Stockbroker Fraud News

Archive | Stockbroker Fraud News

Illinois Financial Advisor Steals From Elderly Client By Forging Checks

May 25, 2017  |   Posted by :   |   Elder Abuse, Embezzlement, Stockbroker Fraud News   |   0 Comments

William Carlson, a former financial advisor with Forum Financial Management, a Chicago area registered investment advisor, has admitted to stealing over $900,000 from a 63-year-old investor by forging her signature on checks drawn on her account. Carlson began his scheme in 2012.The victim had a custodial account that was managed by Carlson and Forum Financial. […]

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Investor Wins $1 Million FINRA Arbitration Award

Colorado investor, Grace Huitt, has won an arbitration award in excess of $1 million due to misrepresentations made to her by the broker who sold her a variable annuity. Ms. Huitt purchased an ING Landmark variable annuity in 2008. At or before the time of sale, her broker at Wilbanks Securities, Inc., a brokerage firm […]

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Gillette Shaved From Edward Jones For Switching

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Rebecca L. Gillette, of Brockport, New York, a stockbroker formerly registered with Edward Jones, has been named in a customer initiated investment related written complaint on April 7, 2017, where the customer requested more than $5,000.00 in damages based upon allegations that Gillette poorly advised the customer in regard to the customer’s investment account contributions. […]

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Summit Brokerage Customer Complains About Love

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Kim Kerry Love, of Boca Raton, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related written complaint on April 4, 2017, in which the customer requested $499,000.00 in damages based upon allegations that Love effected the “unauthorized transfer” of assets from the customer’s trust account. […]

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Morgan Stanley Sued In Arbitration For Unsuitability

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Michael Barry Goldberg, of Short Hills, New Jersey, a stockbroker currently registered with Morgan Stanley, has been named in a customer initiated investment related written complaint on April 4, 2017, in which the customer requested $33,443.87 in damages based upon allegations that Goldberg effected unit investment trust and mutual fund transactions in the customer’s account […]

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Paulson Investment Company Fired In Fraud Investigation

May 25, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud News   |   0 Comments

Minish Joe Hede, of New York, New York, a stockbroker formerly registered with Paulson Investment Company LLC, was terminated from employment on April 28, 2017, based upon allegations that he was uncooperative in the firm’s investigation of a customer initiated investment related arbitration claim, in which the customer’s claim was based upon allegations of fraud. […]

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SunTrust Investment Services Stockbroker Barred

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Timothy John Reed, of Bristow, Washington, a stockbroker formerly registered with SunTrust Investment Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide a response to FINRA’s informational request. Letter No. 2016049929801 (Apr. 24, 2017). FINRA Public Disclosure also […]

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Wells Fargo Clearing Sued in Arbitration For Unsuitability

May 25, 2017  |   Posted by :   |   Over Concentration, Stockbroker Fraud News, Suitability   |   0 Comments

Nancy Kimball Mellon, of Tampa, Florida, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related arbitration claim on May 1, 2017, in which the customer requested at least $125,000.00 in damages based upon allegations that Mellon made unsuitable investment recommendations to the customer resulting in […]

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Citigroup Global Markets Broker Fired

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

James Allen, of Skokie, Illinois, a stockbroker formerly registered with Citigroup Global Markets Inc., was terminated from employment on April 4, 2017, based upon allegations that Allen’s conduct was violative of the firm’s policies as discovered via the firm’s investigation into his client communications and review of Allen’s misstatements of customer account information. Financial Industry […]

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Garden State Securities Broker Suspended for Unauthorized Trading

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Terry Lee Brodt Jr., of Red Bank, New Jersey, a stockbroker currently registered with Garden State Securities, Inc., has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts on a discretionary basis, and failed […]

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Wayne Hummer Stockbroker Fired

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jeannette Ann Adcock, of Bloomingdale, Illinois, a stockbroker formerly registered with Wayne Hummer Investments L.L.C., was terminated from employment on April 19, 2017, based upon allegations that she violated the firm’s policy by failing to apprise the firm of a customer initiated investment related complaint. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on […]

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BB&T Securities Sued in Arbitration For Fraud

Dean Adam Myerow, of Hasbrouck Heights, New Jersey, a stockbroker formerly registered with BB&T Securities, LLC, has been identified in a customer initiated investment related arbitration claim on April 26, 2017, in which the customer requested $125,000.00 in damages based upon allegations that included violation of MSRB and FINRA rules, failure to supervise, breach of […]

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Allied Beacon Partners Broker Suspended For Bad Recommendations

May 25, 2017  |   Posted by :   |   Boilerroom, Elder Abuse, Stockbroker Fraud News   |   0 Comments

Jeffrey D. Noard, of Milwaukee, Wisconsin, a stockbroker formerly registered with Allied Beacon Partners, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity pursuant to a National Adjudicatory Council Decision containing findings that he made unsuitable investment recommendations to customers. In the Matter of Department […]

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Raymond James Named In Customer Arbitration

Melody Vuicich Kump, of Austin, Texas, a stockbroker currently registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related written complaint on April 4, 2017, in which the customer requested $24,134.00 in damages based upon allegations that Kump, between 2013 and 2017, engaged in sales practice violations and effected […]

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ON Equity Sales Named In Complaint

May 25, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Glenn Thomas Colangelo, of Salem, Oregon, a stockbroker formerly registered with The O.N. Equity Sales Company, has been named in a customer initiated investment related written complaint, which settled on March 15, 2017, for $300,921.00 in damages based upon allegations that Colangelo failed to act in the customer’s best interest pertaining to the customer’s investment […]

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National Planning Broker Suspended For Hiding Complaints

May 25, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Richard Anthony McCollam, of Lafayette, California, a stockbroker formerly registered with National Planning Corporation, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity pursuant to a FINRA Office of Hearing Officers’ Hearing Panel Decision containing findings that he failed to disclose customer complaints as required […]

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WFG Investments Sued By Customers For Fraud

James Neal Turner, of Plano, Texas, a stockbroker formerly registered with WFG Investments, Inc., has been identified in a customer initiated investment related arbitration claim on January 30, 2017, where the customer requested $75,000.00 in damages based upon allegations of misrepresentations made to customers in convertible preferred stock offering documents, and the failure to adequately […]

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Brookville Capital Partners Sued for Unsuitability

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Daniel M. King, of Melville, New York, a stockbroker formerly registered with Brookville Capital Partners, has been named in a customer initiated investment related arbitration claim on May 1, 2017, in which the customer requested $59,330.70 in damages based upon allegations that he solicited customers’ investments for products they were not suitable for, and led […]

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AXA Advisors Broker Suspended For Unsuitable Recommendations

May 25, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

James Davis Trent, of Columbia, South Carolina, a stockbroker formerly registered with AXA Advisors LLC, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity pursuant to an Order Accepting Offer of Settlement issued by FINRA Office of Hearing Officers which contained findings that Trent made unsuitable investment recommendations to […]

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Euro Pacific Capital Sued for Excessive Commissions

Matt Ward, of Santa Monica, California, a stockbroker currently registered with Euro Pacific Capital, Inc., has been named in a customer initiated investment related written complaint on January 6, 2017, in which the customer requested $40,000.00 in damages based upon allegations that Ward, between 2015 and 2016, charged the customer with excessive commissions and effected […]

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Customer Arbitrations Filed Against Wells Fargo Clearing Services

John George Marakas III, of Beverly Hills, California, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related written complaint on March 11, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Marakas failed to abide by the customer’s stop […]

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Ameritas Stockbroker Suspended For Outside Business Activity

Andrew John Logullo, of Los Angeles, California, a stockbroker formerly registered with Ameritas Investment Corp, has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Logullo engaged in undisclosed outside business activities and omitted information from his […]

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Four Points Capital Partners Sued For Unsuitability

George A. Nikolakakos, of New York, New York, a stockbroker formerly registered with Four Points Capital Partners LLC, has been named in a customer initiated investment related written complaint on March 24, 2017, in which the customer requested $65,000.00 in damages based upon allegations that Nikolakakos effected stock transactions in the customer’s account that were […]

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First Standard Financial Broker Suspended

Laurence Michael Torres, of Staten Island, New York, a stockbroker formerly registered with First Standard Financial Company LLC, has suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he did not relay to FINRA that he was compliant with a customer initiated investment related settlement or […]

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National Securities Stockbroker Suspended For Unauthorized Trading

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Ralph Brian Marra, of Eatontown, New Jersey, a stockbroker currently registered with National Securities Corporation, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. […]

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Enclave Capital Stockbroker Fired

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Emilio Disanluciano, of New York, New York, a stockbroker formerly registered with Enclave Capital LLC, was terminated from employment on April 28, 2017, based upon allegations that he misrepresented investment based information to a customer. Contemporaneously, Financial Industry Regulatory Authority (FINRA) initiated a regulatory action against Disanluciano based upon allegations of Disanluciano’s misrepresentation of a […]

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Blackbook Capital Stockbroker Barred In Investigation

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Mary Ann Wise, of New York, New York, a stockbroker formerly registered with Blackbook Capital, 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 a FINRA investigation into her involvement with another individual FINRA barred for […]

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IMS Securities In Customer Arbitration Alleging Fraud

Joshua William Patterson, of Houston, Texas, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on April 7, 2017, in which the customer requested $1,233,805.00 in damages based upon allegations that Patterson breached his contractual and fiduciary duties to the customer, failed to conduct due […]

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Invest Financial Corporation Stockbroker Suspended For Unsuitable Transactions

May 25, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News, Suitability   |   0 Comments

Stephen J. Landa, of Easton, Connecticut, a stockbroker formerly registered with Invest Financial Corporation, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unsuitable transactions in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2016049485101 […]

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JP Morgan Securities Sued For Misrepresentation

May 25, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ricardo E. Urrutia, of Bronx, New York, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on January 15, 2016, in which the customer requested $9,496.04 in damages based upon allegations that Urrutia made misrepresentations to the customer concerning a variable annuity product. Financial […]

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Morgan Stanley Wealth Management Stockbroker Fired

May 25, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Socrates E. Cruz, of New York, New York, a stockbroker registered with Morgan Stanley, was terminated from employment on March 10, 2017, based upon allegations that he failed to apprise his firm about multiple outside investment holdings. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on January 17, 2015, a customer initiated investment related […]

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Wilmington Capital Stockbroker Barred In Investigation

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Eugene A. Riggio, of Hawthorne, New York, a stockbroker formerly registered with Wilmington Capital Securities, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that Riggio obstructed a FINRA investigation into allegations that he misappropriated funds. Letter of Acceptance, Waiver and Consent, No. […]

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National Securities Corp Sued In Churning Claim

Felippe Teixeira Alves, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on June 20, 2016, in which the customer requested $5,750,000.00 in damages based upon allegations that Alves effected unauthorized trades, churned the customer’s investment account, made investment based […]

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Wells Fargo Stockbroker Barred In Investigation

May 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Scott Sherwin Polish, of Mentor, Ohio, 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 by consenting to findings that he obstructed a FINRA investigation into allegations that Polish converted customer funds. Letter of Acceptance, Waiver and Consent, […]

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Ameritas Investment Corp Stockbroker Suspended By Regulator

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Alonza Barnett Junior, of Greensboro, North Carolina, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide FINRA staff with information about his activities. Letter No. 2017053125201 (Mar. 9, 2017). Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Barnett has been identified […]

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UBS Financial Services Stockbroker Suspended By Regulator

David Alan Lavine, of Houston, Texas, a stockbroker formerly registered with UBS Financial Services Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to confirm with FINRA staff that he was compliant with a settlement agreement or customer initiated investment related […]

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LPL Financial Stockbroker Under Regulatory Investigation

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Christopher S. Laws, of Roswell, Georgia, a stockbroker formerly registered with LPL Financial LLC, was named in a Securities and Exchange Commission (SEC) investigation on January 15, 2016, in which the SEC is examining allegations that Laws, inter alia, failed to disclose that the brokerage firm he worked for was not government affiliated when dealing […]

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Garden State Securities Stockbroker Suspended

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Raymond John Pirrello Junior, of Hackensack, New Jersey, a stockbroker formerly registered with Garden State Securities, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide FINRA staff with information about his activities. Letter No. 2016050071901 (July 11, 2016). Financial Industry […]

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Customers Bring More Claims Against Aegis Capital Corp

Robert Anthony Guidicipietro, of Holmdel, New Jersey, a stockbroker currently registered with Aegis Capital Corp., has been named in a customer initiated investment related arbitration claim on March 1, 2017, where the customer requested $250,000.00 in damages based upon allegations that Guidicipietro breached his fiduciary duties, made unsuitable investment recommendations and misrepresentations to the customers, […]

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Morgan Stanley Stockbroker Charged By Regulators

Andrew Todd Yocum, of Lady Lake, Florida, a stockbroker formerly registered with Morgan Stanley Smith Barney LLC, was charged by the Florida Office of Financial Regulation in a Complaint seeking sanctions against Yocum including revocation of his securities registration, fines, cease and desist, and a bar based upon allegations that Yocum effected unauthorized and unsuitable […]

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Principal Securities Sued For Misrepresentation

Gary Michael Strange, of Raleigh, North Carolina, a stockbroker formerly registered with Principal Securities Inc., has been named in a customer initiated investment related civil action on August 1, 2016, based upon allegations that he made arrangements to borrow monies from a customer, wherein Strange misrepresented the purpose for needing the customer’s funds as well […]

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Capitol Securities Management Stockbroker Investigated For Fraud

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Teryl Lee Trenchard, of Reston, Virginia, a stockbroker formerly registered with Capital Securities Management, Inc., has been identified in a Financial Industry Regulatory Authority (FINRA) investigation on March 10, 2017, wherein FINRA is examining alleged fraudulent activities of Trenchard. Trenchard was terminated by Capital Securities Management on March 10, 2017, based upon allegations that he […]

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Customer Files Arbitration Claim Against NYLife Securities

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Jonathan Spencer Williams, of Timonium, Maryland, a stockbroker formerly registered with NYLife Securities LLC, has been named in a customer initiated investment related written complaint on February 6, 2017, in which the customer requested $37,901.22 in damages based upon allegations that Williams effected transactions in the customer’s account that may not have been authorized. Financial […]

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Customer Sues Merrill Lynch Alleging Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Daniel P. Reilly, of New York, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint, which settled on January 25, 2017, for $16,727.00 in damages based upon allegations that he effected unauthorized mutual fund trades in the customer’s account. […]

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Southeast Investments Chief Compliance Officer Barred

May 18, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Frank Harmon Black, of Charlotte, North Carolina, owner of Southeast Investments, N.C., Inc., has been fined $170,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on an Extended Hearing Panel Decision containing findings that he failed to supervise the firm’s business operations in a manner which was […]

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John Thomas Financial Founder Barred By Regulator

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Anastasios P. Belesis, of New York, New York, a stockbroker formerly registered with John Thomas Financial, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to notify FINRA concerning his compliance with a customer initiated investment related arbitration award or a settlement […]

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Securities Arbitration Filed Against Morgan Stanley Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Edouard Yves Crepy, of Miami, Florida, a stockbroker currently registered with Morgan Stanley Smith Barney, has been named in a customer initiated investment related arbitration claim, which settled on July 27, 2016, for $93,385.00 in damages based upon allegations that Crepy placed unauthorized transactions in the customer’s account pertaining to Chesapeake Energy bonds, Direxion exchange […]

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Jefferies Sued By Customer For Lying

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Eric Kenneth Osserman, of New York, New York, a stockbroker currently registered with Jefferies LLC, has been named in a customer initiated investment related written complaint on May 25, 2016, in which the customer requested $44,510.30 in damages based upon allegations that Osserman made misrepresentations to the customer concerning an initial public offering. Financial Industry […]

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Wells Fargo Advisors Stockbroker Sanctioned

May 18, 2017  |   Posted by :   |   Elder Abuse, Stockbroker Fraud News   |   0 Comments

Jeffrey Alan Hill, of Bemidji, Minnesota, a stockbroker formerly registered with Wells Fargo Advisors, was sanctioned by Financial Industry Regulatory Authority (FINRA), in which his securities registration was revoked by FINRA for failing to fulfill his payment of fines and disgorgement associated with a prior FINRA disciplinary action against him. Letter No. 2015047008703 (Mar. 17, […]

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Jim Poe of Jim Poe Sanctioned

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

James Emory Poe, of Forth Worth, Texas, an operator and joint owner of Jim Poe & Associates, Inc., was subject of sanctions including an undertaking, revocation, and cease and desist imposed by the State of Texas Securities Board pursuant to a Disciplinary Order containing allegations that he, inter alia, charged excessive fund management fees, omitted […]

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Customer Sues Merrill Lynch For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

William Bartly Wolf, of Newark, New Jersey, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on September 2, 2015, based upon allegations that Wolf effected mutual fund trades in the customer’s investment account without the customer’s consent. Financial Industry Regulatory […]

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Merrill Lynch Stockbroker Charged With Selling Away

May 18, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Stephen Brown, of Pittsford, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint based upon allegations that he, inter alia, engaged in private securities transactions and outside business activities without disclosing them to his firm. Department […]

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Customer Brings Claim Against Morgan Stanley

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Charles Alan Correal, of Upper Saint Clair, Pennsylvania, a stockbroker formerly registered with Morgan Stanley Smith Barney, has been named in a customer initiated investment related arbitration claim on April 20, 2017, in which the customer requested $22,600.00 in damages based upon allegations that Correal effected unsuitable stock transactions in the customer’s account. Financial Industry […]

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Commonwealth Financial Network Stockbroker Suspended For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Voigt C. Kempson, of Sparta, New Jersey, a stockbroker formerly registered with Commonwealth Financial Network, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized transactions in a customer’s account. Letter of Acceptance, Waiver and Consent, No. […]

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Cetera Advisor Networks Censured For Failure To Supervise

Cetera Advisor Networks LLC, a brokerage firm headquartered in El Segundo, California, has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm charged customers with excessive fees in reference to mutual fund transactions, and inadequately supervised its business operations to make sure customers were not overcharged. Letter of […]

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Aegis Capital Corp Named In Customer Arbitration

Joshua Lawrence Feldman, of New York, New York, a stockbroker currently registered with Aegis Capital Corp., has been named in a customer initiated investment related arbitration claim on February 3, 2017, in which the customer requested $110,000.00 in damages based upon allegations that he made omissions and misrepresentations, as well as unsuitable investment recommendations to […]

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Commonwealth Financial Network Stockbroker Charged By Regulators

May 18, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Brant Andrew Ray, of Southaven, Mississippi, a stockbroker formerly registered with Commonwealth Financial Network, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Ray engaged in an unauthorized borrowing arrangement with a customer of the firm. Department of Enforcement v. Brant Andrew Ray, No. 2015047096601 (May 1, […]

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Raymond James Financial Services Stockbroker Suspended

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

William H. McWilliams, of Jefferson City, Missouri, a stockbroker formerly registered with Raymond James Financial Services, Inc., has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected transactions in customer accounts that were not authorized by customers. Letter […]

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Arive Capital Markets Stockbroker Suspended

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Richard L. Brown, of Farmingdale, New York, a stockbroker formerly registered with Arive Capital Markets, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Brown failed to apprise FINRA staff of his compliance with a settlement agreement or customer initiated arbitration claim. Letter No. […]

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Benefit Funding Services Broker Barred In Investigation

May 18, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Joshua Gottlieb, of Woodland Hills, California, a registered representative with Benefit Funding Services, LLC, has been permanently 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 […]

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Wells Fargo Advisors Named In Written Complaint

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Joseph Manuel Focil, of Santa Monica, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related written complaint on January 6, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Focil failed to execute the sale of the customer’s equity […]

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Gold Coast Securities Stockbroker Charged With Churning

May 18, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Joseph C. Farah, of Irvine, California, a stockbroker formerly registered with Gold Coast Securities, Inc., has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Farah excessively traded and churned a customer’s investment account. Department of Enforcement v. Joseph C. Farah, No. 2014041432401 (May. 8, 2017). According to […]

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Summit Brokerage Services Stockbroker Under Investigation

May 18, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Craig Gary Langweiler, of Newton, Pennsylvania, a stockbroker formerly registered with Summit Brokerage Services, Inc., was named in a Financial Industry Regulatory Authority (FINRA) Wells Notice, which indicated that a disciplinary action against Langweiler had been recommended by FINRA. Wells Notice No. 20140403477 (May. 1, 2017). The Notice indicated that from December of 2011 to […]

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MetLife Securities Sued For Misrepresentation

Wayne Frederick Slattery Jr., of New York City, New York, a stockbroker formerly registered with MetLife Securities Inc., has been named in a customer initiated investment related written complaint on April 4, 2016, in which the customer’s damages are estimated to exceed $5,000.00 based upon allegations that Slattery induced the customer’s purchase of a variable […]

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TD Ameritrade Sued For Unsuitable Options Strategy

Mark Joseph Glattly, of Beverly Hills, California, a stockbroker formerly registered with TD Ameritrade, Inc., has been named in a customer initiated investment related arbitration claim on January 30, 2017, in which the customer requested $855,000.00 in damages based upon allegations that the options strategy Glattly recommended was unsuitable for the customer. Financial Industry Regulatory […]

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UBS Financial Services Stockbroker Barred In Investigation

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Ronald D. Broadstone, of New Albany, Ohio, a stockbroker formerly registered with UBS Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with a FINRA investigation request concerning allegations of Broadstone misappropriating customer funds. Letter […]

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Independent Financial Group FINRA Arbitration Alleges Unsuitability

Kyusun Kim, of San Diego, California, a stockbroker formerly registered with Independent Financial Group, LLC, has been named in a customer initiated investment related arbitration claim on March 7, 2017, where the customer requested $350,000.00 in damages based upon allegations that Kim violated federal and state securities laws, breached his contractual and fiduciary duties, and […]

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Pacific West Securities Named In Customer Securities Arbitration

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Tenants in Common   |   0 Comments

William Madison Swayne II, of Seattle, Washington, a stockbroker formerly registered with Pacific West Securities, Inc., has been named in a customer initiated investment related arbitration claim, in which a customer was awarded $1,134,911.49 in damages on November 16, 2016, based upon allegations that Swayne made misrepresentations and omissions to the customer, and negligently handled […]

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Defunct Accelerated Capital Group Stockbroker Sanctioned

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Jeffrey L. Scheibner, of Irvine, California, a registered representative formerly associated with Accelerated Capital Group, 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 consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver […]

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American Trust Investment Services Stockbroker Barred

May 18, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Jose Ramon Gonzalez, of Chicago, Illinois, a stockbroker formerly registered with American Trust Investment Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he did not participate in a FINRA investigation into allegations of excessive trades having been effected in […]

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NYLife Securities Stockbroker Barred In Investigation

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Jonathan M. Lo, of New York, New York, a stockbroker formerly registered with NYLife Securities LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with a FINRA investigation into allegations that he effected unsuitable exchanges of […]

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Merrill Lynch Stockbroker Suspended By Regulator

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jeffrey Timothy Kluge, of Saint Paul, Minnesota, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide FINRA staff with information concerning his activities. Letter No. 2016052377201 (Apr. 10, […]

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Customer Brings Arbitration Claim Against Woodbury Financial Services

Robert Hayes Hoffman, of Greenwood, Indiana, a stockbroker formerly registered with Woodbury Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on April 17, 2017, in which the customer requested $3,200,000.00 in damages based upon allegations that Hoffman sold away from his firm, churned the customer’s account, and effected unauthorized […]

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Raymond James Stockbroker Barred For Unsuitable Transactions

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Scott Allen Sibley, of Fort Lauderdale, Florida, a stockbroker formerly registered with Raymond James & Associates, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Sibley, inter alia, made unsuitable investment recommendations to customers, traded in customer accounts without authorization, […]

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Merrill Lynch Stockbroker Fired For Unauthorized Representations

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jeffrey Thomas Rathmanner, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been terminated from employment on April 5, 2017, based upon allegations that Rathmanner made representations to others on behalf of Merrill Lynch which the firm had not authorized. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on March 16, […]

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Voya Financial Advisors Stockbroker Fired For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Robert Daniel Witt, of Libertyville, Illinois, a stockbroker registered with Voya Financial Advisors, Inc., has been terminated from employment on October 14, 2016, based upon the firm’s allegations that transactions were effected by Witt in a customer account despite the customer never having provided Witt with authorization. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Defunct Newport Coast Securities Stockbroker Sanctioned

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Gregory Walter McCloskey, of Irvine, California, a stockbroker formerly registered with Newport Coast Securities, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2015044037901 (May. 1, […]

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Summit Equities Censured For Failure To Supervise

May 18, 2017  |   Posted by :   |   Hedge Funds, Selling away, Stockbroker Fraud News   |   0 Comments

Summit Equities, Inc., a brokerage firm headquartered in Parsippany, New Jersey, has been censured and fined $325,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm did not adequately supervise registered representatives’ private securities transactions as well as recommendations of variable annuity share classes. Letter of Acceptance, Waiver and Consent, […]

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AXA Advisors Stockbroker Charged With Unsuitable Recommendations

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

James Davis Trent, of Columbia, South Carolina, a stockbroker formerly registered with AXA Advisors LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint containing allegations that he made unsuitable investment recommendations to customers. Department of Enforcement v. James Davis Trent, No. 2014041539301 (Apr. 27, 2017). According to the Complaint, […]

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Revere Securities Sued By Customer For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Baris Dincer, of New York, New York, a stockbroker formerly registered with Revere Securities LLC, has been named in a customer initiated investment related written complaint on June 1, 2016, in which the customer requested $45,000.00 in damages based upon allegations that Dincer effected unauthorized corporate debt transactions in the customer’s account. Financial Industry Regulatory […]

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Customer Brings Securities Arbitration Against JP Morgan Securities

Pamela Lynn Kourtakis, of Dana Point, California, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on September 8, 2016, in which the customer requested $5,835.18 in damages based upon allegations that Kourtakis effected the purchase of a variable annuity contract that was not […]

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Prudential Stockbroker Barred For Obstructing Investigation

May 18, 2017  |   Posted by :   |   Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Ann Marie Comcowich, of Scranton, Pennsylvania, a registered representative formerly associated with Prudential Investment Management Services 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 cooperate in a FINRA investigation into allegations of her unauthorized customer account withdrawals. […]

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Customer Sues Merrill Lynch For Lying

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Steven Kent Quinly, of Walnut Creek, California, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on February 21, 2017, in which the customer requested $116,000.00 in damages based upon allegations that Quinly made unsuitable investment recommendations to the customer as […]

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deVere USA Stockbroker Fired For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Andoni Yturralde, of New York, New York, a stockbroker registered with deVere USA Inc., has been terminated from employment on January 27, 2017, based upon allegations that Yturralde failed to cooperate with the procedures and policies of the firm, failed to effect trades in accordance with a customer’s instructions, and effected unauthorized equity transactions in […]

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Oppenheimer Stockbroker Barred In Regulatory Investigation

May 18, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Greg D. Templeton, of New York, New York, a stockbroker formerly registered with Oppenheimer & Co., Inc., has been permanently 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 of his sales practice violations and “mishandling” of […]

