Shadi Taysir Barakat (also known as Sean Barakat), of New York, New York, a stockbroker registered with Spartan Capital Securities LLC, is the subject of an enforcement action initiated by Financial Industry Regulatory Authority (FINRA) in which the regulator is seeking sanctions against Barakat based on allegations that Barakat failed to provide testimony during an…
Matthew Jason Childs, of San Francisco, California, a stockbroker registered with Portsmouth Financial Services, has been suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Childs made the unsuitable investment recommendation of non-traditional exchange-traded funds ETFs to customers during the time that he was associated with…
Edward Carchia Jr. (also known as Ed Carchia and Edward Karchia), of Paramus, New Jersey, a stockbroker registered with Morgan Stanley, 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 Carchia made the unsuitable investment recommendation of…
Joseph Edward Torres, of Staten Island, New York, a stockbroker registered with Merrill Lynch Pierce Fenner Smith Incorporated, was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $95,000.00 in damages based upon allegations that Torres failed to follow instructions, made misrepresentations, and engaged…
John Lawrence Abrams (also known as Jack Abrams), of Boca Raton, Florida, a stockbroker registered with Equitable Advisors LLC, was discharged by the securities broker dealer on August 28, 2023, based upon allegations that Abrams took a loan from a customer. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Abrams has been identified in…
Aaron Brian Graham of Salt Lake City, Utah, a stockbroker registered with United Planners Financial Services of America, 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 Graham breached a contract, violated FINRA rules, made unsuitable investment…
Darren Michael Kubiak of Alpharetta, Georgia, a stockbroker registered with Kalos Capital Inc., is the subject of an enforcement action initiated by FINRA in which the regulator is seeking sanctions against Kubiak based upon allegations that Kubiak failed to testify during the time that FINRA investigated the stockbroker for possible violations of FINRA rules. Department…
David Harrison Miller of Atlanta, Georgia, a stockbroker registered with PeachCap Securities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Miller failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules during the time that he was associated with PeachCap Securities…
Douglas Gene Schmitz (also known as Doug Schmitz), of Fargo, North Dakota, a stockbroker registered with Classic LLC and owner of Classic Asset Management LLC, has been censured and fined $100,000.00 by Securities and Exchange Commission (SEC) because Schmitz breached his fiduciary duties. In the Matter of Classic Asset Management LLC and Douglas G. Schmitz,…
Michael Brandon Stalcup, of Little Rock, Arkansas, an investment advisor representative with Magann Capital Corp, is the subject of an enforcement action initiated by Arkansas Securities Department in which the regulator is seeking sanctions against Stalcup based upon allegations that Stalcup made unsuitable recommendations of inverse or leveraged ETFs. (Feb. 11, 2022). Financial Industry Regulatory…
Ariel A. Rivero of Miami, Florida, a stockbroker formerly registered with Jefferies LLC, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $999,999.00 in damages based upon allegations that Rivero made unsuitable transactions, used the customer’s funds without authorization, failed to supervise, and breached a fiduciary…
Robert Charles Mehlin of Fairfield, New Jersey, a stockbroker formerly registered with Wells Fargo Advisors Financial Network LLC has been fined $7,500.00 and suspended for three months from associating with any FINRA member in any capacity based upon allegations that Mehlin engaged in unauthorized trading and used unauthorized communications devices to correspond with customers. Letter…
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…
Bradley Carl Mascho of Frederick, Maryland, a stockbroker formerly registered with Western International Securities Inc., is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $55,000.00 in damages supported by accusations of Mascho’s unsuitable trading in the customer’s account concerning exchange-traded funds while Mascho was registered with Western International…
Barry Lee Garapedian, of Westlake Village, California, a stockbroker formerly registered with Morgan Stanley, is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $1,414,268.49 in damages supported by accusations of unsuitable exchange-traded funds and variable annuity transactions in the customer’s account when Garapedian was registered with Morgan…
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…
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,…
Steven Dwayne Musielski of Anaheim, California, a stockbroker formerly employed by Cambria Capital LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon findings that Musielski failed to comply with a FINRA investigation into allegations of his unsuitable and excessive trading during the time that he…
Steven Michael Richardson, of Walnut Creek, California, a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc., is the subject of a customer initiated investment related written complaint which was settled for $320,000.00 in damages on October 11, 2019, based upon accusations of Richardson’s excessive trading of exchange-traded funds for the customer’s account while…
Bradley Carl Mascho of Frederick Maryland a stockbroker formerly registered with Western International Securities Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $125,000.00 in damages founded upon accusations that they had been placed into unsuitable exchange traded funds by Mascho when he was associated…
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…
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)….
