Stephen Romney Swensen, of Clearfield, Utah, a stockbroker registered with JW Cole Financial Inc. and investment advisor representative of Wealth Navigation Advisors, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $14,400,000.00 in damages resulting from an alleged fraud relating to a…
Surage Kamal Roshan Perera, of Melville, New York, a stockbroker registered with Aegis Capital Corp. is the subject of an enforcement action initiated by the United States Securities & Exchange Commission in which the regulator is seeking sanctions against Perera based upon allegations that Perera committed fraud and misappropriated funds. SEC v. Surage Kamal Roshan…
Joseph Michael Todd of Panama City, Florida, formerly associated with Centaurus Financial, Inc., partially settled charges that through Todd Financial Services, defrauded at least twenty of his brokerage customers of at least $3 million, most of whom were senior citizens, retirees, or individuals with disabilities. Securities and Exchange Commission v. Joseph Michael Todd, et al.,…
Michael John Laderer of Uniondale, New York, a stockbroker registered with Henley Company LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $450,000.00 in damages based upon allegations that Laderer failed to supervise a stockbroker in connection with the sale of investments when Laderer was associated…
Robert Earl Turner Jr., of Waco, Texas, a stockbroker registered with UBS Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Turner engaged in private securities transactions. Letter of Acceptance, Waiver, and Consent No. 2021073037101 (January 27, 2023). According to the AWC, from 1997…
Michael Jeremiah Mooney of Mount Airy, North Carolina, a former investment adviser representative of Southport Capital and stockbroker of Oppenheimer Co. Inc., is the subject of an enforcement action initiated by Securities and Exchange Commission (SEC) in which the regulator is seeking sanctions against Mooney based upon allegations that Mooney violated federal securities laws by…
Rhett Douglas Bedwell, of Rogers, Arizona, a stockbroker formerly registered with LPL Financial LLC, is the subject of a customer initiated investment related complaint which was settled for $19,848.26 in damages on September 23, 2021, based upon allegations of the misuse of the customer’s funds during the time that he was registered with LPL Financial…
Donna Jean Hines (also known as Donna Jean Atchison) of Clarksburg, West Virginia, a stockbroker formerly employed by Cetera Advisors LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon findings that Hines failed to cooperate with an investigation into accusations of her outside activities, including…
Brian Stanley Pearce of Winter Haven Florida a stockbroker formerly registered with FSC Securities Corporation has been fined $5,000.00 and suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Pearce engaged in private securities transactions without getting approval from FSC Securities Corporation. Letter…
Todd Anthony Esh of Shawnee Kansas a stockbroker formerly registered with LPL Financial LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or an investment adviser representative founded on accusations of Esh making omissions and misrepresentations to investors. In the Matter of Todd A. Esh Order Instituting Administrative Proceedings Case…
James Alan Seijas of Short Hills New Jersey a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to cooperate with FINRA when investigated for a lawsuit where he was accused of misrepresenting…
Edward Earl Matthes of Milwaukee Wisconsin a stockbroker formerly registered with Mutual of Omaha Investor Services has received a 63-month jail sentence based on him pleading guilty to violating federal securities laws as 27 victims had been defrauded in his $2,600,000.00 investment scheme. United States v. Edward E. Matthes 20-cr-0220-bhl (E.D. Wis. May 20, 2021)….
