Brokerage Services, headquartered in Smithfield, Rhode Island was censured, fined $500,000, and ordered to pay customers restitution of $529,270 plus interest after consenting to findings that the firm had failed to prevent or detect conversion of more than $1,000,000 from nine Fidelity customers by a convicted felon; and failed to establish and maintain adequate…
Samuel Wylie Sloane of Fort Worth, Texas, a registered representative with Morgan Stanley, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had failed to comply with a FINRA investigation into allegations of Sloane’s conversion of customer funds. Letter of…
Rick Esparza of Rancho Murieta, California, a registered representative with Princor Financial Services Corporation, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had failed to comply with a FINRA investigation into allegations of Esparza’s participation in unauthorized loans. Letter…
Pariter Securities, LLC, headquartered in Guaynabo, Puerto Rico, was censured and fined $10,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to adequately establish, maintain and enforce a supervisory system and written supervisory procedures to prevent its registered representatives from exercising discretionary power in customer accounts prior to…
Finance 500, Inc., headquartered in Irvine, California, was censured and fined $85,000 from Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish, maintain and enforce a supervisory system and written procedures to review and monitor private placements sales practices and materials. Letter of Acceptance, Waiver and Consent, No….
Paul D. Garnett of Beatrice, Nebraska, a registered representative for Edward Jones, was fined $40,000 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he participated in unauthorized private security transactions and an outside business activity. Letter of Acceptance, Waiver and…
James S. Witter of Garden City, New York, a registered representative with Royal Alliance Associates, Inc., was fined $5,000 and suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that Witter failed to reasonably supervise a registered representative who engaged in unsuitable…
Comprehensive Asset Management and Servicing, Inc. (CAMS), headquartered in Parsippany, New Jersey, was censured and fined $475,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to meet supervisory obligations including 1) the review and retention of consolidated reports; 2) private securities transactions; and 3) variable annuities. Letter of…
Lincoln Financial Advisors, located in Fort Wayne, Indiana, was censured and fined $90,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to adequately supervise the activities of a registered representative who engaged in unsuitable penny stock trading. Letter of Acceptance, Waiver and Consent, No. 2011029739902 (Dec. 8, 2015). According…
Keilen Dimone Wiley of Houston, Texas, a registered representative with Farmers Financial, LLC, was found by the Securities and Exchange Commission to have converted insurance premium payments and provided false and misleading information to a self-regulatory organization (Financial Industry Regulatory Authority) during an on-the-record interview. In the Matter of the Application of Keilen Dimone Wiley,…
J.P. Turner & Company, based in Atlanta, Goeorgia, was censured and fined $140,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had not charged customers prices that were fair and reasonable in the purchase/sale of securities. Letter of Acceptance, Waiver and Consent, No. 20130358778 (Nov. 25, 2015). According to the…
John Michael Leone, a non-registered associated person with Merrill Lynch, Pierce, Fenner & Smith, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member frim in any capacity after consenting to findings that he attempted to convert customer funds. Letter of Acceptance, Waiver and Consent, No. 2015045761101 (Dec. 1, 2015). According to the…
Brickell Global Markets, also known as E.S. Financial Services, Inc., based in Miami, Florida, was censured and fined $275,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had charged customers unreasonable fees, failed to deliver prospectuses, allowed unauthorized individuals to direct trading in accounts, among other violations. Letter of Acceptance,…
David J. Sullivan of Boston, Massachusetts, a registered representative with J.P. Morgan Securities LLC, was fined $5,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for fifteen days after consenting to findings that he engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent No….
FTB Advisors, Inc., Inc. was censured and fined $125,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably…
Leon William Vaccarelli of Waterbury, Connecticut, a registered representative with The Investment Center, Inc., was fined $7,500 and suspended for one month from associating in any and all capacities with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that Vaccarelli exercised unauthorized discretion in customer accounts. Letter of Acceptance, Waiver and…
Timothy Rodgers of Overland Park, Kansas, a registered stockbroker with Wells Fargo Advisors, LLC, was fined $10,000 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had engaged in unauthorized private securities transactions and made false statements to his firm…
Woodbury Financial Services, Inc., of Oakdale, Minnesota, was censured and fined $100,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written…
Joseph R. Holzhause of Henderson, Nevada, a registered representative with Waddell & Reed, was barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had signed and distributed to a third party a false and materially misleading letter, failed to…
Jeffrey L. Rittberger of New Concord, Ohio, a stockbroker associated with Huntington Investment Company, was fined $10,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he made unsuitable recommendations to firm customers. Letter of Acceptance, Waiver and Consent, No. 2013036874902…
Dennis P. Van Patter of Dallas, Texas, a registered representative with VSR Financial Services, Inc., was fined $10,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he made unsuitable recommendations to firm customers. Letter of Acceptance, Waiver and Consent, No….
Royal Alliance Associates, Inc. was censured and fined $225,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably…
Robert N. Adrian of Memphis, Tennessee, a registered representative with Stifel, Nicolaus & Company, was fined $5,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all principal capacities after consenting to findings that he failed to supervise a registered representative in a manner designed to detect the…
David Paul Rankin, Jr. of Lexington, Kentucky, a registered representative with Lexington Investment Company, Inc., was fined $5,000 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacities after consenting to findings that he obtained loans from customers in violation of his firm’s policies. Letter of Acceptance,…
Mark J. Ciriaco of Omaha, Nebraska, a registered representative with Securian, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2014042879701 (Nov. 20, 2015). According to the AWC, in…
Glen Robert King of Shrewsbury, NJ, a registered representative with Buckman, Buckman & Reid, Inc., was charged by the Department of Enforcement of Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that King made fraudulent misrepresentations to customers, engaged in excessive and unsuitable trading, and exercised discretion in accounts of customers without written authority….