Stuart L. Pearl (also known as Stu Pearl) of Indianapolis Indiana a stockbroker formerly registered with David A. Noyes Company has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he made unsuitable recommendations to David A. Noyes customers…
William Edward Torriente Jr. (also known as Ed Torriente and as Eddy Torriente) of Phoenix Arizona a stockbroker formerly registered with Comerica Securities is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $500,000.00 in damages founded on accusations that Torriente breached a fiduciary duty to the customer…
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…
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…
Arthur Stewart Hoffman (also known as Art Hoffman) of Glendale Arizona a stockbroker formerly registered with Ameriprise Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $172,688.03 in damages founded on allegations that they had been advised by Hoffman to invest in Zima Global Ventures…
Charles Ernest Kenahan of Boston Massachusetts a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith has been barred by New Hampshire Department of State Bureau of Securities Regulation founded on accusations of Kenahan making unsuitable investment recommendations to a customer of Merrill Lynch. Consent Order No. COM2019-000 (Dec. 7, 2020). According to the Order,…
Damian Marlon Bell of Daphne Alabama a stockbroker of International Assets Advisory LLC and investment adviser representative of International Assets Investment Management is the subject of a customer initiated investment related arbitration claim where the customer sought between $100,000 and $500,000.00 in damages supported by allegations of the violation of securities laws and a breach…
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….
David Warg Best of Bethlehem Pennsylvania a stockbroker and financial advisor formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint that was resolved on July 30, 2019 for $18,750.00 in damages founded on accusations of unsuitable exchange traded funds and closed end funds being sold to the customer…
Jacob Ray Kagele of Tucson Arizona a stockbroker formerly employed by Mutual Securities Inc. is the subject of a customer initiated investment related arbitration claim where the customer was awarded $35,631.76 in compensatory damages supported by Kagele being found liable on the customer’s causes of action including that a contract between the customer and the…
Victor A. Rigoni III of Lake Forest Illinois a stockbroker formerly registered with Summit Brokerage Services is the subject of a customer initiated investment related arbitration claim that was settled for $25,000.00 in damages founded on accusations of breach of fiduciary duty and negligence relating to Rigoni’s real estate investment trust transactions. FINRA Arbitration No….
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…
Bryant Edwin Caveness of Kingsport Tennessee a stockbroker formerly employed by Ameriprise Financial Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Caveness failed to comply with a FINRA investigation in regard to money that the stockbroker received from elderly customers. Letter of…
Eugene James Long (also known as EJ Long) a stockbroker currently employed by Cadaret Grant Co. 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 executed unauthorized trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2019061646402 (July…
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…
Evan Richard Wuhl of New York New York a stockbroker currently registered with Wells Fargo Clearing Services is the subject of a customer initiated investment related arbitration claim which was settled for $400,000.00 in damages based upon allegations that stock recommendations which had been made by Wuhl failed to be suitable given the customer’s risk…
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…
Harold Alan Schwartz (also known as Hal Schwartz) of Lutz Florida a stockbroker formerly registered with Royal Alliance Associates is the subject of a customer initiated investment related written complaint on January 27, 2020 where the customer sought damages estimated to exceed $5,000.00 based upon accusations that the customer was placed into a unsuitable investment…
Cory Ryan Burnell of Valley Springs Colorado a stockbroker formerly employed by LPL Financial LLC and Blueprint Wealth Partners LLC has been ordered by California Department of Business Oversight to cease and desist violating securities laws or regulations and has been suspended for twelve months from engaging in investment advisory business in the State of…
Lyle Jude Boudreaux of Houston Texas a stockbroker formerly associated with Independent Financial Group LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $384,732.00 in damages supported by allegations that the stockbroker’s exchange traded fund transactions failed to be suitable for the customer. Financial Industry Regulatory Authority…
Terrence Edward Bonk of Inver Grove Heights Minnesota a stockbroker formerly registered with Feltl Company 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) Bonk borrowed money from a customer of Feltl Company without the securities broker…
