Mutual Fund Fraud

Archive | Mutual Fund Fraud

FINRA Sanctions Transamerica For Failure To Supervise

January 19, 2021  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News, Mutual Fund Fraud   |   Comments Off on FINRA Sanctions Transamerica For Failure To Supervise

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, […]

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FINRA Sanctions Ameriprise Stockbroker For Sale of Unsuitable Investments

January 19, 2021  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Mutual Fund Fraud, Unsuitable Investment Recommendations   |   Comments Off on FINRA Sanctions Ameriprise Stockbroker For Sale of Unsuitable Investments

Angel Wynette Bardeche (also known as Angel Wynette Lentz) of Cincinnati Ohio a stockbroker formerly registered with Ameriprise Financial Services has been fined $10,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Bardeche made unsuitable recommendations to customers concerning a short-term […]

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Investors Accuse Citizens Securities Of Mutual Fund Fraud

January 03, 2021  |   Posted by :   |   Investment and Regulatory News, Mutual Fund Fraud   |   Comments Off on Investors Accuse Citizens Securities Of Mutual Fund Fraud

George Jones Lincoln IV (also known as Rip Lincoln) a stockbroker formerly registered with Citizens Securities Inc. is referenced in a customer initiated investment related written complaint on February 21, 2020 in which the customer sought $39,991.99 in damages supported by allegations that the customer had been placed into mutual funds without being apprised of […]

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Madison Avenue Stockbroker Sanctioned For Providing Unsuitable Investment Advice

December 07, 2020  |   Posted by :   |   Investment and Regulatory News, Mutual Fund Fraud, Unsuitable Investment Recommendations   |   Comments Off on Madison Avenue Stockbroker Sanctioned For Providing Unsuitable Investment Advice

Vincent Anthony Virga (also known as Vincenzo A. Virga Jr.) of Bayonne New Jersey a stockbroker and investment adviser representative of Madison Avenue Securities LLC has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Virga made unsuitable investment […]

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Wells Fargo Advisors Accused Of Mutual Fund Fraud

November 30, 2020  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Mutual Fund Fraud, Securities Fraud   |   Comments Off on Wells Fargo Advisors Accused Of Mutual Fund Fraud

Jeffrey Clay Templeman of Norfolk Virginia a stockbroker currently registered with Wells Fargo Advisors has been referenced in a customer initiated investment related written complaint on March 15, 2019 where the customer requested unspecified damages founded on allegations that the customer had been steered by Templeman towards investing in mutual funds without being provided clarity […]

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Merrill Lynch Sued By For Bad Investment Advice

July 20, 2020  |   Posted by :   |   Municipal Bond Fraud, Mutual Fund Fraud, Securities Arbitration Claims   |   Comments Off on Merrill Lynch Sued By For Bad Investment Advice

Juan Guillermo Herrans Barreras of Miami Florida 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 $800,000.00 in damages based upon allegations that misrepresentations had been made to the customer regarding mutual funds and that the customer […]

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Ameriprise Financial Accused Of Providing Bad Investment Advice

April 08, 2020  |   Posted by :   |   Mutual Fund Fraud, Securities Arbitration Claims, Unsuitable Investment Recommendations   |   Comments Off on Ameriprise Financial Accused Of Providing Bad Investment Advice

Geraldine Gordon of Lexington Kentucky a stockbroker currently associated with Ameriprise Financial Services Inc. has been referenced in a customer initiated investment related complaint on December 10, 2018 in which the customer requested $149,980.77 in damages supported by allegations that closed end mutual fund recommendations made by Gordon failed to be suitable for the Ameriprise […]

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PlanMember Stockbroker For Mutual Fund Sales

March 26, 2020  |   Posted by :   |   Mutual Fund Fraud   |   Comments Off on PlanMember Stockbroker For Mutual Fund Sales

Quincy DeEarl Caldwell of Katy Texas a stockbroker formerly registered with PlanMember Securities Corporation 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 the stockbroker gave customers bad investment advice concerning mutual funds and had caused them to […]

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Investors Accuse JP Morgan Securities Of Unsuitable Recommendations

March 26, 2020  |   Posted by :   |   Mutual Fund Fraud, Securities Arbitration Claims, Unsuitable Investment Recommendations   |   Comments Off on Investors Accuse JP Morgan Securities Of Unsuitable Recommendations

Neil Vinod Mehta of Pompano Beach Florida a stockbroker formerly associated with JP Morgan Securities LLC is referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages based upon accusations that the customer was poorly advised by Mehta regarding mutual funds held in the customer’s account during the period […]

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Cambridge Investment Research Accused Of Unsuitable Investment Advice

John Stephen Pronovost of Watertown Connecticut a stockbroker currently employed by Cambridge Investment Research Inc. is the subject of a customer initiated investment related complaint which was settled for $218,295.00 in damages on October 2, 2019 supported by allegations that mutual fund transactions executed by the stockbroker failed to be suitable. Financial Industry Regulatory Authority […]

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Next Financial Sued By Investors For Bad Mutual Fund Trades

Charles Lawrence Doraine of Corpus Christi Texas a stockbroker formerly registered with Next Financial 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 between 2012 to 2018: (1) the customer’s diminished capacity had been exploited by the stockbroker (2) mutual […]

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Investors Accuse Robert Baird Of Concealing Investment Risk

December 06, 2019  |   Posted by :   |   Investment and Regulatory News, Mutual Fund Fraud   |   0 Comments

William S. Fedor Jr. of Tucson Arizona a stockbroker currently registered with Robert W. Baird Co. Incorporated is the subject of a customer initiated investment related complaint on January 22, 2019 which was resolved for more than $10,000.00 in damages supported by allegations of Fedor failing to provide the customer with adequate information regarding the […]