Christian B. Harkness of Lacrosse, Wisconsin, a registered representative with Stifel, Nicolaus & Company, Inc., was fined $15,000 and suspended for nine months fromChristian B. Harkness associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had engaged in unauthorized borrowing from a customer, engaged…
ProEquities, Inc. was censured and fined $165,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed to…
Katherine Lapidoth of Aventura, Florida, a registered representative with Wells Fargo Advisors, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Lapidoth had provided false information to regulators and failed to comply with a FINRA investigation into her potential misconduct. Department of Enforcement v. Lapidoth, No. 2013039650502…
Indiana Pennsylvania based stockbroker Bernard M. Parker has plenty of tax liens. Since 2006, according to public disclosure records, he appears to have had at least six liens against him for failure to pay his taxes. In fact, Bernard Parker had so many tax liens against him, he began selling tax liens…
On November 5, 2015, by consent, the Securities and Exchange Commission obtained a judgment against George P. Brown, age 81, in connection with an action against George P. Brown and his son Kevin C. Brown, age 49, both of Pennsylvania, and their related entities, for fraud in connection with the sale of various unregistered securities…
BOSC, Inc., of Tulsa, Oklahoma, was censured and fined $25,000 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm sold (or bought) eight corporate bonds to (or from) customers and failed to sell (or buy) such bonds at a price that was fair within eight transactions. Letter of Acceptance, Waiver…
Monex Securities, Inc., of Houston, Texas, was censured and fined $25,000 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm sold (or bought) corporate bonds to (or from) customers and failed to sell (or buy) such bonds at a price that was fair within six transactions. Letter of Acceptance, Waiver…
Daniel Kasbar of Hollywood, Florida, a registered representative with LPL Financial, LLC, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Kasbar engaged in undisclosed outside business activities. Letter of Acceptance,…
Jacob Lerman of Souderton, Pennsylvania, a registered representative of Univest Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations that Lerman had committed forgery on customer documents. Letter of…
Radnor Research and Trading Company, based in the Philadelphia area, was censured and fined $50,000 per an Order Accepting Offer of Settlement containing findings that Radnor disregarded supervisory obligations that resulted in the failure to meet important reporting, disclosure, and compliance responsibilities. Department of Enforcement v. Radnor Research & Trading Company, et al., No. 2013036681701…
Anthony C. Gray of Baton Rouge, Louisiana, a stockbroker with Edward Jones, was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities after consenting to findings that he had misappropriated nearly $138,000 from two elderly customers. Letter of Acceptance, Waiver and Consent, No. 2015047279101 (Oct….
Salena Lynn Woods of Pearland, Texas, a stockbroker with J.P. Morgan Securities, LLC, was permanently barred from associating with any FINRA member in any capacity after consenting to findings that she failed to comply with a FINRA investigation into allegations that Woods misappropriated funds from a firm customer. Letter of Acceptance, Waiver and Consent, No….
Lydia B. Barraza, a stockbroker with Farmers Financial Solutions, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she converted funds from a firm customer. Letter of Acceptance, Waiver and Consent, No. 2015045880301 (Oct. 20, 2015). On June 17, 2015, her…
Liam Gerard O’Keeffe from Danbury, CT, a Stockbroker with Merrill Lynch, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to provide information and documentation requested by FINRA in the course of their investigation into allegations that O’Keeffe exercised discretion…
Tracy Neal Wengert from Mesa, Arizona, a stockbroker with Transamerica Financial Advisors, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to comply with FINRA’s investigation into allegations against Wengert, including that he opened brokerage accounts outside of his…
Randy Warren Burke of Hickory, North Carolina, a stockbroker with Synergy Investment Group, LLC, Capital Investment Group, Inc., and most recently Carlton & Associates, Inc., was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he participated in private securities transactions that were not…
Rodney Dewayne Welch of Minden, Louisiana, a Stockbroker with State Farm, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he failed to comply with an investigation into allegations that Welch mishandled a policyholder’s premium payments. Letter of Acceptance, Waiver and…
Clifford Morgan from Chicago, Illinois, a stockbroker with Uhlmann Price Securities, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had engaged in private securities transactions without approval from his firm; made material misrepresentations to firm customers; and failed to fully and…
Jason L. Figueroa of Boca Raton, Florida, a stockbroker with GMS Group, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had recommended and engaged in unsuitable trading in nontraditional ETFs in customer accounts, while exercising discretion without prior written authority…
Andrew Lyman Quinn of Reno, Nevada, a stockbroker with Stifel, Nicolaus & Company, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with a Hearing Panel Decision containing findings that Quinn failed to respond to FINRA’s requests for information in connection with an investigation…
Joseph R. Daigneault of Biddeford, Maine, a stockbroker with Investors Capital Corp., was fined $10,000 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for twenty days after consenting to findings that he had provided customers with consolidated statements that contained misleading and inaccurate information regarding customers’ financial…
David A. Scholl of Grand Rapids, Michigan, a stockbroker with PlanMember Services Inc., was fined $5,000 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he participated in private securities transactions in violation of his firm’s policies. Letter of Acceptance,…
Wunderlich Securities, Inc., a FINRA member firm located in Memphis, Tennessee, was censured and fined $50,000 after consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm had failed to establish, maintain, and enforce an adequate supervisory system and written procedures concerning the preparation and dissemination of consolidated reports, while also failing to supervise…
James G. Christianson from Portland, Oregon a Stockbroker with Wells Fargo Advisors, LLC, was suspended for fifteen days from association with all Financial Industry Regulatory Authority (FINRA) members and fined $10,000 after consenting to findings that he exercised discretion in three accounts of a customer without obtaining written authorization from the customer and without written…
Marc A. Arena of Westbury, New York, a stockbroker with Newport Coast Securities, Inc., was suspended for twenty-three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in a principal capacity, while being suspended for ten business days from association with any FINRA member firm in any capacity per an Order Accepting…
Capital Securities Management, Inc., a brokerage firm and investment adviser firm from Glenn Allen, Virginia, was censured and fined $470,000 after consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm engaged in unsuitable sales of reverse convertible notes; charged excessive commissions; failed to establish, maintain, and enforce an adequate supervisory system and written…
Fred Perelman, a Stockbroker with Avenir Financial Group, was charged by Financial Industry Regulatory Authority Department of Enforcement in a Complaint alleging that Perelman failed to cooperate in a FINRA investigation into Perelman’s outside business activities and business practices within Avenir. Department of Enforcement v. Perelman, No. 2015047104201 (Oct. 18, 2015). According to the Complaint,…
Andrew M. Abern, a Stockbroker with Dalton Strategic Investment Services Inc., was permanently barred from association with any member of Financial Industry Regulatory Authority (FINRA) in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into Abern’s recommendations to customers regarding variable annuities. Letter of Acceptance, Waiver, and Consent,…