Steven Pagartanis of Seatauket New York a stockbroker formerly registered with Cadaret Grant Co. Inc. has been barred by United States Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with securities broker dealers or investment advisories as Pagartanis pleaded guilty to conspiracy to commit mail and wire…
Jon Richard Pariser of Pacific Grove California a stockbroker formerly registered with Independent Financial Group is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $1,202,739.63 in damages based upon accusations of Pariser having involved himself with people who persuaded the customer to invest in fraudulent promissory notes. Financial…
Rhett Douglas Bedwell of Rogers Arizona a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to comply with the regulator when he was being investigated for using forged documentation to transition a customer’s assets…
Richard Scott Shelley (also known as Richard Scott Shelly) a stockbroker formerly registered with Packerland Brokerage Services Inc. 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 he engaged in private securities transactions during the time that he…
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…
Michael August Pellegrino of Oakbrook Terrace Illinois a stockbroker formerly registered with Taylor Capital Management Inc. (TCM) has been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he provided misleading information to investors concerning short-term high-yield contracts. Letter of…
GPB Capital Holdings is back in the news, but this time investors need to act. We were one of the first law firms in America to file FINRA Arbitration claims against securities broker-dealers for the failure to conduct due diligence in connection with the recommendation and sale of GPB Automotive and its related entities. Accordingly,…
Gary Wayne Hammond of Charlotte North Carolina a stockbroker formerly registered with Hornor Townsend Kent Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he was selling away from MML Investors and that he referred customers to fraudulent investments. Letter of Acceptance Waiver…
Richard Guy Duncan (also known as Rick Duncan) of East Longmeadow Massachusetts an investment adviser representative of Ausdal Financial Partners Inc. is the subject of a customer initiated investment related written complaint on July 20, 2020 where the customer requested $405,045.00 in damages based upon allegations that the customer had been placed into unsuitable securities…
Frank Howard Zito of Ridgeland Mississippi a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith has been fined $10,000.00 and suspended for 16 months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Zito engaged in private securities transactions and outside business activities while registered with…
Tony A. Kassaei of Irvine California a stockbroker formerly registered with JP Turner Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Kassaei took part in private securities transactions involving real estate securities during the time that he was employed by JP Turner….
Professional Financial Investors, Inc., and specifically, its former president, Lewis I. Wallach, was charged by the Securities and Exchange Commission and consented to the entry of a judgment in connection with operating a $330 million Ponzi Scheme and stealing $26 million from investors. The U.S. Attorney’s Office for the Northern District of California also filed…
Michael Richard Mackay of Cincinnati Ohio a stockbroker formerly associated with Transamerica Financial Advisors has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations that the customer had been placed into real estate security and insurance products as well as a charitable annuity…
Concorde Investment Services and its Chief Compliance Officer Kimberlee Elizabeth Levy of Livonia Michigan have been sanctioned by Financial industry Regulatory Authority (FINRA) based upon findings that they failed to supervise a stockbroker who enabled a disqualified stockbroker to effect trades in the accounts of Concorde customers. Letter of Acceptance Waiver and Consent No. 2018060577602…
Cadaret Grant a securities broker dealer headquartered in Syracuse New York has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based on findings that Cadaret Grant failed to supervise its stockbrokers who engaged in private securities transactions one or more of which was a Ponzi scheme. Letter of Acceptance Waiver and Consent…
Joe McCollum Allbright of Odessa Texas a stockbroker formerly employed by Farmers Financial Solutions 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 on findings that (1) Allbright was selling Future Income Payments LLC investments away from Farmers Financial Solutions and…
Joel Nathan Burstein Jr. of Coral Gables Florida a stockbroker associated with Raymond James Associates Inc. is the subject of a customer initiated investment related civil action brought in the United States District Court in which the customer requested damages in connection with a $21 million Ponzi scheme involving Burstein. Civil Action No. 2:17-cv-crf-00061 (Mar….
Steven Pagartanis (also known as Steve Pagartanis) of Setauket New York a stockbroker registered with Lombard Securities Incorporated has been sentenced by a United States District Judge to 170 months behind bars as a result of the stockbroker pleading guilty to conspiring to commit wire and mail fraud as part of carrying out a securities…
Christine Louise Cantone (also known as Christine L. Gefken) of Eatontown New Jersey a Vice President and Chief Compliance Officer of Cantone Research Inc. is the subject of a customer initiated investment related complaint which was resolved on February 14, 2019 for $42,500.00 in damages based upon accusations of Christine Cantone’s failure to supervise a…
Norman Gary Price of Gig Harbor Washington a stockbroker formerly associated with RP Capital LLC, Genesis Capital LLC and Aequitas Commercial Finance LLC has been fined $75,000.00 and barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with any securities broker dealer or investment adviser according…
Brenda Ann Smith (also known as Brenda Smith Peterman) of West Conshohocken Pennsylvania a stockbroker and investment advisor formerly associated with CV Brokerage Inc., Broad Reach Capital LP and Bristol Advisors LLC is named in a Securities and Exchange Commission (SEC) Complaint alleging that Smith and the companies she controlled had defrauded investors who purchased…
Kevin Richard Graetz of New York New York a stockbroker employed by Paulson Investment Company LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $225,000.00 damages founded on accusations that the customer was placed into unregistered and fraudulent investments during the time that Graetz was employed by Paulson…
James F. Anderson of Dakota Dunes South Dakota a stockbroker formerly associated with Ameritas Investment Corp. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $2,423,000.00 in damages supported by allegations that (1) the customer had been inappropriately sold promissory notes as they were neither registered nor exempt…
Jonathan Douglas Freeze of Canonsburg Philadelphia a stockbroker formerly associated with Fortune Financial Services Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $175,000.00 in damages supported by allegations of bad promissory notes transactions effected through Freeze during the time that he was registered with Fortune Financial….