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NYLife Terminates Stockbroker For Unsuitable Trading

November 24, 2019  |   Posted by :   |   Investment and Regulatory News, Mutual Fund Fraud   |   0 Comments

Timothy Robert Millis of Okemos Michigan a stockbroker registered with NYLife Securities LLC has been terminated by the securities broker dealer on April 1, 2019 supported by accusations that Millis effected inappropriate and unsuitable switches of mutual funds in the accounts of NYLife Securities LLC customers. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that […]

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FINRA Sanctions NYLife Stockbroker For Bad Advice

Timothy Robert Millis of Okemos Michigan a stockbroker formerly employed by NYLife Securities LLC 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 Millis poorly advised customers of NYLife Securities LLC in regard to a short-term mutual fund trading […]

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Western International Stockbroker Barred In Investigation

Dennis Albert Mehringer Jr. of Pasadena California a stockbroker formerly registered with Western International Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Mehringer refused to comply with FINRA’s investigation into whether he effected trades that were unsuitable for customers of Western […]

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Investors Accuse Kovack Of Mutual Fund Misconduct

Jeffrey Paul Davis of Bristol Connecticut a stockbroker currently registered with Kovack Securities Inc. is the subject of a customer initiated investment related written complaint on June 10, 2019 in which the customer requested more than $5,000.00 in damages based upon accusations that (1) the customer was placed into inappropriate investments including mutual funds and […]

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Investors Sue Hennion Walsh For Defective Investment Advice

William Hennion of Parsippany New Jersey a stockbroker currently registered with Hennion Walsh Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $300,000.00 in damages supported by allegations that between 2015 and 2018, the customer was provided poor investment advice from Hennion as it pertained to investments […]

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Investors Sue Wells Fargo For Defective Investment Advice

Betty Rodriguez of Weston Florida a stockbroker formerly registered with Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related arbitration claim which was settled for $23,000.00 in damages supported by accusations that (1) the customer’s account had been over-concentrated in mutual fund products which resulted in losses and (2) the […]

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Center Street Sued By Investors For Bad Mutual Fund Advice

David Joseph Escarcega of Phoenix Arizona a stockbroker formerly employed by Center Street Securities Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $20,000.00 in damages supported by accusations that CNL Lifestyle Real Estate Investment Trust and other mutual fund trades executed in customers’ accounts failed to be suitable […]

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BBT Securities Accused Of Mutual Fund Misconduct

Shannon Christopher Taylor of Roxboro North Carolina a stockbroker registered with BBT Securities LLC is referenced in a customer initiated investment related written complaint which was resolved for $36,308.87 in damages on October 31, 2018 based upon allegations that (1) misrepresentations had been made to the customer concerning the terms and conditions of investments and […]

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Citigroup Sued By Investors For Bad Mutual Fund Advice

Timothy Trevor Kenska of Encinitas California a stockbroker currently registered with Citigroup Global Markets Inc. is the subject of a customer initiated investment related arbitration claim which was settled to resolve accusations of bad mutual fund trades being effected in the customer’s account between 2015 and 2017. Financial Industry Regulatory Authority (FINRA) Arbitration No. FINRA […]

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Park Avenue Sanctioned By FINRA For Excessive Fees

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 […]

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Western International Sanctioned For Overcharging Customers

July 23, 2019  |   Posted by :   |   Investment and Regulatory News, Mutual Fund Fraud   |   0 Comments

Western International Securities a securities broker deal headquartered in Pasadena California has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that the firm overcharged customers on mutual fund transactions placed in customers’ accounts. Letter of Acceptance Waiver and Consent No. 2017056440501 (July 16, 2019). According to the AWC, a […]

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Wunderlich Stockbroker Barred In Investigation

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 […]

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Wells Fargo Accused of Unsuitable Mutual Fund Recommendations

Ross Lionel Gordon of Raleigh North Carolina a stockbroker formerly employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $10,000.00 on April 4, 2016 supported by accusations that between 2015 and 2016, the customer was placed into mutual fund investments that were inappropriate […]

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Wells Fargo Blamed For Disregarding Investor Instructions

May 08, 2019  |   Posted by :   |   Investment and Regulatory News, Mutual Fund Fraud   |   0 Comments

Kery Shane Hutner of Chagrin Falls Ohio a stockbroker registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint on June 11, 2018 where the customer sought damages estimated to exceed $5,000.00 based upon accusations that between October 23, 2012 and May 24, 2018, the customer’s funds were […]

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Regulator Sanctions Moors Cabot Stockbroker For Suitability

Phillip Robert Cheney Jr. of Norwell Massachusetts a stockbroker currently registered with Moors Cabot Inc. has been sanctioned by the State of Massachusetts Securities Division based upon findings that Cheney has been subject of customer disputes and has been terminated from at least one securities broker dealer founded on accusations of Cheney’s unsuitable investment transactions […]

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Edward Jones Accused Of Defective Mutual Fund Advice

Todd Bruning Osing of Peoria Illinois a stockbroker currently employed by Edward Jones is referenced in a customer initiated investment complaint which was settled on June 19, 2018 to resolve accusations that Osing gave the customer unsuitable investment recommendations concerning the sale of mutual funds held in the customer’s investment portfolio. Financial Industry Regulatory Authority […]

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AXA Advisors Sanctioned By FINRA For Fraudulent Bond Sales to Retirement Accounts

AXA Advisors LLC a securities broker dealer headquartered in New York New York has been censured and fined $600,000.00 by Financial industry Regulatory Authority (FINRA) based on findings that (1) AXA Advisors made misrepresentations about the bonds sold to the firm’s retirement account customers and (2) AXA Advisors neglected to supervise its practices to ensure […]

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Voya Financial Admits To Failure To Supervise

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 […]

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