Heon Kim, a Stockbroker with Ameritas Investment Corporation, was barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to FINRA findings that he failed to cooperate in an FINRA investigation into allegations that Kim had engaged a non-licensed individual to solicit and sell variable products…
Aaron Heimowitz, a Stockbroker with Newport Coast Securities, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for a period of seven months and fined $15,000 after consenting to findings that Heimowitz participated in private securities transactions and outside business activities in violation of firm policies. Letter of…
Brodie Johnson, a Stockbroker with Merrill Lynch, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Johnson had failed to provide information and documentation pursuant to a FINRA investigation into Johnson’s alleged outside business activities and trading in personal accounts. Letter of Acceptance,…
Paul Anthony Steffany, a Stockbroker with Raymond James, was permanently barred from association with any Financial Industry Regulatory Industry (FINRA) after consenting to findings that he converted funds from his firm’s customer, while also forging the signature on checks made payable to the estate of an individual. Letter of Acceptance, Waiver, and Consent, No. 2014041650301…
Santander Securities, LLC, was censured, fined $2,000.000.00, and ordered to pay restitution of roughly $4,300,000.00 after consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm had failed to have a reasonably designed supervisory system and set of procedures pertaining to sales of Puerto Rico Municipal Bonds to customers in Puerto Rico, and had…
Joseph Murray Snyder III, a Stockbroker with Allstate Financial Services, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to cooperate with FINRA in their investigation into allegations of Synder’s misappropriation of customer funds. Letter of Acceptance, Waiver, and Consent, No. 2014040233501 (Oct….
Stockbroker J. Michael Casas was barred by Financial Industry Regulatory Authority (FINRA) in any and all capacities and ordered to pay restitution in connection with an Extended Hearing Panel Decision containing findings that Casas had fraudulently sold securities issued by his company on the basis of false statements of material fact and that Casas converted…
Darnell A. Deans, a Stockbroker with Garden State Securities, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for eight months and fined $10,000 per an Office of Hearing Officers Settlement containing findings that Deans had borrowed funds in violation of his firm’s policies. Department of Enforcement…
David D. Lewis, who held the positions of chairman, chief executive officer, chief compliance officer, and compliance registered options principal with First Washington Corporation, was suspended from association with all Financial Industry Regulatory Authority (FINRA) members in all capacities for two years and fined $30,000 per an Office of Hearing Officers Settlement containing findings that…
Jeffrey D. Daggett, a Stockbroker with Wells Fargo Advisors, received a four-month suspension from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity, as well as a $20,000.00 fine after consenting to findings that he recommended unsuitable transactions in exchange trade notes, as well as leveraged and inverse leveraged exchange traded…
Joseph R. Butler, a Stockbroker with Woodbury Financial Services, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm after the National Adjudicatory Council confirmed a Hearing Panel Decision barring Butler for converting customer’s funds and submitting a false annuity beneficiary change request. In the Matter of Department of Enforcement…
Paul Joseph Godlewski, a Stockbroker with Allstate Financial Services, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that he engaged in unapproved outside business activities and failed to follow his firm’s…
Sylvester King Jr., a Stockbroker with Morgan Stanley Smith Barney LLC, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for eighteen months and fined $35,000 after consenting to findings that he circumvented his firm’s policies and procedures, made an unauthorized loan to a customer, and engaged…
Michael A. Lovett, a compliance officer with Cape Securities, Inc., was suspended from association in a principal capacity with any Financial Industry Regulatory Authority (FINRA) member firm and fined $5,000 after consenting to findings that he failed to adequately supervise the establishment of the firm’s supervisory system to detect and prevent conversion of customer funds….
Patrick Landon Garrett, a Stockbrokerwith Robert W. Baird & Co. Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made verbal misrepresentations to a customer, misused customer funds, and falsified firm documents. Letter of Acceptance, Waiver, and Consent, No. 2014040147501 (Aug….
Malcolm Jamal Babin, a Stockbrokerwith PFS Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations that Babin had converted customer funds. Letter of Acceptance, Waiver, and Consent No. 20150454876-01 (July 30, 2015). Babin…
Troy Mackey, a Stockbrokerwith Morgan Stanley, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that Mackey failed to cooperate in FINRA’s investigation into allegations that Mackey converted funds from two minor relatives. Letter of Acceptance, Waiver, and Consent, No. 4466980. (July 16, 2015). Mackey is barred…
Andre Paul Young, a registered representative with MetLife Securities, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he improperly borrowed $208,000 in funds from customers in violation of his firm’s policies, and failed to cooperate with a FINRA investigation into allegations of…
Armen Bahadourian, a registered representative with UnionBanc Investment Services, LLC, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacities for eighteen months in addition to being fined $10,000 and disgorged of $6,880.75 in commissions after consenting to findings that he executed fifteen unauthorized transactions in the accounts of…
Terri Lynn Anderson, a registered representative with Cetera Financial Specialists, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Anderson had failed to provide information and documentation in connection with an investigation into allegations that Anderson played a part in misusing customer…
Rice Alexander Jacobs, a registered representative with TD Ameritrade, Inc., was permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to provide information and documentation in connection with an investigation into allegations that Jacobs converted a local organization’s funds. Letter of Acceptance, Waiver, and Consent No. 20150439952 (Mar. 11, 2015). According to the AWC,…
Kirsten Flynn Hawkins, a registered representative with SunTrust Investment Services, Inc., was permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to provide information and documentation in connection with an investigation into allegations that Hawkins stole funds from her firm’s customer. Letter of Acceptance, Waiver, and Consent No. 20149437894 (Mar. 23, 2015). According to…
Louis James Deeley, a registered representative with JPMorgan Chase Bank, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that Deeley converted $24,014 from a firm customer’s bank account for his own use and benefit. Letter of Acceptance, Waiver, and Consent No. 20140437239…
Kamran Daryush Nougzust, a registered representative with Wells Fargo Advisors, was permanently bared from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into Nougzust’s alleged conversion of a bank’s trust funds. Letter of Acceptance, Waiver,…
Daniel Gregory Retzke, a registered representative with Edward D. Jones & Co., L.P., was permanently bared from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into Retzke’s alleged private securities offerings. Letter of Acceptance, Waiver,…
Brian Scott Exford, a registered representative with IBN Financial Services, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after failing to appear for on-the-record testimony in connection with an investigation into allegations that Exford engaged in a private securities transaction. Letter of Acceptance, Waiver,…
Tricia Denise Willis, a registered representative with People’s Securities, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that she converted funds from a customer of her firm and forged a customer’s signature without authorization. Letter of Acceptance, Waiver, and Consent No. 20130392989…
Ralph W. Savoie, a registered representative with Cambridge Investment Research, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Savoie misappropriated in excess of $665,000.00 from a firm customer….