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…
David Robert Feigelman of Stowe Vermont a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith is referenced in a customer initiated investment related complaint on February 16, 2018 in which the customer requested damages estimated to exceed $5,000.00 supported by accusations that unauthorized exchange traded fund trades were effected in the customer’s Merrill Lynch…
Byron Del Piro of Bellevue Washington a stockbroker currently employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related written complaint on January 31, 2018 where the customer sought $73,000.00 in damages supported by accusations that between September of 2013 and January of 2018: (1) exchange traded fund recommendations…
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’…
William Hamilton Lowell (also known as Bill Lowell) of Dallas Texas a stockbroker currently registered with Lowell Company Inc. and Crescent Securities Group Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $500,000.00 in damages founded on accusations that exchange traded fund transactions executed by the stockbroker were…
David Alan Tucker of Daytona Beach Florida a stockbroker formerly registered with Center Street Securities Inc. has been charged by Florida Office of Financial Regulation in an Administrative Complaint containing allegations that (1) Tucker engaged in outside business activities which were not disclosed to Center Street Securities and (2) Tucker sold exchange traded funds or…
James Willard Clark of Dallas Texas a stockbroker currently registered with Worth Financial Group Inc. is the subject of a customer initiated investment related written complaint which was settled on July 15, 2019 for $38,000.00 in damages supported by allegations that recommendations of exchange traded fund transactions made by the stockbroker were not suitable and…
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…
Michael Alexander Hanson of La Mirada California a stockbroker formerly employed by LPL Financial LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $400,000.00 in damages supported by accusations that the customer had been placed into leveraged exchange traded funds which failed to align with the customer’s objectives for…
Ryan Michael Murnane of New York New York a stockbroker formerly employed by Alexander Capital L.P. is referenced in a customer initiated investment related arbitration claim where the customer requested $1,800,000.00 in damages supported by accusations that (1) recommendations of leveraged exchange traded funds and oil and gas investments were in no way suitable for…
Jody Bryant Bowers of Abilene Texas a stockbroker formerly employed by Lowell Company Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought between $100,000.00 and $500,000.00 in damages supported by accusations that (1) exchanged traded funds had been misrepresented and (2) the customer was provided with bad investment recommendations…
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…
Edward Louis Barger of Miami Florida a stockbroker formerly employed by Morgan Stanley is the subject of a customer initiated investment related arbitration claim which was settled for $92,500.00 in damages based upon accusations of the customer being sold bad over-the-counter equities, closed-end funds and common and preferred stocks. FINRA Arbitration No. 17-02301 (Oct. 23,…
Richard William Lunn Martin of Penang a stockbroker formerly employed by G.F. Investment Services LLC is the subject of a customer initiated investment related arbitration claim which settled for $117,000.00 in damages founded on accusations that (1) fiduciary duties owed to the customer had been breached (2) due diligence was not properly executed on investments…
Robert Owen Klein of Newport Beach California a stockbroker formerly employed by J.P. Morgan Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer sought $1,500,000.00 in damages supported by accusations that inappropriate securities transactions were executed in the customer’s managed account while Klein was employed by J.P. Morgan Securities…
Michael Allen Kamperman of Waco Texas a stockbroker formerly employed by HD Vest Investment Services has been fined $20,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Kamperman poorly advised customers of HD Vest Investment Services in regard to energy sector…
Dean Thomas Nicholson of Summerfield Florida a stockbroker formerly registered with SagePoint Financial Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages founded on allegations that (1) SagePoint Financial failed to supervise the transactions placed in the customer’s account (2) the customer’s investment related contract had…
William Jeffrey Carlton of Vienna Virginia a stockbroker currently employed by UBS Financial Services Inc. is referenced in a customer initiated investment related complaint which was resolved for $657,998.24 in damages on May 24, 2017 founded on allegations that between January 4, 2016 and February 23, 2017: (1) excessive exchange traded fund trades were executed…