Sean Joseph Kelly of Marietta Georgia a stockbroker currently registered with Center Street Securities Inc. is the subject of an Order Instituting Administrative Proceedings initiated by Securities and Exchange Commission (SEC) in which SEC is seeking sanctions against Kelly which potentially include a bar from the securities industry since the stockbroker was permanently enjoined from…
Kari Marlin Bracy (also known as Kari Marlin Farwell) of Jacksonville Beach Florida a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to comply with FINRA personnel when it investigated her for…
Jon Richard Pariser of Pacific Grove California a stockbroker formerly employed by Independent Financial Group LLC has been referenced in a customer initiated investment related arbitration claim where the customer sought $1,268,000.00 in damages founded on accusations of unsuitable promissory notes transactions which caused the customer to incur investment losses. Financial Industry Regulatory Authority (FINRA)…
John Cochran Maccoll of Birmingham Michigan a stockbroker registered with UBS has been stripped of his stockbroker license or investment adviser representative license based upon accusations that (1) the stockbroker violated securities laws or regulations and (2) the stockbroker was expelled by a securities regulator based upon accusations of his misconduct in the securities industry….
Gary Wayne Hammond of Charlotte North Carolina a stockbroker formerly registered with MSI Financial Services (MetLife Securities) is the subject of a customer initiated investment related civil action brought in the North Carolina Superior Court in which the customer sought more than $25,000.00 in damages based upon allegations that (1) the customer had been provided…
Bradley Carl Mascho of Frederick Maryland a stockbroker formerly employed by Western International Securities Inc. and former Chief Financial Officer of DJB Holdings was sentenced on August 28, 2019 to thirty months in prison for (1) conspiracy to commit securities fraud in reference to his alleged solicitation and receipt of funds from investors for purchases…
James Thomas Booth of Norwalk Connecticut a stockbroker formerly registered with both LPL Financial LLC and Invest Financial Corporation and the founder of Booth Financial Associates has been charged by Securities Exchange Commission (SEC) in a Complaint alleging that Booth engaged in a Ponzi scheme in which forty investors were defrauded. SEC v. James T….
Benjamin Benoit Lowder Jr. of Charlotte North Carolina a stockbroker formerly registered with MSI Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Lowder failed to cooperate with a FINRA investigation into accusations of his potentially fraudulent trading practices. Letter of…
William Andrew Hightower of Houston Texas a stockbroker formerly registered with Legacy Asset Securities Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages supported by accusations that (1) the customer’s account had been liquidated by Hightower without the customer’s authorization and (2) funds were improperly used to…
Gary John Basralian of Maplewood New Jersey a stockbroker formerly employed by Royal Alliance Associates Inc. has been suspended on April 23, 2019 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Basralian failed to comply with a FINRA Arbitration Award in which he was ordered to…
Terry Joe Bagwell of Birmingham Alabama a stockbroker formerly registered with Pruco Securities LLC is the subject of a customer initiated investment related arbitration claim which was settled for $120,000.00 in damages founded on accusations that Bagwell failed to supervise a stockbroker who sold away from the firm by placing customers into fraudulent unregistered securities…
Frank John Capuano of Holyoake Massachusetts a stockbroker formerly registered with Royal Alliance Associates Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $100,000.00 in damages supported by accusations that the customer had been placed into unauthorized investments which were part of a Ponzi Scheme. Financial Industry Regulatory…
Michael Jeffrey Oppenheim of New York New York a stockbroker formerly employed by J.P. Morgan Securities LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment advisor or otherwise associating with securities broker dealers or investment advisory firms according to an Order Instituting Administrative Proceedings pursuant to Securities Exchange…
Stephen Skeffington Eubanks of Las Vegas Nevada a stockbroker formerly employed by Bright Trading LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser or otherwise associating with securities broker dealers or investment advisories according to an Order Instituting Administrative Proceedings Pursuant to Investment Advisers Act of 1940…
Rodger Sprouse of Overland Park Kansas a stockbroker currently employed by Titan Securities of Addison Texas (CRD No. 131392) of is the subject of an investment related civil action in the Circuit Court of Jackson County Missouri where the investor sought $210,000.00 in damages based upon accusations that Sprouse sold the investor a structured cash…
Ken Alan Balser of Colorado Springs Colorado a stockbroker formerly employed by Cetera Advisors LLC is referenced in a Colorado Division of Securities Stipulation and Consent Order which revoked Balser’s sales representative licensure and investment adviser license based upon the Division’s findings that Balser sold investments to customers away from Cetera Advisors LLC. Case No….