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LPL Financial Sued by Customer For Unsuitability

Garrett Andrew Ahrens, of Lafayette, Louisiana, a stockbroker formerly registered with LPL Financial, LLC, has been named in a customer initiated investment related written complaint on October 22, 2015, in which the customer requested damages estimated to be greater than $5,000.00 based upon allegations that Ahrens effected the unsuitable switch of policies issued by Navy […]

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Stockbroker Fraud Lawyers File Martin Leveraged ETF Claims

The Guiliano Law Firm 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 […]

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Edward Jones Customer Alleges Unsuitability

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Markos John Pappas, of Houston, Texas, a stockbroker formerly registered with Edward Jones, has been named in a customer initiated investment related written complaint on August 4, 2016, in which the customer requested $5,000.00 in damages based upon allegations that Pappas effected the unsuitable purchase of the customer’s immediate annuity issued by Mass Retiree Choice. […]

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LPL Financial Stockbroker Suspended For Selling Away

May 18, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Arthur J. Smithee Junior, of Orem, Utah, a stockbroker formerly registered with LPL Financial LLC, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unapproved outside business activities and sold securities to customers outside the auspices […]

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Financial Advisor Sentenced to Prison for $21 million Ponzi Scheme

May 18, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

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 […]

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FINRA changes name to RAID, Kills Roaches Dead

May 05, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Anthony F. Lodati, of Melville, New York, a stockbroker formerly registered with Brookville Capital Partners, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Lodati failed to confirm his compliance with FINRA personnel in reference to a customer initiated investment related dispute settlement or award. […]

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Obsidian Financial Stockbroker Barred In Investigation

May 05, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Stephen Grivas, of Woodbury, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, has been subject of a Securities and Exchange Commission (SEC) Opinion, in which the SEC upheld a permanent bar on Grivas from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he converted […]

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Buckman Buckman and Reid Owner Named In Fraud Action

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Wallace Martin Giakas, of Little Silver, New Jersey, a stockbroker formerly registered with Buckman, Buckman & Reid, Inc., has been named in a customer initiated investment related civil action on August 3, 2015, in which the customer requested more than $15,000.00 in damages based upon allegations that Giakas induced the customer’s private placement investment based […]

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Wells Fargo Advisors Sued By Customer For Unsuitability

Lynn Grossman, of Westport, Connecticut, a stockbroker formerly registered with Wells Fargo Advisors, has been named in a customer initiated investment related arbitration claim on March 30, 2017, in which the customer requested $168,000.00 in damages based upon allegations that Grossman made misrepresentations and unsuitable recommendations to the customer concerning a variable annuity that the […]

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Capital Securities Management Broker Barred In Investigation

Andrew Bennett Kramer, of Brooklyn, New York, a stockbroker formerly registered with Capital Securities Management, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations of Kramer’s wrongdoing referenced in a customer […]

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Wells Fargo Stockbroker Barred In Investigation

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Hossein Amirriahei, of Los Angeles, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to cooperate in an investigation into allegations of her unauthorized trading in customer accounts. Letter […]

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David Lerner Associates Stockbroker Suspended For Unauthorized Trading

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Neil Palazzo, of Syosset, New York, a stockbroker formerly registered with David Lerner and Associates, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected transactions in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, […]

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Customer Sues Wells Fargo Advisors For Unauthorized Trading

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Eric Alan Zakarin, of Westfield, New Jersey, a stockbroker formerly registered with Wells Fargo Advisors, has been named in a customer initiated investment related written complaint, which settled on June 28, 2016, for $3,719.53 in damages based upon allegations that Zakarin effected unauthorized mutual fund transactions in the customer’s account. Financial Industry Regulatory Authority (FINRA) […]

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Silver Leaf Partners Stockbroker Suspended For Outside Business Activities

May 05, 2017  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Jay Martin Chapler, of New York, New York, a stockbroker formerly registered with Silver Leaf Partners, LLC, has been fined $22,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Chapler, inter alia, took part in outside business activities that […]

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Legend Equities Stockbroker Charged With Unsuitable Recommendations

May 05, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Walter Marino, of Bohemia, New York, a stockbroker formerly registered with Legend Equities Corporation, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he made unsuitable investment recommendations to customers and misrepresented the source of customer funds used to purchase investments. Department of Enforcement v. Walter Marino, No. 2015046537501 (Apr. 24, […]

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Silver Leaf Partners Stockbroker Suspended For Outside Business Activities

May 05, 2017  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Jay Martin Chapler, of New York, New York, a stockbroker formerly registered with Silver Leaf Partners, LLC, has been fined $22,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Chapler, inter alia, took part in outside business activities that […]

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Customer Filed Arbitration Against Ameriprise Financial Services

Bahram Mirhashemi, of Artesia, California, a stockbroker formerly registered with Ameriprise Financial Services, has been named in a customer initiated investment related arbitration claim, which settled on April 10, 2017, for $85,000.00 in damages based upon allegations that Mirhashemi mishandled the customer’s investment account, and effected equity trades in the customer’s account on an excessive […]

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Merrill Lynch Named In Customer Complaint Alleging Unsuitability

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David Steven Rasdolsky, of Reston, Virginia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Inc., has been named in a customer initiated investment related written complaint on July 29, 2015, based upon allegations that he made unsuitable investment recommendations to the customer concerning mutual funds, and omitted facts concerning the fees pertaining […]

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GF Investment Services Stockbroker Barred

May 05, 2017  |   Posted by :   |   Inverse Leveraged ETF Funds, Stockbroker Fraud News   |   0 Comments

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 […]

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Customer Arbitration Against MetLife Securities For Recommendations

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Howard Jay Rubin, of Murrieta, California, a stockbroker formerly registered with MetLife Securities, Inc., has been named in a customer initiated investment related written complaint on March 24, 2016, in which the customer’s damages are estimated to exceed $5,000.00, based upon allegations that Rubin made unsuitable investment recommendations to the customer concerning equity indexed annuity […]

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MSI Financial Services Gets Customer Complaint

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Thomas Damian McKenzie, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on January 3, 2017, in which the customer requested $6,114.00 in damages based upon allegations that McKenzie failed to execute the customer’s instructions concerning the reallocation of sub-accounts in the customer’s variable […]

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AXA Advisors Stockbroker Suspended For Selling Away

May 05, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Leon Edward Dixon, of Miami, Florida, a registered representative formerly associated with AXA Advisors, LLC, has been fined $7,500.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Dixon, inter alia, engaged in unauthorized private securities transactions. Letter of Acceptance, […]

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Customer Complaint Against MSI Financial Services For Fraud

Thomas John Trea, of Newtown Square, Pennsylvania, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on August 5, 2015, based upon allegations that Trea induced the customer’s variable annuity purchase based upon Trea’s misrepresentations. Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals […]

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JP Morgan Securities Stockbroker Barred In Investigation

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Angelina Ozlem Todurge, of Palm Beach, Florida, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she obstructed a FINRA investigation into allegations that she converted funds. Letter of Acceptance, Waiver and […]

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Customer Arbitration Filed Against Wells Fargo Advisors For Misappropriation

David Jay Homan, of Bay City, Michigan, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related arbitration claim, which settled on April 6, 2016, for $206,500.00 in damages based upon allegations that Homan misappropriated funds during the period in which he was trustee of the customer’s […]

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Capital One Investing In Customer Arbitration Over Suitability

May 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Scott Andrew Valentine, a stockbroker formerly registered with Capital One Investing, LLC, has been named in a customer initiated investment related written complaint on March 27, 2017, in which the customer requested damages estimated to exceed $5,000.00 based upon allegations that Valentine effected the unsuitable purchase of the customer’s variable annuity. Valentine’s registration with Capital […]

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Alexander Capital Stockbroker Charged With Obstructing

May 05, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Peyton Nelson Jackson, of New York, New York, a stockbroker formerly registered with Alexander Capital, L.P., and Legend Securities, Inc., has been charged by Financial Industry Regulatory Authority in a Complaint which alleges that Jackson failed to cooperate in a FINRA investigation into allegations that he effected fraudulent transactions in customer accounts. Department of Enforcement […]

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Stone Suspended For Failure to Supervise Stoner Salesman

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David K. Stone, of Action, Massachusetts, a stockbroker formerly registered with Liberty Tree Advisors, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that he failed to supervise a firm representative’s private securities transactions. Letter of Acceptance, Waiver […]

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Kovack Securities In Customer Arbitration Alleging Fraud

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Andrew Scott Corbman, of Lansdowne, Virginia, a stockbroker formerly registered with Kovack Securities, Inc., has been named in a customer initiated investment related arbitration claim, which settled on April 20, 2017, for $100,000.00 in damages based upon allegations including breach of contract and unsuitability pertaining to the customer’s stock purchases. Financial Industry Regulatory Authority (FINRA) […]

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Waddell Reed Stockbroker Barred By Regulator

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Raul Enrique Jacobs, of Orland Park, Illinois, a stockbroker formerly registered with Waddell & Reed, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after failing to provide FINRA with information concerning his activities. Letter No. 2016050202901 (Feb. 14, 2017). FINRA later sanctioned Jacobs for failing to […]

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Stifel Nicolaus Stockbroker Barred In Investigation

May 05, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Aileen Eppig, of Hauppauge, New York, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., 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 cooperate in a FINRA investigation into allegations that she engaged in unauthorized loan arrangements […]

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Raymond James Stockbroker Censured For Outside Business Activities

May 05, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

William Cambell Webb, of Panama City, Florida, a stockbroker formerly registered with Raymond James Financial Services, has been fined $15,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities and unauthorized loan arrangements with […]

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HD Vest Stockbroker Suspended For Fabricating Customer Documents

May 05, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

John Edward Olinghouse, of Sparks, Nevada, a stockbroker formerly registered with HD Vest Investment Services, has been fined $15,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity, based upon consenting to findings that he fabricated customer account documentation. Letter of Acceptance, Waiver and Consent, No. […]

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Customer Sues National Securities For Misrepresentation

Allan Montalbano, of Westbury, New York, a stockbroker formerly registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on March 31, 2017, for $15,000.00 in damages based upon allegations that Montalbano breached his contractual duties, made misrepresentations to the customer, breached his fiduciary obligations, and violated […]

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Garden State Securities Fined For Failure To Supervise NonTraditional ETF Investments

May 05, 2017  |   Posted by :   |   Inverse Leveraged ETF Funds, Stockbroker Fraud News   |   0 Comments

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://stockbrokerfraud.com/inverse-leveraged-etf-funds/No. 2013035131702 (Apr. 12, 2017). According to the […]

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Why There Is No Such Thing As A Free Lunch

May 05, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Caffe Aldo Lamberti is one of my favorite restaurants in all of South Jersey. So my wife and I were rather excited when we received a “Special Invitation” in the mail for a “Complimentary Evening of Fine Dining” at our favorite restaurant, while at the same time we would learn about the “latest strategies to lower […]

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SEC Charges Former PHX Financial Stockbroker Demitrios Hallas

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, […]

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FINRA Securities Arbitration Filed Against Edward Jones For Unauthorized Trading

Brian D. Addis, of Vandalia, Ohio, a stockbroker formerly registered with Edward Jones, has been named in a customer initiated investment related written complaint, which settled on January 5, 2017, for $1,966.95 in damages based upon allegations that Addis effected unauthorized equity transactions in the customer’s account in April of 2016. Financial Industry Regulatory Authority […]

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FINRA Securities Arbitrations Gather Against Woodstock Financial Group

John Columbia, of Garden City, New York, a stockbroker formerly registered with Woodstock Financial Group, has been named in a customer initiated investment related arbitration claim, which settled on August 30, 2016, for $60,500.00 in damages based upon allegations that Columbia made misrepresentations to the customer, breached his contractual obligations, negligently handled the customer’s portfolio, […]

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Regulators Descend Upon Legend Securities

Michael Salvatore Stanton, a former branch office manager and director of capital markets for Legend Securities, Inc., has been charged in a Complaint by Financial Industry Regulatory Authority (FINRA) Department of Enforcement containing allegations that Stanton failed to supervise a registered representative who defrauded a disabled, blind and elderly investor. Department of Enforcement v. Michael […]

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Wells Fargo Named In Customer Complaint

James Joseph Beaupre, of Boulder, Colorado, a stockbroker currently registered with Wells Fargo Advisors, has been named in a customer initiated investment related written complaint on March 21, 2017, in which the customer requested $10,000.00 in damages based upon allegations that Beaupre failed to provide the customer with accurate information concerning the fees and administration […]

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Ameriprise Financial Services Named In Customer Complaint

Todd Karl Osgood, of Tampa, Florida, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on March 22, 2017, in which customers requested $11,488.00 in damages based upon allegations that Osgood effected an unauthorized withdrawal from the customers’ variable annuity issued by the firm’s […]

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Concorde Investment Services Stockbroker Suspended In Investigation

April 25, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Richard G. Cody, of Spring Lake, New Jersey, a stockbroker formerly registered Concorde Investment Services, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that he obstructed a FINRA investigation into allegations of his business activities which occurred while his FINRA securities registration was suspended. Department of Enforcement […]

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FINRA Securities Arbitration Filed Against Legend Securities

David Martin Martirosian, of Oyster Bay, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim on June 11, 2015, in which the customer requested $10,696.00 in damages based upon allegations that Martirosian effected unauthorized over-the-counter equity transactions in the customer’s account. Financial Industry […]

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FINRA Securities Arbitration Filed Against Cetera Advisor Network

April 25, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Daniel James Lauletta, of Valley View, Ohio, a stockbroker formerly registered with Cetera Advisor Networks LLC, has been named in a customer initiated investment related civil action on February 18, 2015, in which the customer requested $455,000.00 in damages based upon allegations that Lauletta breached his contractual duties to the customer, and engaged in negligent […]

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Dominick & Dominick Censured For Overcharging Customers

April 25, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Dominick & Dominick LLC, a brokerage firm headquartered in New York, New York, was censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, charged excessive commissions to customers. Letter of Acceptance, Waiver and Consent, No. 2014041218901 (Apr. 7, 2017). According to the AWC, between […]

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FINRA Securities Arbitration Filed Against David Lerner Associates

Kenneth Sydney Kaufman, of White Plains, New York, a stockbroker formerly registered with David Lerner Associates, Inc., has been named in a customer initiated investment related written complaint on June 10, 2015, based upon allegations that Kaufman made misrepresentations to the customer concerning real estate securities effected in the customer’s account. Financial Industry Regulatory Authority […]

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FINRA Securities Arbitration Filed Against Spartan Capital Securities

Sherman Thomas Felix, of Garden City, New York, a stockbroker formerly registered with Spartan Capital Securities, LLC, has been named in a customer initiated investment related arbitration claim on November 12, 2015, in which the customer requested $31,711.00 in damages based upon allegations that Felix made unsuitable recommendations to the customer concerning stock investments, where […]

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MetLife Securities Customer Complaint Costs Fortune

Richard Ashleigh Fortune, of Iselin, New Jersey, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on June 15, 2015, based upon allegations that Fortune made misrepresentations to the customer regarding the customer’s 2014 variable annuity purchase. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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BMA Securities Stockbroker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stock manipulation, Stockbroker Fraud News   |   0 Comments

Darren C. Goodrich, of El Segundo, California, a stockbroker and market maker formerly registered with BMA Securities LLC, has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities which sell securities or offer advice to the investor public according to an Order Instituting Administrative […]

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More Raymond James Financial Services Customer Complaints

Scott Kevin Erickson, of Athens, Georgia, a stockbroker formerly registered with Raymond James Financial Services, Inc., has been named in a customer initiated investment related written complaint on March 24, 2017, in which the customer requested $8,000.00 in damages based upon allegations that Erickson, in his capacity as the customer’s financial advisor, effected unauthorized mutual […]

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LPL Financial Sued By Customer For Suitability

James Anthony Nelson, of Evans City, Pennsylvania, a stockbroker formerly registered with LPL Financial, LLC, has been named in a customer initiated investment related written complaint on June 6, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Nelson, from 2014 to 2016, made misrepresentations to the customer concerning […]

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Essex Financial Services Stockbroker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

John William Rafal, of Essex Connecticut, former president and chief executive officer of Essex Financial Services, Inc., has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities that sell securities or advise the investor public according to an Order Instituting Administrative Proceedings Pursuant to […]

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Wells Fargo Advisors Sued By Customer For Misrepresentation

Mikael C. Lee, of San Mateo, California, a stockbroker formerly registered with Wells Fargo Advisors, has been named in a customer initiated investment related written complaint on December 27, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Lee misrepresented the terms of investments effected in the customer’s account, […]

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Independent Financial Group In Arbitration For Misrepresentation

Shimshon Plotkin, of Chevy Chase, Maryland, a stockbroker currently registered with Independent Financial Group, LLC, has been named in a customer initiated investment related arbitration claim on June 20, 2016, in which the customer requested $1,000,000.00 in damages based upon allegations that Plotkin effected unsuitable transactions in the customer’s account, breached his fiduciary and contractual […]

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Titan Securities Stockbroker Named In Cease And Desist Order

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald Lee Wells, of Seattle, Washington, a stockbroker currently registered with Titan Securities, has been fined $2,500.00 and subject of cease-and-desist sanctions pursuant to a Consent Order issued by the State of Washington Department of Financial Institutions Securities Division based upon allegations that Wells, inter alia, violated the Securities Act of Washington antifraud provisions due […]

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The Huntington Investment Company Sued For Fraud

April 25, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Melissa Lynne Maxwell, of Pepper Pike, Ohio, a stockbroker formerly registered with The Huntington Investment Company, has been named in a customer initiated investment related written complaint on January 29, 2015, in which the customer requested $6,642.25 in damages based upon allegations that Maxwell made misrepresentations to the customer concerning the penalties associated with the […]

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Raymond James Sued for Sale of Unsuitable Investments

David Anthony Kamm, of Saint Augustine, Florida, a stockbroker formerly registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related written complaint, which settled on June 23, 2016, for $150,000.00 in damages based upon allegations that from May 29, 2013, to February 29, 2016, Kamm effected unsuitable over-the-counter equity […]

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NFP Advisor Services Stockbroker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Howard Deen Richards, of Plymouth, Minnesota, a stockbroker formerly registered with NFP Advisor Services, has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities which sell securities or offer advice to the investor public pursuant to an Order Instituting Administrative Proceedings Pursuant to Sections […]

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Kestra Investment Services Sued For Unsuitability

April 25, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Christopher Paul Scalese, of Dunmore, Pennsylvania, a stockbroker associated with Kestra Investment Services, LLC, has been named in a customer initiated investment related arbitration claim on January 10, 2017, in which the customer requested $1,326,000.00 in damages based upon allegations that Scalese made misrepresentations and unsuitable recommendations to the customer, and effected unsuitable real estate […]

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Radnor Research Broker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

William Scholander, of New York, New York, a stockbroker formerly associated with Radnor Research & Trading Company LLC, has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities which sell securities or offer advice to the investor public based upon an Order Instituting Administrative […]

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E*Trade Securities Sued By Customer For Fraud

April 25, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Amy Elizabeth Elias, of Jersey City, New Jersey, a stockbroker formerly registered with E*Trade Securities LLC, has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $10,000.00 in damages on April 14, 2016, based upon allegations that Elias effected unsuitable government debt transactions in the customer’s account, breached […]

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MetLife Securities Sued By Customer For Misrepresentation

Mark A. Sutherland, of Moosic, Pennsylvania, a broker formerly registered with MSI Financial Services Inc, has been named in a customer initiated investment related written complaint on September 28, 2015, based upon allegations that Sutherland made misrepresentations to the customer concerning a variable annuity transaction which had been purchased by the customer in February of […]

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UBS Financial Services Stockbroker Fired For Misconduct

April 25, 2017  |   Posted by :   |   Penny Stock Fraud, Stockbroker Fraud News   |   0 Comments

Craig D. Daniel Price, of Stuart, Florida, a stockbroker registered with UBS Financial Services Inc., was terminated from employment on February 29, 2016, based upon allegations that he violated the firm’s compliance policies pertaining to insider trading and dissemination of research reports. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Price has been identified […]

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UBS Censured For Failure To Supervise Reverse Convertible Note Sales

April 25, 2017  |   Posted by :   |   Reverse Convertible Securities, Stockbroker Fraud News   |   0 Comments

UBS Financial Services, Inc., a broker-dealer headquartered in New York, New York, has been censured and disgorged of $8,227,566.00 plus interest by the Securities and Exchange Commission (SEC) pursuant to an Order Instituting Administrative Proceedings Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934 and UBS Financial Services, Inc.’s Offer of Settlement, which […]

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Wayne Pennsylvania Broker Suspected In Ponzi Scheme

April 20, 2017  |   Posted by :   |   Ponzi Scheme, Selling away, Stockbroker Fraud News   |   0 Comments

The Guiliano Law Firm 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 […]

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Oppenheimer Stockbroker Barred In Investigation

April 20, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

David A. Tufts, of New York, New York, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide recorded testimony in a FINRA investigation into allegation of his supervisory misconduct. […]

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FINRA Arbitration Filed Against Spartan Capital Securities

April 20, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Robert J. Murray, of New York, New York, a stockbroker formerly registered with Spartan Capital Securities LLC, has been named in a customer initiated investment related arbitration claim on December 22, 2016, in which the customer requested $374,839.00 in damages based upon allegations that Murray converted the customer’s funds, effected unsuitable and excessive over-the-counter equity […]

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FINRA Arbitration Filed Against Ameriprise Financial Services

Lori C. Weaver, of Renton Washington, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on March 22, 2017, in which the customer requested $70,000.00 in damages based upon allegations that Weaver effected unsuitable and illiquid real estate investment trust transactions in the customer’s […]

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Legend Equities Corporation Caught Overcharging Customers

April 20, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Legend Equities Corporation, a brokerage firm headquartered in Delaware, was censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm took advantage of charitable entities and retirement plan customers by overcharging them in mutual fund transactions. Letter of Acceptance, Waiver and Consent, No. 2016050259801 (Apr. 4, 2017). According to the […]

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Morgan Stanley Smith Barney Stockbrokers Fired

Wendy B. Feldman, and Peter Joseph Doyle, of Washington, District of Columbia, stockbrokers registered with Morgan Stanley Smith Barney, have been terminated from employment on June 24, 2016, based upon allegations that they violated their firm’s procedures and additionally failed to comply with regulatory rules pertaining to exercising discretion in customer accounts. Financial Industry Regulatory […]

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National Securities Corporation Stockbroker Barred By Regulator

April 20, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Alan Siegel, of Edison, New Jersey, a stockbroker formerly registered with National Securities Corporation, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide a response to FINRA staff’s information request. Letter No. 2016050346301 (Oct. 28, 2016). FINRA Public Disclosure reveals […]

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Waddell & Reed Stockbroker Fired For Unauthorized Trading

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

William Ferrell Albin, of Las Vegas, Nevada, a stockbroker registered with Waddell & Reed, Inc., has been terminated from employment on July 21, 2016, based upon allegations that he violated policies of the firm by exercising discretion in customer accounts without the customers’ written authorization. This is not the first time that Albin has been […]

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BBT Securities Stockbroker Suspended For Selling Away

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Mark Schklar, of New Woodstock, New York, stockbroker formerly registered with BB&T Securities, LLC, has been fined $10,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. […]

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LPL Financial LLC Stockbroker Fired For Misconduct

April 20, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

David Garces, of Brooklyn, New York, a stockbroker registered with LPL Financial LLC, was terminated from employment on July 29, 2016, based upon allegations that he engaged in business activities outside the auspices of his firm; conduct which was violative of his firm’s procedures and policies. Guiliano Law Firm Our practice is limited to the […]

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FINRA Arbitration filed against Mid Atlantic Capital Corporation

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Georgraphicly challenged Mid Atlantic Capital Corporation, a FINRA member brokerage firm headquartered in Pittsburgh, Pennsylvania, has been named in a customer initiated investment related arbitration claim, in which customers were collectively awarded $922,466.00 in damages based upon allegations of negligence, failure to supervise, breach of contract, unsuitability, misrepresentations and omissions, breach of fiduciary duty, and […]

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Ameriprise Financial Stockbroker Fired

April 20, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Renee Rochelle Fields, of Manchester, Missouri, a stockbroker formerly registered with Ameriprise Financial Services, Inc., was terminated from employment on October 3, 2016, based upon allegations that Fields exercised discretion in customers’ accounts without their consent, effected a mutual fund trading strategy which was unsuitable for customers, and failed to apprise customers of material information […]

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General Securities Corp Stockbroker Barred By Regulator

April 20, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Becky Vee Halphin, of North Kansas City, Missouri, a stockbroker formerly registered with General Securities Corp., has been barred from registering as a broker-dealer representative or investment adviser representative in the State of Missouri based upon a Missouri Commissioner of Securities Consent Order containing findings that she engaged in unethical and dishonest business activities. In […]

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Colorado Financial Service Stockbroker Expelled for Selling Away

April 20, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Tracy Rae Turner, of Carlsbad, California, a stockbroker formerly associated with Colorado Financial Service Corporation, has been fined $272,879.04 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers Default Decision containing findings that Turner effected unauthorized private securities transactions and made […]

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Ameritas Investment Corp Stockbroker Fired For Misconduct

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John Sherman Bixby, of Lincoln, Nebraska, a stockbroker registered with Ameritas Investment Corp., was terminated from employment on June 15, 2016, based upon allegations that he engaged in sales practices and communications with customers in a manner which violated Ameritas’ procedures and policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on October 25, […]

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The Investment Center Sanctioned For Failure To Supervise

The Investment Center, headquartered in Bedminster, New Jersey, was reprimanded and fined $50,000.00 by Texas State Securities Board pursuant to a Consent Order containing findings that the firm failed to supervise a registered representative’s activities, which consisted of making unsuitable investment recommendations to customers. In the Matter of The Dealer Registration of The Investment Center, […]

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Ameritas Investment Corp Named In FINRA Arbitration

Thomas Benjamin Carreras, of West Palm Beach, Florida, a stockbroker currently registered with Ameritas Investment Corp., has been named in a customer initiated investment related arbitration claim, which settled on February 27, 2017, for $8,500.00 in damages based upon allegations that Carreras transacted in the customer’s account in a negligent fashion, breached his fiduciary and […]

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Hilltop Securities Stockbroker Under Investigation

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Douglas Lee Hodges, a stockbroker currently registered with Hilltop Securities Inc. and Hilltop Securities Independent Network Inc., has been subject of investigation conducted by Financial Industry Regulatory Authority (FINRA) into allegations that from April of 2012 to March of 2014, Hodges failed to supervise a registered representative’s activities involving unit investment trust and mutual fund […]

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First Allied Securities Named In FINRA Securities Arbitration

April 20, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Andrew Raymond Scheirer II, of Lake Mary, Florida, a stockbroker formerly registered with First Allied Securities, has been named in a customer initiated investment related arbitration claim, which settled on July 18, 2016, for $30,000.00 in damages based upon allegations that Scheirer defrauded the customer, breached his contractual duties, and effected private equity transactions in […]

