Failure To Supervise

Archive | Failure To Supervise

Triad Advisors Sanctioned In LJM Preservation And Growth Fund Fiasco

January 20, 2022  |   Posted by :   |   Failure to Conduct Due Diligence, Failure To Supervise, Investment and Regulatory News   |   Comments Off on Triad Advisors Sanctioned In LJM Preservation And Growth Fund Fiasco

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’ […]

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FINRA Sanctions SagePoint Financial For The Failure To Supervise

January 20, 2022  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News, Stockbroker Theft   |   Comments Off on FINRA Sanctions SagePoint Financial For The Failure To Supervise

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 […]

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Merrill Lynch Fined $1.2 Million for Obstructing FINRA Investigation

January 20, 2022  |   Posted by :   |   Excessive Trading, Failure To Supervise, Investment and Regulatory News, Selling Away and Outside Activities, Unauthorized Trading, Unsuitable Investment Recommendations   |   Comments Off on Merrill Lynch Fined $1.2 Million for Obstructing FINRA Investigation

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 […]

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Joseph Stone Stockbroker Sanctioned For Failure To Supervise

January 20, 2022  |   Posted by :   |   Boilerroom Sales, Excessive Markups, Excessive Trading, Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News   |   Comments Off on Joseph Stone Stockbroker Sanctioned For Failure To Supervise

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 […]

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FINRA Sanctions First Standard Stockbroker For Failure To Supervise

January 20, 2022  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News   |   Comments Off on FINRA Sanctions First Standard Stockbroker For Failure To Supervise

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 […]

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Joseph Stone Stockbroker Sanctioned For Failure To Supervise

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 […]

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FINRA Sanctions Joseph Stone Stockbroker For Failure To Supervise

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 […]

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FINRA Sanctions Wells Fargo For Failure To Supervise Billions in UIT Sales

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). […]

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FINRA Sanctions Emerson Equity For Failure To Supervise

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 […]

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Investors File Securities Arbitration Claim Against World Equity Group

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 […]

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Another First Standard Stockbroker Sanctioned For The Failure To Supervise

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 […]

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Wynston Hill Stockbroker Sanctioned For Failure To Supervise

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 […]

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Kalos Capital Stockbroker Selling GPB Accused Of Breach Of Fiduciary Duty

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 […]

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FINRA Sanctions Traderfield Securities For Failure To Supervise

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 […]

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Financial West Supervisor Ultimately Discharged For Undisclosed Customer Loan

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 […]

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Wells Fargo Clearing Services Accused Of Failure To Supervise

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. […]

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WestPark Capital Sanctioned By FINRA For Misrepresenting Promissory Notes Customers

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 […]

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FINRA Sanctions McNally Financial For Failure To Supervise

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, […]

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FINRA Sanctions Wynston Hill Stockbroker For Failure To Supervise

November 22, 2021  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News   |   0 Comments

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 […]

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Aegis Capital Corp Sanctioned For Failure To Supervise

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, […]

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Regulator Sanctions Fortune Financial Services Stockbroker

November 22, 2021  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News   |   0 Comments

Richard Michael Wesselt (also known as Rich Wesselt and as Richard M. Wesselt), of Collegeville, Pennsylvania, a stockbroker formerly registered with Fortune Financial Services and The ON Equity Sales Company (ONESCO), is referenced in a regulatory action by the State of Maryland resulting in the revocation of his stockbroker license in the state. Case No. […]

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Investors Accuse First Allied Securities Of Breach Of Fiduciary Duty

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 […]

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Investors Accuse WFG Of Breach Of Fiduciary Duty

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 […]

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Spartan Capital Charged With Failing To Report Investor Complaints

November 08, 2021  |   Posted by :   |   Boilerroom Sales, Excessive Trading, Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News, Unauthorized Trading, Unsuitable Investment Recommendations   |   Comments Off on Spartan Capital Charged With Failing To Report Investor Complaints

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 […]

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FINRA Sanctions NYLife For Failure To Supervise Mutual Fund Switching

November 08, 2021  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News, Mutual Fund Fraud   |   Comments Off on FINRA Sanctions NYLife For Failure To Supervise Mutual Fund Switching

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 […]

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Investors Accuse Kalos Capital Of Breach Of Fiduciary Duty

November 08, 2021  |   Posted by :   |   Alternative Investments, Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News   |   Comments Off on Investors Accuse Kalos Capital Of Breach Of Fiduciary Duty

Andrew W. Topka of Mount Pleasant South Carolina a stockbroker formerly registered with Kalos Capital Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $152,923.00 in damages based on accusations that the customer’s account had been overconcentrated in alternative investments by Topka when he was employed […]

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Investors File Securities Arbitration Claim Against LPL Financial For Breach Of Fiduciary Duty

October 19, 2021  |   Posted by :   |   Breach of Fiduciary Duty, Failure to Conduct Due Diligence, Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News, Non-traded REITs, Unsuitable Investment Recommendations   |   Comments Off on Investors File Securities Arbitration Claim Against LPL Financial For Breach Of Fiduciary Duty

Jeffrey Guy LaBelle (also known as Jeff LaBelle) of Sarasota Florida a stockbroker formerly registered with LPL Financial LLC and First Allied Securities Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $350,000.00 in damages based upon allegations that LaBelle breached a contract and breached a […]

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FINRA Bars Worden Capital Management CEO In Investigation

October 19, 2021  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News   |   Comments Off on FINRA Bars Worden Capital Management CEO In Investigation

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 […]

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Investors File FINRA Arbitration Claim Filed Against Presidential Brokerage For Fraud

October 19, 2021  |   Posted by :   |   Breach of Fiduciary Duty, Churning, Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News   |   Comments Off on Investors File FINRA Arbitration Claim Filed Against Presidential Brokerage For Fraud

Michele George Savarese (also known as Michael Savarese and as Mike Savarese) of San Diego California a stockbroker and investment adviser representative of Presidential Brokerage Inc. (now known as Forta Financial Group) is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $100,000.00 in damages founded upon accusations […]

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First Allied Securities Stockbroker Accused Of Fraud

October 08, 2021  |   Posted by :   |   Breach of Fiduciary Duty, Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News, Non-traded REITs, Overconcentration, Stockbroker Negligence   |   Comments Off on First Allied Securities Stockbroker Accused Of Fraud

David Robert Kennon of Sarasota Florida a stockbroker formerly registered with First Allied Securities Inc. is the subject of a customer initiated investment related written complaint on July 22, 2021 where the customer sought more than $100,000.00 in damages based on accusations of Kennon’s negligence and breach of contract during the period in which he […]

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