Paul Joseph Godlewski of Coatesville Pennsylvania a stockbroker formerly registered with Allstate Financial Services LLC is referenced in a customer initiated investment related arbitration claim which was settled for $28,000.00 in damages supported by allegations that (1) Godlewski solicited a customer’s private placement investment outside the firm’s auspices causing a customer losses and (2) Allstate…
Michael John Rappa of San Diego California a broker formerly employed by Foresters Equity Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Rappa failed to cooperate with FINRA personnel who had been investigating Rappa’s possible unauthorized private securities transactions….
Kirk James Bertsch of Spearfish South Dakota a broker formerly registered with Farmers Financial Solutions LLC has been disgorged of illicit commissions and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Bertsch sold away from his firm by engaging in a promissory note…
Thomas Edward Sova of Baton Rouge Louisiana a stockbroker formerly registered with Hornor Townsend Kent Inc. has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Sova sold away from the firm by selling Woodbridge Group of…
Floyd Earl Powell of Albertville Alabama a stockbroker formerly employed by MML Investors Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Powell engaged in private securities transactions while associated with the firm. Letter of Acceptance Waiver and Consent No….
Thomas Anthony Gallo of New York New York a stockbroker formerly registered with Corinthian Partners LLC has been fined $10,000.00 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 made misrepresentations concerning promissory notes that had been sold by…
Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by United Planners’ Financial Services of America A Limited Partner has been discharged from employment on August 2, 2018 supported by allegations that (1) Thomas maintained a number of private investments and loans with customers of United Planners’ Financial Services of America wherein those investments…
CIM Securities LLC (also known as Brookline Capital Markets) a brokerage firm headquartered in Centennial Colorado has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that its failed to supervise three registered representatives’ private securities transactions. Letter of Acceptance Waiver and Consent No. 2017052070001 ….
Hector May of New City, New York, a registered representative of Securities America was named in a customer initiated, investment related claim that May stole more than $3.4 million from at least nine of his public customers by misappropriating their assets in a Ponzi-style scheme. May operated a “franchise” branch office of Securities America conducting…
John C. Maccoll a stockbroker registered with UBS Financial Services in Birmingham, Michigan was charged by the United States Securities & Exchange Commision with the theft of over 4 million from his clients. Maccoll purportedly solicited his brokerage customers to invest in a purported private, alternative, hedge-type fund that Maccoll claimed was highly-profitable. The purported fund…
Thomas Edward Andrews of Salt Lake City Utah a former LPL Financial LLC registered representative has been barred by Securities and Exchange Commission (SEC) in all capacities according to an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 containing findings that Andrews committed securities fraud. In the Matter…
Peter Rajinder Kohli of Pottstown Pennsylvania a stockbroker formerly registered with Trustmont Financial Group Inc. and chief executive officer of both DMS Advisors Inc. and DMS Funds has been barred by the Securities and Exchange commission in all capacities according to an Order Instituting Administrative Proceedings Pursuant to Securities Exchange Act of 1934 Section 15(b)(6)…
Steven Pagartanis of Setauket New York a stockbroker formerly registered with Lombard Securities Incorporated who is barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he misappropriated customer funds and made fraudulent misrepresentations. Letter of Acceptance…
Jill Marie Cody (also known as Jill Marie Tramontano) of Neptune New Jersey is a stockbroker formerly registered with Concorde Investment Services LLC and investment advisor representative of Concorde Asset Management whose investment advisor representative and agent registration were revoked by the New Jersey Bureau of Securities according to a Summary Revocation Order containing findings…
Leslie Koonce, of Menlo Park, California, a stockbroker formerly registered with LPL Financial LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he sold away from his firm and falsified information about his…
Paul Wescoe Smith, of Wayne, Pennsylvania, a stockbroker formerly registered with Bolton Global Capital and investment advisor for The Haverford Group, has been charged by Securities and Exchange Commission (SEC) in a Complaint alleging that engaged in investment advisory fraud and executed a fraudulent securities offering spanning a quarter century. Securities and Exchange Commission v….