Jeffrey A. Mohlman, a registered representative with Questar Capital Corporation, was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to allegations that he had failed to cooperate with FINRA’s investigation into allegations that Mohlman engaged in unapproved and undisclosed private securities transactions. Letter of Acceptance, Waiver,…
Aldo Comuzzi, a registered representative with Dawson James Securities Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation in connection with allegations that Comuzzi improperly utilized discretion without written approval in certain of…
Lombard Securities Incorporated was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to meet a myriad of supervisory responsibilities including written supervisory procedures designed to supervise the sale of leveraged, inverse, and inverse-leveraged exchange traded funds, prevent unsuitable mutual fund switching, and apply sales charge discounts to customers’…
Andre Mitchell, a registered representative with MetLife, was permanently barred from associating with any FINRA member firm in any capacity after Financial Industry Regulatory Authority’s Office of Hearing Officers found Mitchell to have converted customer funds in addition to failing to cooperate in a FINRA’s investigation. Department of Enforcement v. Mitchell, No. 2013035618602 (Sept. 28,…
Royce O. Simpson, a registered representative with Oppenheimer & Co. Inc., was suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity and faced a $15,000.00 fine after consenting to findings that he engaged in outside business activities without approval of his firm, while also failing to timely respond to…
Matthew Roger Quinn, a registered representative with Fifth Third Bank, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide on-the-record testimony in connection with an investigation into allegations that Quinn had stolen funds from elderly customers. Letter of Acceptance, Waiver, and Consent, No….
Bart James Ellis, a registered representative with Ameriprise Financial Services, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) firm in any capacity after FINRA’s Office of Hearing Officers rendered a Default Decision finding that Ellis had falsified customer account documents, exercised unauthorized discretion in a customer’s account, and failed to…
Tammy C. Peterson, a registered representative for Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to FINRA findings that Peterson had converted approximately $107,378 from four of her firm’s customers for her own personal benefit and use. Letter…
Sam M. Stull, a registered representative for J.P. Morgan Securities LLC, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities after consenting to findings that Stull forged the signatures of several customers and failed to cooperate with FINRA in their investigation into allegations of Stull’s misconduct. Letter…
Daniel Hillius, a registered representative with Wells Fargo Advisors, LLC, was permanently barred from association with any FINRA member firm in any capacity after consenting to Financial Industry Regulatory Authority (FINRA) findings that he misappropriated and forged another person’s check while converting funds for his own benefit. Letter of Acceptance, Waiver, and Consent No. 2014041988001…
James Alexander Torres, a registered representative with Global Arena Capital Corp., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to FINRA findings that Torres made material misrepresentations and omitted material facts in connection with securities transactions, excessively traded and churned customer accounts, and engaged in unsuitable recommendations of…
Richard Edward Bohack, a trading and operations principal with Global Arena Capital Corp., was permanently barred form associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that Bohack had failed to appropriately provide supervision of brokers at Global Arena’s sixth avenue branch firm, which included the failure…
Kevin Edward Hagan, a trading and operations principal with Global Arena Capital Corp, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity and fined $15,000 in connection with findings that Hagan had failed to appropriately discharge his responsibilities as supervisor for his branch, including failures as designated…
Robert C. Marrone, a registered representative with Morgan Stanley, was permanently barred form association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to FINRA findings that Marrone failed to cooperate in an investigation into allegations that Marrone engaged in unauthorized trading and discretion without authorization in client accounts. Letter of…
Willard L. Golightly, a principal with WFG Investments, Inc., was permanently barred from association with a Financial Industry Regulatory Authority (FINRA) member firm in all principal capacities and barred from associating with a FINRA firm in all capacities for three months after consenting to findings that Golightly had failed to properly supervise sales practices of…
Raymond Daniel Schmidt, a registered representative with LPL Financial, LLC, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) regulated broker-dealer in any capacity after consenting to findings that he engaged in prohibited customer loans, undisclosed outside business activities, made false statements to a FINRA broker-dealer, and failed to cooperate with regulators…
Christopher Frederic Veale, a registered representative who worked at eighteen brokerage firms in 18 years, 7 of which were expelled by FINRA, was charged by the Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Veal failed to provide written documentation, information, and on-the-record testimony concerning an investigation into potential violations of securities laws….
Alex P. Anderson, a registered representative with Cetera Financial Services, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he misused at least $75,000 from one of his firm customer’s retail bank accounts for his own benefit. Letter of Acceptance, Waiver, and…
Philip Earl Brunson, a registered representative with PNC Investments and Wells Fargo Advisors, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate with their investigation in connection with allegations that Brunson converted customer funds. Letter of Acceptance,…
Ronald Dunn, a registered representative with Pruco Securities, LLC, was permanently barred by from associating with any Financial Industry Regulatory Authority (FINRA) registered firm after consenting to findings that he had failed to cooperate in an investigation in connection with Dunn’s alleged conversion of customer funds. Letter of Acceptance, Waiver, and Consent, No. 2014042095201 (Apr….