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Cape Securities Stockbroker Suspended For Unauthorized Trading

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

David Khezri, of Holbrook, New York, a stockbroker formerly registered with Cape Securities, Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015044589701 (Sept. […]

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VSR Financial Services Named In FINRA Arbitration

Michael Daniel Shaw, of Baton Rouge, Louisiana, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, in which customers were collectively awarded $307,000.00 in damages on February 4, 2016, based upon allegations that Shaw breached his fiduciary and contractual duties to the customers, negligently […]

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Legend Securities Fined By Regulators

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Legend Securities Inc., a former New York based brokerage firm whose license was cancelled by Financial Industry Regulatory Authority (FINRA) in January of 2017, was fined $300,000.00 by the Securities Commissioner of South Carolina based upon an Administrative Order containing findings that the firm charged customers with fees which were not reasonable, made unsuitable investment […]

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EDI Financial Named In FINRA Arbitration

April 20, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William Stafford Thurmond, of El Paso, Texas, a stockbroker formerly registered with EDI Financial, Inc., has been named in a customer initiated investment related arbitration claim, where the customer was awarded $212,731.00 in damages on January 20, 2016, based upon allegations that Thurmond breached his fiduciary obligations to the customer, effected trades which were neither […]

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Garden State Securities Named In FINRA Arbitration

Garden State Securities, Inc., a brokerage firm headquartered in Red Bank, New Jersey, has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $142,168.00 in damages on July 5, 2016. The customer’s claim was based upon allegations that the firm breached its fiduciary and contractual duties to the […]

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GWN Securities Fined By Regulator

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

GWN Securities, Inc., a brokerage firm headquartered in Palm Beach Gardens, Florida, has been fined $20,000.00 by Florida Office of Financial Regulation based upon consenting to findings that the firm failed to discover that its registered representatives had engaged in outside business activities, utilized advertising materials that had not been approved by firm principals, and […]

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ViewTrade Securities Stockbroker Under Investigation

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Mark Alan Ford, of Boca Raton, Florida, a stockbroker currently registered with ViewTrade Securities, Inc., has been identified in a Financial Industry Regulatory Authority (FINRA) investigation, in which Ford’s past conduct is being analyzed by FINRA for possible violations of FINRA Rules 2010, 3310, 3010, as well as Securities Act of 1933 Section 5. Exam […]

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MSI Financial Services Annuity Complaints

April 20, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Anthony David Scott Sr., of Downers Grove, Illinois, a stockbroker formerly registered with MSI Financial Services, Inc. has been named in a customer initiated investment related written complaint on February 8, 2017, in which the customer requested more than $5,000.00 in damages based upon allegations that Scott failed to abide by the customer’s instructions concerning […]

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Another Aegis Capital Corporation Stockbroker Expelled

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David L. Sheppard, of New York, New York, a stockbroker formerly registered with Aegis Capital Corp., 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 of his sales practice violations. Letter of Acceptance, Waiver and […]

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MetLife Customer Alleges Annuity Fraud

Brian J. Mocogni, of East Providence, Rhode Island, a stockbroker formerly registered with MetLife Securities, Inc., has been named in a customer initiated investment related written complaint on March 10, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Mocogni made misrepresentations to the customer concerning a variable annuity […]

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Cambridge Investment Research Sued By Customer

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Darrell Eugene Masters, of Cincinnati, Ohio, a stockbroker currently registered with Cambridge Investment Research, Inc., has been named in a customer initiated investment related written complaint on January 25, 2017, in which the customer requested $41,663.08 in damages based upon allegations that Masters failed to disclose the risks pertaining to direct participation programs or limited […]

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LPL Financial In Broker Selling Away

April 20, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Joseph Alan Likens, of Des Peres, Missouri, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim, which settled on March 20, 2017, for $92,000.00 in damages based upon allegations that Likens made unsuitable investment recommendations and misrepresentations to the customer, and sold securities to the […]

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Alexander Capital Stockbroker Under Investigation

April 20, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Peyton Nelson Jackson, of New York, New York, has been subject of an investigation conducted by Financial Industry Regulatory Authority (FINRA), in which FINRA has determined that Jackson be disciplined for failing to provide information and documentation to FINRA staff in reference to allegations of his alleged wrongdoing and failing to appear before FINRA staff […]

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Cetera Advisor Networks Sued By Customer

Susan Lavon Welo, of Mayville, North Dakota, a stockbroker formerly registered with Cetera Advisor Networks LLC, has been named in a customer initiated investment related written complaint on February 24, 2017, in which the customer requested $45,000.00 in damages based upon allegations that Welo failed to abide by the customer’s instructions to invest in short […]

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Valic Financial Advisors Sued By Customer For Misrepresentation

Mamta Rai, a stockbroker formerly registered with Valic Financial Advisors, Inc., has been named in a customer initiated investment related written complaint on April 27, 2016, in which the customer requested $45,000.00 in damages based upon allegations that Rai misrepresented the returns that the customer would be guaranteed pursuant to her variable annuity investment. Financial […]

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Commonwealth Financial Network Stockbroker Barred

April 11, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Lloyd Henry Dotson, of New Canaan, Connecticut, a stockbroker formerly registered with Commonwealth Financial Network, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he engaged in outside business activities without […]

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Customer Arbitration Claims Against JP Morgan Securities

April 11, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

James Yan-Sin Lee, of San Francisco, California, a stockbroker currently registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on January 16, 2016, in which the customer requested $19,026.75 in damages based upon allegations that Lee made unsuitable investment recommendations to the customer concerning investments effected in […]

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Wells Fargo Advisors Stockbroker Fired

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Christopher D. Stoddard, of Norwell, Massachusetts, a stockbroker registered with Wells Fargo Advisors, LLC, was terminated from employment on November 23, 2016, based upon allegations of his conduct which coincided with Stoddard’s September 16, 2016 termination from his former employer, Morgan Stanley. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Stoddard has been named […]

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SunTrust Investment Services Stockbroker Fired

April 11, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Edward Lonnie Dover III, of Winter Park, Florida, a stockbroker formerly registered with SunTrust Investment Services, Inc., was terminated from employment on September 20, 2016, based upon allegations that he violated his firm’s procedures and policies concerning the handling of a customer’s fixed annuity transaction. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Dover […]

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Vanguard Capital Stockbroker Suspended For Misconduct

April 11, 2017  |   Posted by :   |   Inverse Leveraged ETF Funds, Stockbroker Fraud News   |   0 Comments

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 […]

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Waddell’s Moons Barred For Moonlighting

April 11, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Neal Charles Moon, and Natalie E. Fogiel Moon, of Dallas, Texas, stockbrokers formerly registered with Waddell & Reed, have been sanctioned by Financial Industry Regulatory Authority (FINRA) pursuant to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that the Moons, inter alia, engaged in private securities transactions. Department of Enforcement v. […]

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NFB Financial Group Stockbroker Suspended

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John Christopher Oldham, of Wautoma, Wisconsin, a stockbroker formerly registered with NFB Financial Group, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in an unauthorized commission sharing agreement with an unregistered institution, and caused the […]

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Summit Brokerage Services Stockbroker Barred

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Clay Emerson Hoffman, of Brunswick, Georgia, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers Default Decision and Order containing findings that he obstructed an investigation into allegations that Hoffman […]

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Harvest Capital Stockbroker Suspended

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jeffrey Paul Davis, of Wethersfield, Connecticut, a stockbroker formerly registered with Harvest Capital LLC, has been fined $5,000.00 and suspended 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 firm customers. Letter of Acceptance, Waiver and Consent, No. 2013039456301 […]

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Cetera Advisor Networks Annuity Complaints

April 11, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Matthew Park Best, of Shippenville, Pennsylvania, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on February 16, 2017, in which the customer requested $32,546.00 in damages based upon allegations that Best made faulty assurances to the customer concerning payments that the customer would […]

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Feltl And Company Stockbroker Barred By Regulators

April 11, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Lance Jeffrey Ziesemer, of Wayzata, Minnesota, a stockbroker formerly registered with Feltl & Company, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Ziesemer failed to provide a response to FINRA personnel’s information request. Letter No. 2016049847001 (Sept. 26, 2016). Ziesemer was previously […]

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Hennion & Walsh Named In Arbitration Claim

April 11, 2017  |   Posted by :   |   Municipal Bond Fraud, Stockbroker Fraud News   |   0 Comments

Sean Michael Logue, of Parsippany, New Jersey, a stockbroker currently registered with Hennion & Walsh, Inc., has been named in a customer initiated investment related arbitration claim on February 28, 2017, in which the customer requested $150,000.00 in damages based upon allegations that Logue effected unsuitable municipal bond transactions in the customer’s investment account. Financial […]

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US Bancorp Stockbroker Suspended By Regulator

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Sherman Marcel White, of Park Forest, Illinois, a stockbroker formerly registered with U.S. Bancorp Investments, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that White did not provide a response to FINRA personnel’s information request as required. Letter No. 2016051595401 (Feb. 27, 2017). […]

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AXA Advisors Sued For Annuity Fraud

Dallas Dan George, of Franklin, Tennessee, a stockbroker currently registered with AXA Advisors, LLC, has been named in a customer initiated investment related written complaint on February 27, 2017, based upon allegations that George failed to apprise the customer of the fees pertaining to the customer’s variable annuity purchase. Financial Industry Regulatory Authority (FINRA) Public […]

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Customer Sues Signator Investors For Unsuitability

April 11, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Keith Matthew Smith, of Mountain Top, Pennsylvania, a stockbroker currently registered with Signator Investors, Inc., has been named in a customer initiated investment related written complaint on February 27, 2017, based upon allegations that Smith made unsuitable recommendations to the customer concerning an investment in a fixed annuity. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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Customer Files FINRA Arbitration Claim Against Aegis Capital Corp

Brian Kenneth Court, of Melville, New York, a stockbroker currently registered with Aegis Capital Corp., has been named in a customer initiated investment related written complaint on February 24, 2017, in which the customer requested $65,451.00 in damages based upon allegations that Court, from June of 2015 to November of 2016, churned the customer’s account, […]

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Customer Arbitration Against RP Capital

Joel Matthew Price, of Gig Harbor, Washington, a stockbroker formerly registered with RP Capital LLC, has been named in a customer initiated investment related arbitration claim on August 31, 2016, in which the customer requested $158,491.00 in damages based upon allegations that Price made unsuitable investment recommendations to the customer, failed to conduct due diligence […]

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Gold Coast Securities Stockbroker Investigated For Fraud

April 11, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Joseph C. Farah, of Irvine, California, a stockbroker formerly registered with Gold Coast Securities, Inc., has been named in a Financial Industry Regulatory Authority (FINRA) investigation, wherein FINRA recommended disciplinary action to be taken against Farah based upon allegations that Farah potentially violated Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, FINRA Rules […]

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Edward Jones Stockbroker Fired For Churning

April 11, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Robert Andrew Kahn, of Creve Coeur, Missouri, a stockbroker formerly registered with Edward Jones, was terminated from employment on September 15, 2016, based upon the firm’s allegations that Kahn committed violations of Edward Jones’ policies by engaging in discretionary trading in customer accounts, and effecting stock trades in customer accounts on an excessive basis. Financial […]

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Wells Fargo Stockbroker Fired For Misconduct

April 11, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Gregory John Chachas Jr., of La Jolla, California, a stockbroker registered with Wells Fargo Clearing Services, LLC, was terminated from employment on February 2, 2017, based upon allegations that he violated his firm’s policies by failing to report conflicts of interest to his firm in reference to Chachas’ securities transactions. Financial Industry Regulatory Authority (FINRA) […]

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Citizens Securities Caught Overcharging Customers

April 11, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Citizens Securities, Inc., a brokerage firm headquartered in Dedham, Massachusetts, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm overcharged charitable entities and retirement plan customers in reference to mutual fund transactions. Letter of Acceptance, Waiver and Consent, No. 2016049977401 (Mar. 31, 2017). According to […]

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FINRA Arbitration Claim Against First Standard Financial For Unauthorized Trading

April 11, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Kenneth Leopold Williams, of Staten Island, New York, a stockbroker formerly registered with First Standard Financial Company LLC, has been named in a customer initiated investment related written complaint on January 5, 2017, in which the customer requested $100,000.00 in damages based upon allegations that Williams utilized the customer’s margin without consent, and effected unauthorized […]

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Customer Sues JP Morgan Securities For Misrepresentation

Ryan Hilary Riley, of Okemos, Michigan, a stockbroker currently registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on February 22, 2017, in which the customer alleged more than $5,000.00 in damages based upon allegations that Riley made misrepresentations to the customer regarding an investment in a […]

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Ausdal Financial Stockbroker Under Investigation

April 11, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

Joan Katherine Norton, of Woburn, Massachusetts, a stockbroker formerly registered with Ausdal Financial Partners, Inc., has been named in a regulatory investigation being conducted by Financial Industry Regulatory Authority (FINRA) in regard to Norton’s potential violations of FINRA Rules 2010, 2310, and NASD Rule 3110. According to FINRA Public Disclosure, Norton may have made unsuitable […]

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Customer Arbitration Against EJ Sterling For Fraud

Arismendy Abreu, of New York, New York, a stockbroker formerly registered with E.J. Sterling, LLC, has been named in a customer initiated investment related arbitration claim on December 20, 2015, in which the customer requested $50,000.00 in damages based upon allegations that Abreu made misrepresentations to the customer, effected unsuitable stock and mutual fund transactions, […]

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Customer Arbitration Filed Against Ladenburg Thalmann For Fraud

April 11, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Mark Christopher Hotton, of New York, New York, a stockbroker formerly registered with Ladenburg, Thalmann & Co., Inc., has been named in a customer initiated investment related arbitration claim on April 20, 2016, in which the customer requested $736,000.00 in damages based upon allegations that he breached his contractual duties, violated New Jersey Uniform Securities […]

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McBarron Capital LLC CEO Officer Barred By Regulator

Robert Philip DePalo, of Greenwich, Connecticut, a former chief executive officer of McBarron Capital, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that DePalo failed to provide a response to FINRA pursuant to an information request. Letter No. 2015044211102 (Aug. 4, 2016). […]

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Customer Files Arbitration Claim Against RP Capital LLC

April 11, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud News   |   0 Comments

Aaron Douglas Maurer, of Aliso Viejo, California, a stockbroker formerly registered with RP Capital LLC, has been named in a customer initiated investment related civil action on August 31, 2016, in which the customers requested $12,319,652.00 in damages based upon allegations that Maurer made misrepresentations to the customer concerning the suitability, risk factors and terms […]

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Customer Files Arbitration Against Sigma Financial Corporation

Joral Townsend Schmalle, of Berkeley, California, a stockbroker currently registered with Sigma Financial Corporation, has been named in a customer initiated investment related arbitration claim on June 6, 2016, in which the customers requested $1,600,000.00 in damages based upon allegations that Sigma did not reasonably supervise Schmalle’s activities and inadequately performed due diligence on the […]

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Stifel Nicolaus Stockbroker Barred In Investigation

April 10, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Deborah Dickson Kelley, of San Francisco, California, a stockbroker formerly registered with Stifel Nicolaus & Company, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she obstructed an investigation into allegations that she provided unauthorized gifts to a public pension portfolio […]

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FINRA Securities Arbitration Filed Against NYLife Securities

Joshua Forry, of Wilmington, North Carolina, a registered representative with NYLife Securities LLC, has been named in a customer initiated investment related complaint, which settled on March 6, 2017, for $5,854.89 in damages based upon allegations that Forry made poor recommendations to the customer concerning the replacement of the customer’s variable life insurance policy. Guiliano […]

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FINRA Securities Arbitration Claim Against Cambridge Investment Research

Jimmy Dale Mullins, of Fort Worth, Texas, a stockbroker currently registered with Cambridge Investment Research, Inc., has been named in a customer initiated investment related written complaint on February 21, 2017, based upon allegations that Mullins failed to disclose the illiquidity pertaining to a real estate security effected in the customer’s account. Financial Industry Regulatory […]

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Bankers Life Representative Suspended

April 10, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gregory Harold Zastrow, of Plymouth, Wisconsin, a registered representative formerly associated with Bankers Life and Casualty Company, was fined $10,000.00 and suspended for nine months by the State of Wisconsin Office of the Commissioner of Insurance based upon consenting to findings that he engaged in unfair marketing practices concerning fixed annuities and life insurance products, […]

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Morgan Stanley Sued For Misrepresentation

April 10, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Francis James Aurino, of Beverly Hills, California, a stockbroker currently registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on February 15, 2017, in which the customer requested $100,000.00 in damages based upon allegations that Aurino made investment related misrepresentations to the customer and effected equity transactions in the […]

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Merrill Lynch Stockbroker Suspended For Misrepresentation

April 10, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Jarred M. Lawson, of Jacksonville, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misrepresentations and omissions to customers, and furnished misleading account documentation […]

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Capital Financial Services Sued for Unsuitability

Steven Roland Knuttila, of Perham, Minnesota, a stockbroker currently registered with Capital Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on February 20, 2017, in which the customer requested $139,722.14 in damages based upon allegations that Knuttila made unsuitable investment recommendations to the customer concerning investments in real estate, […]

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BancWest Investment Services Stockbroker Charged

April 10, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Corinne Renae Mittag, of Omaha, Nebraska, a stockbroker formerly registered with BancWest Investment Services Inc., has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that she effected an unauthorized transaction in a customer’s account and made false representations to her firm regarding the transaction. Department of Enforcement v. […]

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Joseph Gunnar Sued For Misrepresentation

April 10, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Peter N. Girgis, of Staten Island, New York, a stockbroker formerly registered with Joseph Gunnar & Co., LLC, has been named in a customer initiated investment related arbitration claim on May 5, 2016, in which the customer requested $687,000.00 in damages based upon allegations that Girgis misappropriated funds from the customer, effected unauthorized and unsuitable […]

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AXA Advisors Sued for Unsuitability

April 10, 2017  |   Posted by :   |   Failure to Diversify, Stockbroker Fraud News   |   0 Comments

Brent Spicuzza, of Chesterfield, Missouri, a stockbroker formerly registered with AXA Advisors, LLC, has been named in a customer initiated investment related written complaint on March 21, 2016, based upon allegations that Spicuzza made unsuitable investment recommendations to the customer concerning the purchase of energy sector mutual funds. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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First Allied Securities Stockbroker Fired For Misconduct

April 10, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

Virgil John Threlkeld, of Alamo, California, a stockbroker registered with First Allied Securities, Inc., has been terminated from employment on March 15, 2015, based upon allegations that he committed violations of First Allied Securities’ policies by mishandling customer account documentation, advising customers to sign blank documents, and reusing customers’ signatures on the firm’s forms. Financial […]

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VSR Financial Services Sued By Customer

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Robert James Hudson, of Essex Junction, Vermont, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related written complaint on February 14, 2017, in which the customer requested $250,000.00 in damages based upon allegations that Hudson caused the customer to incur significant tax burdens via the liquidation […]

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International Assets Advisory Broker Barred In Investigation

April 10, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Norman Kirby Farra, Junior, of Tampa, Florida, a stockbroker formerly registered with International Assets Advisory, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his involvement in undisclosed private […]

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Investacorp Sued By Customer For Unauthorized Transactions

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

James Davis Henderson, of Jamestown, New Jersey, a stockbroker currently registered with Investacorp, Inc., has been named in a customer initiated investment related written complaint on February 13, 2017, in which the customer requested $16,864.60 in damages based upon allegations that Henderson effected the unauthorized distribution of Franklin Templeton mutual funds from the customer’s investment […]

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John Carris Sued By Customers In FINRA Arbitration

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Christopher John Frattini, of Hoboken, New Jersey, a stockbroker formerly registered with John Carris Investments LLC, has been named in a customer initiated investment related arbitration claim, which settled on February 3, 2016, for $6,500.00 in damages based upon allegations that Frattini effected equity transactions in the customer’s account which were not suitable for the […]

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WFG Investments Sued For Unsuitable Recommendations

Jay Dee Jordan, of Oklahoma City, Oklahoma, a stockbroker formerly registered with WFG Investments, Inc., has been named in a customer initiated investment related written complaint on December 28, 2016, in which the customer requested $88,000.00 in damages based upon allegations that Jordan effected unsuitable stock transactions in the customer’s account. Financial Industry Regulatory Authority […]

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EDI Financial Sued For Unsuitable Recommendations

Robert Mark Star, of Bluffton, South Carolina, a stockbroker formerly registered with EDI Financial, Inc., has been named in a customer initiated investment related arbitration claim on May 12, 2016, in which the customer requested $640,800.00 in damages based upon allegations that Star overconcentrated the customer’s investment portfolio in private placements, and made unsuitable investment […]

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Morgan Stanley Stockbroker Barred By Regulator

April 10, 2017  |   Posted by :   |   Inverse Leveraged ETF Funds, Stockbroker Fraud News   |   0 Comments

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 […]

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Janney Montgomery Scott Sued By Customer

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Shane Timothy Ennis, a stockbroker currently registered with Janney Montgomery Scott LLC, has been named in a customer initiated investment related written complaint on February 9, 2017, in which the customer’s damages are estimated to be in excess of $5,000.00 based upon allegations that Ennis effected shoddy equity transactions in the customer’s account, and failed […]

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Allstate Financial Services Stockbroker Suspended

April 10, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

David Ladin, of Pembroke Pines, Florida, a stockbroker formerly registered with Allstate Financial Services, has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities and entered into loan arrangements without authorization […]

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Cetera Investment Services Sued For Misrepresentation

April 10, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Joseph Hsioh-Tsuei Lee, of Irvine, California, a stockbroker formerly registered with Cetera Investment Services LLC, has been named in a customer initiated investment related written complaint on February 8, 2017, in which the customer requested $40,000.00 in damages based upon allegations that Lee made misrepresentations and omissions to the customer regarding the fees pertaining to […]

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JP Morgan Securities Sued For Misrepresentation

April 10, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jacob Glick, of Scottsdale, Arizona, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on February 8, 2016, in which the customer requested $30,000.00 in damages based upon allegations that Glick made misrepresentations to the customer concerning investments in mutual funds. Financial Industry Regulatory […]

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Merrill Lynch Stockbroker Fired For Misrepresentation

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Sylvester Knox, of Short Hills, New Jersey, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was terminated from employment on January 5, 2017, based upon allegations that Knox made investment based misrepresentations to customers, placed options and equity trades in customer accounts without authorization, and violated his firm’s policies in reference […]

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Capital Securities Management Sued By Customer

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Louis Anthony Pepe, of Melville, New York, a stockbroker currently registered with Capital Securities Management, Inc., has been named in a customer initiated investment related written complaint on February 7, 2017, based upon allegations that Pepe failed to adjust the customer’s investment strategy in light of the customer’s constant stock losses. Financial Industry Regulatory Authority […]

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Raymond James Stockbroker Fired For Misconduct

April 10, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Nick Morgan Campbell, of Irving, Texas, a stockbroker with Raymond James Financial Services, Inc., was terminated from employment based upon allegations that Campbell committed violations of Raymond James’ policies and procedures. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Campbell has been identified in three customer initiated investment related disputes containing allegations of his […]

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Merrill Lynch Sued For Unauthorized Trading

April 10, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Mark David Yadron, of Prescott, Arizona, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on February 3, 2017, in which the customer requested $5,095.35 in damages based upon allegations that Yadron effected unauthorized closed-end fund trades in the customer’s investment […]

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Investors Capital Corp Sued by Customer For Unsuitability

April 10, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News, Suitability   |   0 Comments

Nina Sue Jessee, of Abingdon, Virginia, a stockbroker formerly registered with Investors Capital Corp., has been named in a customer initiated investment related arbitration claim on February 3, 2017, based upon allegations that Jessee effected unsuitable transactions in the customer’s account regarding investments in real estate, insurance, and equipment leasing products. Financial Industry Regulatory Authority […]

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TGP SecuritiesFined For Failure To Supervise

April 10, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

TGP Securities, Inc., a brokerage firm headquartered in Summit, New Jersey, has been censured and fined $10,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to appropriately supervise private securities transactions effected by two of the firm’s registered representatives. Letter of Acceptance, Waiver and Consent, No. 2015043159502 (Mar. […]

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Wells Fargo Advisors Customer Files FINRA Action

George Russel Thoreson, of Bellevue, Washington, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related arbitration claim on February 1, 2017, in which the customer requested $453,886.65 in damages based upon allegations that Thoreson made unsuitable stock recommendations to the customer. Financial Industry Regulatory Authority (FINRA) […]

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Lucia Securities In Fraud Action

April 10, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Jesse Lee Starr, of San Diego, California, a stockbroker formerly registered with Lucia Securities, LLC, has been named in a customer initiated investment related civil action on January 27, 2017, based upon allegations that Starr made misrepresentations to the customer concerning risks of a recommended investment strategy, effected unsuitable direct investment program transactions in the […]

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Customer Sues Morgan Stanley For Unauthorized Trading

March 31, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Richard Jay Bernstein, of Beverly Hills, California, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on February 1, 2017, in which the customer requested $81,738.82 in damages based upon allegations that Bernstein placed unsuitable and unauthorized equity trades in the customer’s investment account. Financial Industry Regulatory […]

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Raymond James Financial Sued In Arbitration For Unsuitability

James Gilbert Blair, of Coronado, California, a stockbroker currently registered with Raymond James Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on February 1, 2017, in which the customer requested $300,000.00 in damages based upon allegations that Blair effected unauthorized and unsuitable over-the-counter equities transactions in the customer’s account, […]

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Joseph Stone Stockbroker Charged With Fraud

March 31, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Frank Anthony Spadaro, of Mineola, New York, a stockbroker currently registered with Joseph Stone Capital L.L.C., has been named in a Notice of Proposed Agency Action and Opportunity for Hearing by the Office of the Commissioner of Securities and Insurance, Montana State Auditor, in which Spadaro was alleged to have utilized customers’ margin accounts in […]

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Wells Fargo Advisors Sued By For Unauthorized Trading

March 31, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Shahida Arunima Hossain, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related written complaint on February 24, 2017, based upon allegations that Hossain invested the customer’s assets in a manner which exceeded the customer’s conservative investment objectives, and utilized margin in the customer’s investment account […]

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Wilson Davis Broker Named In SEC Cease And Desist Order

Ian Charles Kass, of Fort Lauderdale, Florida, a stockbroker formerly registered with Wilson-Davis & Co., Inc., has been identified in a Securities and Exchange Commission (SEC) Order Instituting Administrative and Cease-And Desist Proceedings based upon allegations that Kass aided and abetted securities fraud and facilitated the sale of unregistered securities. In the Matter of Delaney […]

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WFG Investments Sued For Misrepresentation

March 31, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Carl Wayne Busch, of Oklahoma City, Oklahoma, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $50,000.00 in damages based upon allegations that Busch failed to conduct adequate due diligence in reference to the customer’s convertible […]

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Paulson Investment Sued for Fraud

March 31, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud News   |   0 Comments

Kevin Richard Graetz, of New York, New York, a stockbroker currently registered with Paulson Investment Company LLC, has been named in a customer initiated investment related written complaint on December 22, 2016, in which the customer requested $1,000,000.00 in damages based upon allegations that Graetz sold away from his firm, and made fraudulent omissions and […]