Paul Wescoe Smith, of Wayne, Pennsylvania, a stockbroker formerly registered with Bolton Global Capital, is the subject of a customer initiated investment related arbitration claim on July 5, 2017, in which the customer requested $25,000.00 in damages based upon allegations that from January of 2016 to February of 2017, the customer maintained an investment in…
Bryan Wayne Anderson, of Birmingham, Alabama, a stockbroker formerly registered with Pruco Securities, LLC, has been barred by Securities and Exchange Commission (SEC) from engaging in business as a broker or an investment advisor, or otherwise associating with brokerage firms or investment advisories according to an Order containing findings that Anderson committed securities fraud. In…
Mark David Holt (also known as Mark David Hothusen), of Northern Oaks, Minnesota, a stockbroker formerly registered with Harbour Investments, Inc., has been barred from working as an investment adviser representative or stockbroker or otherwise affiliating with investment advisers or brokerage firms according to a Securities and Exchange Commission (SEC) Order containing findings that Holt…
Ernest J. Romer of Sterling Heights, Michigan, whom until very recently was associated with CoreCap Investments, located in South Field Michigan, was charged with embezzlement. According to the Complaint, Michigan Investigators believe Romer’s transactions were part of a larger “pattern of felonious financial maneuvers involving a field of investors, with as many as 20 additional…
Leon Vaccarelli, a registered representative associated with The Investment Center, Inc. was charged by the United States Securities & Exchange Commission with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 21F-17(a). According to the Complaint, Vaccarelli, doing business as Lux…
Jerry Allen Cicolani Jr., of Cleveland, Ohio, a stockbroker formerly registered with PrimeSolutions Securities, Inc., is the subject of a Securities and Exchange Commission (SEC) Order Instituting Administrative Proceedings pursuant to Securities Exchange Act of 1934 Section 15(b) as well as Section 203(f) of the Investment Advisers Act of 1940 containing findings that Cicolani illegally…
Paul Wescoe Smith, of Wayne, Pennsylvania, a stockbroker formerly registered with Bolton Global Capital, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he sold away from his firm. Letter of Acceptance, Waiver and…
Patrick Churchville, president of a Rhode Island investment advisor, was sentenced to seven years in federal prison in March of this year relating to a Ponzi scheme he operated since 2010. Churchville was president of ClearPath Wealth Management, LLC. In 2015 the SEC filed a civil complaint alleging that Churchville and ClearPath diverted investor deposits…
The Guiliano Law Group is investigating claims on behalf of investors involving Paul Wescoe Smith formerly associated with Bolton Global Capital in Wayne, Pennsylvania in connection with the sale of the unregistered securities of the Haverford Group. On February 2, 2016, according to FINRA Public Disclosure Records, Smith was discharged or terminated by Bolton Global…
Stephen Skeffington Eubanks, of Las Vegas, Nevada, a stockbroker with Bright Trading, LLC, was terminated from employment on August 26, 2016, based upon allegations that he failed to provide disclosure to his firm concerning an outside business activity which consisted of his ownership in Eubiquity Capital LLC. On November 1, 2016, Eubanks was charged by…
Levi D. Lindemann, of Oakdale, Minnesota, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been subject to a customer initiated investment related arbitration claim on March 28, 2016, in which the customer requested $340,000.00 in damages based upon allegations that Lindemann negligently handled the customer’s investment account, breached his fiduciary duty to…
The Massachusetts Secretary of the Commonwealth, William F. Galvin, issued an administrative complaint against Stephen S. Eubanks for operating a text book Ponzi scheme According to the Complaint, since approximately October 2011, Eubanks presented himself as a successful hedge fund manager of Eubiquity Capital. According to the Complaint, Eubanks, sold approximately $562,000 of his hedge…
Brett I. Friedberg, of New York, New York, a stockbroker with HFP Capital Markets LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Extended Hearing Panel Decision containing findings that Friedberg made unsuitable securities recommendations and negligently misrepresented information to customers. Department of Enforcement…
