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FINRA Bars Supervisors For Churning Customer Accounts

August 14, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Bars Supervisors For Churning Customer Accounts

A FINRA hearing panel has barred broker Edward Byen and his two supervisors, Craig Scott Taddonio and Brent Morgan Porges, from the securities industry. They all previously worked at Craig Scott Capital of Uniondale, NY. FINRA filed an enforcement complaint in December 2015 alleging that the “firm and its owners had fostered a culture of […]

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Ridgewood NJ Broker Barred From the Industry

August 14, 2017  |   Posted by :   |   News   |   Comments Off on Ridgewood NJ Broker Barred From the Industry

Anthony Vincent Ferrone entered into an acceptance, waiver and consent agreement (“AWC”) with FINRA and has been barred from the securities industry. Ferrone was the subject of a FINRA investigation concerning the unsuitable sales of unit investment trusts to customers. Ferrone was actually in the middle of an on the record interview (“OTR”) being conducted […]

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FINRA Panel Awards Investors $192,000

August 14, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Panel Awards Investors $192,000

In an arbitration award dated June 27, 2017, a three-member panel awarded Oregon investors Scott and Jan Tullis $192,103 in damages and interest against Ameriprise Financial Services, Inc., and its broker, Andrew Joseph Hall. Hall worked in Portland, Oregon. The panel gave a one-paragraph explanation for the award. The panel determined that respondents engaged in […]

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Boilerroom Broker Barred From Securities Industry

August 14, 2017  |   Posted by :   |   News   |   Comments Off on Boilerroom Broker Barred From Securities Industry

David Leonard Sheppard, a former broker who worked in New York and Massachusetts, was barred from the securities industry in April 2017. Sheppard was in the middle of a FINRA inquiry. FINRA was investigating Sheppard for potential excessive trading and churning in multiple customer accounts. In conjunction with its investigation, FINRA requested that Sheppard appear […]

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FINRA Arbitration Panel Awards Clients $559,000

August 14, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Arbitration Panel Awards Clients $559,000

On July 24,2017 a FINRA arbitration panel in Wyoming awarded John and Kathleen Keck $559,612 based on their claim of negligence against RBC Capital Markets LLC and three RBC brokers, Jacqueline Sarette Georgio, Paul Samuel Howard and Brian Kristian Pedersen. The award was joint and several against the four respondents. They worked out of an […]

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MID-YEAR REPORT FINRA CUSTOMER AWARDS 2017

July 27, 2017  |   Posted by :   |   News   |   Comments Off on MID-YEAR REPORT FINRA CUSTOMER AWARDS 2017

By: Dana N. Pescosolido Overall win rates for the first six months of 2017 are consistent with the past, but All-Public Panels gave awards to Claimants more often than in the past, and almost twice as often as did Majority-Public Panels. Recovery Rates are running higher this year, with compensatory awards averaging 63% of the […]

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RBC Wealth Management Settles Customer Complaint For $3.5 Million

July 27, 2017  |   Posted by :   |   News   |   Comments Off on RBC Wealth Management Settles Customer Complaint For $3.5 Million

RBC Wealth Management has settled a customer complaint filed by a prominent Indianapolis, IN family for $3.5 million. The settlement occurred in April of this year. According to news reports and FINRA filings, the family of the late Robert Skinner, co-founder of Skinner and Broadbent, Inc., a prominent shopping center developer in the Midwest, settled […]

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It Takes a Village, a Global Village of Barred Brokers

July 27, 2017  |   Posted by :   |   News   |   Comments Off on It Takes a Village, a Global Village of Barred Brokers

Aaron Robert Parthemer was barred from the securities industry by FINRA in 2015. The bar resulted from Parthemer’s unapproved outside business activities, inappropriate and unapproved loans to customers and unapproved private securities transactions. Parthemer worked in Ft. Lauderdale, FL, at Morgan Stanley from June 2009 to October 2011. He then worked at Wells Fargo, also […]

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Edward Jones Broker Steals From 82-Year-Old With Dementia

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Edward Jones Broker Steals From 82-Year-Old With Dementia

These are only allegations, these are only allegatons, there are only allegations. FINRA filed a complaint in February, 2017, alleging that former Edward Jones broker Austin Morton of Sallisaw, Oklahoma, converted $36,000 from an elderly former client. This tale of woe begins in November 2016, when the daughter of the client, with a power of […]

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Calling All Cops, and DROPS, Pennsylvania Gets Dutton

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Calling All Cops, and DROPS, Pennsylvania Gets Dutton

On July 11, 2017,  the Pennsylvania Department of Banking and Securities announced that it has fined Newbridge Securities Corporation $499,000 for failure to supervise. The order does not specify the products or the number of affected Pennsylvania investors. It also does not identify the broker who made the problematic sales. The BrokerCheck report for Newbridge […]

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FINRA Arbitration Panel Renders $1.8 million Award Against Northeast Securities

July 27, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Arbitration Panel Renders $1.8 million Award Against Northeast Securities