Giovanni L. Acevedo, a registered representative with ING, has been charged by the Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Acevedo stole in excess of $160,000 in customer funds from three clients of the firm for Acevedo’s personal use, while also falsifying information to FINRA regulators during an investigation into Acevedo’s conversion…
Andre Mitchell, a registered rep from MetLife Securities, Inc., was charged by the Financial Industry Regulatory Authority in a Complaint alleging that Mitchell misappropriated monies provided to him by an insurance customer. Department of Enforcement v. Andre Mitchell, No. 2013035618602 (Apr. 20, 2015). According to the Complaint, Mitchell was being investigated by FINRA after his…
Simon Xi, a registered representative with Bedrok Securities was permanently barred from associating with a Financial Industry Regulatory Authority member in any capacity after consenting to Financial Industry Regulatory Authority’s findings that he had recklessly or knowingly made false statements of material facts to customers purchasing or selling fixed-income securities. Letter of Acceptance, Waiver, and…
Daniel R. Colon, a JP Morgan Chase Bank registered representative, was permanently barred from associating with any Financial Industry Regulatory Authority member in any capacity after stealing money from a customer of Chase Bank. Letter of Acceptance, Waiver, and Consent No. 2014043421201 (May 12, 2015). According to the AWC, one of the bank’s customers accidentally…
Michael John Dell’ Olio, a broker with North Atlantic Securities was permanently barred from association with Financial Industry Regulatory Association finding that Dell `Olio failed to cooperate with an investigation into potential violations of federal securities laws. Department of Enforcement v. Michael John Dell’ Olio, No. 2012034939302 (May 4, 2015). FINRA’s Department of Enforcement had…
William Oscar Hardy, a NYLife Securities, was permanently barred by Financial Industry Regulatory Association (FINRA) after consenting to findings that he misused customer insurance premium funds. Letter of Acceptance, Waiver, and Consent No. 2014039881901 (May 4th, 2015). According to FINRA, Hardy was employed with NYLife Securities LLC in May, 2002 through February 21, 2014. The…
Nicholas Harper, a registered representative with Wells Fargo Advisors, LLC, was permanently barred from the securities industry for life after consenting to findings that he failed to cooperate with an investigation into discretionary trading activities. Letter of Acceptance, Waiver, and Consent No. 2013038203401 (May 13, 2015). According to the AWC, Harper was employed with Wells…
Robert Neil Tricarico, formerly a general securities representative with LPL Financial, LLC, was permanently barred from associating with any FINRA member in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into allegations that Tricarico converted customer funds. FINRA Letter of Acceptance, Waiver, and Consent No. 2014043719001…
Mark Douglas Weindling, a former JHS Capital Advisors, LLC registered representative, was permanently barred from associating with any FINRA member in any capacity after consenting to FINRA findings that he failed to provide information and documents pursuant to a FINRA investigation into allegations of unauthorized transactions. FINRA Acceptance, Waiver, and Consent No. 2014041259001 (Apr. 22,…
Richard Ohrn, a former general securities rep with Wells Fargo Advisors, LLC, was permanently barred from associating with any FINRA member capacity after consenting to FINRA findings that Ohrn had converted customer funds, forged/falsified documents, caused his firm’s records and books to be false, and guaranteed a customer against financial loss. FINRA Department of Enforcement…
Aaron R. Parthemer, a former financial advisor with Wells Fargo Advisors, LLC, was permanently barred from association with any FINRA member in any capacity after consenting to FINRA findings that he engaged in unapproved outside business activities, unlawful loans to customers, private securities transactions, false written responses to FINRA pursuant to 8210 requests, and false…
RBC Capital Markets, LLC, a FINRA member broker-dealer since 1993 headquartered in New York, offers dealing, underwriting, asset management, and brokerage services to the public via 5,300 registered reps operating out of 280 branches. The firm was censured, fined $1M, and ordered to pay $433,898.10 in restitution after consenting to FINRA findings that the firm…
Tiffany Danielle Peacock-Asakawa, a former general securities representative with both Raymond James Financial Services, Inc. and Merrill Lynch, was suspended for 10 months from associating with any FINRA-regulated firm in any capacity, while also being subject to a $15,000 fine after consenting to FINRA findings that she had executed trades for customers without being licensed,…
Leonard Allen Goldberg, a former registered representative with both J.P. Turner & Company, LLC, as well as Newport Coast Securities, Inc., has been charged by FINRA’s Department of Enforcement in a Complaint alleging Goldberg engaged in multiple forms of securities fraud; unsuitable mutual fund switching/trading; exercising of discretion without written authorization; falsification of electronic records,…
Bryan Carnahan, a former general securities representative with Huntington Investment Company, was permanently barred from associating with any FINRA member in any and all capacities after consenting to FINRA findings that Carnahan had misappropriated $169,500 from his former firm’s customer. FINRA Letter of Acceptance, Waiver, and Consent No. 2015044908301 (May 1, 2015). According to the…
John Michael Bannon, a former general securities representative with Ausal Financial Partners, Inc., was permanently barred from associating with any FINRA member in any and all capacities after failing to appear for an on-the-record interview in connection with FINRA’s investigation into allegations from a civil complaint which claimed Bannon had converted a minimum of $74,000…
ARI Financial Services, Inc., a FINRA member firm since 2005 headquartered in Kansas, sells private placements directly to investors among other securities via 30 registered reps operating out of 5 branch offices. The firm, along with president and CCO William Candler, were charged by FINRA’s Department of Enforcement in a Complaint alleging various supervisory failures…
Thomas Morley Hogle, a general securities representative formerly associated with B.B. Graham & Company, was permanently barred from association with any FINRA member firm in any capacity after failing to cooperate with a FINRA investigation into allegations that Hogle made unsuitable investment recommendations in his former firm’s account of an elderly customer. FINRA Letter of…
Adam Robert Bollinger from Chandler, Arizona, a former general securities representative with Edward Jones, was permanently barred from association with any FINRA member firm in any capacity after consenting to FINRA findings that Bollinger converted $17,525 from 7 individuals (6 of whom were his firm customers). FINRA Letter of Acceptance, Waiver, and Consent, No. 2015044164801…
Alejandro Ariel Torres, a former general securities representative with Global Strategic Advisors, was permanently barred from association with any FINRA member and ordered to pay restitution of nearly $60,000 to a former customer after consenting to FINRA findings that Torres stole funds from his customers, engaged in outside business activities, falsified firm documents regarding outside…
Phillip Leonard Grasso, formerly a representative of Allstate Financial Services, was permanently barred in any and all capacities with a FINRA regulated entity after FINRA’s Office of Hearing Officers rendered a Default Decision finding that Grasso had misused and converted client funds in violation of FINRA Rules 2010 and 2150(a), engaged in securities fraud in…
Richard Ernest Griffin of Cleveland Ohio, a former general securities representative with Financial America Securities, Inc., was permanently barred in any and all capacities with a FINRA regulated entity after failing to appear and provide testimony in connection with a FINRA investigation into Griffin’s outside business activities. FINRA Letter of Acceptance, Waiver, and Consent No….