Steven Michael Richardson of Walnut Creek California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on April 11, 2019 in which the customer requested unspecified damages based upon accusations that between January 1, 2018 and June 7, 2018, excessive exchange traded fund…
Richard Alan Shotz of Daytona Beach Florida a stockbroker formerly employed by Wells Fargo Clearing Services LLC is the subject of an Order issued by the State of Maryland Securities Division revoking Shotz’s securities registration in the state based upon Shotz’s failure to respond to an Order To Show Cause relating to Shotz’s fine and…
James Henry Dresselaers of Bethesda Maryland a stockbroker formerly registered with H. Beck Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $255,000.00 in damages founded on allegations that (1) Dresselaers made omissions to the customer concerning the risks of exchange traded funds and (2) Dresselaers gave the customer…
Damian Marlon Bell of Daphne Alabama a stockbroker formerly employed by WFG Investments is the subject of a customer initiated investment related complaint on June 15, 2018 where the customer sought $72,000.00 in damages founded on allegations that the customer was placed into unsuitable exchange traded note and mutual fund products; and was assessed unwarranted…
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…
Christopher Allen Coffman of York New England a stockbroker formerly registered with Edward Jones is referenced in a customer initiated investment related written complaint which was settled on June 23, 2016 to resolve accusations that omissions had been made to the customer concerning the tax liability pertaining to the exchange of mutual funds in the…
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…
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,…
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:…
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…
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…
Julie Ann Smith of Durham North Carolina a stockbroker formerly registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related complaint which was resolved on November 16, 2018 for $115,966.29 in damages supported by allegations that Smith utilized an unsuitable market-timing investment strategy involving non-traditional investments which included (1) derivatives…
Veronica Lopez-Lopez (also known as Rosa Veronica Lopez-Lopez) of Miami Florida a stockbroker currently employed by Morgan Stanley is referenced in a customer initiated investment related written complaint on October 16, 2016 where the customer requested unspecified damages based upon allegations that Lopez-Lopez effected inappropriate exchange traded funds and corporate debt transactions in the customer’s…
Jody Bryant Bowers of Abilene Texas a stockbroker formerly registered with Lowell Company Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $6,000,000.00 in damages founded on allegations that (1) Bowers overconcentrated the customer’s assets in exchange traded funds over a six year period by failing to adjust the…
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’…
Mathew D. Webster of Syracuse New York a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to honor FINRA’s request for his information. Case No. 2016051007901 (Sept. 11, 2017). FINRA Public Disclosure confirms…
John Tao of Plantation Florida a stockbroker currently employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related written complaint on June 8, 2018 where the customer requested $84,000.00 in damages founded on allegations that Tao effected exchange-traded funds in the customer’s investment account that were not suitable for the customer…
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….
Joseph Anthony Zarlenga of Bradenton Florida a stockbroker currently registered with Ameriprise Financial Services Inc. is referenced in a customer initiated investment related written complaint on February 5, 2018 where the customer sought $40,000.00 in damages founded on allegations that misrepresentations had been made to the customer concerning the performance of the customer’s exchange traded…
Kelly Marvin Barnett of Sarasota Florida a stockbroker formerly employed by MSI Financial Services has been fined $15,000.00 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 executed trades in customers’ accounts without authorization and falsified account documentation in…
Barry Lee Garapedian of Westlake Village California a stockbroker currently registered with Morgan Stanley is referenced in a customer initiated investment related written complaint on April 1, 2018 in which the customer requested $713,000.00 in damages founded on allegations that (1) the customer’s assets were overconcentrated in speculative investments (2) closed end fund and exchange…
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…
Randall Robert Hayes (also known as Randy Hayes) of Seattle Washington a stockbroker formerly registered with Morgan Stanley is the subject of a State of Washington Department of Financial Institutions Securities Division Statement of Charges in which Hayes has been accused of making unsuitable recommendations to customers concerning investments in leverage and inverse exchange-traded funds….