A FINRA arbitration panel from New York issued an award dated July 10, 2017, in favor of customer Timothy McLaughlin against Northeast Securities, Inc., and three of its employees, Steven Joseph Perrone, Diane Hawkins and Jonathan Michael Zucker. Northeast Securities and the three employees were all named as respondents in the claim.  FINRA Arbitration No. […]

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Arbitration Panel Hits Wedbush Securities For Punitive Damages Award in Elder Abuse Case

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Arbitration Panel Hits Wedbush Securities For Punitive Damages Award in Elder Abuse Case

On July 13, 2017, a FINRA arbitration panel issued an award finding that Wedbush Securities and its former broker, Mark F. Augusta, “engaged in improper conduct” regarding two elderly customers, Agatha and John Dancy, 16-00847. The hearing took place in Los Angeles, CA. Augusta worked out of Wedbush’s Solana Beach, CA office. The arbitration claim, […]

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Nevada Investors Governor Signs Law to Include Stockbrokers as Fiduciaries

July 27, 2017  |   Posted by :   |   News   |   Comments Off on Nevada Investors Governor Signs Law to Include Stockbrokers as Fiduciaries

On June 2, 2017, Nevada Governor Brian Sandoval signed Senate Bill 383, which amends the Nevada Securities Act to include broker-dealers, investment advisors and their individual representatives as fiduciaries. The bill went into effect on July 2, 2017. Under Nevada securities law, “financial planners” are defined and considered to be fiduciaries in relation to their […]

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FINRA Regulatory Case Regarding Unsuitable Variable Annuities Trades

June 19, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Regulatory Case Regarding Unsuitable Variable Annuities Trades

Former Sterne Agee Baton Rouge, LA broker James K. Cox recently submitted a letter of Acceptance, Waiver and Consent (“AWC”) to settle a regulatory investigation with FINRA. In the fall of 2014, Cox, then employed at Sterne Agee, convinced a client to switch from one variable annuity (“VA”) to another. He also had the client […]

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FINRA Complaint Against Morgan Stanley Broker After $3.5 Million Arbitration Award

June 19, 2017  |   Posted by :   |   News   |   Comments Off on FINRA Complaint Against Morgan Stanley Broker After $3.5 Million Arbitration Award

In early June, FINRA filed a regulatory complaint against former Morgan Stanley broker Kim Dee Issacson. Issacson had worked in Morgan Stanley’s Salt Lake City branch from December 2008 until February 2014. The regulatory complaint is apparently related to a customer arbitration claim filed against Issacson by Keith Melton and seven related entities in 2014 […]

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FINRA’s Cockroach Squad To Rein In Rogue Brokers

June 16, 2017  |   Posted by :   |   News   |   Comments Off on FINRA’s Cockroach Squad To Rein In Rogue Brokers

The Financial Industry Regulatory Authority or FINRA, and its President and Chief Executive Officer, Robert Cook, recently announced that FINRA is implementing various measures to rein in high-risk brokers and brokerage firms (also referred to as “rogue” brokers and firms). In fact, in recent months, there have been an interesting trend in particularly the New […]

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Sale of Unregistered Securities Thrives In Pennsylvania

June 09, 2017  |   Posted by :   |   News   |   Comments Off on Sale of Unregistered Securities Thrives In Pennsylvania

Securities regulations, and their enforcement, impede capital formation. Must be time for a cocktail party for crowd funding in Harisburg. The Pennsylvania Department of Banking and Securities Bureau of Securities recently completed an investigation and obtained a consent order against of Premier Innovations Group, Inc. , Clique Vodka Ltd. and Noah Cohen. Premier has offices […]

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New Jersey Regulators Fine David Lerner Associates

June 09, 2017  |   Posted by :   |   News   |   Comments Off on New Jersey Regulators Fine David Lerner Associates

On May 24, 2017 David Lerner Associates (“DLA”) signed a consent order with the New Jersey Bureau of Securities involving the company’s sales of non-traded REITs. DLA is a broker-dealer with offices in New York, New Jersey and Boca Raton, Florida. Since 1992, DLA has been the underwriter and sole distributor of 10 Apple non-traded REITs. […]

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FINRA TO “TERRIBLY HARMED” INVESTORS – YOU’RE OUTTA LUCK!

May 18, 2017  |   Posted by :   |   News   |   Comments Off on FINRA TO “TERRIBLY HARMED” INVESTORS – YOU’RE OUTTA LUCK!

Unfortunately, for what is a substantial percentage of claimants who win arbitration awards against their brokers and/or their brokerage firm, FINRA has declined to address an all to common situation that investors face – that of unpaid arbitration awards. Last week, FINRA’s governing board failed to significantly address the problem of unpaid arbitration awards that […]

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Securities Fraudsters: You have a friend in Pennsylvania II

February 06, 2017  |   Posted by :   |   News   |   Comments Off on Securities Fraudsters: You have a friend in Pennsylvania II

In July 2014, we wrote about the dismantling of the Pennsylvania Securities Commissioner, which was seen as an impediement to “capital formation” in the Keystone State.  We called it: Securities Fraudsters:  You have a friend in Pennsylvania. So here we go again. By way of background, each year in Pennsylvania, investors conservatively lose $3 billion as […]

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