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Prospera Financial Services Stockbroker Barred

March 31, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Rhonda Janeen Matthews, of Austin, Texas, a stockbroker formerly registered with Prospera Financial Services, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on allegations that she failed to provide FINRA with a response to FINRA personnel’s information request. Letter No. 2015048158201 (Sept. 19, 2016). […]

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Transam Securities Named In Customer Complaint

March 31, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Charles Chamberlin Shafe, of Maitland, Florida, a stockbroker formerly registered with Transam Securities, Inc., has been named in a customer initiated investment related written complaint on February 7, 2017, in which the customer requested $15,597.00 in damages based upon allegations that Shafe was responsible for the customer’s poor investment performance on a real estate security […]

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Hallmark Investments Charged With Unregistered Securities Sales

March 31, 2017  |   Posted by :   |   Stockbroker Fraud News, Unregistered Securities   |   0 Comments

Hallmark Investments, Inc., a broker-dealer headquartered in New York, New York, along with the firm’s chief executive officer, Steven G. Dash, president, Stephen P. Zipkin, and sales supervisor, William H. Coons, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint containing allegations of excessive mark-ups and unregistered securities sales. Department […]

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Lek Securities Corporation Charged With Market Manipulation

March 31, 2017  |   Posted by :   |   Stock manipulation, Stockbroker Fraud News   |   0 Comments

Lek Securities Corporation, a broker-dealer headquartered in New York, New York, along with the firm’s chief executive officer and part-owner, Samuel Lek, and former registered representative, Sergey Pustelnik, has been charged by the Securities and Exchange Commission (SEC) in a Complaint containing allegations that the firm, Lek and Pustelnik engaged in a market manipulation scheme […]

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Customer Files Arbitration Against LPL Financial for Misrepresentation

March 31, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Christopher Lee Vazquez, of Middle Village, New York, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on January 24, 2017, in which the customer requested $25,000.00 in damages based upon allegations that Vazquez made investment related misrepresentations to the customer and effected a John […]

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Ameritas Investment Corp Sued For Unsuitability

March 31, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

John Scott Jaeger, of West Des Moines, Iowa, a stockbroker formerly registered with Ameritas Investment Corp, has been named in a customer initiated investment related written complaint on January 23, 2017, in which the customer requested $27,145.00 in damages based upon allegations that Jaeger effected an unsuitable real estate investment trust transaction in the customer’s […]

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Wells Fargo Advisors Financial Sued In Annuity Case

March 31, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jeffrey David Day, of Sarasota, Florida, a stockbroker currently registered with Wells Fargo Advisors Financial Network, LLC, has been named in a customer initiated investment related written complaint on January 23, 2017, based upon allegations that Day made guarantees to the customer regarding the performance of a variable annuity investment, and failed to disclose fees […]

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International Assets Advisory Stockbroker Terminated

March 30, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Jason Hunter Likens, of Orlando, Florida, a stockbroker formerly registered with International Assets Advisory, LLC, has been terminated from employment on January 31, 2017, based upon allegations that he failed to provide FINRA personnel with a response to FINRA’s request for information, which the firm claimed was conduct violative of FINRA Rule 8210. Likens was […]

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WFG Investments Sued byCustomer For Unsuitability

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Matthew Aaron Bell, of San Antonio, Texas, a stockbroker formerly registered with WFG Investments, Inc., has been named in a customer initiated investment related written complaint, which settled on February 10, 2017, for $43,000.00 in damages based upon allegations that Bell made unsuitable investment recommendations to the customer regarding over-the-counter equity products. Financial Industry Regulatory […]

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AXA Advisors Stockbroker Barred By Regulator

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John Ezmat, of Verona, New Jersey, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member based upon allegations that he failed to provide FINRA personnel with a response to FINRA’s information request. Letter No. 2016049344101 (Oct. 17, 2016). Why FINRA wanted to speak with Mr. Ezmat, one never knows.  It […]

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Customer Complaint against UBS Financial Services for Excessive Charges

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David Sanford James, of Century City, California, a stockbroker formerly registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on November 18, 2016, based upon allegations that James, from January of 2016 to August of 2016, breached his fiduciary duties and overcharged the customer in reference to […]

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Raymond James Stockbroker Mysteriously Terminated

March 30, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Jeffrey John Kartheiser, of Sun City Center, Florida, a stockbroker and branch manager for Raymond James Associates, Inc., was terminated from employment on January 17, 2017, based upon allegations that he did not reasonably supervise his subordinate registered representatives and manage risks pertaining to the firm’s operations. Means someone has been sinning in Sun City […]

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Craig Scott Capital Customers Allege Unsuitability

March 30, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

John Joseph Stapleton, of Uniondale, New York, a stockbroker formerly registered with Craig Scott Capital, has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $48,223.26 in damages based upon allegations that Stapleton effected unsuitable stock transactions in the customer’s account. Craig Scott Capital however […]

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Pacific West Securities Sued For Unsuitable Recommendations

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Frederick Peter Baerenz, of Great Falls, Virginia, a stockbroker formerly registered with Pacific West Securities, Inc., has been named in a customer initiated investment related arbitration claim, in which customers were collectively awarded $331,000.00 in damages on July 11, 2016, based upon allegations including misrepresentation, unsuitability, fraud, breach of contract, and violation of SEC Rule […]

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Oak Ridge Financial Stockbroker Suspended For Unauthorized Trading

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Phillip Hinze, of Golden Valley, Minnesota, a stockbroker formerly registered with Oak Ridge Financial Services Group, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in a customer’s investment account without authorization. Letter of Acceptance, […]

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Oppenheimer Sued For Unsuitability

March 30, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Eva Alla Kitova, of New York, New York, a stockbroker now registered with Aegis Capital Corp., is the subject of a customer initiated investment related written complaint on December 22, 2016, in which the customer requested $108,872.50 in damages based upon allegations that from May of 2014 to August of 2016, Kitova effected excessive, unsuitable, […]

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Raymond James Financial Broker Terminated

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

David Lewis Capin, of Kingston, Pennsylvania, a stockbroker registered with Raymond James Financial Services, Inc., has been terminated from employment on February 27, 2017, based upon allegations that Capin admitted to effecting trades in customers’ accounts despite his failure to discuss trades with customers beforehand. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Capin […]

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Newbridge Securities Corporation Sued For Misrepresentation

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Austin Richard Dutton Jr., of Doylestown, Pennsylvania, a stockbroker currently registered with Newbridge Securities Corporation, has been named in a customer initiated investment related arbitration claim based upon allegations that Dutton breached his fiduciary and contractual duties owed to the customer, negligently managed the customer’s investment portfolio, and made misrepresentations and omissions concerning real estate […]

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NYLife Securities Customer Alleges Unsuitability

March 30, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Anna Chin, of Austin, Texas, a registered representative formerly associated with NYLife Securities LLC, has been named in a customer initiated investment related written complaint on March 1, 2017, based upon allegations that Chin recommended that the customer purchase a variable universal life insurance policy in addition to fixed annuities, despite the products having failed […]

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Investors Capital Corp Registered Representative Sanctioned

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Brett Allen Machtig, of Bloomington, Minnesota, a stockbroker formerly registered with Investors Capital Corp., was subject of cease and desist sanctions and a $5,000.00 fine by Minnesota Department of Commerce based upon consenting to findings that Machtig effected an equity indexed annuity which was not suitable for a customer. Case No. 1369 (Sept. 15, 2015). […]

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Morgan Stanley Sued By Customer For Unsuitability

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Kultar Singh Bindra, of Annapolis, Maryland, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on January 11, 2017, in which the customer requested $650,000.00 in damages based upon allegations that Bindra overconcentrated the customers’ portfolios in options and equities products, and effected unsuitable transactions in […]

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Berthel Fisher Customer Alleges Unsuitability

March 30, 2017  |   Posted by :   |   Failure to Diversify, Stockbroker Fraud News   |   0 Comments

John Shaw Notman, of Stockton, California, a stockbroker currently registered with Berthel, Fisher & Company Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on May 2, 2016, in which the customer requested $650,000.00 in damages based upon allegations that Notman made misrepresentations to the customers and effected unsuitable transactions […]

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Regal Securities Stockbroker Suspended By Regulator

March 30, 2017  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Denise Ann Cerveny, of Secaucus, New Jersey, a stockbroker formerly registered with Regal Securities, Inc., has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she altered the new account documentation of twenty of the firm’s customers by cutting and […]

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Investor sues Commonwealth Financial Network Alleging Unauthorized Trades

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

John Louis Centrella, of Greenville, Delaware, a stockbroker formerly registered with Commonwealth Financial Network, has been named in a customer initiated investment related written complaint on January 20, 2017, based upon allegations that Centrella effected unauthorized stock and option trades in the customer’s investment account. Financial Industry Regulatory Authority (FINRA) Public Disclosure further reveals that […]

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Wells Fargo Advisors Sued by Customers For Misrepresentation

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Nelson Michael Polun, of Bel Air, Maryland, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related written complaint, which settled for $4,546.96 in damages on March 13, 2017, based upon allegations that Polun made misrepresentations to the customer concerning preferred stock investments, and omitted that […]

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John Thomas Financial Named In Customer Arbitration

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Wade Theodore Papapanagiotu, of New York, New York, a stockbroker formerly registered with John Thomas Financial, has been named in a customer initiated investment related arbitration claim on April 4, 2016, in which the customer requested $50,000.00 in damages based upon allegations that Papapanagiotu breached his fiduciary duties to the customer and effected unsuitable over-the-counter […]

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Viewtrade Securities Stockbroker Investigated

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News, Unregistered Securities   |   0 Comments

Brian Marcus Herman, of Boca Raton, Florida, a stockbroker currently registered with Viewtrade Securities, has been identified in a Financial Industry Regulatory Authority (FINRA) investigation into whether Herman violated FINRA Rules 2010 and Securities Act of 1933 Section 5. Examination No. 20140404879 (Sept. 28, 2016). Section 5 of the Securities Act of 1933 relates to […]

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Another Global Arena Capital Broker Barred By Regulators

March 21, 2017  |   Posted by :   |   Boilerroom, Bond Fraud, Stockbroker Fraud News   |   0 Comments

Niaz Elmazi, of New York, New York, a stockbroker formerly registered with Global Arena Capital Corp, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he did not provide FINRA personnel with a response regarding his compliance with a customer initiated […]

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Wells Fargo Advisors Sued for Unauthorized Trading

March 21, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Mark Joseph Lippman, of New York, New York, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related complaint, which settled on September 20, 2016, for $7,500.00 in damages based upon allegations that Lippman effected unauthorized transactions in the customer’s fee based account. Financial Industry Regulatory […]

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Morgan Stanley Sued by Customer For Misrepresentation

Kevin C. Yang, of Pasadena, California, a stockbroker currently registered with Morgan Stanley Inc., has been named in a customer initiated investment related arbitration claim, which settled on December 18, 2016, for $57,500.00 in damages based upon allegations that Yang made misrepresentations to the customer and effected unsuitable structured transactions in the customer’s account. Financial […]

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Oppenheimer Named In FINRA Arbitration

March 21, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Joel Eric Breiter, of Westhampton, New York, a stockbroker currently registered with Oppenheimer & Company, Inc., has been named in a customer initiated investment related written complaint on January 27, 2017, in which the customer requested $430,000.00 in damages based upon allegations that Breiter effected unsuitable over-the-counter equity transactions in the customer’s account. Financial Industry […]

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Morgan Stanley Stockbroker Suspended For Unauthorized Trading

March 21, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Richard Alan Kern, of Beavercreek, Ohio, a stockbroker formerly registered with Morgan Stanley, has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 20160502058-01 (Mar. […]

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Wood Company Expelled For Cheating Customers

Wood (Arthur W.) Company, Inc., headquartered in Boston, Massachusetts, has been fined $10,000.00 and statutory disqualified by Financial Industry Regulatory Authority (FINRA) pursuant to a National Adjudicatory Council Decision containing findings that the firm, inter alia, charged customers commissions which were excessive, and failed to supervise commissions charged by registered representatives. In the Matter of […]

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Waddell And Reed Principal Barred In Investigation

March 21, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Paul Douglas Stanley, of Edmond, Oklahoma, a stockbroker and principal formerly registered with Waddell & Reed, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed an investigation into allegations that he violated his firm’s policies concerning supervision, compensation and […]

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Ultralat Capital Markets Fined For Overcharging Customers

March 21, 2017  |   Posted by :   |   Bond Fraud, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Ultralat Capital Markets, Inc., a brokerage firm headquartered in Miami, Florida, has been censured and fined $140,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm charged customers with excessive markups and failed to supervise business activities to prevent non-market foreign exchange rates from being utilized or markups from being […]

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Feltl And Company Failure To Supervise

Feltl & Company, a broker-dealer headquartered in Minneapolis, Minnesota, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, failed to supervise a registered representative’s trading activities. Letter of Acceptance, Waiver and Consent, No. 2010024882202 (Feb. 28, 2017). According to the AWC, between […]

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Independent Financial Group Named In Customer Arbitration

Lyle J Boudreaux, of Houston, Texas, a stockbroker currently registered with Independent Financial Group, LLC, has been named in a customer initiated investment related written complaint on January 27, 2017, in which the customer requested $120,000.00 in damages based upon allegations that Boudreaux was liable for losses sustained by the customer in reference to exchange […]

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Stifel Nicolaus Sued By Customer For Fraud

George Michael Williams, a stockbroker currently registered with Stifel, Nicolaus & Company, Inc., has been named in a customer initiated investment related arbitration claim on January 27, 2017, in which the customer requested $468,000.00 in damages based upon allegations that Williams violated Financial Industry Regulatory Authority (FINRA) rules as well as federal and state securities […]

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UBS Financial Services Broker Named In One Hundred FINRA Arbitrations

Ramon Manuel Almonte, of San Juan, Puerto Rico, a stockbroker currently registered with UBS Financial Services Inc. and UBS Financial Services Incorporated of Puerto Rico, has been identified in one-hundred and twenty five customer initiated investment related disputes between January 27, 2014, and February 15, 2017, in which customers’ claims are based upon allegations that […]

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Woodstock Financial Stockbroker Under Investigation

March 21, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Joseph Louis Derrico, of Staten Island, New York, a stockbroker currently registered with Woodstock Financial Group, Inc., has been named in a regulatory investigation by the State of Montana Securities Division on February 1, 2017, based upon a customer’s complaint referencing Derrico’s misconduct in connection with over-the-counter equity transactions effected in the customer’s account. Financial […]

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Morgan Stanley Named In FINRA Arbitration

William Mark Heiden, of Newport Beach, California, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on January 24, 2017, in which the customer requested $950,718.24 in damages based upon allegations that Heiden, from 2012 to 2016, effected equity transactions in the customer’s account which were […]

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Royal Alliance Associates Sued for Unsuitable Recommendations

March 21, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Phillip Leung Wong, of Wayland, Massachusetts, a stockbroker currently registered with Royal Alliance Associates, Inc., has been named in a customer initiated investment related written complaint on January 26, 2017, based upon allegations that Wong made unsuitable investment recommendations to the customer concerning exchange traded fund and stock transactions, which caused the customer to sustain […]

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Merrill Lynch Sued in Puerto Rican Bond Case

March 21, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Mark Eben Lilley, of Guaynabo, Puerto Rico, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on May 11, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Lilley, from 2012 to 2016, omitted and misrepresented facts […]

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Mutual Service Corporation Stockbroker Caught Selling Away

March 21, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Akio Lawrence Bley, of Bala Cynwyd, Pennsylvania, a stockbroker formerly registered with Mutual Service Corporation, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Bley sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2014040860301 (Jan. […]

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Concorde Investment Services Stockbroker Under Investigation

March 21, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Robert Russel Tweed, of San Marino, California, a stockbroker formerly registered with Concorde Investment Services, LLC, has been named in an investigation by Financial Industry Regulatory Authority (FINRA) pursuant to the receipt of a Wells Notice regarding Tweed’s conduct. FINRA Public Disclosure reveals that Tweed has been identified in twelve customer initiated investment related disputes […]

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Planmember Securities Named In Civil Action

March 21, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Christopher Michael Connolly, of Houston, Texas, a registered representative formerly associated with Planmember Securities Corporation, has been named in a customer initiated investment related civil action on February 6, 2017, in which the customer requested $250,000.00 in damages based upon allegations that Connolly failed to inform the customer about costs pertaining to the customer’s life […]

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Wells Fargo Advisors Stockbroker Barred By SEC

March 21, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Ane S. Plate, of Orlando, Florida, was barred by the Securities and Exchange (SEC) Commission from working as an investment advisor or broker, or associating with firms selling securities or providing investment advice based upon an Order Instituting Administrative Proceedings containing findings that Plate pled guilty to embezzlement, theft, or misapplication in violation of 18 […]

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MetLife Securities Representative Sanctioned For Annuity Twisting

March 21, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Armand Joseph Fisher, of Glastonbury, Connecticut, a registered representative formerly associated with MetLife Securities Inc., has been censured and fined $5,000.00 by The State of Connecticut Insurance Department based upon allegations that he effected the sales of annuity products for two customers that were not in the customers’ best interests. Case No. FC 15-54 (Sept. […]

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National Securities Corp Sued For Fraud

Kevin Keane, of Chicago, Illinois, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on June 26, 2014, for $11,800.00 in damages based upon allegations that Keane negligently handled the customer’s investment account, breached his fiduciary duties, made misrepresentations to the customer, effected […]

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EKN Financial Sued by Customer For Churning

Ahmad Wares, a stockbroker formerly registered with EKN Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on January 23, 2016, in which the customer requested $288,340.00 in damages based upon allegations that Wares breached his fiduciary duties, effected over-the-counter equity trades in the customer’s account on an excessive basis, […]

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Raymond James Sued by Customer For Misconduct

Todd Douglas Ryman, of Atlanta, Georgia, a stockbroker formerly registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related written complaint on February 15, 2017, in which the customer requested $300,000.00 in damages based upon allegations that Ryman committed securities related misconduct in reference to the customer’s transactions regarding […]

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KC Ward Financial Named In Customer Fraud Action

March 21, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William Nicholas Athas, of Ronkonkoma, New York, a stockbroker formerly registered with K.C. Ward Financial, has been named in a customer initiated investment related arbitration claim on February 16, 2017, in which the customer requested $290,000.00 in damages based upon allegations including: the use of fraudulent or manipulative contrivances or devices; breach of duty of […]

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UBS Financial Services Sued for Unsuitable Investment Advice

March 21, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Vincente Castillo, of San Juan, Puerto Rico, a stockbroker currently registered with UBS Financial Services Inc., and UBS Financial Services Incorporated of Puerto Rico, has been named in a customer initiated investment related arbitration claim on January 6, 2017, in which the customer requested $325,000.00 in damages based upon allegations that Castillo overconcentrated the customer’s […]

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UBS Financial Services Stockbroker Terminated For Misconduct

March 21, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Phil Fiore Jr., of Stamford, Connecticut, a stockbroker registered with UBS Financial Services Inc., has been terminated from employment on November 30, 2016, based upon allegations that he failed to abide by his firm’s procedures, including: the operation of a golf tournament without approval; communications with the public without the firm’s authorization; and Fiore’s lack […]

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MetLife Securities Sued by Customer For Misrepresentation

Wayne David Kandas, of Tempe, Arizona, a stockbroker formerly registered with MetLife Securities, Inc., has been named in a customer initiated investment related written complaint on May 26, 2016, based upon allegations that Kandas made misrepresentations to the customer regarding variable annuity products. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Kandas has been […]

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Stifel Nicolaus Stockbroker Sanctioned For Unauthorized Trading

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Robert W. Berry, of Fairlawn, Ohio, a stockbroker currently registered with Stifel, Nicolaus & Company, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that effected unauthorized trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015046243901 (Mar. […]

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Stifel Nicolaus Stockbroker Suspended For Unauthorized Trading

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Darrach Michael Bourke, of Larkspur, California, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in the accounts of firm customers without authorization from his firm […]

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Edward Jones Stockbroker Barred In Investigation

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Michael Jean-Paul Mason, of Millington, Tennessee, a stockbroker formerly registered with Edward Jones, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers’ Default Decision containing findings that he falsified customer account documentation and failed to accurately inform his firm […]

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National Securities Stockbroker Barred For Unauthorized Trading

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Glenn McDowell, of New York, New York, a stockbroker formerly associated with National Securities Corporation, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a FINRA Office of Hearing Officers’ Default Decision containing findings that McDowell effected unauthorized trades in a customer’s account. Department of […]

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Allstate Financial Services Stockbroker Suspended

March 16, 2017  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud News   |   0 Comments

Frederick Martin Quinn Jr., of Toledo, Ohio, a stockbroker formerly registered with Allstate Financial Services, LLC, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Quinn, inter alia, signed the names of customers on annuity exchange documentation without the customers’ […]

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Charles Vista Sued for Failure To Supervise

Michael Robert Molinaro, of Long Beach, New York, a chief compliance officer of Charles Vista, LLC, has been named in a customer initiated investment related arbitration claim on August 26, 2015, in which the customer requested $130,628.37 in damages based upon allegations that Molinaro failed to supervise the activities of a registered representative concerning over-the-counter […]

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Morgan Stanley Stockbroker Fired For Unauthorized Trading

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News, Structured Notes   |   0 Comments

Jeffrey Neil Cadan, of New York, New York, a stockbroker registered with Morgan Stanley, was terminated from employment on December 21, 2016, based upon allegations of Cadan’s misconduct pertaining to his implemented investment strategy involving government debt products, as well as his exercise of discretion in customer account(s). Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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CoreCap Investments Stockbroker Discharged

March 16, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Ernest Julius Romer III, of Sterling Heights, Michigan, a stockbroker registered with CoreCap Investments, Inc., has been terminated from employment on January 20, 2017, based upon allegations that he violated the firm’s policies relating to his undisclosed outside business activities and transactions in customer accounts. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on […]

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Hilltop Securities Sued by Customers For Unsuitability

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 […]

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Cambridge Investment Research Sued By Customers

Brad C. Lawing, of Springfield, Missouri, a stockbroker currently registered with Cambridge Investment Research, Inc., has been named in a customer initiated investment related written complaint on January 19, 2017, in which the customer requested $8,500.00 in damages based upon allegations that Lawing failed to apprise the customer concerning the fees associating with the switching […]

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Morgan Stanley Sued In Arbitration For Unsuitability

March 16, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Steven Rocco Colli, of Morristown, New Jersey, a stockbroker currently registered with Morgan Stanley, has been named in a customer initiated investment related written complaint on February 16, 2017, based upon allegations that Colli, from 2014 to 2017, utilized the customer’s margin without authorization to effect options and equity transactions. Financial Industry Regulatory Authority (FINRA) […]

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WFG Investments Sued In Arbitration For Misrepresentation

Damian Marlon Bell, of Daphne, Alabama, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 19, 2017, in which the customer requested $1,000,000.00 in damages based upon allegations that Bell made misrepresentations and omissions to customers concerning private placements, and failed to adequately […]

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Edward Jones Sued In Arbitration for Misrepresentation

March 16, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

James D. Zahakos, Staten Island, New York, a stockbroker formerly registered with Edward Jones, has been named in a customer initiated investment related written complaint on January 19, 2017, in which the customer requested $5,000.00 in damages based upon allegations that Zahakos made misrepresentations to the customer concerning the purchase of a single premium immediate […]

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Oppenheimer Sued By Customer For Churning

Matthew Hugh Hurley, of San Diego, California, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been named in a customer initiated investment related arbitration claim, which settled on November 10, 2016, for $15,000.00 in damages based upon allegations that Hurley failed to execute upon the customer’s stop loss order, and charged the customer […]

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Edward Jones Stockbroker Sanctioned For Selling Away

March 16, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jason Edward Seurer, of Milbank, South Dakota, a stockbroker formerly registered with Edward Jones, has been penalized $7,500.00 and suspended for eighteen months by The State of South Dakota Division of Securities based upon Seurer consenting to findings that he sold away from his firm via his promissory note investment transactions. (Jan. 19, 2017). Previously, […]

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Key Investment Services Sued by Customer For Unsuitability

Jeanette S. Stofleth, of Seattle, Washington, a stockbroker formerly registered with Key Investment Services, has been named in a customer initiated investment related written complaint on January 19, 2017, in which the customer requested $5,000.00 in damages based upon allegations that the Stofleth made poor investment recommendations regarding the customer’s $450,000.00 investment in single premium […]

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Worden Capital Management Sued In Arbitration For Negligence

March 16, 2017  |   Posted by :   |   Breach of Fiduciary Duty, Stockbroker Fraud News   |   0 Comments

Joseph Francis Valdini, of Garden City, New York, a stockbroker formerly registered with Worden Capital Management LLC, has been named in a customer initiated investment related arbitration claim, which settled on March 21, 2016, for $79,000.00 in damages based upon allegations that Valdini breached his fiduciary and contractual duties to the customer, violated New Jersey […]

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Uvest Financial Services Group Sued by Customers For Misrepresentation

March 16, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Gregory Wade Gobble, a stockbroker formerly registered with Uvest Financial Services Group, Inc., has been named in a customer initiated investment related written complaint on August 25, 2015, based upon allegations that Gobble made misrepresentations to the customer concerning the Behringer Harvard Real Estate Investment Trust. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals […]

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Edward Jones Sued In Arbitration for Misrepresentation

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Charles Harvey Kuhtz III, of Hartland, Wisconsin, a financial advisor for Edward Jones, has been named in a customer initiated investment related written complaint on January 18, 2017, in which the customer requested $5,000.00 in damages based upon allegations that Kuhtz made misrepresentations to the customer regarding a Hartford Protector Variable Universal Life policy. Kuhtz’s […]

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Sica Wealth Management Sued For Unsuitability

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 […]

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Stifel Nicolaus Named In FINRA Arbitration

Joseph Peter Canciglia, of Hackensack, New Jersey, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., has been named in a customer initiated investment related arbitration claim on April 20, 2016, in which the customer requested $20,000.00 in damages based upon allegations that Canciglia advised a customer to invest $20,000.00 into a unit investment […]

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Wells Fargo Advisors Sued by Customer For Unsuitability

Alan Neal Rose, of Melville, New York, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related arbitration claim on January 16, 2017, in which the customer requested $100,000.00 in damages based upon allegations that from 2013 to 2016, Rose over-concentrated the customers’ portfolio in investments […]

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UBS Financial Services Sued for Misrepresentation

Enrique Fernandez, of San Juan, Puerto Rico, a stockbroker formerly registered with UBS Financial Services Inc., has been named in eighteen customer initiated investment related disputes between April 16, 2014, and January 6, 2017, based upon allegations that Fernandez made omissions and misrepresentations to customers concerning the safety of investments in Puerto Rico municipal bonds […]

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Spartan Capital Securities Sued for Misrepresentation