Cape Securities, Inc., a FINRA member since 1976 headquartered in McDonough, GA, offers brokerage services via 118 registered reps via its 20 branch offices and 79 non-registered offices. The Firm was censured and fined $125,000 after consenting to FINRA findings that the firm failed to establish and enforce adequate supervisory systems to detect/prevent fraudulent wires…
LPL Financial LLC, a FINRA member since 1973 headquartered in Boston, MA, conducts general securities business via 18,343 registered reps operating out of roughly 10,702 registered branch offices and 18,396 non-registered office locations. The firm was censured and fined $10M after consenting to FINRA’s findings concerning the firm’s failure(s) to adequately supervise ETF, variable annuity,…
Bradley Claus of Greenwood Village, CO, a former securities broker with Transamerica Financial Advisors, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after FINRA found that Claus had made material misrepresentations via his securities sales efforts, along with participating in private securities transactions not approved by his former firm, in…
Broker Dealer Financial Services Corp. (“BDFS”), a FINRA member since 1979 headquartered in West Des Moines, Iowa, provides brokerage services throughout the United States via 270 of its registered reps operating out of 130 branch offices. BDFS was censured and fined for $75,000 by FINRA after consenting to FINRA findings regarding the firm’s failures in…
Cadaret, Grant & Co., Inc., a FINRA member headquartered in Syracuse, NY, offers brokerage services to customers via roughly 935 registered reps throughout over 500 branch offices, and provides a majority of its reps the opportunity to offer insurance to investors not provided via the brokerage firm. The firm was censured and fined $75,000 by…
Francesco Puccio of Pittsford, NY, a former general securities principal and registered rep with Cambridge Investment Research, was permanently barred from association with any FINRA-registered firm in all capacities after failing to cooperate with FINRA’s investigation into allegations that Puccio converted funds from a non-firm customer. FINRA Letter of Acceptance, Waiver and Consent, No. 2015046238101…
Derek Lee Miller of Redondo Beach, CA, a former general securities representative with Securities America, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after failing to appear for on-the-record testimony in connection with FINRA’s investigation into allegations that Miller engaged in unsuitable trading. FINRA Letter of Acceptance, Waiver and Consent,…
Kenneth E. Crosser of Ottumwa, Iowa, a former registered representative with Girard Securities, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after failing to appear for on-the-record testimony in connection with FINRA’s investigation into allegations that Crosser engaged in sales of structured settlement cash flow instruments to multiple investors without…
Glenn A. Moffitt of Henderson, NV, a former general securities representative with Cambridge Investment Research, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after failing to appear for on-the-record testimony in connection with FINRA’s investigation into allegations that Moffitt converted $370,000 from a customer. FINRA Letter of Acceptance, Waiver, and…
Walter Chao of San Mateo, CA, a former general securities principal with LPL Financial, was dealt a 2 year suspension from associating with any FINRA member in any capacity, a $30,000 fine, and lost his FINRA certifications after accepting and consenting to FINRA findings alleging that Chao had sold away from LPL, provided misleading and…
Roman Tyler Luckey of Irvine CA, a former registered principal with Newport Coast Securities, Inc., was fined $15,000 and suspended for practicing for 14 months by FINRA’s National Adjudicatory Council after consenting to FINRA sanctions and findings concerning Luckey’s failure to properly supervise his staff which led to his subordinates excessively trading and churning 24…
SWS is a FINRA member firm who at one point had in excess of 300 registered representatives operating out of various offices throughout the United States selling variable annuities among other investments to customers. On August 13, 2015, the firm concerning tax deferred variable annuities – violating FINRA Rules 2010, FINRA Rule 2030, and NASD…
Michael R. Highfill from Ridgeland, Misssippi, a former general securities representative and general securities sales supervisor with Merrill Lynch, Pierce, Fenner & Smith Inc., was barred from association with any FINRA-registered firm in all capacities after failing to provide information and documentation in connection with FINRA’s investigation into allegations that Highfill solicited and had accepted…
Three individuals from Maryland agreed to settle SEC charges that they had defrauded investors in a company owning and operating commercial and residential real estate, in violation of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, where at least one of…
Between August 2005 and July 2012, Wells Fargo Advisors, together with its predecessor, Wachovia Securities sold more than $12 million of Structured Repackaged Asset-Backed Trust Securities or “STRATS” to its retail customer. Structured Repackaged Asset-Backed Trust Securities Structured Repackaged Asset-Backed Trust Securities are a complex structured product who return is based upon a floating rate based…
Nationwide Planning Associates is based in Paramus, New Jersey and has approximately twenty-five registered branch offices and about sixty-nine registered representatives. The FINRA Disciplinary Action However, according to a recent disciplinary action, Nationwide settled with the Financial Industry Regulatory Authority, it was found or otherwise agreed that at least between March 2010 and May 2012,…
J.P. Turner & Co, recently acquired by Cetera, has over 360 registered representatives and over 150 branch offices nationwide. J.P. Turner’s history with securities regulators is substantial. For example, in December 2013, J.P. Turner consented to a sanction consisting of a censure and restitution in the amount of almost $1 million for the failure to…
FSC Securities is a “franchise” broker-dealer, purports to be America’s largest networks of independent advisors, with more than “1,500 financial advisors” operating from more than 238 geographically dispersed “independent” branch offices “across the United States. FSC Securities is also part of the AIG Advisory Group Barry G. Hartman Until March 2013, Barry G. Hartman was…
