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…

Anthony L. Semadeni, a former stockbroker with World Group Securities, has been barred from the financial industry for two years and ordered to pay up to $60,000 in restitution plus interest to customers for borrowing money from them and never fully paying it back. Semadeni also lied to World Group about the loans he received…

Over five years, former broker James Scott McKee defrauded the customers of the brokerage firms where he worked out of nearly $1 million, using lies and omissions to induce them to invest in various real estate ventures in which he had a direct or indirect financial interest, according to a complaint filed by the Financial…

Evidently, it slipped the mind of one New York stockbroker that dead men can’t trade. Eric Anthony Foster, a stockbroker with Halcyon Cabot Partners Ltd., has been fined $10,000 by the Financial Industry Regulatory Authority (FINRA) and suspended for three months for unauthorized trading in the account of a deceased customer while he worked for…

The Financial Industry Regulatory Authority, or FINRA does not take kindly to stockbrokers who fail to disclose tax liens, perhaps because such behavior can signal un-trustworthiness, the last thing you want to see in a stockbroker. If you are a stockbroker who fails to timely disclose such liens per FINRA rules, you are likely to…

The Guiliano Law Group. P.C. has announced the filing of securities arbitration claims before the Financial Industry Regulatory Authority (FINRA) on behalf of investors suffering losses in Inverse and Leveraged Exchange Traded Funds or ETFs. Many investors were sold these securities based upon the notion that they could be a long term hedge. Most ETFs track…

Just when you thought that you heard it all. The New York Stock Exchange disciplined former Morgan Stanley stockbroker Charles Winitch of Scarsdale, New York, for unauthorized trading, churning or excessive activity, and breach of fiduciary duty with respect to the accounts of his customers. Mr. Winitch’s fraudulent conduct, however, relates to the accounts of…

John Edward Mullins and wife allegedly drained their client’s trust while she was in a nursing home. A former Morgan Stanley broker was barred today by the Financial Industry Regulatory Authority Inc. for allegedly misappropriating $11,156.47 from the charitable foundation of a 97-year-old nursing home resident who was his client for more than 20 years….

If your stockbroker sold you improper, excessively risky investments, or — failed to disclose the riskiness of what appeared as an otherwise conservative investment, and as a result you lost your shirt — then today’s story will be especially relevant. For my readers who are stockbrokers, I’ll tell you right now that I’m going to…

Last week I told you about what happened to Hal and his wife, both 67, retired, and long time readers. From more than a million dollars in their 401K account as of January, 2006, their investments have lost close to $750,000. Why? What Went Wrong? “In our final preparations for retirement, in early 2006 even…

Philadelphia, PA (MarketWire) November 6, 2008 –The Guiliano Law Group, P.C., a leading securities lawyer firm in Philadelphia, Pennsylvania announced today it is actively investigating and pursuing securities fraud claims against certain securities broker-dealers resulting from the risky or unsuitable recommendation of securities. Investment trusts, labor unions, pension funds, local municipalities, school boards and charitable…

LPL Financial was sued last week in Phoenix for its role in an affinity fraud case involving members of a local church and an ex-broker who allegedly stole $5 million from at least 40 victims. The lawsuit alleges that the broker, James Buchanan, was able to steal $382,376 from an elderly married couple because LPL…

PHILADELPHIA – PA Nicholas J. Guiliano of the Guiliano Law Group, P.C., in Philadelphia, Pennsylvania announced today he is actively investigating and pursuing fraud claims against certain securities broker-dealers resulting from the risky or unsuitable recommendation of the securities of certain financial institutions. Tens of Billions Lost in Securities Investment Trusts, Labor Unions, Pension Funds,…

The Securities and Exchange Commission today charged a former broker in South Florida, Gary J. Gross, who allegedly defrauded senior citizens and other customers through a variety of abusive sales practices, garnering him more than $700,000 in commissions and fees while causing more than $2.7 million in investor losses. SEC Chairman Christopher Cox announced the…

Despite intense pressure from regulators to tighten recruiting standards for brokers with marks on their records, these bad apples are still being hired by new firms, recent cases illustrate. The problem is compounded by an industry practice that condones silence from broker-dealers when a registered representative leaves under a cloud, attorneys and regulators said. It’s…

General Description of Auction Rate Securities Auction rate securities were first offered for sale in U.S. financial markets in the early 1980s. As of the end of 2005, there were approximately $263 billion of auction rate securities outstanding. Many different types of issuers have issued auction rate securities for example, closed-end funds, corporations, municipal authorities…

NYSE HEARING BOARD DECISION 07-143 September 7, 2007 Citigroup Global Markets Inc. 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 and to deliver trade confirmations to certain customers; violated NYSE Rule 1100(b) by failing to…

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