Joseph Kelly, of New York, New York, a stockbroker currently registered with Spartan Capital Securiites, LLC, has been named in a customer initiated investment related arbitration claim on April 4, 2016, in which the customer requested $450,000.00 in damages based upon allegations that Kelly made misrepresentations to the customer concerning equity investments, and excessively traded […]

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LPL Financial Sued for Unsuitability

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David Gulyamov, of Brooklyn, New York, a registered representative with LPL Financial LLC, has been named in a customer initiated investment related written complaint on January 13, 2017, based upon allegations that Gulyamov made misrepresentations to the customer concerning a variable annuity, and effected an investment purchase that failed to be suitable for the customer. […]

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NYLife Securities Sued By Customer For Misrepresentation

March 16, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Dustin Tylor Aiguier, of South Yarmouth, Massachusetts, a stockbroker formerly registered with NYLife Securities LLC, has been named in a customer initiated investment related arbitration claim, which settled on December 29, 2015, for $40,229.37 in damages based upon allegations that Aiguier made omissions of facts concerning a variable annuity investment. The customer alleged that her […]

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Garden State Securities Stockbroker Barred

March 08, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Garland Sean James, of New York, New York, a stockbroker formerly registered with Garden State Securities, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide information to FINRA personnel as requested. Letter No. 2015047471301 (Sept. 13, […]

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UBS Financial Services Sued For Unsuitability

Stephen Frederick Owen III, of Annapolis, Maryland, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on January 12, 2017, in which the customer requested $650,000.00 in damages based upon allegations that from 2015 to 2017, Owen overconcentrated the customer’s investment portfolio in speculative […]

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Woodstock Financial Group Stockbroker Under Investigation

March 08, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Ryan Michael Murnane, of Staten Island, New York, a stockbroker formerly registered with Woodstock Financial Group, Inc., was named in an investigation by the State of Montana Securities Department on February 1, 2017, in which Muranne’s conduct is under review for allegedly contacting a customer numerous times to solicit investment related business despite Murnane not […]

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Blackbook Capital Sued For Fraud

Philip Orezio Fatta, of Holtsville, New York, a stockbroker formerly registered with Blackbook Capital, LLC, has been named in a customer initiated investment related arbitration claim on June 15, 2016, in which the customer requested $381,195.16 in damages based upon allegations that Fatta breached his fiduciary and contractual duties, churned the customer’s account, effected unsuitable […]

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Ameriprise Financial Services Sued For Misrepresentation

March 08, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Tom Gilliam Parks, Jr., of Stephenville, Texas, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on January 19, 2017, in which the customer requested $180,000.00 in damages based upon allegations that Parks made unsuitable investment recommendations and misrepresentations to the customer concerning oil […]

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Morgan Stanley Sued For Unsuitability

Laurence Michael Braunstein, of New York, New York, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on August 5, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Braunstein, from 2014 to 2015, effected unsuitable closed end fund, unit investment trust, […]

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Wells Fargo Advisors Stockbroker Barred

March 08, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Marcus Joseph Debaise, of Glastonbury, Connecticut, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide a response to FINRA pursuant to an information request. Letter No. 2015046925901 (May […]

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UBS Financial Services Sued for Unsuitable Recommendations

Dario Suarez, of Ponce, Puerto Rico, a stockbroker currently registered with UBS Financial Services Inc. and UBS Financial Services Incorporated of Puerto Rico, has been named in a customer initiated investment related arbitration claim on January 18, 2017, in which the customer requested $1,000,000.00 in damages based upon allegations that Suarez effected unsuitable transactions involving […]

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Finance 500 Named Sued For Fraud

Robert Lansing Hicks, of Irvine, California, a former owner of Finance 500, Inc., a brokerage firm headquartered in Irvine California, has been named in a customer initiated investment related arbitration claim on January 11, 2017, in which the customer requested $102,500.00 in damages based upon allegations that Hicks breached his contractual and fiduciary obligations to […]

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Merrill Lynch Stockbroker Sanctioned For Selling Away

March 08, 2017  |   Posted by :   |   Promissory Notes, Selling away, Stockbroker Fraud News   |   0 Comments

Joshua David Stamm, of Lynchburg, Virginia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00, prohibited from working in a supervisory capacity, and placed on heightened supervision based upon a Virginia State Corporation Commission Division of Securities Order containing allegations that Stamm engaged in outside business activities without […]

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LPL Financial LLC Named In Toy Complaint

March 08, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Michael Allen Toy, of Sunnyvale, California, a stockbroker currently registered with LPL Financial LLC, has been named in a customer initiated investment related written complaint on January 11, 2017, based upon allegations that Toy failed to abide by the customer’s investment instructions concerning the trading of mutual fund investments. Financial Industry Regulatory Authority (FINRA) Public […]

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Transamerica Financial Advisors Sued For Misrepresentation

Paul Theodore Dicicco, of Millbury, Massachusetts, a stockbroker formerly registered with Transamerica Financial Advisors, Inc., has been named in a customer initiated investment related written complaint on March 28, 2016, in which the customer requested $6,000.00 in damages based upon allegations that Dicicco made misrepresentations to the customer concerning the features of a variable annuity […]

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Morgan Stanley Stockbroker Steals $7 Million From Customers

Barry F. Connell, of Chester, New Jersey, an investment adviser representative and stockbroker formerly registered with Morgan Stanley, has been charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that he misappropriated firm customers’ funds. Securities and Exchange Commission v. Barry F. Connell, No. 1:17-cv-00831 (S.D.N.Y. filed Feb. 3, 2017). According to […]

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Optimal Economics Capital Partners Charged With Fraud

Patrick O. Howard, of Dallas, Texas, along with two entities controlled by him, Howard Capital Holdings, LLC, and Optimal Economics Capital Partners, LLC, have been charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that Howard and his firms committed securities fraud. Securities and Exchange Commission v. Patrick O. Howard, et al., […]

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Merrill Lynch Sued For Misrepresentation

March 08, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Brandon M. Adkins, of Eau Claire, Wisconsin, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, has been named in a customer initiated investment related written complaint, which settled on September 2, 2014, for $22,966.32 in damages based upon allegations that Adkins made misrepresentations and unsuitable investment recommendations to the customer regarding exchange […]

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GLS Stockbroker Barred For Fraud

March 08, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Keith Michael Rogers, of Hamilton, Alabama, a stockbroker formerly registered with G.L.S. & Associates, Inc., has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or broker, or otherwise associating with any firm which provides investment advice or sells securities to the public, according to an Order Instituting […]

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Northland Securities Stockbroker Barred

Nicholas H. Shermeta, of Minneapolis, Minnesota, a stockbroker formerly registered with Northland Securities, Inc., has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or broker, or associating with any firm which provides investment advice or sells securities to the public, according to an Order Instituting Administrative And […]

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UBS Financial Services Sued For Churning

Michael Roy Blueweiss, of Melville, New York, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on November 3, 2014, based upon allegations that Blueweiss churned the customer’s account, concentrated the customer’s investment portfolio in structured products and annuities, and omitted information from the […]

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DMS Funds Stockbroker Charged With Fraud

March 08, 2017  |   Posted by :   |   Securities Fraud, Stockbroker Fraud News   |   0 Comments

Peter Rajinder Kohli, of Pottstown, Pennsylvania, chief executive officer and present of DMS Advisors and chairman and trustee of DMS Funds, has been charged along with DMS Advisors, Inc., Marshad Capital Group, Inc., and The DMS Funds in a Complaint by the Securities and Exchange Commission (SEC) alleging that Kohli and the firms committed fraud […]

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NYLife Securities Broker Charged With Fraud

March 08, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Cecil E. Nivens, of Gastonia, North Carolina, a registered representative formerly associated with NYLife Securities, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Nivens failed to execute upon customers’ investment instructions, and furnished documentation to customers containing false and misrepresented information. Department of Enforcement v. Cecil […]

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KC Ward Financial Stockbroker Barred For Fraud

March 08, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Craig David Dima, of Ronkonkoma, New York, a stockbroker formerly registered with K.C. Ward Financial, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Dima effected unauthorized trades in a customer’s […]

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Beaconsfield Financial Services Censured For Failure To Supervise

March 08, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Beaconsfield Financial Services, Inc., a broker-dealer headquartered in Canonsburg, Pennsylvania, has been censured and fined $12,500.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise private securities transactions facilitated by one of the firm’s registered representatives. Letter of Acceptance, Waiver and Consent, No. 2016047658101 (Feb. 27, 2017). […]

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Morgan Stanley Stockbroker Suspended For Selling Away

March 08, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Patrick Dennis Combs, of Houston, Texas, a stockbroker formerly registered with Morgan Stanley, has been fined $7,500.00 and suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he participated in private securities transactions, and concealed these activities from his firm. Letter […]

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Stifel Nicolaus Stockbroker Suspended For Misconduct

March 08, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Harold S. Pomeranz, of Garden City, New York, a stockbroker formerly registered with Stifel, Nicolaus & Company, Inc., has been fined $5,000.00 and suspended 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 a customer. Letter of Acceptance, Waiver […]

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Centaurus Financial Stockbroker Charged With Fraud

March 07, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Patric Ken Baccam, of Hemet, California, has been charged by the United States Securities and Exchange Commission (SEC) in a Complaint alleging that Hemet, inter alia, concocted a scheme to defraud investors in the sale of unsecured promissory notes. Securities and Exchange Commission v. Baccam, Docket No. 17-cv-172 (C.D. Cal. 2017). According to the Complaint, […]

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Royal Alliance Associates Sued For Unsuitable Recommendations

Bill Alfons Holubec, of Des Moines, Iowa, a stockbroker formerly registered with Royal Alliance Associates, Inc., has been named in a customer initiated investment related arbitration claim on January 9, 2017, in which the customer requested $500,000.00 in damages based upon allegations that Holubec effected unsuitable transactions in the customer’s account and made misrepresentations to […]

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Legend Securities Sued For Unsuitability

Michael Nicholas Guilfoyle, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim, which settled on October 2, 2015, for $99,999.00 in damages based upon allegations that Guilfoyle excessively traded or churned the customer’s investment account, made unsuitable over-the-counter equity recommendations, […]

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Financial West Group Stockbroker Barred

March 07, 2017  |   Posted by :   |   Churning, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kelly Clayton Althar, of San Francisco, California, a stockbroker formerly registered with Financial West Group, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Althar effected trades in a customer’s account on an […]

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Credit Suisse Securities Sued for Churning

Albert Dishner, of New York, New York, a stockbroker formerly registered with Credit Suisse Securities (USA) LLC, has been named in a customer initiated investment related arbitration claim, which settled on December 30, 2016, for $205,000.00 in damages based upon allegations that include churning, excessive trading, violation of state and federal securities laws, violation of […]

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US Bancorp Investments Stockbroker Barred

March 07, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Shannon Kathleen Daniels, of Bloomfield, Missouri, a stockbroker formerly registered with U.S. Bancorp Investments, Inc., has been has permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she did not provide a response to FINRA’s information request. Letter No. 2016050764201 (Nov. 18, 2016). […]

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Scottsdale Capital Advisors Corp Stockbroker Barred

March 07, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Eric Joseph Miller, of Scottsdale, Arizona, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers Default Decision containing findings that Miller failed to attend a disciplinary hearing and testify concerning his firm’s activities. Department of Enforcement v. Eric Joseph Miller, No. […]

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Edward Jones Stockbroker Charged With Stealing

March 07, 2017  |   Posted by :   |   Elder Abuse, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Austin Wayne Morton, of Sallisaw, Oklahoma, a stockbroker formerly registered with Edward Jones, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint which alleged that Morton converted a senior customer’s funds. Department of Enforcement v. Austin Wayne Morton, No. 2016052347901 (Feb. 24, 2017). According to the Complaint, in September of […]

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IMS Securities Sued For Unsuitable Recommendations

Charles Robert Fischer, of Eugene, Oregon, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on July 26, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Fischer made misrepresentations concerning investments and effected unsuitable real estate security sales. Financial Industry […]

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Western International Securities Sued For Negligence

Jed Edward Turner, of Missoula, Montana, a stockbroker formerly registered with Western International Securities, Inc., has been named in a customer initiated investment related arbitration claim on August 10, 2016, in which the customer requested $181,668.00 in damages based upon allegations that Turner negligently handled the customer’s stock portfolio. Financial Industry Regulatory Authority (FINRA) Public […]

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Morgan Stanley Sued For Misrepresentation

March 07, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Efthimios Emmanouilidis, of Wellesley, Massachusetts, a stockbroker currently registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on August 11, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Emmanouilidis made misrepresentations to the customer concerning managed accounts. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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Janney Montgomery Scott Sued For Unsuitability

Scott William Palmer, of Hackensack, New Jersey, a stockbroker currently registered with Janney Montgomery Scott LLC, has been named in a customer initiated investment related arbitration claim on July 26, 2016, in which the customer requested $75,000.00 in damages based upon allegations that Palmer effected unsuitable stock transactions in the customer’s investment account. Financial Industry […]

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UBS Financial Services Sued for Unauthorized Trading

David Howard Fagenson, of Palm Beach, Florida, a stockbroker formerly registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on September 26, 2016, based upon allegations that from 2013 to 2016, Fagenson effected unauthorized trades in the customer’s account and failed to abide by the customer’s instructions […]

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Red River Securities and Chief Executive Officer Sanctioned For Fraud

March 07, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Red River Securities, LLC, and the firm’s part owner and chief executive officer, Brian Keith Hardwick, were sanctioned by Financial Industry Regulatory Authority (FINRA) according to an Office of Hearing Officers Extended Hearing Panel Decision containing findings that Red River Securities and Hardwick, inter alia, made fraudulent omissions and misrepresentations concerning joint venture interests to […]

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Centaurus Financial Stockbroker Barred Forgery

March 07, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Stephen Eugene Winkelman Junior, of Pasadena, California, a stockbroker formerly registered with Centaurus Financial, Inc., was named in an Order issued by The State of Kansas Securities Commissioner which revoked Winkelman’s securities registration and instituted cease and desist sanctions against him based upon allegations that Winkelman falsified a customer’s consolidated financial statement and inflated values […]

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Ameriprise Financial Services Stockbroker Suspended

March 07, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

John Scott Elliott, of Overland Park, Kansas, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to respond to a FINRA information request. Letter No. 2016051253201 (Dec. 1, 2016). […]

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Oppenheimer Sued for Churning

Brett Scott Murphy, of Palm Beach Gardens, Florida, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been named in a customer initiated investment related arbitration claim on August 11, 2016, in which the customer requested $2,000,000.00 in damages based upon allegations that Murphy effected unsuitable unit investment trust transactions in the customer’s account, […]

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Brokerage Firms Censured For Overcharging Customers

March 07, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Financial Industry Regulatory Authority (FINRA) member broker dealers, including Invest Financial Corporation, SII Investments, Investment Centers of America, and National Planning Corporation, have all been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firms overcharged charitable organization and retirement account customers in mutual funds transactions, and did […]

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Ameriprise Financial Services Stockbroker Barred

March 07, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Li-Lin Hsu, of Los Angeles, California, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been permanently barred from associating with any FINRA member in any capacity based upon consenting to findings that she failed to respond to FINRA’s information request. Letter No. 2015045016702 (Jun. 1, 2016). Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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LPL Financial Sued for Stockbroker Theft

March 07, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Joshua Daniel Mosshart, of Westlake Village, California, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on February 2, 2017, in which the customer requested $50,000.00 in damages based upon allegations that Mosshart solicited the customer to invest in products were not approved by LPL […]

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Ameriprise Financial Services Gets Unauthorized Trading Suit

James Edward Knee, of Concord, New Hampshire, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on December 21, 2015, for $17,000.00 in damages based upon allegations that Knee made unsuitable investment recommendations to the customer concerning a royalty trust purchase. Financial […]

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Ameriprise Financial Services Stockbroker Barred for Churning

March 07, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Gary Woodruff Peterson, of Rockford, Illinois, a stockbroker formerly registered with Ameriprise Financial Services, was prohibited from offering or selling securities in the State of Illinois based upon consenting to The State of Illinois Securities Department allegations that Peterson effected excessive trades in a customer’s account for purposes of accumulating excessive commissions to the customer’s […]

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Four Points Capital Partners Stockbroker Investigated

March 07, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Zachary Samuel Berkey, of Melville, New York, a stockbroker formerly registered with Four Points Capital Partners LLC, has been named in The State of Montana Securities Division’s December 11, 2014 investigation into allegations that Berkey effected trades in a customer’s account on an excessive basis and made unsuitable investment recommendations to customers. Financial Industry Regulatory […]

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Ameriprise Financial Stockbroker Sanctioned

March 07, 2017  |   Posted by :   |   Elder Abuse, Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Lori Cousineau Weaver, of Renton, Washington, a stockbroker formerly registered with Ameriprise Financial Services, Inc. were sanctioned by The State of Washington Securities Division based on an Order which imposed fines and a suspension of Weaver’s securities registration based upon consenting to findings that Weaver and Ameriprise Financial Services effected unsuitable sales of non-traded real […]

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Thrivent Investment Management Stockbroker Barred

March 07, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jean Ann Walsh-Josephson, of Oshkosh, Wisconsin, a stockbroker formerly registered with Thrivent Investment Management Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to provide a response to FINRA’s information request. Letter No. 2015046529801 (Jan. 26, 2016). FINRA […]

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NEXT Financial Group Stockbroker Suspended For Misrepresentation

February 27, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Dion R. Padilla, of San Antonio, Texas, a stockbroker with Next Financial Group, Inc., was fined $10,000.00 and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Padilla made an unauthorized variable […]

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Cambridge Investment Research Stockbroker Suspended

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Curtis C. Randle El, of Pittsburgh, Pennsylvania, a stockbroker formerly registered with Cambridge Investment Research, Inc., has been fined $5,000.00 and suspended 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. Letter of Acceptance, Waiver and Consent, No. […]

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Dalton Strategic Investment Services Stockbroker Charged By Regulators

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Eric J. Arnett, of Spring Hill, Florida, a stockbroker formerly registered with Dalton Strategic Investment Services, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint which alleged that Arnett, inter alia, engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015044778302. (Feb. 13, 2017). According to the Complaint, […]

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LaSalle St Securities Stockbroker Suspended For Outside Business Activities

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Diana Lynne Stamborski, of Palatine, Illinois, a stockbroker formerly registered with LaSalle St Securities, L.L.C., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she engaged in outside business activities in violation of her firm’s policies. Letter of Acceptance, […]

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Santander Securities Stockbroker Barred In Investigation

February 27, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Joan Marie Larsen, of Freehold, New Jersey, 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 cooperate in a FINRA investigation into allegations that she accepted an unauthorized loan from a customer. Letter of Acceptance, Waiver and Consent, No. […]

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Meyers Associates Stockbroker Suspended For Unauthorized Trading

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Joseph Albert Ambrosole, of New York, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts on an unauthorized basis. Letter of Acceptance, Waiver […]

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RBC Capital Markets Stockbroker Suspended For Unauthorized Trading

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Joseph Henry Murphy III, of Madison, Wisconsin, a stockbroker formerly registered with RBC Capital Markets, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he traded in customer accounts on a discretionary basis in violation of his firm’s […]

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LPL Financial Stockbroker Suspended For Unsuitable Recommendations

Adam S. Fritzsche, of Atlanta, Georgia, a stockbroker formerly registered with LPL Financial LLC, has been fined and suspended for one year 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 and made misrepresentations on firm documentation concerning […]

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Philadelphia Stockbroker Suspended For Unauthorized Trading

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Larry Westly Farmbry, of Philadelphia, Pennsylvania, a stockbroker formerly registered with First Allied Securities, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts on a discretionary basis in violation of his firm’s […]

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Wells Fargo Advisors Stockbroker Barred By Regulators

February 27, 2017  |   Posted by :   |   Elder Abuse, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Matthew Christopher Maczko, of Oak Brook, Illinois, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he charged customers with excessive fees, and misled FINRA during his recorded testimony regarding the allegations […]

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Thrivent Investment Mangagement Stockbroker Barred For Stealing

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Eugene D. Anderson, of Apache Junction, Arizona, a stockbroker formerly registered with Thrivent Investment Management, Inc., has been permanently 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 Anderson converted customer funds. Letter of Acceptance, Waiver […]

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BBVA Securities Stockbroker Barred In Investigation

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Eric S. Darty, of Birmingham, Alabama, a stockbroker formerly registered with BBVA Securities Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed an investigation into allegations that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. […]

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Ultralat Capital Markets CEO Barred For Failure To Supervise

February 27, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Alejandro Falla, of Miami, Florida, a former president and chief executive officer of Ultralat Capital Markets, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he omitted information from customers concerning non-market foreign exchange rates pertaining to transactions involving bond […]

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National Securities Corporation Sued By Customer For Fraud

February 27, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Trevor Joseph Wurtzebach, of Chicago, Illinois, a stockbroker formerly registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2014, in which the customer received $80,000.00 in damages based upon allegations that Wurtzebach made fraudulent misrepresentations to the customer, breached his fiduciary duties, and […]

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Dawson James Sued For Unsuitable Trading

February 27, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kennister Ulesley Daley, of Boca Raton, Florida, a stockbroker formerly registered with Dawson James Securities, Inc., has been named in a customer initiated investment related written complaint on January 5, 2017, in which the customer requested $65,000.00 in damages based upon allegations that Daley, from April of 2015 to February of 2016, traded options excessively […]

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Oriental Financial Services Corp Named In Fraud Claim

February 27, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Manuel Francisco Porrata Monserrate, of San Juan, Puerto Rico, a stockbroker formerly registered with Oriental Financial Services Corp., has been named in a customer initiated investment related arbitration claim, which settled on September 27, 2016, for $90,000.00 in damages based upon allegations that Monserrate effected unsuitable municipal debt transactions in the customer’s account in reference […]

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Ameriprise Financial Services Sued By Customer

February 27, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jeffrey Scott Davis, of Virginia Beach, Virginia, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on January 4, 2017, in which the customer requested $20,415.28 in damages based upon allegations that Davis omitted information concerning the fees and surrender penalties on two variable […]

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Morgan Stanley Sued by Customer for Fraud

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Bruce Benjamin Greenwald, of Pepper Pike, Ohio, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $800,000.00 in damages based upon allegations that Greenwald failed to abide by the customer’s investment based instructions, and made misrepresentations to […]

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Morgan Stanley Stockbroker Barred In Investigation

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Karen McKinley, of Manchester, New Hampshire, a stockbroker formerly registered with Morgan Stanley, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she obstructed a FINRA investigation into allegations of potential non-compliance regarding trading in customer accounts that was referenced by […]

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Fifth Third Securities Stockbroker Fired For Falsification

February 27, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kevin Mark Reed, of Fort Wayne, Indiana, a stockbroker formerly registered with Fifth Third Securities, Inc., has been terminated from employment on July 8, 2016, based upon allegations that he altered the documentation of firm customers. Financial Industry Regulatory Authority (FINRA)Public Disclosure reveals that Reed has been identified in two customer initiated investment related disputes […]

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Revere Securities Stockbroker Charged By State Regulators

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jonathan Eric Altman, of Boston, Massachusetts, has been charged by the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts in a Compliant which alleged that Altman made unsuitable investment recommendations pertaining to equities and real estate investment trust products, effected unauthorized transactions, excessively traded in the customer’s account, and […]

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LPL Financial Named In Customer Arbitration

February 27, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Brian Hunter Anderson, of Birmingham, Alabama, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on May 31, 2016, based upon allegations that Anderson made unsuitable investment recommendations to the customer regarding direct investments and oil and gas products. Financial Industry Regulatory Authority (FINRA)Public Disclosure […]

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Western International Securities Stockbroker Charged by Regulators

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Dennis Albert Mehringer Jr., of Pasadena, California, a stockbroker currently registered with Western International Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Mehringer, inter alia, made investment recommendations which were not suitable for customers. Department of Enforcement v. Mehringer, Jr., No. 2014041868001 (Dec. 16, 2016). According to the […]

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The Huntington Investment Company Named In Fraud Complaint

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Nathan Thomas Koenig, of Perrysburg, Ohio, a stockbroker previously registered with The Huntington Investment Company, has been named in a customer initiated investment related written complaint on April 4, 2016, in which the customer requested $14,461.87 in damages based upon allegations that Koenig misrepresented a variable annuity, and omitted that the customer would forego guaranteed […]

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Westminster Financial Services Named Stockbroker Theft Complaint

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Richard Grant Cody, of Spring Lake, New Jersey, a stockbroker formerly registered with Westminster Financial Securities, Inc., has been named in a customer initiated investment related written complaint on January 18, 2017, based upon allegations that Cody misappropriated funds belonging to the customer in connection with over-the-counter equity transactions. Financial Industry Regulatory Authority (FINRA) Public […]

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LPL Financial LLC Named In Fraud Complaint

February 27, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Roger Salvatore Zullo, of Boston, Massachusetts, a stockbroker formerly registered with LPL Financial, LLC, was charged along with LPL Financial, LLC, in a Compliant by the Enforcement Section of Massachusetts Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts, which contained allegations that, inter alia, Zullo defrauded LPL Financial LLC’s customers […]

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National Securities Corp Sued for Misrepresentation

February 14, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Todd Joseph Henrich, of Edison, New Jersey, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on September 29, 2015, for $26,000.00 in damages based upon allegations that Henrich negligently handled the customer’s investment portfolio, breached his fiduciary duties, made misrepresentations to the […]

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Signator Investors Sued By Customer In Arbitration

February 14, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

David Jonathan Bolton, of Bowling Green, Kentucky, a stockbroker formerly registered with Signator Investors, Inc., has been named in a customer initiated investment related written complaint on April 1, 2016, based upon allegations that Bolton effected unsuitable class A share mutual fund transactions in an elderly customer’s account, and charged the customer with excessive commissions […]

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Wells Fargo Advisors Sued for Failure To Disclose Commissions

Chadwick C. Collins, of Carlsbad, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related arbitration claim, which settled on April 18, 2016, for $86,559.31 in damages based upon allegations that Collins, from December of 2015 to March of 2016, failed to disclose commissions charged to […]

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Blackbook Capital Sued by Customer For Fraud

Samuel T. Januszeqski-Ytrt, of Mineola, New York, a stockbroker formerly registered with Blackbook Capital LLC, has been named in a customer initiated investment related arbitration claim on November 21, 2016, in which the customer requested $250,000.00 in damages based upon allegations that Januszeqski-Ytrt breached his fiduciary duties, made misrepresentations concerning investments, and defrauded the customer […]

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JP Morgan Securities LLC Stockbroker Fired For Information Breach

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Brad William McDowell, of Niles, Illinois, a stockbroker registered with J.P. Morgan Securities LLC, was terminated from employment on June 17, 2016, based upon allegations that McDowell did not properly secure confidential information pertaining to the firm’s customers. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that McDowell has been named in three customer initiated […]

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Kovack Securities Sued for Unsuitability

February 14, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Curtis Dean Milakovich, of Naples, Florida, a stockbroker currently registered with Kovack Securities Inc., has been named in a customer initiated investment related arbitration claim on August 31, 2016, based upon allegations that Milakovich made unsuitable investment recommendations to the customer, implemented an unsuitable strategy for investing, and churned the customer’s account. The customer additionally […]

