Tag Archives: FINRA

Former MetLife Securities Broker Barred For Misappropriation

Roland Craig Matatics, a former broker with MetLife Securities Inc. in Keene, N.H., has been permanently barred from the financial industry for misappropriating $10,000 from a customer suffering from dementia. Roland Craig Matatics Submits an AWC The money was later returned and Matatics submitted a Letter of Acceptance, Waiver and Consent (AWC) to settle an action […]

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Broker Sanctioned For Getting Tangled Up in Ponzi Scheme

March 30, 2012  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes   |   0 Comments

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 […]

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FINRA Issues Alert to Educate Investors on Brokerage Account Statements

Last month, the Financial Industry Regulatory Authority (FINRA) issued an investor alert to remind investors that a careful review of their periodic brokerage account statements is an important way for them to stay informed about what brokers are doing with their money. The alert, titled “It Pays to Understand Your Brokerage Account Statements and Trade Confirmations,” […]

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Principal of Cantone Research Fined & Suspended for Failure to Supervise

The Financial Industry Regulatory Authority (FINRA) has sanctioned Christine L. Cantone and her firm for their failure to supervise a broker who sold fictitious investments to customers through which he misappropriated over $1.6 million. Cantone & Cantone Research Inc. Censored & Fined Pursuant to an FINRA order dated Feb. 22 that accepted an offer of […]

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World Group Securities Stockbroker Ordered to Pay Restitution to Customers for Unpaid Loans

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

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Former Edward Jones Administrator Permanently Barred for Misappropriation of Funds

A former Edward Jones administrator has been permanently barred from the financial industry after misappropriating a total of $63,000 from 21 customers. According to a default decision issued by the Financial Industry Regulatory Authority (FINRA) on Feb. 15, Carolyn Avia Harmon misappropriated $63,000 in customer funds between November 2006 and September 2009. She also failed […]

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On Fraud Spree, Broker Lies to Firms, Customers and Regulators

February 29, 2012  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News   |   0 Comments

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

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Stockbroker Fined $10,000 for Trading in Account of Deceased Customer

February 27, 2012  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News   |   0 Comments

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

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Stockbroker Faces Discipline for Unsuitable Trading and Switching in Vulnerable Customers’ Accounts

February 22, 2012  |   Posted by :   |   Investment and Regulatory News, Retirement Planning Fraud   |   0 Comments

Clyde M. Thornburg, a former stockbroker with NEXT Financial Group Inc., was charged earlier this month with unsuitable short-term trading and switching in the accounts of elderly and unsophisticated investors. The FINRA Complaint On Feb. 9, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Thornburg, a Florida-based registered representative with NEXT. The affected […]

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Securities Broker Barred by FINRA After Pocketing Customer’s $10K

February 22, 2012  |   Posted by :   |   Investment and Regulatory News, Retirement Planning Fraud   |   0 Comments

Philip Eckstein, a former MetLife Securities Inc. broker, was permanently barred from association with any members of the Financial lndustry Regulatory Authority (FINRA) after he converted $10,000 of an elderly customer’s money to his own use. FINRA announced the sanction in a February 8, 2012 Order accepting Eckstein’s offer of settlement after a disciplinary proceeding […]

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Stockbroker Steals More Than $800,000 from Disabled and Elderly

January 27, 2012  |   Posted by :   |   Investment and Regulatory News, Retirement Planning Fraud   |   0 Comments

Former stockbroker Ralph Edward Thomas Jr., who pleaded guilty to mail fraud in September, has been barred for life by the Financial Industry Regulatory Authority (FINRA) for conversion of more than $800,000 in customer funds to his own use. According to FINRA, Thomas misappropriated the money from three vulnerable customers between December 2001, and July […]

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Stockbroker Who Forged Signature of Elderly Customer Barred from Securities Industry

January 20, 2012  |   Posted by :   |   Investment and Regulatory News, Retirement Planning Fraud   |   0 Comments

Former LPL Financial Corp. stockbroker Amrita Holden has been permanently barred by the Financial Industry Regulatory Authority (FINRA) for wrongfully converting about $187,000 in customer funds to her own use. While employed by LPL, Holden forged the signature of an elderly customer on distribution request forms for the customer’s Individual Retirement Account (IRA). These forms […]

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Supreme Court Declines to Hear Case on FINRA Immunity from Legal Action

January 19, 2012  |   Posted by :   |   Investment and Regulatory News   |   0 Comments

A purported class-action lawsuit brought by a broker-dealer against the predecessor to the Financial Industry Regulatory Authority Inc., or FINRA, went out meekly this week, when the U.S. Supreme Court denied without explanation the plaintiff’s petition for the case to be heard. The suit, Standard Investment Chartered Inc v. National Association of Securities Dealers, was […]

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Will Investment Advisors Ever Be Really Regulated?

September 15, 2011  |   Posted by :   |   Investment and Regulatory News   |   0 Comments

The migration of stockbrokers into the advisory arena through the marketing of brokers as “trusted advisers” and “financial advisors” over the years has fueled confusion among investors as to the services provided by stockbrokers and investment advisers as well as the level of protection. The dirty secret is that aside from filling out an Investment […]

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Regulators Propose Brokerage Firms Disclose Kickbacks from Mutual Fund Underwriters

May 17, 2011  |   Posted by :   |   Investment and Regulatory News   |   0 Comments

The Financial Industry Regulatory Authority, recently filed a proposed rule change with the U.S. Securities & Exchange Commission to to adopt NASD Rule 2830 (Investment Company Securities or mutual fund shares) as FINRA Rule 2341 (Investment Company Securities) with certain important changes. NASD Rule 2830 NASD Rule 2830 regulates brokerage firms’ activities in connection with […]

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Broker Charles Winitch Guilty of Fraud Managing Accounts of Children Medical Malpractice Victims

December 14, 2010  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News   |   0 Comments

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

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Stock Broker Arbitration Claims Up 49% From 2007

December 02, 2008  |   Posted by :   |   Investment and Regulatory News, Securities Arbitration Claims   |   0 Comments

According to the latest figures from the Financial Industry Regulatory Authority (FINRA), through October 2008, investment arbitration claims are up 49% from 2007. In addition, during the first 10 months of 2008, more cases have been already been filed than were filed in all of last year. Most brokerage agreements contain provisions that any disputes […]

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Guiliano Law Launches Securities Fraud Investigation Against Wall Street Firms

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

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J.P. Turner Fined $250,000 For Failure To Supervise Commissions

October 31, 2008  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News   |   0 Comments

Washington, D.C. – The Financial Industry Regulatory Authority (FINRA) announced today that it has imposed a $250,000 fine against J.P. Turner & Company, LLC of Atlanta, GA, for failing to have an adequate supervisory system designed to ensure that its registered representatives charged customers fair and reasonable commissions on stock trades. As part of the […]

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