North American Securities Administrators Association (NASAA) released its annual list of top investor threats. The top investor threats were compiled from a survey from the various state securities regulators to identify the five most problematic schemes. Following the launch of the Investment Fraud Bingo Program, it is uncertain whether the Commonwealth of Pennsylvania Department of…
Jeffrey B. Risinger of Carmel, Indiana, a registered representative with PIN Financial, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations of Risinger’s participation in a Ponzi scheme. Letter of Acceptance, Waiver…
Indiana Pennsylvania based stockbroker Bernard M. Parker has plenty of tax liens. Since 2006, according to public disclosure records, he appears to have had at least six liens against him for failure to pay his taxes. In fact, Bernard Parker had so many tax liens against him, he began selling tax liens…
On November 5, 2015, by consent, the Securities and Exchange Commission obtained a judgment against George P. Brown, age 81, in connection with an action against George P. Brown and his son Kevin C. Brown, age 49, both of Pennsylvania, and their related entities, for fraud in connection with the sale of various unregistered securities…
Randy Warren Burke of Hickory, North Carolina, a stockbroker with Synergy Investment Group, LLC, Capital Investment Group, Inc., and most recently Carlton & Associates, Inc., was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he participated in private securities transactions that were not…
John Thomas Oates, Jr., a Stockbroker with Cetera Financial Specialists LLC, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for six months and fined $10,000 after consenting to findings that Oates engaged in outside business activities in violation of his firm’s policies. Letter of Acceptance, Waiver,…
The National Adjudicatory Council for the Financial Industry Regulatory Authority (FINRA) just upheld a Hearing Panel Decision to bar Fuad Ahmed from associating with any FINRA member firm in any capacity as well as upholding the expulsion of his firm, Success Trade Securities, after finding that the respondents willfully engaged in securities fraud and selling…
Aaron R. Parthemer, a former financial advisor with Wells Fargo Advisors, LLC, was permanently barred from association with any FINRA member in any capacity after consenting to FINRA findings that he engaged in unapproved outside business activities, unlawful loans to customers, private securities transactions, false written responses to FINRA pursuant to 8210 requests, and false…
ARI Financial Services, Inc., a FINRA member firm since 2005 headquartered in Kansas, sells private placements directly to investors among other securities via 30 registered reps operating out of 5 branch offices. The firm, along with president and CCO William Candler, were charged by FINRA’s Department of Enforcement in a Complaint alleging various supervisory failures…
Three individuals from Maryland agreed to settle SEC charges that they had defrauded investors in a company owning and operating commercial and residential real estate, in violation of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, where at least one of…
FSC Securities Corp. of Atlanta, Georgia, a FINRA member brokerage firm and investment advisor firm registered with the SEC, is responsible for paying eight investors an award collectively totaling more than $1.2M via a FINRA’s arbitration panel decision after claimants alleged violations of FINRA Conduct Rule 3010, respondent superior/agency by estoppel, and violations of the…
FSC Securities is a “franchise” broker-dealer, purports to be America’s largest networks of independent advisors, with more than “1,500 financial advisors” operating from more than 238 geographically dispersed “independent” branch offices “across the United States. FSC Securities is also part of the AIG Advisory Group Barry G. Hartman Until March 2013, Barry G. Hartman was…
Michael J. Oppenheim of Livingston, New Jersey, a former registered investment advisor representative and registered representative of J.P. Morgan Securities LLC, was charged in a criminal complaint by the United States Attorney for the Southern District of New York for one count each of wire fraud, embezzlement, securities fraud, and investment advisor fraud in connection…