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Westminster Financial Services Sued by Customer for Theft

Jill M. Cody, of Spring Lake, New Jersey, a stockbroker formerly registered with Westminster Financial Securities, Inc., has been named in a customer initiated investment related written complaint on January 18, 2017, based upon allegations that Cody misappropriated the customer’s funds. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Cody has been identified in […]

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Legend Securities Sued by Customer For Fraud

February 14, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Baris Cabalar, of Hauppauge, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim on March 8, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Cabalar violated the Arkansas Securities Act, churned the customer’s account, breached his contractual and […]

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Sterne Agee Financial Services Sued for Misrepresentation

Dean Sadrudin Mustaphalli, of Forest Hills, New York, a stockbroker formerly registered with Sterne Agee Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on December 1, 2015, for $400,000.00 in damages based upon allegations that Mustaphalli made misrepresentations to the customer concerning direct investment products, and effected […]

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Wells Fargo Advisors Sued by Customer In FINRA Arbitration

February 14, 2017  |   Posted by :   |   Bond Fraud, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Michael Jay Sharenow, of Florham Park, New Jersey, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related written complaint on November 1, 2016, based upon allegations that Sharenow effected unauthorized corporate debt securities transactions in the customer’s account. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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MSI Financial Services Sued In Customer Arbitration Alleging Unsuitability

February 14, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

James Paul Kolf, of Madison, Wisconsin, a stockbroker formerly registered with MSI Financial Services, Inc., has been named in a customer initiated investment related written complaint on January 30, 2017, in which the customer requested $8,113.06.00 in damages based upon allegations that Kolf omitted information concerning the surrender penalties on a variable annuity contract. Financial […]

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Garden State Securities Stockbroker Terminated For Unsuitable Recommendations

February 14, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Tyre Fred Newsome, of New York, New York, a stockbroker with Garden State Securities, Inc., was terminated from employment on April 4, 2016, based upon allegations that he made unsuitable investment recommendations to the firm’s customers concerning investments. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on April 18, 2011, a customer filed […]

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Bright Trading Stockbroker Terminated In Ponzi Scheme

February 14, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

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 […]

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Cape Securities Stockbroker Terminated For Unauthorized Trading

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Joseph Patrick Fuller, of New York, New York, a stockbroker registered with Cape Securities, Inc., was terminated from employment on July 6, 2016, based upon allegations that Fuller effected unauthorized trades in a firm customer’s account. Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that on March 7, 2013, at which time Fuller was […]

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UBS Stockbroker Suspended For Outside Business Activities

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

James Rose, of New York, New York, a stockbroker formerly registered with UBS Financial Services, Inc., has been fined $25,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities and private securities transactions which were not authorized […]

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Raymond James Stockbroker Suspended For Selling Away

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

James Calder, of Borger, Texas, a stockbroker formerly registered with Raymond James, has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities in violation of his firm’s policies. Letter of Acceptance, Waiver and Consent, […]

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Edward Jones Sanctioned For Overcharging Customers

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Edward Jones, a broker-dealer headquartered in Saint Louis, Missouri, was censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm overcharged customers pertaining to the interest rates on customers’ loans. Letter of Acceptance, Waiver and Consent, No. 2016048760501 (Feb. 1, 2017). According to the AWC, in January […]

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Further Lane Securities Sanctioned For Ripping Off Customers

February 14, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Further Lane Securities, L.P., a brokerage firm headquartered in New York City, New York, was censured and fined $126,673.78 by Financial Industry Regulatory Authority (FINRA) based upon an Office of Hearing Officers’ Default Decision which contained findings that the firm excessively charged customers’ mark-ups in reference to bond transactions, and did not reasonably supervise a […]

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Alluvion Chief Executive Officer Barred In Investigation

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

John Sherman Jumper, of Memphis, Tennessee, a former chief executive officer, chief compliance officer, and chief financial officer of Alluvion Securities, LLC, has been permanently 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 Jumper misappropriated […]

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Ameriprise Financial Services Sued by Customer For Misrepresentation

February 14, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Ziv Ohel, of Deerfield, Illinois, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on December 6, 2016, in which the customer requested $6,521.98 in damages based upon allegations that from February of 2015 to February of 2016, Ohel made misrepresentations and unsuitable recommendations […]

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JP Morgan Securities Sued by Customer In FINRA Arbitration

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Rick Douglas Konecny, of Chicago, Illinois, a stockbroker currently registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on June 23, 2016, in which the customer requested $400,000.00 in damages based upon allegations that Konecny effected unauthorized and unsuitable transactions in the customer’s account, and overconcentrated the […]

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Wells Fargo Advisors Stockbroker Terminated For Misconduct

February 14, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

James Scott Doidge, of Pueblo, Colorado, a stockbroker registered with Wells Fargo Clearing Services, LLC, has been terminated from employment on January 4, 2017, based upon allegations that he failed to provide Wells Fargo with accurate information regarding a firm customer’s account. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Doidge has been named […]

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Lawson Financial Corporation Expelled For Securities Fraud

February 14, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Lawson Financial Corporation, a brokerage firm headquartered in Phoenix, Arizona, as well as Robert Lawson (president, chief executive officer, and chief compliance officer), and Pamela Lawson (owner and chief operating officer) were sanctioned by Financial Industry Regulatory Authority (FINRA) Office of Hearing Officers according to an Order Accepting Offer of Settlement containing findings that the […]

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Comprehensive Wealth Management Sued by Customer For Suitability

Gary Marlin Arford, of Lynwood, Washington, a stockbroker formerly registered with Comprehensive Wealth Management, LLC, was named in a customer initiated investment related arbitration claim on September 12, 2016, wherein the customer requested $140,760.00 in damages based upon allegations that Arford made unsuitable investment recommendations and effected unsuitable transactions in the customer’s account pertaining to […]

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American Portfolios Financial Services Stockbroker Suspended For Selling Away

February 14, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Jeremy T. Monte, of Fairport, New York, a stockbroker formerly registered with American Portfolios Financial Services, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he partook in outside business activities and private securities transactions which his firm did […]

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Morgan Stanley Stockbroker Suspended For Unauthorized Trading

February 14, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Clarence Mark Tingle, of Lewes, Delaware, a stockbroker currently registered with Morgan Stanley, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected discretionary trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014042951501 […]

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H Beck Named For Unsuitable Annuity Sales

February 13, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Lee Child, of Draper, Utah, a stockbroker currently registered with H. Beck, Inc., has been named in a customer initiated investment related written complaint, which settled on July 6, 2016, for $35,000.00 in damages based upon allegations that Child effected transactions in the customer’s account which were not suitable, and was liable for the […]

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Jesus Named In FINRA Securities Arbitration

February 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Jesus Delacarridad Rodriguez, of Miami, Florida, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on August 19, 2016, in which the customer requested $1,667,000.00 in damages based upon allegations that Rodriguez breached his fiduciary duties, made misrepresentations to the customer, and negligently handled the […]

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Pruco Securities Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Hyun Sik Cho, of Dewitt, New York, a stockbroker formerly registered with Pruco Securities, L.L.C., has been permanently 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 partook in unauthorized loan transactions with customers. Letter […]

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Stifel Nicolaus & Company Sued For Stockbroker Theft

February 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jon Brett Schmidhammer, of Dublin, Ohio, a stockbroker formerly registered with Stifel, Nicolaus & Company, Incorporated, has been named in a customer initiated investment related arbitration claim on October 14, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Schmidhammer converted the customer’s funds, breached his fiduciary and contractual duties to […]

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Kovack Securities Sued by Customer For Misrepresentation

Gerald James Ohalloran, a stockbroker currently registered with Kovack Securities Inc., has been named in a customer initiated investment related arbitration claim on August 2, 2016, in which the customer requested $135,000.00 in damages based upon allegations that Ohalloran breached his fiduciary and contractual duties to the customer, made misrepresentations and omissions concerning investments, and […]

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Investors Capital Corp Sued by Customer In Arbitration

February 13, 2017  |   Posted by :   |   Bond Fraud, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Donnie Eugene Ingram, of Winter Haven, Florida, a stockbroker formerly registered with Investors Capital Corp., has been named in a customer initiated investment related arbitration claim on November 16, 2016, in which the customer requested $906,353.70 in damages based upon allegations that Ingram effected unsuitable transactions in the customer’s account pertaining to corporate debt, equity […]

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HD Vest Investment Services Sued by Customer

February 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Paul Robert Nitz, of Minneapolis, Minnesota, a stockbroker currently registered with HD Vest Investment Services, has been named in a customer initiated investment related arbitration claim on July 13, 2016, in which the customer requested $528,000.00 in damages based upon allegations that Nitz made unsuitable equity investment recommendations to the customer, made misrepresentations to the […]

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America Northcoast Securities Sued For Fraud

February 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Dominic Anthony Tropiano, of Cleveland, Ohio, a stockbroker formerly registered with America Northcoast Securities, Inc., was named in a customer initiated investment related arbitration claim, in which the customer requested $800,000.00 in damages based upon allegations that from 2015 to 2016, Tropiano violated FINRA Rules and Ohio Securities Act, breached his fiduciary and contractual duties […]

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Joseph Gunnar & Company Sued by Customers for Unsuitable Recommendations

February 13, 2017  |   Posted by :   |   Boilerroom, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

John Justin Piro, of Melville, New York, a stockbroker currently registered with Joseph Gunnar & Co. LLC, has been named in a customer initiated investment related arbitration claim on December 7, 2016, in which the customer requested $29,949.00 in damages based upon allegations that Piro effected unauthorized and unsuitable equity trades, and ultimately churned the […]

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Waddell & Reed Stockbrokers Charged With Selling Away

February 13, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Neal Charles Moon, and Natalie E. Fogiel Moon, both of Dallas, Texas, and stockbrokers formerly registered with Waddell & Reed, have been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that the individuals effected unauthorized private securities transactions. Department of Enforcement v. Moon et al., No. 2015046926801 (July 8, […]

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Legend Securities Sued by Customer For Churning

February 13, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Jeanpaul Charles Skovronck, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim on August 29, 2016, in which the customer requested $200,000.00 in damages based upon allegations that Skovronck negligently handled the customer’s investment portfolio, breached his fiduciary and contractual […]

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PFS Investments Sued by Customer for Selling Away

Perry De Leeuw, of Duluth, Georgia, a stockbroker formerly registered with PFS Investments Inc., has been named in a customer initiated investment related arbitration claim on December 5, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Leeuw took possession of a customer’s funds in connection with an outside business activity […]

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JP Turner & Company Sued by Customer For Churning

February 13, 2017  |   Posted by :   |   Bond Fraud, Churning, Stockbroker Fraud News   |   0 Comments

Ty Kevin Bauer, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been named in a customer initiated investment related arbitration claim on March 3, 2016, in which a customer requested $500,000.00 in damages based upon allegations that from 2011 to 2016, Bauer effected unsuitable corporate debt and direct investment transactions, and churned […]

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Kovack Securities Stockbroker Barred In Regulatory Investigation

February 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Douglas Wayne Studer, of Fort Lauderdale, Florida, a stockbroker formerly registered with Kovack Securities Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Studer’s consent to findings that he failed to cooperate in a FINRA investigation into allegations of his misconduct regarding an inheritance […]

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Alexander Capital Stockbroker Sued for Unauthorized Trading

Andrew Patrick Murino, a stockbroker currently registered with Alexander Capital, L.P., has been named in a customer initiated investment related arbitration claim on December 1, 2016, in which the customer requested $38,084.00 in damages based upon allegations that Murino effected unauthorized and unsuitable over-the-counter equity trades in the customer’s account, and breached his fiduciary duty […]

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Alexander Capital LP Sued by Customers for Sale of Unsuitable Investments

John Owen Slipek, of Staten Island, New York, a stockbroker currently registered with Alexander Capital, L.P., has been named in a customer initiated investment related arbitration claim on December 1, 2016, in which the customer requested $38,084.00 in damages based upon allegations that Slipek effected over-the-counter equity transactions in the customer’s account which were neither […]

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Beech Hill Advisors Named In FINRA Securities Arbitration

February 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Frank Hamrak, of New York, New York, a stockbroker currently registered with Beech Hill Securities, Inc., has been named in a customer initiated investment related written complaint on November 21, 2016, in which the customer requested $185,000.00 in damages based upon allegations that from March 20, 2014, to November 9, 2016, Hamrak effected unsuitable transactions […]

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Merrill Lynch Broker Sued For Misrepresentation

Robert Michael Giusti, of New York, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Inc., has been named in a customer initiated investment related arbitration claim on April 24, 2015, in which a customer was ultimately awarded $300,000.00 in damages based upon allegations that from 2010 to 2015, Giusti made […]

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Reef Securities Sued for Securities Fraud

Garland Wayne Benton Jr., of Richardson, Texas, a stockbroker formerly registered with Reef Securities, Inc., has been named in a customer initiated investment related arbitration claim on April 14, 2014, in which the customer requested $946,670.00 in damages based upon allegations that Benton engaged in unauthorized investment solicitations, breached his contractual duties, omitted facts concerning […]

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Reef Securities Sued for The Failure To Supervise

Harris Wayne Kirk, or Richardson, Texas, a stockbroker currently registered with Reef Securities, Inc., has been named in a customer initiated investment related arbitration claim on February 11, 2016, in which the customer requested $250,000.00 in damages based upon allegations that Kirk breached his contractual duties, and failed to conduct proper due diligence as well […]

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JP Turner & Company LLC Named In FINRA Customer Securities

February 13, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Shaun Evan Stein, of New York, New York, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been named in a customer initiated investment related arbitration claim on June 30, 2014, in which the customer requested $75,000.00 in damages based upon allegations that Stein breached his contractual duties owed to the customer, engaged […]

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JD Nicholas & Associates Named In FINRA Securities Arbitration

February 13, 2017  |   Posted by :   |   Boilerroom, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Keith Lawton James Connolly, of Syosset, New York, a stockbroker currently registered with J.D. Nicholas & Associates, Inc., has been named in a customer initiated investment related arbitration claim, which settled on July 20, 2016, for $43,976.90 in damages based upon allegations that Connolly effected unsuitable equity transactions in the customer’s account, overconcentrated the customer’s […]

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One Broker Lands Wells Fargo Advisors in 43 FINRA Securities Arbitrations

Charles Bernard Lynch, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in Forty Three customer initiated investment related disputes between October 6, 2014, and August 9, 2016, which collectively settled for $6,932,566.03 in damages based upon allegations against Lynch which included unsuitability, misrepresentation, negligence, and account mismanagement. Financial Industry Regulatory Authority […]

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Caldwell International Securities Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Ricardo Francois, of New York, New York, a stockbroker formerly registered with Caldwell International Securities, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to respond to a FINRA information request. Letter No. 2015043464602 (October 30, 2015). Prior to […]

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Meyers Associates Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Mark Zeltser, of Brooklyn, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to respond to a FINRA information request. Letter No. 2014039091902 (Nov. 9, 2015). Prior to his […]

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Centaurus Financial Named In FINRA Securities Arbitration

Marcious Dickerson, of Livonia, Michigan, a stockbroker currently registered with Centaurus Financial, Inc., has been named in a customer initiated investment related arbitration claim, which settled on September 1, 2015, for $97,983.70 in damages based upon allegations that Dickerson breached his fiduciary and contractual duties to the customer, effected unsuitable transactions in the customer’s account, […]

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Laidlaw & Company Named In FINRA Securities Arbitration

February 13, 2017  |   Posted by :   |   Boilerroom, Churning, Stockbroker Fraud News   |   0 Comments

Matthew Ian Turner, of Fort Lauderdale, Florida, a stockbroker formerly registered with Laidlaw & Company (UK) Ltd., has been named in a customer initiated investment related arbitration claim, which settled on August 8, 2014, for $23,115.00 in damages based upon allegations that Turner effected unsuitable equity transactions in the customer’s account. Financial Industry Regulatory Authority […]

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Wells Fargo Named In Customer Arbitrations Alleging Unsuitability

Charles Henry Frieda, of Irvine, California, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in thirty-two customer initiated investment related disputes between October 6, 2014, and October 25, 2016, which have collectively settled for $5,268,553.00 in damages based upon allegations that Frieda effected unsuitable transactions in the customers’ accounts, which […]

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Aegis Capital Corp Stockbroker Barred For Conversion

February 11, 2017  |   Posted by :   |   Embezzlement, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Chaz Partosan, of New York, New York, a stockbroker formerly registered with Aegis Capital Corp., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016052079401 (Jan. 25, 2017). According to […]

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LPL Financial LLC Stockbroker Suspended For Unsuitable Trading

February 11, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Steve Dale Heath, of Newport News, Virginia, a stockbroker formerly registered with LPL Financial, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in a customer’s account on an unsuitable and unauthorized basis. Letter of […]

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New Jersey Based Morgan Stanley Broker Caught Stealing $5 Million

February 06, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Barry F. Connell, formerly of the Ridgewood office of Morgan Stanley, Inc., formerly known as Morgan Stanley Smith Barney, Inc., was charged by the United States Securities & Exchange Commission for the Connell, for the violation of Sections 206(1) and 206(2) of the Advisers Act, in that while acting as an investment adviser, by use […]

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Meyers Associates Stockbroker Barred In Investigation

February 02, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Honetta C. Kao, of Brooklyn, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Kao failed to respond to FINRA’s request for Kao’s information. Case No. 2014039091901 (Nov. 9, 2015). Prior to Kao’s […]

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Avenir Financial Group Stockbroker Suspended

February 02, 2017  |   Posted by :   |   Churning, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Richard Gomez, of New York, New York, a stockbroker formerly registered with Avenir Financial Group, has been suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Gomez, inter alia, effected unauthorized and excessive trades in the customers’ accounts. Letter of Acceptance, […]

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Spartan Capital Named In FINRA Securities Arbitration

February 02, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Kerry Patrick Raheb, a stockbroker formerly registered with the Garden City, New York office of Spartan Capital Securities, LLC, has been named in a customer initiated investment related written complaint on July 21, 2014, in which the customer requested $37,214.99 in damages based upon allegations that Raheb coerced the customer to purchase over-the-counter equities which […]

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Woodbury Financial Services Named In FINRA Securities Arbitration

Daniel John Dunn, of Mission Viejo, California, a stockbroker currently registered with Woodbury Financial Services, Inc., has been named in a customer initiated investment related written complaint on August 17, 2015, in which the customer requested $48,624.47 in damages based upon allegations that Dunn made unsuitable investment recommendations to the customer concerning the sale of […]

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Liberty Partners Financial Services Named In Fraud Claim

February 02, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Brian J. Zimmerman, of San Diego, California, a stockbroker formerly registered with Liberty Partners Financial Services, LLC, has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $20,000.00 in damages on March 14, 2016, based upon allegations that Zimmerman made misrepresentations and omissions to the customer, churned the […]

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Source Capital Group Stockbroker Barred In Investigation

February 02, 2017  |   Posted by :   |   Embezzlement, Stockbroker Fraud News   |   0 Comments

Hugh Wilkens Levey, of New York, New York, a stockbroker formerly registered with Source Capital Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into allegations that Levey misappropriated funds. Letter […]

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Aegis Capital Corp Named In FINRA Securities Arbitration

February 02, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

John David Fenimore, of Melville, New York, a stockbroker formerly registered with Aegis Capital Corp., has been named in a customer initiated investment related arbitration claim on June 9, 2014, in which the customer requested $250,000.00 in damages based upon allegations that Fenimore utilized the customer’s margin in an unsuitable manner, effected equity trades in […]

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Cetera Advisors Named In FINRA Securities Arbitration Alleging Unsuitability

Daniel George McPherson, of Idaho Falls, Idaho, a stockbroker currently registered with Cetera Advisors LLC, has been named in a customer initiated investment related written complaint on March 7, 2016, in which the customer requested $40,151.00 in damages based upon allegations that McPherson effected unsuitable fixed annuity transactions in the customer’s account. Financial Industry Regulatory […]

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LPL Financial LLC Named In Customer Churning Claim

February 01, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Thomas Edward Andrews, of Salt Lake City, Utah, a barred stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related written complaint on October 20, 2016, in which forty-four customers have collectively requested $10,504,799.00 in damages based upon allegations that Andrews churned the customers’ accounts, negligently managed the customers’ […]

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Aegis Capital Corp Named Customer Churning Claim

Indra Ramsahai, of New York, New York, a stockbroker formerly registered with Aegis Capital Corp, has been named in a customer initiated investment related arbitration claim, which settled on July 18, 2016, for $90,000.00 in damages based upon allegations that Ramsahai churned the customer’s investment account and effected unsuitable leveraged exchange traded fund transactions. Financial […]

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UBS Financial Services Named In FINRA Securities Arbitration

February 01, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William Jeffrey Carlton, of Vienna, Virginia, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on November 10, 2016, in which the customer requested $525,000.00 in damages based upon allegations that Carlton effected unsuitable equity and limited partnership interest transactions in the customer’s account, […]

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National Securities Named In FINRA Arbitration Involving ETFs

James Bryant Eichner Junior, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on June 30, 2015, in which the customer requested $500,000.00 in damages based upon allegations that Eichner negligently handled the customer’s investment account and breached his fiduciary […]

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National Securities Named In FINRA Securities Arbitration

February 01, 2017  |   Posted by :   |   Boilerroom, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Allan P. Montalbano, of Garden City, New York, a stockbroker formerly registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on June 20, 2016, in which the customer requested $350,000.00 in damages based upon allegations that Montalbano breached his contractual and fiduciary duties, negligently handled the customer’s investment […]

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LPL Financial Group Stockbroker Barred In Investigation

February 01, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Ronald Edward Siemon, of Albuquerque, New Mexico, a stockbroker formerly registered with LPL Financial LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into allegations of Siemon’s misconduct asserted via a customer […]

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LPL Financial Named In Securities Arbitration Alleging Churning

February 01, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Eugene Theodore Smietana, of Traverse City, Michigan, a stockbroker formerly registered withEugene Theodore Smietana, has been named in a customer initiated investment related written complaint, which settled on December 7, 2015, for $87,750.00 in damages based upon allegations that Smietana effected equity trades in the customer’s account on an excessive and unsuitable basis. Financial Industry […]

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Merrill Lynch Stockbroker Terminated For Selling Away

February 01, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Patrick J. Sands, of Quincy, Massachusetts, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was terminated from employment on November 19, 2015, based upon allegations that he sold securities outside the auspices of his firm, which was a violation of his firm’s policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Ameriprise Financial Services Named In FINRA Securities Arbitration

February 01, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William David Utanski, of Fort Lauderdale, Florida, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on March 7, 2016, for $3,000.00 in damages based upon allegations that Utanski effected unsuitable stock transactions in the customer’s account pertaining to Dendreon Corporation, which […]

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Cetera Advisors Named In Securities Fraud Arbitration Claim

February 01, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

James Christopher Hayne, a stockbroker formerly registered with Cetera Advisors LLC, has been named in a customer initiated investment related arbitration claim on December 13, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Hayne Hayne breached his fiduciary duties, effected stock trades on an excessive basis, failed to diversify the […]

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Legend Securities Named In Customer Securities Arbitration

February 01, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Bernardo Misseri, of Staten Island, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $50,000.00 in damages on August 12, 2016, based upon allegations that Misseri breached his fiduciary duties, negligently handled the customer’s portfolio, failed to […]

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JJB Hilliard WL Lyons Stockbroker Barred In Investigation

February 01, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Henry Al Dean Watson, a stockbroker formerly registered with J.J.B. Hilliard, W.L. Lyons, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into allegations of his misconduct. Letter of Acceptance, Waiver […]

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Santander Securities Stockbroker Suspended For Annuity Fraud

February 01, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Joseph C. Noyes IV, a stockbroker formerly registered with Santander Securities LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Noyes falsified customer documents, and effected an annuity exchange which was not suitable for a customer. Letter of […]

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CUSO Financial Services Principal Suspended For Failure To Supervise

Richard Michael Gholson, of Pahoa, Hawaii, a principal formerly registered with Cuso Financial Services, L.P., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise the suitability of unit investment trust recommendations made by the firm’s […]

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Caldwell International Securities Stockbroker Barred In investigation

February 01, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

James Coleman Starks, of New York, New York, a stockbroker formerly registered with Caldwell International Securities, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Starks did not respond to a letter from FINRA which requested information from Starks. Case No. 2015043464601 (Oct. […]

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Cadaret Grant & Company Fined For Sale of Unsuitable Securities

February 01, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Cadaret, Grant & Co., Inc., a brokerage firm headquartered in Syracuse, New York, and its former registered representative, Charles Lee Deremo, of Eagan, Minnesota, have been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that Deremo made unsuitable investment recommendations to a firm customer, and the firm failed to […]

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Rogue LPL Financial Broker Quietly Barred By FINRA

January 26, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Lance Shaw of Havcrford, Pennsylvania, formerly registered with LPL Financial LLC, was recently barred from the Financial Industry Regulatory Authority (FINRA) after failing to respond to the FINRA Staff for “information.” FINRA suspended Shaw in May 2016, but decided not to bar him until August 2016.  Why FINRA wanted to talk to Shaw is a secret […]

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UBS Financial Services Sued by Customer For Unsuitable Investments

Christiane Olsen, of New York, New York, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim, which settled on November 28, 2016, for $29,000.00 in damages based upon allegations that Olsen effected unsuitable master limited partnership and stock transactions in the customer’s account that […]

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Salomon Whitney Sued by Customer In FINRA Arbitration

January 26, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

What does the Whitney Bank or JC Whitney have to do with Salomon Brothers or Salomon Smith Barney? What does a Salomon or a Whitney have to do with Johnny Prinzivalli from Long Island? Nothing.  But Salomon Whitney Financial is a brokerage firm with a fancy sounding name located lovely Farmingdale, New York, and founded by a […]

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Newbridge Securities Sued by Customer For Barred Broker Misconduct

James Walter Ignatowich, of Boca Raton, Florida, a stockbroker formerly registered with Newbridge Securities Corporation, has been named in a customer initiated investment related arbitration claim on December 21, 2016, in which the customer requested $61,469.00 in damages based upon allegations that Ignatowich violated the Iowa Securities Act, made misrepresentations to the customer, negligently handled […]

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Fox Financial Fails To Supervise Private Securities Transactions

January 26, 2017  |   Posted by :   |   Failure To Supervise, Hedge Funds, Stockbroker Fraud News   |   0 Comments

Sanctions levied on Fox Financial Mangement Corporation, a brokerage firm based on Carrollton, Texas, along with principals Brian A. Murphy, of Frisco, Texas, and James E. Rooney, Jr., of Carrollton, Texas, were affirmed by Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council in a Decision which confirmed findings that the firm and principals, inter alia, […]

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PFS Investments Stockbroker Suspended For Unauthorized Trading

January 26, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Daniel Staudacher, of Dallas, Texas, a stockbroker currently registered with PFS Investments Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Staudacher, inter alia, effected unauthorized transactions in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016048603001 […]

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EJ Sterling Stockbroker Suspended For Churning and Unauthorized Trading