Steven Carroll Wall of New Brighton Minnesota is a stockbroker currently registered with Ameriprise Financial Services Inc. who is the subject of a customer initiated investment related written complaint November 20, 2017 in which the customer sought $48,515.00 in damages supported by allegations that (1) unsuitable investment recommendations were made to the customer concerning exchange…
Omer Ozeren of Los Angeles California is a stockbroker formerly employed by Ace Diversified Capital 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 by consenting to findings that he made unsuitable investment recommendations to customers regarding non-traditional exchange traded…
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…
John Martin Schneider of Pittsburgh Pennsylvania is stockbroker formerly registered with PWA Securities Inc. and former representative of Private Wealth Advisors Inc. who is the subject of a Securities Exchange Commission (SEC) Investigation launched on July 13 2017 regarding Schneider’s leveraged exchange traded fund activities. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Schneider…
Lyle J. Boudreaux of Houston Texas is a stockbroker currently registered with Independent Financial Group LLC who is subject of a customer initiated investment related written complaint on October 27 2017 in which the customer sought two hundred ten thousand dollars in damages founded on accusations that unsuitable leveraged exchange traded fund transactions were effected…
Anthony John O’Callaghan, of New York, New York, a stockbroker formerly employed with Credit Suisse Securities (USA) LLC, is the subject of a customer initiated investment related written complaint on February 23, 2017, in which the customer requested $57,298.00 in damages supported by allegations that an inappropriate inverse exchange traded fund transaction was effected in…
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)….
FSC Securities Corp., headquartered in Atlanta, GA, has agreed to a letter of acceptance, waiver and consent (“AWC”) with FINRA dated August 10,2017. The agreement in Enforce,ment Action AWC 2010024620303 involves the sale to customers of non-traditional Exchange Traded Funds (“ETFs”). FSC operates a general securities business utilizing an independent contractor model. It has approximately…
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…
Mark S. Perry, of Mt. Pleasant, South Carolina, a stockbroker formerly registered with Royal Alliance Associates, Inc., has been suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No….
James William Forsythe, of New York, New York, a stockbroker formerly registered with Oppenheimer & Co. Inc., is the subject of a customer initiated investment related arbitration claim on December 29, 2016, where the customer requested $2,000,000.00 in damages based upon allegations that from January of 2011 to August of 2016, Forsythe placed unauthorized, excessive…
FSC Securities Corporation, a broker-dealer headquartered in Atlanta, Georgia, has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise sales of leveraged, inverse, or inverse and leveraged exchange traded funds and enabled its staff to make unsuitable investment recommendations of exchange traded…
Demitrios Hallas, of New York, New York, a stockbroker formerly registered with Forefront Capital Markets, LLC, has been charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that he effected fraudulent securities transactions and misappropriated funds from customers. Securities and Exchange Commission v. Demitrios Hallas, 1:17-cv-029991:17-cv-02999 (Apr. 25, 2017). According to the…
Jason John Lenzi, of Beaver, Pennsylvania, a stockbroker formerly registered with The Huntington Investment Company, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he did not cooperate with FINRA’s request for Lenzi’s information in reference to Lenzi’s business activities. Case No. 2015044007201 (Feb….