Signator Investors, Inc. former stockbroker James R. Glover of White Hall, Maryland has been found, pursuant to a final order issued by the United States Securities & Exchange Commission, to have defrauded at least 125 clients or brokerage customers in connection with the sale of the securities of Colonial Tidewater Realty Income Partners, LLC. Glover is…
LPL purports to be “America’s No. 1 independent brokerage firm – with more than 17,601 registered representatives, based in 1,800 branch offices nationwide.” From at least August 2007 through sometime in 2012, Walter Chao was the branch manager of a San Mateo office of LPL Financial. According to FINRA According to the Financial Industry Regulatory…
Julius F. Kenney IV, formerly associated with the Calhoun Georgia office of LPL Financial, Inc., was barred last month by the Financial Industry Regulatory Authority for the failure to cooperate with FINRA in connection with the investment of $215,000 by one of his customers in his Mellow Mushroom business. Kenny Was Terminated by LPL Financial…
Roy Rogers, a wholly owned subsidiary of the Marriot Host Corporation, is commonly known as the purveyor of the Double R Bar Burger, which in fact is a hamburger topped with ham. It is quite delicious, particularly when topped with Texas style barbeque sauce. However, except at isolated rest stops on the New Jersey…
Raymond Dickie Adcock, of Cabot Arkansas, also known, at least according to FINRA Public Disclosure Records as Dick Adcock, formerly associated with Regal Securities, Inc., of Glenview Illinois, was barred last month by the Financial Industry Regulatory Authority based upon the admission that he misappropriated $10,000 in customer funds generated by a private placement offering…
Stealing or the conversion of customer funds is never a good idea, and in fact it is illegal. However, in response to an investigation by the Financial Industry Regulatory Authority that he did just that, Ft. Meyers based, Raymond James & Associates stockbroker Mark A. Bullivant, with the benefit of counsel, of course, decided that…
Bolton Global Capital, Inc., a FINRA member since 1984 headquartered in Bolton, MA, conducts general securities business, including mutual funds, bonds, stocks, options, and variable annuities, via 115 of the Firm’s registered representatives within 53 of the Firm’s branch offices. The Firm was censured and fined $35,000 in connection with allegations the Firm had failed…
Global Arena Capital Corp, a FINRA member broker-dealer since 1986 headquartered in New York, NY, maintains multiple branches throughout the country. The Firm was charged by FINRA Department of Market Regulation in a Complaint containing allegations that the Firm charged unfair and excessive markups/markdowns to customers in the course of 495 of its corporate bond…
Morgan Stanley Smith Barney, a FINRA member since 2009, is a publicly held company that engages in general securities business via 24,000 registered representatives working out of roughly 850 branch locations. The Firm was censured and fined $65,000 by FINRA Department of Enforcement in connection with allegations that the Firm had failed to establish and…
E1 Asset Management, Inc., a FINRA member broker/dealer since 1999 headquartered in Jersey City, NJ, operates as an introducing broker-dealer via 14 registered reps and 3 branch offices. The Firm, along with their general securities principals Ron Y. Itin and Ahsan R. Shaikh, were censured and fined by FINRA in connection with supervisory deficiencies consisting…
Elise Joy Williams, a former representative with Farmers Financial Solutions, LLC, was barred from association with any FINRA-registered firm in all capacities after the Department of Enforcement found that Elise Joy Williams, in violation of FINRA Rule 2010, issued roughly 100 fabricated homeowner’s policies and collected nearly $67,000 in commission payments as a result. Letter…
Nationwide Planning Associates, a FINRA member firm since 1993 headquartered in Paramus, NJ, conducts general securities business via its 25 registered branch offices and employment of 69 registered representatives. The Firm, in proposing settlement of rule violations alleged by FINRA without admitting or denying the findings, consented to a FINRA censure and fine of $55,000…
General securities representatives Timothy Stephen Dembski and Walter Francis Grenda Jr., both former employees with Mid Atlantic Capital Corporation (“MACC”) in Cheektowaga, NY, were charged by FINRA’s Department of Enforcement in a Complaint containing allegations that the individuals engaged in fraudulent misrepresentations and omissions in violation of Section 10(b) of the Securities Exchange Act of…
Michael J. Talin of Seal Beach, CA, a former general registered representative with Woodbury Financial Services, was barred from association with any FINRA-registered firm in all capacities after failing to appear for an on-the-record interview in connection with FINRA’s investigation of allegations that Talin converted monies from the non-securities account of a customer. FINRA Letter…
Halcyon Cabot Partners, Ltd., a FINRA member since 2007 operating out of New York City, NY, employs roughly 30 registered representatives in its full-service brokerage capacity. The Firm, along with two of its principals, Ronald Mark Heineman and Michael Trent Morris, were charged by FINRA’s Department of Enforcement in a Complaint alleging a myriad of…
Wells Fargo Advisors, a FINRA member Firm since 1987 headquartered in St. Louis, Missouri, conducts retail brokerage / wealth management business via 7,000 branch offices and employs roughly 25,000 registered reps. The Firm, in proposing settlement of rule violations alleged by FINRA without admitting or denying the findings, consented to a FINRA censure and fine…
Equinox Securities, a FINRA registered broker-dealer since April 2008 headquartered in Redlands, CA, offers general securities to the public via 27 FINRA registered representatives. The Firm, along with President/CCO Stephen Michael Oliveira, and registered representative Chris Blaine Palkowitsh, were charged by FINRA Department of Enforcement in a Complaint containing allegations that Palkowitsh and Equinox excessively…