January 26, 2017  |   Posted by :   |   Boilerroom, Churning, Stockbroker Fraud News   |   0 Comments

Matthew Meehan, a stockbroker formerly registered with E.J. Sterling, LLC, has been fined $15,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unsuitable trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016050114901 (Jan. 11, 2017). […]

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Woodstock Financial Group Sued by Customer For Fraud

John Columbia, of Garden City, New York, a stockbroker formerly registered with Woodstock Financial Group, Inc., has been named in a customer initiated investment related arbitration claim, which settled on April 15, 2015, for $167,383.05 in damages based upon allegations that Columbia made misrepresentations to the customer, breached his contractual duties, negligently handled the customer’s […]

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Wells Fargo Advisors Sued By Customer For Suitability

January 26, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

William Robert Berg, of Mesa, Arizona, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related arbitration claim, which settled on October 19, 2016 for $25,000.00 in damages based upon allegations that in 2014, Berg overconcentrated the customer’s assets in oil and gas equities that were […]

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Cetera Advisors FINRA Securities Arbitration Alleging Fraud

George Craig Merhoff Jr., a stockbroker currently registered with Cetera Advisors LLC, has been named in a customer initiated investment related arbitration claim on July 14, 2016, which is based upon allegations that Merhoff committed violations of securities laws in the State of Oregon, breached his fiduciary and contractual duties to the customer, effected unsuitable […]

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Merrill Lynch Named In Securities Fraud Arbitration

Lisa Ann Wolf, of Chicago, Illinois, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim, which settled on April 10, 2015 for $150,000.00 in damages based upon allegations that from July of 2008 to June of 2014, Wolf made misrepresentations and […]

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Merrill Lynch Named In FINRA Securities Arbitration

Jacquin P. Fink, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith, has been named in a customer initiated investment related written complaint on October 13, 2016, in which the customer requested $300,000.00 in damages based upon allegations that between October 2015 and October 2016, Fink made unsuitable equity investment recommendations to the […]

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Cetera Advisors’ Tagge Tagged In FINRA Securities Arbitration

January 26, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud News   |   0 Comments

Gerald Tagge, of Omaha, Nebraska, a stockbroker currently registered with Cetera Advisors LLC, has been named or tagged in a customer initiated investment related written complaint on September 30, 2015, in which the customer requested $125,000.00 in damages based upon allegations that Tagge solicited and ultimately accepted promissory notes from the customer outside the auspices […]

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Morgan Stanley Named In FINRA Securities Arbitration

January 26, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Charles Alan Correal, of Pittsburgh, Pennsylvania, a stockbroker formerly registered with Morgan Stanley Smith Barney, has been named in a customer initiated investment related arbitration claim on February 29, 2016, in which the customer requested $180,000.00 in damages based upon allegations that between 2008 to 2016, Correal effected unsuitable transactions in the customer’s account pertaining […]

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LPL Financial Slammed with Customer Arbitration

January 26, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Susan Clayton Moore, of Alexander City, Alabama, a stockbroker currently registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim, which settled on March 17, 2016, for $85,000.00 in damages based upon allegations that from 2008 to 2015, Moore effected unsuitable exchange traded funds and real estate investment trust […]

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National Securities Named In Another Customer Securities Arbitration

January 26, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Jason Wilk, of New York, New York, a stockbroker formerly registered with National Securities Corporation, has been named in a customer initiated investment related complaint, which settled on September 7, 2016 for $15,000.00 based upon allegations that Wilk effected unsuitable over-the-counter equities transactions in the customer’s account. On the same day, another customer initiated investment […]

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JP Turner & Company Named In FINRA Securities Arbitration

Daniel Cleophas Alcide, of Red Bank, New Jersey, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been named in a customer initiated investment related written complaint on December 3, 2015, in which the customer requested $150,000.00 in damages based upon allegations that Alcide engaged in high pressure sales tactics, made misrepresentations concerning […]

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Oppenheimer & Company Accused of Fraud

January 25, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Gregg D. Templeton, of New York, New York, a stockbroker formerly registered with Oppenheimer & Co. Inc., was named in a customer initiated investment related arbitration claim on December 20, 2016, which settled for $562,500.00 in damages based upon allegations that from July 1, 2010 to March 31, 2015, Templeton misappropriated the customer’s funds, effected […]

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Spartan Capital Securities Named In Customer Securities Arbitration Complaint

Barry Jin, of New York, New York, a stockbroker formerly registered with Spartan Capital Securities, LLC, has been named in a customer initiated investment related written complaint on September 5, 2016, in which the customer requested $13,422.00 in damages based upon allegations that Jin effected options trades in the customer’s account without authorization. Financial Industry […]

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JD Nicholas Brokers Charged with Fraud

January 19, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald J. Fowler, of Massapequa, New York, and Gregory T. Dean, of Seaford, New York, both of whom are stockbrokers formerly registered with J.D. Nicholas & Associates, Inc., have been charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that Fowler and Dean excessively traded and fraudulently churned customer accounts, and effected […]

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UBS Financial Services Stockbroker Barred For Outside Business Activity

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Victor Lee, of New York, New York, a stockbroker formerly registered with UBS Financial Services Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in an outside business activity which was not authorized by his firm, and falsified […]

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Edward Jones Stockbroker Suspended For Unauthorized Trading

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Cormean Thomas, of Houston, Texas, a stockbroker formerly registered with Edward Jones, was fined $15,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unauthorized trades in customer accounts, failed to notify his firm regarding customer complaints, and made […]

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PHX Financial Named In Customer Arbitration Alleging Sales Practice Violations

January 19, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud News   |   0 Comments

Salomon David Krispeal, of Hauppauge, New York, a stockbroker formerly registered with John Thomas Financial, has been named in a customer initiated investment related arbitration claim, which settled on December 11, 2015. The claim was based upon allegations that Krispeal engaged in sales practice violations in the accounts of two customers. Krispeal was fined $2,500.00 […]

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Financial West Group Stockbroker Charged With Unsuitable Recommendations

January 19, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Kelly Clayton Althar, of San Francisco, California, a stockbroker formerly registered with Financial West Group, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Althar effected trades in a customer’s account on an excessive basis and made unsuitable investment recommendations to the customer. Department of Enforcement v. Kelly Clayton Althar, […]

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LaSalle Street Securities Stockbroker Barred In Investigation

January 19, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Thomas E. Stamborski, of Palatine, Illinois, a stockbroker formerly registered with LaSalle Street Securities, L.L.C., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Stamborski’s consent to findings that he failed to cooperate with a FINRA investigation into allegations that he engaged in unauthorized outside […]

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UBS Financial Services FINRA Securities Arbitration Alleging Unauthorized Trading

Bradley Joseph Ross, of Fort Lauderdale, Florida, a stockbroker with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on May 19, 2016, in which the customer requested $99,000.00 in damages based upon allegations that Ross effected unauthorized trades and overconcentrated the customer’s assets in exchange traded funds, mutual […]

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Summit Brokerage Services Named In FINRA Arbitration

James Michael Noto, of Trinity, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2016 for $25,000.00 in damages. The customer’s claim was based upon allegations that Noto effected an unsuitable variable annuity contract. FINRA Public Disclosure reveals […]

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JD Nicholas Named In FINRA Securities Arbitration

Nicholas George Tsikitas, a stockbroker formerly registered with J.D. Nicholas & Associates, Inc., has been named in a customer initiated investment related arbitration claim, which settled on July 20, 2016 for $181,108.00 in damages. The claim was based upon allegations that Tsikitas overconcentrated the customers’ assets, churned the customer’s accounts, negligently managed the customers’ investments, […]

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Mid Atlantic Capital Corporation Named In Customer Securities Fraud Claim

Craig Lansing Hayward, of Lafayette, Colorado, a stockbroker currently registered with Mid Atlantic Capital Corporation, has been named in a customer initiated investment related arbitration claim on April 11, 2016, in which the customer requested $707,500.00 in damages based upon allegations that between 2007 and 2014, Hayward negligently handled the customer’s account, breached his fiduciary […]

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Chapin Davis Stockbroker Terminated For Misconduct

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Charles Louis Laubach, of Baltimore, Maryland, a stockbroker formerly registered with Chapin David Investments, has been terminated from employment on March 18, 2016, based upon allegations that he did not follow his firm’s supervisory protocols and mismarked investment transaction tickets. This is not the first time that Laubach has been terminated by a brokerage firm […]

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Craft Capital Management Named In Customer Complaint

Steven Joel Shmulewitz, of Garden City, New York, a stockbroker with Craft Capital Management LLC, has been named in a customer initiated investment related complaint, which settled for December 21, 2016 for $30,000.00 in damages. The customer’s complaint was based upon allegations that Shmulewitz failed to execute the customer’s October 2016 stop loss orders pertaining […]

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Morgan Stanley Smith Barney Named In Customer Churning Claim

January 19, 2017  |   Posted by :   |   Churning, Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Christopher J. Cowans, a stockbroker formerly registered with Morgan Stanley Smith Barney, has been named in a customer initiated investment related arbitration claim on December 11, 2015, in which the customer has requested $600,000.00 in damages based upon allegations that between March of 2011 and December of 2013, Cowans effected excessive transactions in the customer’s […]

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Oppenheimer Named In Customer Securities Arbitrations Involving Selling Away

Zahir Walji, of Austin, Texas, a stockbroker formerly registered Oppenheimer & Co. Inc., was named in two customer initiated investment related arbitration claims between June 6, 2010, and June 10, 2016, in which the customers collectively requested $1,640,000.00 in damages based upon allegations that Walji was liable to customers who had not received repayment of […]

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LPL Financial Stockbroker Barred For Obstructing Investigation

January 19, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Brian David Smit, of Sioux Falls, South Dakota, a stockbroker formerly registered with LPL Financial LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that Smit took part in private […]

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Broker Dealer Financial Services Corp Named In Securities Fraud Complaint

Mitchel Allan Foote, of Manhattan, Kansas, a stockbroker formerly registered with Broker Dealer Financial Services Corp., was named in a customer initiated investment related written complaint on May 12, 2014, in which the customer requested $30,000.00 in damages based upon allegations that Foote misrepresented an illiquid real estate security investment to a customer. FINRA Public […]

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Berthel Fisher Named In Customer Suitability Complaint

January 19, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Andrew W. Topka, of Charleston, South Carolina, a stockbroker formerly registered with Berthel, Fisher & Company Financial Services, Inc. has been named in a customer initiated investment related written complaint, based upon allegations that Topka effected unsuitable investment recommendations in the customer’s account pertaining to limited partnership interests, oil and gas investments, and real estate […]

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Aegis Capital Named In Customer Securities Arbitration

Cory David Bataan, of Melville, New York, a stockbroker currently registered with Aegis Capital Corp., has been named in a customer initiated investment related arbitration claim, which settled on August 25, 2015 for $25,000.00 in damages based upon allegations that Bataan made unsuitable investment recommendations concerning over-the-counter equities and generated commissions and fees which were […]

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Merrill Lynch Named In Customer Securities Arbitration

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News, Structured Notes   |   0 Comments

Thomas Alan Braley, of Saginaw, Michigan, a stockbroker and financial advisor formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim which settled on December 2, 2016 for $75,000.00 in damages. The customer’s claim was based upon allegations that between January of 2013 and […]

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Silver Oak Securities Named In Customer Complaint

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John Bernard Steffen, of Florence, Kentucky, an insurance broker formerly registered with Silver Oak Securities, Inc., has been named in a customer initiated written complaint on June 23, 2016, in which the customer requested $285,000.00 in damages based upon allegations that Steffen churned the customer’s account, breached his fiduciary duty, and effected unsuitable variable annuity […]

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Woodbury Financial Services Stockbroker Terminated For Outside Business Activities

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David Albert Ross, of Murfreesboro, Tennessee, a stockbroker registered with Woodbury Financial Services, was terminated from employment on April 15, 2016, based upon allegations that Ross, inter alia, effected unauthorized loan arrangements with the firm’s customers and engaged in an outside business activity that was not authorized by Woodbury Financial Services. FINRA Public Disclosure reveals […]

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Moorestown Stockbroker Arrested For Theft

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Brian Patrick Murphy a registered representative associated with Signator Investors from July 2015 through July 2016, and with MetLife Securities, Inc. from December 2006 through December 2014, conducting business under the name “Murphy Financial Advisors” in Moorestown, New Jersey, was arrested January 13, 2017 and was charged with stealing $890,000 from a customer thought he […]

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Alexander Capital Named In Customer Securities Arbitration

January 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jason Vincent Mediate, of Staten Island, New York, a stockbroker formerly registered with Alexander Capital, L.P., has been named in a customer initiated investment related arbitration claim, which settled on November 17, 2015 for $112,500.00 in damages based upon allegations that Mediate effected transactions in the customer’s investment account without proper authorization. FINRA Public Disclosure […]

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National Securities Corporation Stockbroker Investigated For Private Securities Transactions

January 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kyle Patrick Harrington, of San Diego, California, a stockbroker formerly registered with National Securities Corporation, has become the subject of a Financial Industry Regulatory Authority (FINRA) investigation, which focuses on allegations that Harrington possibly engaged in private securities transactions, converted customer funds, and failed to cooperate with FINRA regarding allegations of his misconduct. FINRA Matter […]

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Morgan Stanley Stockbroker Terminated For Alleged Outside Business Activities

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Michael A. Pellegrino Jr., of Red Bank, New Jersey, a stockbroker formerly registered with Morgan Stanley, was terminated from employment on December 2, 2016, based upon allegations that Pellegrino conducted communications with an individual which the firm prohibited business to be conducted with. The firm further alleged that Pellegrino provided a party with advice on […]

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Arvest Wealth Management Stockbroker Suspended For Failure to Pay Arbitration Award

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Joe Don Treece, of Bentonville, Arkansas, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) in any capacity based upon allegations that Treece failed to provide a response to a FINRA investigatory request, or otherwise comply with a settlement agreement or an arbitration award. Case No. 12-00453 (Dec. 1, 2016). FINRA Public […]

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Pruco Securities Stockbroker Terminated For Outside Business Activities

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Marc Ang, of Sherman Oaks, California, a stockbroker formerly registered with Pruco Securities, LLC, has been terminated from employment on November 23, 2016, based upon allegations that Ang, inter alia, engaged in outside business activities which were not approved by Pruco Securities, utilized a business name and advertising mechanism which was not authorized, and established […]

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Waddell & Reed Stockbroker Terminated For Selling Away

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Carlos Velazquez, of Elgin, Illinois, a stockbroker associated with Waddell & Reed, has been terminated from employment on December 1, 2016, based upon allegations that Velazquez admitted to falsifying statements to the firm’s personnel concerning the purpose of an outside business activity which Velazquez was involved in. Who knows what this means, as it could […]

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National Securities Corporation Named In Securities Arbitration

January 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Matthew Fleissner, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer complaint on July 8, 2015, in which the customer requested damages based upon allegations that Fleissner effected trades in the customer’s account despite lacking proper authorization. FINRA Public Disclosure also reveals that on September […]

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Ameriprise Financial Services Stockbroker Terminated For Unauthorized Trading

Mark Nicholas Wesley, of Independence, Ohio, a stockbroker with Ameriprise Financial Services, Inc., was permitted to resign by the firm on June 17, 2016, based upon allegations that Wesley, inter alia, effected authorized trades in in customer accounts, and utilized discretion in accounts without firm approval. FINRA Public Disclosure reveals that Wesley has been named […]

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Morgan Stanley Named In Customer Securities Arbitration

January 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Victor Eugene Lambert III, of Melville, New York, a stockbroker formerly registered with Morgan Stanley, was named in a written customer complaint, which settled on April 7, 2016 for $85,000.00 in damages based upon allegations that Lambert effected unsuitable equity transactions in the customer’s investment account. FINRA Public Disclosure reveals that Lambert has been identified […]

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Lincoln Financial Securities Named In Securities Arbitration

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Alan Joseph Thomilson, of Edwardsville, Illinois, a stockbroker currently registered with Lincoln Financial Securities Corporation, has been named in a customer initiated investment arbitration claim which settled on October 24, 2016 for $75,000.00 in damages, based upon allegations that Thomilson made misrepresentations and unsuitable recommendations to the customer regarding the replacement of the customer’s existing […]

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Centaurus Financial Named In Customer Securities Arbitration

January 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Troy Nicholas Tremblay, of Des Moines, Iowa, a stockbroker currently registered with Centaurus Financial, Inc., has been named in a customer initiated investment related arbitration claim on May 14, 2014, in which the customer requested $932,810.00 in damages based upon allegations of negligence regarding tenant in common investments, breach of contractual and fiduciary duties, fraud, […]

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Ameriprise Financial Services Stockbroker Investigated For Misrepresentation

January 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kim Dee Isaacson, of Midvale, Utah, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a Financial Industry Regulatory Authority (FINRA) investigation on April 8, 2016, which focuses on allegations that Isaacson made misrepresentations to a customer concerning the customer’s investment performance and account details. FINRA Public Disclosure reveals that Isaacson […]

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JP Turner And Company LLC Named In Customer Securities Arbitration

January 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Michael Laurence DiGaetano, of Lewiston, New York, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been named in a customer initiated investment related arbitration claim in which the customer has requested $725,000.00 in damages based upon allegations that DiGaetano breached his fiduciary and contractual obligations to the customer, negligently handled the customer’s […]

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McClintock Former Employer Named in Securities Arbitration

Caeron Arlington McClintock, of New York, New York, a broker formerly registered with EJ Sterling, has been named in a customer initiated investment related arbitration claim on November 22, 2016, in which the customer has requested $135,593.00 in damages based upon allegations that McClintock breached his fiduciary and contractual duties to the customer, churned the […]

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Centaurus Financial Named In Customer Securities Arbitration

January 13, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

David Bruce White, of Bloomfield Hills, Michigan, a stockbroker currently registered with Centaurus Financial, Inc., has been named in a customer initiated investment related arbitration claim on July 27, 2016, in which the customer requested $75,000.00 in damages based upon allegation that White’s recommendations in limited partnership interests and direct participation programs caused the customer […]

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Transamerica Financial Advisors Stockbroker Fined For Unsuitable Recommendations

January 13, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gary Saitowitz, of Atlanta, Georgia, a stockbroker formerly registered with Transamerica Financial Advisors, Inc., has been fined $10,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member based upon consenting to findings that Saitowitz, inter alia, made unsuitable investment recommendations, participated in a private securities transaction, and misstated customer […]

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UBS Financial Services Stockbroker Fined For Unauthorized Trading

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Alfred William Valz, of Manasquan, New Jersey, a stockbroker formerly registered with UBS Financial Services Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that Valz placed unauthorized trades in the accounts of customers. Letter of Acceptance, Waiver […]

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Morgan Stanley Stockbroker Suspended For Unauthorized Trading

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

James Carolan Speno, of New York, New York, a stockbroker formerly registered with Morgan Stanley, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that Spendo effected transactions in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, […]

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LPL Financial Fails To Send Suitability Notifications To Customers

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

LPL Financial, LLC, headquartered in Boston, Massachusetts, was censured and fined $900,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to distribute account notices containing customer suitability information. Letter of Acceptance, Waiver and Consent, No. 2015045887301 (Dec. 21, 2016). According to the AWC, between 2009 and 2016, the […]

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Regal Securities Fails To Supervise Outside Business Activities

January 13, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Regal Securities, a broker-dealer headquartered in Glenview, Illinois, has been censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise the evaluation and authorization of outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015043657202 (Dec. 21, 2016). According to the AWC, in […]

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Principal Securities Fined For Failure To Supervise

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Principal Securities Inc., headquartered in Des Moines, Iowa, has been censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to create and implement adequate supervision systems pertaining to consolidated reports. Letter of Acceptance, Waiver and Consent, No. 2015043589501 (Dec. 21, 2016). According to the AWC, […]

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Morgan Stanley Fined For Violation Of Customer Protection Rule

January 13, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Morgan Stanley & Co. LLC, a broker-dealer headquartered in New York, New York, has been censured and fined $2,750,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to create and preserve adequate procedures and systems geared to ensure that customers’ margin securities would be properly controlled and held […]

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Ross Sinclaire Fined For Failure To Supervise Private Placements

January 13, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Ross, Sinclaire & Associates, LLC, a broker-dealer headquartered in Cincinnati, Ohio, was censured and fined $214,545.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia: made material omissions regarding municipal offerings; failed to conduct adequate due diligence; and failed to supervise investment offerings. Letter of Acceptance, Waiver and […]

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Wells Fargo Advisors Stockbroker Suspended For Outside Business Activities

January 12, 2017  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Mark H. Botsford, of Alexandria, Virginia, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that he engaged in outside business activities which were not approved by Wells Fargo. Letter of Acceptance, Waiver […]

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Morgan Stanley Censured For Failure To Supervise Investment Objective Changes

January 12, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

The tail wagging the dog.  Broker sell you unsuitable investments, no problem.  We will just secretly change your investment objectives. Morgan Stanley Smith Barney, a broker-dealer headquartered in Purchase, New York, has been censured and fined $1,500,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to set forth […]

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The GMS Group Named In FINRA Securities Arbitration Alleging Fraud

January 05, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William Martin Ornstein, of Boca Raton, Florida, a stockbroker currently registered with The GMS Group, LLC, has been named in a customer initiated investment related arbitration claim on November 24, 2015, in which the customer requested $200,000.00 in damages based upon allegations that Ornstein partook in sales practices that were fraudulent. The customer additionally alleged […]

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Morgan Stanley Stockbroker Terminated For Selling Away

January 05, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Jaime Hazael Aguilar, of San Diego, California, a stockbroker previously registered with Morgan Stanley Smith Barney, LLC, has been fired by his firm on May 10, 2016, based upon allegations that Aguilar was involved with a customer in pursuing a financial transaction outside the auspices of Morgan Stanley. FINRA Public Disclosure reveals that Aguilar has […]

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Investors Capital Corp Named In FINRA Securities Arbitration

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Kenneth John Saunders, of Coral Springs, Florida, a stockbroker formerly registered with Investors Capital Corp., has been named in a customer initiated investment related arbitration action on March 11, 2016, in which the customer requested $150,000.00 in damages based upon allegations that Saunders made misrepresentations to the customer concerning investments, and effected unsuitable investments in […]

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Transamerica Financial Advisors Named In FINRA Securities Arbitration

January 05, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William Dean Byrd, of Tampa, Florida, a stockbroker formerly registered with Transamerica Financial Advisors, Inc., was named in a customer initiated investment related arbitration claim on June 2, 2016, which settled for $42,500.00 in damages based upon allegations that Byrd breached his fiduciary obligations to the customer, made misrepresentations concerning investments, and made investment recommendations […]

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Oppenheimer Stockbroker Suspended For Hefty Unpaid Loans From Customers

January 05, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Matthew J. Giannone, of Melville, New York, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he entered into an unauthorized loan arrangement. Letter of Acceptance, Waiver and Consent, No. […]

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Voya Financial Advisors Stockbroker Barred In Investigation

January 05, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Rodger James Burskey, of Commerce Township, Michigan, a stockbroker formerly registered with Voya Financial Advisors, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that he failed to cooperate with FINRA in its investigation into allegations that Burskey made unsuitable […]

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Source Capital Group Charged With Sale of Unregistered Securities

January 05, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Source Capital Group, Inc., a broker-dealer headquartered in Westport, Connecticut, has been charged by Financial Industry Regulatory Authority Department of Enforcement in a Complaint alleging that the firm, inter alia, failed to disclose to investors certain material facts concerning interests in limited partnerships. Department of Enforcement v. Source Capital Group, Inc., No. 2014038889501 (Dec. 23, […]

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First Financial Equity Corporation Fined For Failure To Supervise

January 05, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

First Financial Equity Corporation, headquartered in Scottsdale, Arizona, was censured and fined $230,000.00 by Financial Industry Regulatory Authority (FINRA) Department of Enforcement according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that the firm failed to supervise key aspects of the firm’s operations, which included the commissions charged by the […]

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ACAP Financial Stockbrokers Sanctioned For Sale of Unregistered Securities

Kirk Lynn Ferguson, of Salt Lake City, Utah, president and chief compliance officer of ACAP Financial, and Gary Hume, of Salt Lake City, Utah, compliance officer of ACAP Financial, have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Ferguson and […]

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Oppenheimer Stockbroker Terminated For Unauthorized Trading

January 05, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Guy Bernard Deemer, of Sewickley, Pennsylvania, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been terminated by his firm on September 1, 2015, based upon allegations that Deemer did not abide by Oppenheimer’s policies which pertained to the way customers would be charged for services. FINRA Public Disclosure reveals that Deemer has been […]

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Laidlaw Named In FINRA Securities Arbitration

January 05, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert Nicholas Rotunno, of New York, New York, a stockbroker formerly registered with Laidlaw & Company (UK) Ltd., has been named in a customer initiated investment related arbitration claim involving Rotunno’s conduct on July 1, 2016, in which the customer requested $20,000.00 in damages based upon allegations that Rotunno effected transactions that were not suitable […]

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ProEquities Named In FINRA Arbitration Alleging Unsuitability

Raymond Willis Harrison, a stockbroker formerly associated with ProEquities, Inc. has been named in a customer initiated investment related arbitration claim on October 12, 2016, in which the customer has requested $603,000.00 in damages based upon allegations that Harrison made omissions to the customer concerning investments, did not conduct a reasonable level of due diligence […]

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Ameriprise Financial Services Stockbroker Terminated For Selling Away

January 05, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Adam J. Ausloos, of Brookfield, Wisconsin, was terminated by his employer, Ameriprise Financial Services, Inc., based upon allegations that Ausloos engaged in conduct concerning private placement transactions and outside business activities which ran afoul of the company’s polices. FINRA Public Disclosure reveals that Ausloos was named in a customer initiated investment related arbitration claim on […]

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Ameriprise Financial Services Stockbroker Barred For Fraud

January 05, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Paul Ricky Mata, of Rancho Cucamonga, California, was barred by the Securities and Exchange Commission (SEC) from working as an investment advisor or broker, or associating with brokerage firms selling customers’ securities or advising customers, according to an SEC Order enjoining Mata’s future acts of fraud in violation of Securities Exchange Act of 1934 Section […]

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LPL Financial Stockbroker Terminated For Customer Loans

January 05, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Vincent Paul Sturm, of Perry, Iowa, a stockbroker formerly registered with LPL Financial LLC, was terminated by the firm and VisionPoint Advisory Group, LLC on August 26, 2016, based upon allegations that Sturm solicited loans from customers in violation of his firms’ policies. Since September 7, 2016, Sturm has been registered with Berthel, Fisher & […]

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National Securities Corporation Named In Customer Arbitration

January 05, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Wayde Christian Carter Walker, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on December 28, 2015, in which the customer requested $513,218.40 in damages based upon allegations that Walker made misrepresentations to the customer concerning investments, breached his fiduciary […]

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First Financial Equity Corporation Stockbroker Terminated For Forgery