James Flower, of Melville, New York, a stockbroker formerly registered with Global Arena Capital Corp., has been suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unsuitable exchange traded notes recommendations to customers. Letter of Acceptance, Waiver and Consent,…
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,…
Michael Alexander Hanson, of La Mirada, California, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on May 5, 2017, in which the customer requested $520,000.00 in damages based upon allegations that he effected unsuitable transactions in the customer’s account concerning inverse levered exchange traded…
Daniel Lee Pancake, of Reno, Nevada, a stockbroker formerly registered with Calton & Associates, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on allegations that he waffled and did not provide a response to FINRA’s request for information pertaining to Pancake’s business activities. Letter…
Edward T. McFarlane, a broker formerly in Oppenheimer’s Jenkintown, Pennsylvania branch office, in a Letter of Acceptance, Waiver & Consent, has agreed to serve a suspension and pay a fine relating the unsuitable Exchange Traded Funds (“ETFs”) he recommended to a customer. Between December 2010 and June 2012 McFarlane recommended 169 unsuitable trades in inverse,…
The Guiliano Law Group has filed an FINRA Arbitration action against G.F. Investment Services LLC based upon the conduct of Richard Walker Lunn Martin, or Richard W. Martin, the chief of gloom and doom, and speculative moron that invested the accounts of virtually all his customers in highly risky inverse and/or leveraged ETF securities. Martin…
Richard William Lunn Martin of Miami, Florida, a stockbroker formerly registered with G.F. Investment Services, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Order Accepting Offer of Settlement issued by FINRA Office of Hearing Officers, which contained findings that Martin, inter alia, made unsuitable…
Garden State Securities, Inc., a brokerage firm headquartered in Red Bank, New Jersey, was censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, failed to supervise its exchange traded fund business. Letter of Acceptance, Waiver and Consent, https://securitiesarbitrations.com//inverse-leveraged-etf-funds/No. 2013035131702 (Apr. 12, 2017). According to the AWC,…
Demitrios Hallas, a former registered representative of Forefront Capital Markets and and PHX Financial was charged today by the United States Securities & Exchange Commission with the violation of the antifraud provisions of the federal securities laws in connection with the recommendation and sale of unsuitable securities. United States Securities & Exchange Commission v. Hallas,…
John Amador Blakezuniga of Irvine, California, a stockbroker formerly registered with Vanguard Capital, has been fined $25,000.00 and suspended for twenty-two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable investment recommendations to customers, falsified compliance documents, and entered into unauthorized borrowing…
Hilary Joseph Zimmerman, of Ridgeland, Mississippi, has been fined and permanently barred in all capacities which require securities registration by the Securities Division of the Mississippi Secretary of State based upon consenting to findings that altered the account documentation of customers, and failed to act in customers’ best interests in reference to customers’ exchange traded…
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…
Steven Howard Bright, of Dallas, Texas, a stockbroker formerly registered with Wunderlich Securities, Inc., has been named in a customer initiated investment related written complaint on September 30, 2016, in which the customer requested $17,000.00 in damages based upon allegations that Bright effected exchange traded note transactions in the customer’s account on an excessive and…
Jeffrey Carmen Sica, of Parsippany, New Jersey, a registered representative associated with Sica Wealth Management, has been named in a customer initiated investment related arbitration claim, which settled on April 27, 2015, for $211,250.00 in damages based upon allegations that Sica effected unsuitable stock and exchange traded fund (ETF) transactions in the customer’s account. Financial…
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,…
Oppenheimer & Co., Inc., headquartered in New York, New York, was censured and fined $2,250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to properly supervise exchange traded funds. Letter of Acceptance, Waiver and Consent, No. 2012034556901 (June 7, 2016). According to the AWC, from August 4, 2009 through September…
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…
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…
Christopher J. Elliott, of Washington, District of Columbia, a stockbroker with Infinex Securities, Inc., was fined $7,500.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged customers in unsuitable recommendations and acted with unauthorized discretion in customers’ accounts. Letter…
Andrew Scott Corbman, of Lansdown, Virginia, was suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unsuitable recommendations and provided misleading communications to investors. Letter of Acceptance, Waiver and Consent, No. 2010024620302 (Feb. 1, 2016). According to the AWC,…
The Office of Investor Education and Advocacy of the United States Securities and Exchange Commission issued an Investor Bulletin to educate investors about Exchange Trade Notes According to the SEC, Exchange Trade Notes are unsecured debt obligations of financial institutions that trade on a securities exchange. Exchange Trade Notes payment terms are linked to the…
Summit Brokerage Services of Boca Raton, Florida, was censured and fined $250,000 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm, via its registered representatives, made unsuitable recommendations for customers to purchase leveraged and inverse exchange-traded funds. Letter of Acceptance, Waiver, and Consent, No. 2011029635101 (Dec. 2, 2015). According to…
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…
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,…
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…