Malcolm Segal of Langhorne Pennsylvania, a former registered representative of Aegis Capital Corp. was indicted by a federal grand jury in Philadelphia for nine counts of mail fraud and wire fraud in connection with operating a $15.5 million Ponzi Scheme. United States v. Malcolm Segal (E.D. Pa. June 25, 2015). Following the release of his indictment,…
H.D. Vest Investment Securities, Inc. operates a network of over 4,500 independent registered representatives located in branch offices throughout the United States. One such individual, Lewis J. Hunter was a registered representative of HD Vest when he stole more than $300,000 from his customers. According to Hunter, his customers would be investing ion high yield…
Malcolm Segal was a registered representative, and operated his own branch office of Aegis Capital Corp. in Langhorn, Pennsylvania operating under the name J&M Financial. Segal also controlled or operated another company, National CD Sales. Beginning sometime in 2013, it appears that Segal began to sell investors bank certificates of deposit, which at least according…
Last week, a California Superior Court Judge refused to certify class action claims by investors against MetLife Securities and New England Securities in connection with the fraudulent recommendation and sale of the securities of Diversified Lending Group Inc. to public customers. Representatives of New England Securities including Lawrence E. Bagby Jr., James C. Davidson Scott…
Welcome to America! You Can’t Make This Stuff Up America is the land of opportunity. Pakistani citizen and New York resident, Moazzam “Mark” Malik worked as a waiter, and NYPD traffic agent, and a security guard. After “working” at Lehman Brothers, JP Morgan Chase and Merrill Lynch, since 2002. Mark Malik manages more than $1…
Fort Lauderdale, Florida, February 4, 2012 (Globe Newswire) –Royal Alliance Associates, an AIG Advisor Group division owned by American International Group (NYSE: AIG), sued victims of a Ponzi scheme to block pending FINRA arbitration claims, where the victims have alleged that Royal Alliance Associates failed to supervise the sales agents who sold the fraudulent investments,…
Fort Lauderdale, Florida, February 4, 2012 (Globe Newswire) –Royal Alliance Associates, an AIG Advisor Group division owned by American International Group (NYSE: AIG), sued victims of a Ponzi scheme to block pending FINRA arbitration claims, where the victims have alleged that Royal Alliance Associates failed to supervise the sales agents who sold the fraudulent investments,…
Raymond James Financial Services Inc. has agreed to pay a $400,000 fine to settle allegations that it failed to supervise a customer who used accounts he had with the firm to operate a multi-million-dollar Ponzi scheme.The firm submitted a Letter of Acceptance Waiver and Consent (AWC) to resolve a disciplinary action brought by the Financial…
Last month, brokerage firm Stifel, Nicolaus & Co. Inc. settled a disciplinary action brought against it by the Financial Industry Regulatory Authority (FINRA) after one of the firm’s brokers ran a Ponzi scheme that defrauded customers. The terms of the settlement included a $350,000 fine and a censure. Stifel Nicolaus also agreed to pay restitution…
Last month Leland O. Stevens, a former broker with Great American Advisors Inc., settled a disciplinary action against him after he served up his unwitting customers to a Ponzi scheme. The Financial Industry Regulatory Authority (FINRA) filed a complaint against Stevens last year for his role in the sale of promissory notes that turned out…
Florida-based brokerage firm 1st Discount Brokerage Inc. has been censured and fined $40,000 by the Securities and Exchange Commission (SEC) for its failure to supervise a broker who defrauded investors of nearly $9 million. In addition, Michael R. Fisher, executive-vice president of the firm at the time, was ordered to pay $10,000, according to the…
The receiver appointed to handle the fallout from one of the largest Ponzi schemes in Minnesota history has filed suit in federal court in Minneapolis against NRP Financial Inc. for its failure to supervise a registered broker who participated in the fraud that bilked investors out of $150 million. NRP was a registered broker-dealer with…
Welcome to the age of the Ponzi Scheme, the result of the non-regulation of “hedge funds.” Madoff, Nagel, Stanford, Spitzer, the list goes on and on, millions, tens of billions of dollars swindled by Ponzi scheme scam operators, always, or at least most often leaving investors with nothing, except whatever meager sum the government may…