January 05, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

Mark Christopher Quale, a stockbroker formerly registered with First Financial Equity Corporation, was terminated by his firm on March 31, 2016, based upon allegations that Quale furnished documents to First Financial Equity Corporation containing customer signatures which were not genuine. FINRA Public Disclosure reveals that Quale has been named in four customer arbitrations concerning allegations […]

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Raymond James Financial Services Stockbroker Terminated For Selling Away

January 05, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Michael Murphy Hurtgen, of Greenwood Village, a stockbroker formerly registered with Raymond James Financial Services, Inc., was terminated by his firm and affiliate Raymond James Financial Services Advisors, Inc. on February 23, 2016, based upon allegations that he solicited investors’ interest in a private placement. The firm indicated that the private placement was connected to […]

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BOSC Stockbroker Terminated For Forgery

January 05, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

John Jacob Avey, a stockbroker from Denver, Colorado, was terminated by employer Bosc, Inc. on January 15, 2016, based upon allegations that Avey admitted to the firm that a document which Avey provided in connection with a customer’s investment account contained signatures which were not authentic. FINRA Public Disclosure reveals that Avey has been named […]

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Merrill Lynch Stockbroker Terminated For Unauthorized Trading

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Brooke Ashley Clements, of Greenwood Village, Colorado, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was terminated by the firm on May 1, 2015, based upon allegations that Clements effected transactions in customer accounts on a discretionary basis, when the firm did not authorize time and place based discretion to be […]

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Citigroup Global Markets Stockbroker Terminated For Altering of Customer Information

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John Mark Gregory, of New York, New York, was terminated from Citigroup Global Markets Inc. on March 12, 2015, based upon allegations that Gregory had customers sign blank documents which Gregory then completed without the customer’s involvement. Gregory was also alleged to have altered the data contained on forms that he had utilized previously for […]

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Pruco Securities Stockbroker Terminated For Alleged Forgery

January 05, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

Matthew James Streckenbach, of Appleton, Wisconsin, has been terminated from Pruco Securities, LLC on April 26, 2016, based upon allegations that Streckenbach submitted forms to his firm which contained forged customer signatures. The company alleged that Streckenbach provided applications to Pruco Securities, LLC, for purchases of life insurance policies containing unauthentic applicant signatures. Since May […]

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Merrill Lynch Stockbroker Terminated From Employment For Unauthorized Trading

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Achilleas Psihudakis, of Bayside, New York, was terminated by his employer, Merrill Lynch, Pierce, Fenner & Smith Incorporated on April 16, 2015, based upon allegations that Psihudakis utilized discretion in customer accounts, which was conduct that his broker prohibited. FINRA Public Disclosure reveals that on August 15, 2016, Psihudakis’ securities registration with Maryland Securities Commissioner […]

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United Planners Financial Services Of America Stockbroker Terminated

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Eric Wayne Harding, of Scottsdale, Arizona, has been terminated from employment with United Planners Financial Services of America on October 6, 2016, based upon allegations that Harding had failed to abide by the policies of the firm concerning repayment of monies that were owed to the firm. This is not the first time that Harding’s […]

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Wells Fargo Stockbroker Terminated After Investigation Into Misconduct

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David Kenneth Rubenstein, of Farmington Hills, Michigan, a stockbroker formerly registered with Wells Fargo Advisors, LLC, was terminated from employment on April 11, 2016, based upon allegations pertaining to misconduct committed at his prior firm, Ameriprise Financial Services, Inc. FINRA Public Disclosure reveals that Rubenstein’s registration was terminated from Ameriprise Financial Services, Inc. on July […]

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LPL Financial LLC Stockbroker Investigated For Suitability Violations

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Steve Dale Health, of Newport News, Virginia, a stockbroker formerly registered with Capital Securities Management, Inc., is currently the subject of a Financial Industry Regulatory Authority (FINRA) investigation which was launched on November 11, 2016, and focuses on allegations that Heath may have traded in customer accounts on a discretionary basis, and effected or recommended […]

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Maxim Group Stockbroker Terminated For Misrepresentation

Rodney Bahy Ibrahim, of New York, New York, a stockbroker formerly registered with Maxim Group, LLC, was terminated from the company on June 23, 2015, based upon allegations that he made misrepresentations to a customer following a wire transfer request. FINRA Public Disclosure reveals that on December 9, 2009, Ibrahim was named in a customer […]

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Legend Equities Named In FINRA Customer Securities Arbitration

Walter Joseph Marino, of Hauppauge, New York, a stockbroker formerly registered with Legend Equities Corporation, has been named in four customer initiated investment related arbitration actions between March 14, 2016, and July 18, 2016, in which the customers have collectively requested $433,101.00 in damages based upon allegations that Marino excessively charged the customers with commissions […]

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Centaurus Financial Named In Customer Arbitration Alleging Fraud

Cheryl Lynn Kitashima, of Bellevue, Washington, a stockbroker currently registered with Centaurus Financial Inc., has been named in a customer initiated investment related arbitration action from July 20, 2015, in which the customer requested $22,500.00 in damages based upon allegations that Kitashima defrauded the customer, and that Centaurus Financial, Inc. failed to supervise Kitashima’s activities. […]

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Stifel Nicolaus Named In FINRA Securities Arbitration Alleging Unsuitability

Charles John Obryant III, of Raleigh, North Carolina, a stockbroker formerly registered with Stifel, Nicolaus & Company, has been named in a customer initiated investment related arbitration claim on October 2, 2015, which settled for $632,298.00 in damages based upon allegations that Obryant negligently handled the customer’s investment account, breached his fiduciary duty, and effected […]

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Spartan Capital Securities Named In FINRA Securities Arbitration

January 03, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Dean John Kajouras, of New York, New York, a stockbroker with Fordham Financial Management, Inc., has been named in a customer initiated investment related arbitration claim on March 7, 2016, in which the customer requested $115,414.22 in damages based upon allegations that Kajouras made misrepresentations to the customer concerning investments, breached his contractual obligations, effected […]

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Raymond James Broker Named In Customer Theft Arbitration

Joel Nathan Burstein, of Coral Gables, Florida, a stockbroker currently registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related arbitration claim or civil action on March 5, 2016, in which the customer requested $200,000,000.00 in damages based upon allegations including fraud, theft, misappropriation of customer funds, conspiracy to […]

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Woodstock Financial Group Named In Customer Securities Arbitration

January 03, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Marc Neil Kalter, of Garden City, New York, a stockbroker formerly registered with Woodstock Financial Group, has been named in a customer initiated investment related arbitration claim on March 21, 2016, in which the customer requested $182,000.00 in damages based upon allegations that Kalter breached his fiduciary duty to the customer, excessively traded and churned […]

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Ameriprise Financial Services Named In FINRA Customer Securities

January 03, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Rabinder Deshmukh, of Miami, Florida, a stockbroker with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim from March 18, 2016, in which customers requested $9,000,000.00 in damages based upon allegations that Deshmukh made unsuitable investment recommendations to the customer, which included overconcentrating the customers’ assets in risky investments. […]

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Allegis Investments Services Named In FINRA Arbitration

January 03, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Peter Gerhard Klaass, of South Jordan, Utah, a stockbroker currently registered with Allegis Investment Services, LLC, has been named in a customer initiated investment related arbitration claim on June 27, 2016, in which the customer requested $400,000.00 in damages based upon allegations that Klaass negligently handled the customer’s account concerning options investments, which caused the […]

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Ameriprise Financial Services Named In Customer Securities Arbitration

January 03, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Cary Jarrett Kievman, of Westlake Village, California, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on August 4, 2016, in which the customer alleged that from 2013 through 2016, Kievman made unsuitable investment recommendations concerning short term equity investments, and overconcentrated the customer’s […]

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Wells Fargo Advisors Fined For Failure to Supervise

January 03, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, both headquartered in Saint Louis, Missouri, have been censured and fined $1,000,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firms failed to supervise consolidated reports that were disseminated to customers concerning outside assets. Letter of Acceptance, Waiver and […]

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LaSalle Street Securities Stockbroker Barred For Selling Away

January 03, 2017  |   Posted by :   |   Securities Fraud, Selling away, Stockbroker Fraud News   |   0 Comments

Joel Martin Weiner, of Boyton Beach, Florida, a stockbroker formerly associated with LaSalle Street Securities L.L.C., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015044783402 (Dec. […]

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Coastal Equities Stockbroker Suspended For Unauthorized Trading

Frank J. Bodi, of Atlanta, Georgia, a stockbroker formerly registered with Coastal Equities, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014041310601 (Dec. […]

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Caprock President Fined For Supervisory Failures

January 03, 2017  |   Posted by :   |   Closed End Funds, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Daryl Eugene Allison, of Lubbock, Texas, a stockbroker and former president of Caprock Securities, Inc., has been fined $10,000.00 and fined from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that, inter alia, Allison failed to supervise registered representatives’ closed end fund sales to customers. […]

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Texas E&P Partners President Barred For Misappropriation

Texas E&P Partners, a Texas based broker-dealer formerly known as Chestnut Exploration Partners, Inc., has been expelled from Financial Industry Regulatory Authority (FINRA) membership, and the firm’s president, Mark A. Plummer, has been barred from associating with any FINRA member in any capacity according to a FINRA Office of Hearing Officers Extended Hearing Panel Decision […]

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World Equity Group Stockbroker Suspended For Annuity Fraud

January 03, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Suzanne Hagmeyer, of Naperville, Illinois, a former stockbroker with World Equity Group, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she made misstatements to customers concerning variable annuity transactions. Letter of Acceptance, Waiver and Consent, No. 2013036907001 (Dec. […]

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LPL Financial Stockbroker Suspended For Unsuitable Recommendations

January 03, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Scott F. Goldman, of Arlington Heights, Illinois, a stockbroker formerly associated with LPL Financial LLC, was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that he made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2013036819901 […]

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First Independent Financial Services Principal Suspended For Failure to Supervise

January 03, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Phillip Howard Palmer, of Tulsa, Oklahoma, a stockbroker and principal formerly registered with First Independent Financial Services, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Palmer, inter alia, failed to supervise variable annuity withdrawal transactions. Letter of Acceptance, […]

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Morgan Stanley Stockbroker Suspended For Unauthorized Trading

Robert Steven Beck, of Jenkintown, Pennsylvania, a stockbroker formerly registered with Morgan Stanley, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he effected discretionary trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2014042560001 (Dec. […]

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Pruco Securities Stockbroker Suspended For Customer Loans

Richard Edwin Seidel, of Wyomissing, Pennsylvania, a stockbroker formerly registered with Pruco Securities, LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in an unauthorized borrowing arrangement with a firm customer. Letter of Acceptance, Waiver and Consent, No. 2016050057401 […]

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Cetera Advisors Stockbroker Barred In Investigation

January 03, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Kenneth Alan Balser, of Colorado Springs, Colorado, a stockbroker formerly registered with Cetera Advisors, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations of Balser’s participation in private securities transactions or […]

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Dougherty & Company Fined For Failure To Supervise

January 03, 2017  |   Posted by :   |   Elder Abuse, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Dougherty & Company LLC, headquartered in Minneapolis, Minnesota, has been censured and fined $140,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise a registered representative who effected unsuitable and unauthorized investment transactions. Letter of Acceptance, Waiver and Consent, No. 2015047008701 (Nov. 28, 2016). According to the […]

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Euro Pacific Capital Subject To Customer Arbitration Alleging Unsuitability

January 03, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Neeraj Roy Chaudhary, of El Segundo, California, a stockbroker with Euro Pacific Capital, Inc., has been subject to a customer initiated investment related arbitration claim in which the customer alleged that Chaudhary effected unsuitable investment transactions concerning private placements in the customer’s account. Guiliano Law Firm Our practice is limited to the representation of investors. […]

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Cambridge Investment Research Overcharges Mutual Funds Customers

December 24, 2016  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Cambridge Investment Research, Inc., a broker-dealer headquartered in Fairfield, Iowa, has been censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm overcharged charitable organization and retirement account customers in connection with mutual funds transactions. Letter of Acceptance, Waiver and Consent, No. 2015046952401 (Dec. 17, 2016). According to the AWC, Cambridge […]

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Dougherty & Company Stockbroker Charged With Selling Away

December 24, 2016  |   Posted by :   |   Alternative Investments, Hedge Funds, Stockbroker Fraud News   |   0 Comments

Michael Timothy Dolan, of Minneapolis, Minnesota, a stockbroker currently registered with Dougherty & Company LLC, was charged by Financial Industry Regulatory Authority Department of Enforcement in a Complaint alleging that Dolan effected unauthorized private securities transactions. Department of Enforcement v. Dolan, No. 2013039306601 (Dec. 14, 2016). According to the Complaint, from October of 2010 to […]

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Popular Securities Stockbroker Suspended For Unauthorized Trading

December 24, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Manuel Mejia-Gomez, of San Juan, Puerto Rico, a stockbroker formerly associated with Popular Securities LLC, has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected transactions in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2015044285701 […]

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Allstate Financial Services Fined For Suitability Violations

December 24, 2016  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Allstate Financial Services, LLC, headquartered in Lincoln, Nebraska, has been censured and fined $1,000,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm, inter alia, had mass incomplete or missing accounts records concerning customer suitability. Letter of Acceptance, Waiver and Consent, No. 2015047806501 (Dec. 15, 2016). According to the AWC, between […]

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NYLife Securities Stockbroker Barred For Conversion

December 24, 2016  |   Posted by :   |   Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Marc Donald Bushey, of Bridgewater, Massachusetts, a stockbroker formerly registered with NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016051803901 (Dec. 13, 2016). According to the AWC, […]

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Credit Suisse Securities Stockbroker Suspended For Unauthorized Trading

Kai Chen, of San Francisco, California, a stockbroker formerly registered with Credit Suisse Securities (USA) LLC, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) in any capacity after consenting to findings that he exercised discretion in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2013039280301 […]

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VSR Financial Services Named in Customer Arbitrations Alleging Unsuitability

December 24, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Robert Edward Wamhoff, from Saint Charles, Missouri, a stockbroker formerly registered with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration claim from February 27, 2016, in which the customer alleged that Wamhoff effected unsuitable investments in the customer’s account. Two days prior, another customer filed an investment related arbitration […]

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VSR Financial Services Named In Customer Securities Arbitration

December 24, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Jesse Julian Griffin Jr., of Palm City, Florida, a stockbroker formerly associated with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration action from June 19, 2015, which settled for $52,000.00 in damages based upon allegations that Griffin effected unsuitable transactions in the customers’ accounts. FINRA Public Disclosure reveals that […]

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VSR Financial Services Named in Customer Securities Fraud Arbitration

December 24, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Kevin Mark Nevin, of Saint Louis Park, Minnesota, a stockbroker formerly associated with VSR Financial Services, has been subject to a customer initiated investment related arbitration claim on September 30, 2016, in which the customer requested $50,000.00 in damages based upon allegations that Nevin breached his fiduciary and contractual relationship with the customer, effected unsuitable […]

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Brookstone Securities Named In Customer Securities Arbitration

December 24, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Richard Lyndon Brown, of Massapequa, New York, a stockbroker formerly associated with Brookstone Securities, Inc., has been subject to a customer initiated investment related arbitration claim from September 22, 2015, in which a customer was awarded $72,135.95 in damages based upon allegations that Brown breached his contractual and fiduciary duties to the customer, abused the […]

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VSR Financial Services Named In Customer Securities Arbitration

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Timothy Charles Hobbs, of Bedford, Texas, a stockbroker formerly registered with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration action from February 3, 2014, in which the customer requested $82,500.00 in damages based upon allegations that Hobbs breached his fiduciary duty to the customer, and effected investment transactions in […]

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Next Financial Group Named In Customer Securities Fraud Arbitration

Eduardo Guillermo Diaz, of Biloxi, Mississippi, a former stockbroker formerly  registered with Next Financial Group, Inc., has been subject to a customer initiated investment related arbitration action in which the customer received $250,000.00 in damages based upon allegations that Diaz made misrepresentations to the customer concerning investments, failed to provide the customer with information concerning […]

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SII Investments Named in Barred Broker Annuity Scam

Thomas Paul Schober, of Westborough, Massachusetts, a former stockbroker who had been registered with SII Investments, Inc., has been subject to a customer initiated investment related arbitration claim on September 21, 2016, in which the customer requested $5,000.00 in damages based upon allegations that Schober effected unsuitable investment transactions in the customer’s account. FINRA Public […]

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LPL Financial Named in Customer Securities Arbitration

Brian Harris Brunhaver, of Snohomish, Washington, a stockbroker previously registered with LPL Financial LLC, and Pacific West Securities, Inc., has been subject to a customer initiated investment related arbitration claim from February 24, 2014, in which customers requested $637,100.00 in damages based upon allegations that Brunhaver effected unsuitable investments in real estate investments trusts within […]

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Toms River Stockbroker Sued For $1 million

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

George William Cole, of Toms River, New Jersey, a stockbroker currently registered with Next Financial Group, has been named in a customer initiated, investment related arbitration claim in which the customer requested $1,000,000.00 in damages based upon allegations that Cole provided customers with unsuitable investment recommendations which caused the customers to suffer substantial losses. The […]

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VSR Financial Services Named in Customer Securities Arbitration

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Robert Boris Hardcastle, of Chesterfield, Missouri, a stockbroker formerly registered with VSR Financial Services, has been nemed in a customer initiated investment related arbitration claim in which the customer requested $366,000.00 in damages based upon allegations that Hardcastle breached his fiduciary duty to the customers, made misrepresentations to the customers concerning investments, and effected unsuitable […]

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Windsor Street Capital Named In Customer Securities Arbitration

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Ibrahim Ethem Kurtulus, of New York, New York, a stockbroker currently registered with Windsor Street Capital, LP, has been subject to a customer initiated investment related arbitration claim on January 13, 2015, in which the customer requested $45,000.00 in damages based upon allegations that Kurtulus effected unsuitable investment transactions in the customer’s account. FINRA Public […]

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Woodstock Financial Group Named In Customer Securities Arbitration

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Peter M. Alomar, of Garden City, New York, a stockbroker formerly registered with Woodstock Financial Group, Inc., has been subject to a customer initiated investment related arbitration claim from January 28, 2016, in which the customer requested $293,924.00 in damages based upon allegations that Alomar effected unsuitable investment transactions in the customer’s account, and breached […]

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Hilltop Securities Named In Customer Securties Arbitration

December 23, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jerry Gale Lowrimore, of Carmel, California, a stockbroker with M.L. Stern & Co., LLC, has been subject to a customer initiated investment related arbitration action on February 12, 2016, which settled for $250,000.00 in damages. The customer’s claim was based upon allegations that Lowrimore made unsuitable investment recommendations to the customer, and effected an unsuitable […]

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Legend Securities Named In Customer Securities Arbitration

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Maroof Miyana, of Pompano Beach, Florida, a stockbroker formerly registered with Legend Securities, Inc., has been subject to a customer initiated investment related arbitration claim from November 24, 2014, which settled for $72,000.00 in damages based upon allegations that Miyana effected unsuitable transactions in the customer’s investment account. FINRA Public Disclosure also reveals that on […]

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J.P. Turner Stockbroker Suspended For Unauthorized Borrowing

Robert Emmitt Gill, of Tinton Falls, New Jersey, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in an unauthorized borrowing arrangement with a firm customer. Letter of […]

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Gilford Securities Chairman Named In Customer Securities Arbitration

Ralph Worthington, of New York, New York, chairman and chief executive officer of Gilford Securities, has been named in a customer initiated investment related arbitration claim on December 2, 2014, in which the customer requested $875,000.00 in damages based upon allegations that Gilford was liable, as a control person for the firm, for a subordinate […]

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Feltl & Company Named in Customer Securities Arbitration Claim

December 23, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Brandt Bob Wendland, of Minneapolis, Minnesota, a stockbroker currently registered with Feltl & Company, has been subject to a customer initiated investment related arbitration claim on May 30, 2014, in which the customer requested $55,000.00 in damages. The customer’s claim was based upon allegations that Wendland effected unsuitable trades in penny stocks and leveraged exchanged […]

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VSR Financial Services Named In Customer Securities Arbitration Claim

Gregory Martin Ellis, of Baton Rouge, Louisiana, a stockbroker formerly registered with VSR Financial Services, has been subject to a customer initiated investment related arbitration action on July 22, 2015, in which the customer requested $445,000.00 in damages based upon allegations that Ellis negligently handled the customer’s account, breached his fiduciary duties to the customer, […]

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Charity Begins On the Courthouse Steps

December 17, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Douglas Jay Williams, of The Woodlands, Texas, a stockbroker currently registered with VFinance Investments, was subject to a customer initiated investment related arbitration claim filed on May 23, 2014, alleging that Williams effected unsuitable investments in the customer’s account, and made poor investment recommendations which caused the customer to bear losses. According to Williams, the […]

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Buckman Buckman & Reid Named In Customer Securities Arbitration

December 17, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

William Louis Baumner, of Boca Raton, Florida, a stockbroker currently registered with Buckman, Buckman & Reid, Inc., has been subject to a customer initiated investment related arbitration action on December 16, 2015, in which the customer requested $100,000.00 in damages based upon allegations that Baumner made misrepresentations to the customer concerning investments. FINRA Public Disclosure […]

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Southeast Investments Named In Customer Securities Arbitration

December 17, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Frank David Marinelli, of Brooklyn, New York, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been subject to a customer initiated investment related arbitration action, which settled for $15,000.00 in damages based upon allegations that Marinelli negligently handled the customer’s account, breached his fiduciary duty to the customer, effected trades in the […]

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PHX Financial Named In Customer Securities Arbitration

Francesco Anthony Scarso, of New York, New York, a stockbroker formerly registered with PHX Financial Services, Inc., has been subject to a customer initiated investment related arbitration claim from November 23, 2015, which settled for $12,500.00 in damages based upon allegations that Scarso had effected an options transaction in the customer’s investment account which had […]

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LPL Financial Named In Customer Arbitration Alleging Unauthorized Trading

Brent Van Lott, of Orem, Utah, a stockbroker formerly registered with LPL Financial LLC, has been subject to a customer initiated investment related arbitration claim on January 26, 2016, in which the customer requested $2,015,000.00 in damages based upon allegations that Lott effected trades in the customer’s account without the customer’s authorization. On March 4, […]

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Girard Securities Subject To Customer Securities Arbitration

Matthew Jon Lum, of Santa Barbara, California, a stockbroker currently registered with Girard Securities, Inc., has been subject to a customer initiated investment related arbitration action on January 9, 2015, which settled for $615,000.00 in damages based upon allegations that Lum made misrepresentations to the customer concerning investments, negligently handled the customer’s account, and effected […]

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Crown Capital Securities Named In Customer Securities Arbitration

December 17, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Jack Graham Merritt, of Huntington Beach, California, a stockbroker currently registered with Crown Capital Securities, L.P., has been subject to a customer initiated investment related arbitration claim on November 2, 2015, which settled for $19,000.00 in damages. The arbitration claim was based upon allegations that Merritt breached his fiduciary and contractual duties to the customer, […]

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Thrivent Investment Management Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Matthew Niederbaumer, of Huron, South Dakota, a stockbroker currently registered with Thrivent Investment Management Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unauthorized trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2016050492401 (Dec. […]

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Source Capital Group Stockbroker Suspended For Private Securities Transactions

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Mark Robert Holcombe, of Westport, Connecticut, a stockbroker formerly registered with Source Capital Group, Inc., has been fined $10,000.00 and suspended from associating with a Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he participated in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015048236401 (Dec. […]

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Peterson Investments Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Kevin Curry, of New York, New York, a stockbroker currently registered with Peterson Investments, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he effected unauthorized trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. […]

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Stifel Nicolaus Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

David Richard Shapiro, of New York, New York, a stockbroker currently registered with Stifel, Nicolaus & Company, Incorporated, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unauthorized trades in a customer account. Letter of Acceptance, Waiver and […]

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ACAP Financial Expelled For Selling Unregistered Securities

December 17, 2016  |   Posted by :   |   Boilerroom, Microcap Fraud, Stockbroker Fraud News   |   0 Comments

ACAP Financial Inc., a broker-dealer headquartered in Salt Lake City, Utah, has been expelled from Financial Industry Regulatory Authority (FINRA) membership per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that ACAP Financial, inter alia, facilitated unregistered securities sales. Department of Enforcement v. ACAP Financial, et al., No. 2012030459101 (Dec. 6, […]

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JJB Hilliard WL Lyons Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Tyson Jon Palyka, of Trenton, Michigan, a stockbroker formerly registered with J.J.B. Hilliard, W.L. Lyons, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. […]

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Bay Mutual Financial Stockbroker Barred For Cheating Seniors

Christopher B. Ariola, of Aliso Viejo, California, a stockbroker with Bay Mutual Financial, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Default Decision containing findings that Ariola made unsuitable recommendations to investors. Department of Enforcement v. Christopher B. Ariola, No. 2012034139101 […]

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Another Stockbroker Suspended In Private International Wealth Management Scam

December 17, 2016  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Dennis Anthony Edmonds, of Wilmington, North Carolina, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., was suspended for eleven months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. […]

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Northwestern Mutual Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Steven P. Azoury, of Troy, Michigan, a stockbroker formerly registered with Northwestern Mutual Investment Services, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he effected unauthorized trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015043653501 […]

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Meyers Associates Stockbroker Barred For In FINRA Investigation

December 17, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Michael S. Lavolpe, of New York, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Default Decision containing findings that Lavolpe failed to provide FINRA with a response to its requests […]

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LPL Financial Stockbroker Suspended For Unauthorized Trading

December 17, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Ronald F. Paull III, of Olyphant, Pennsylvania, a stockbroker formerly associated with LPL Financial LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2015046621101 […]

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Olympus Securities Stockbroker Barred In Investigation

December 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Paul J. McCabe, Jr., of New York, New York, a stockbroker registered with Olympus Securities, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that McCabe failed to cooperate in a FINRA cycle investigation of Olympus Securities. Letter of Acceptance, Waiver […]

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RBC Capital Markets Stockbroker Barred In Investigation

December 17, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John S. Simpson, of Hunt Valley, Maryland, a stockbroker formerly registered with RBC Capital Markets, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized trading in customer accounts. Letter of Acceptance, Waiver […]

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BAC Florida Investments Stockbroker Suspended For Lying

December 17, 2016  |   Posted by :   |   Bond Fraud, Excessive Markups, Stockbroker Fraud News   |   0 Comments

Alejandro Falla, of Coral Cables, Florida, a stockbroker formerly registered with BAC Florida Investments, was fined $60,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Falla made misleading statements and omissions […]

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Morgan Stanley Stockbroker Barred In Investigation

December 17, 2016  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Brian Carey Sak, of Deerfield, Illinois, a stockbroker formerly registered with Morgan Stanley, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that Sak engaged in selling away or the unauthorized solicitation of a firm customer […]

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Raymond James & Associates Named In Customer Securities Arbitration

December 07, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

John N. Crook, of Macon, Georgia, a stockbroker formerly registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related arbitration claim on August 18, 2016, in which the customer requested $4,800,000.00 in damages based upon allegations including breach of contract, negligence, intentional omissions and misrepresentation, fraud, breach of fiduciary […]

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