Matthew Joel Levitt of Redlands, CA, a former direct participation programs representative with Equinox Securities, Inc., was barred from association with any FINRA registered firm in all capacities after Levitt failed to cooperate with a FINRA investigation concerning Levitt’s offered and sale of securities while employed with Equinox in violation of NASD, FINRA, and federal…
Jason Muskey of Mossic, PA, a former Ameritas Investment Corp. broker, well-known Moosic business man and prior president of the National Association of Insurance and Financial Advisors-PA, pled guilty on February 17, 2015, to money laundering, identify theft, and mail fraud in the connection with the theft of over $2M from clients– many of whom…
Brian M. Berger, a former Newbridge Securities Broker, was barred from association with any FINRA-registered firm in all capacities after Berger failed to cooperate with a FINRA investigation in connection with allegations that he misappropriated funds from elderly customers while registered with Wells Fargo Advisors LLC and MetLife Securities, Inc. FINRA Letter of Acceptance, Waiver…
Jeffrey B. Pierce of Waltham, MA, a former financial advisor and registered representative with MidAmerica Financial Services, was charged on June 30, 2015 by the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth in connection with allegations that Pierce willfully engaged in fraudulent, dishonest, and unethical activities…
NFP Advisor Services, a FINRA member firm since 1997 headquartered in Austin, TX, conducts general securities business via 1,924 registered individuals and 673 branch offices. The firm, in proposing settlement of rule violations alleged by FINRA without admitting or denying the findings, consented to a FINRA censure and fine of $500,000 in connection with failing…
Michael J. Oppenheim of Livingston, New Jersey, a former registered investment advisor representative and registered representative of J.P. Morgan Securities LLC, was charged in a criminal complaint by the United States Attorney for the Southern District of New York for one count each of wire fraud, embezzlement, securities fraud, and investment advisor fraud in connection…
H.D. Vest Investment Securities, Inc. operates a network of over 4,500 independent registered representatives located in branch offices throughout the United States. One such individual, Lewis J. Hunter was a registered representative of HD Vest when he stole more than $300,000 from his customers. According to Hunter, his customers would be investing ion high yield…
Last week, a California Superior Court Judge refused to certify class action claims by investors against MetLife Securities and New England Securities in connection with the fraudulent recommendation and sale of the securities of Diversified Lending Group Inc. to public customers. Representatives of New England Securities including Lawrence E. Bagby Jr., James C. Davidson Scott…
UBS Financial Services Inc. has agreed to pay a $1.5 million fine after the Financial Industry Regulatory Authority (FINRA) charged the firm with failure to supervise the sale of complex financial products known as non-traditional exchange-traded funds, as well as for making unsuitable recommendations of these funds. In addition to the fine, UBS Financial Services…
Citigroup Global Markets Inc. has been fined $2 million by the Financial Industry Regulatory Authority (FINRA) for failure to supervise and for making unsuitable recommendations in connection with the sale of complex financial products known as non-traditional exchange-traded funds. The firm submitted a Letter of Acceptance, Waiver and Consent (AWC) to settle a FINRA disciplinary…
AXA Advisors LLC has been fined $50,000 by the Financial Industry Regulatory Authority (FINRA) and censured for its failure to supervise a broker who misappropriated $122,000 from the money market account of a customer, 70 percent of the account’s value. Letter of Acceptance Waiver and Consent The firm submitted a Letter of Acceptance Waiver and…
Last month, brokerage firm Stifel, Nicolaus & Co. Inc. settled a disciplinary action brought against it by the Financial Industry Regulatory Authority (FINRA) after one of the firm’s brokers ran a Ponzi scheme that defrauded customers. The terms of the settlement included a $350,000 fine and a censure. Stifel Nicolaus also agreed to pay restitution…
The Financial Industry Regulatory Authority (FINRA) has sanctioned Christine L. Cantone and her firm for their failure to supervise a broker who sold fictitious investments to customers through which he misappropriated over $1.6 million. Cantone & Cantone Research Inc. Censored & Fined Pursuant to an FINRA order dated Feb. 22 that accepted an offer of…
Florida-based brokerage firm 1st Discount Brokerage Inc. has been censured and fined $40,000 by the Securities and Exchange Commission (SEC) for its failure to supervise a broker who defrauded investors of nearly $9 million. In addition, Michael R. Fisher, executive-vice president of the firm at the time, was ordered to pay $10,000, according to the…
Morgan Stanley & Co. LLC has been censured and fined $600,000 by the Financial Industry Regulatory Authority, or FINRA, for failure to supervise its stockbrokers to ensure compliance with its own guidelines regarding structured products. As a result of this failure of supervision, the firm’s stockbrokers recommended a total of 14 unsuitable structured product investments…
The receiver appointed to handle the fallout from one of the largest Ponzi schemes in Minnesota history has filed suit in federal court in Minneapolis against NRP Financial Inc. for its failure to supervise a registered broker who participated in the fraud that bilked investors out of $150 million. NRP was a registered broker-dealer with…
Washington, D.C. – The Financial Industry Regulatory Authority (FINRA) announced today that it has imposed a $250,000 fine against J.P. Turner & Company, LLC of Atlanta, GA, for failing to have an adequate supervisory system designed to ensure that its registered representatives charged customers fair and reasonable commissions on stock trades. As part of the…
NEW YORK STOCK EXCHANGE LLC NYSE HEARING BOARD DECISION 07-129 September 7, 2007 BANC OF AMERICA SECURITIES LLC MEMBER ORGANIZATION Violated NYSE Rule 401(a) by failing to ensure delivery of prospectuses in connection with sales of registered securities in violation of Section 5(b)(2) of Securities Act of 1933; violated NYSE Rule 1100(b) by failing to…