Churning

Archive | Churning

Investors Accuse Raymond James Of Churning

Ryan Davis Wold of Edina Minnesota a stockbroker formerly employed by Raymond James Associates Inc. is the subject of a customer initiated investment related written complaint which was settled for $27,000.00 on June 28, 2018 supported by accusations that between 2014 and 2017: (1) transactions were effected in the customer’s account that were not suitable […]

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Portfolio Advisors Alliance Sued By Investors For Churning

Craig Landon Siegel of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance LLC is the subject of a customer initiated investment related arbitration claim where the customer sought unspecified compensatory damages supported by accusations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) the […]

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Regulator Seeks Denial Of LPL Financial Broker Registration

David Philip Antypas of Brentwood Tennessee a stockbroker formerly registered with LPL Financial LLC is the subject of a Tennessee Department of Commerce and Insurance Securities Division disciplinary action where the regulator is seeking the denial of Antypas’ securities registration based upon accusations that (1) during the time Antypas was associated with LPL Financial LLC […]

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FINRA Bars Joseph Stone Broker In Investigation

Christopher Vincent Paul of Mineola New York a stockbroker formerly registered with Joseph Stone Capital L.L.C. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Paul failed to comply with FINRA’s request for information potentially relating to Paul’s employment separations after being subject of […]

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Investors Sue Sigma Financial Excessive Trading

Glenn Eugene Kendall of Tinley Park Illinois a stockbroker formerly registered with Sigma Financial Corporation is the subject of a customer initiated investment related written complaint on August 4, 2016 where the customer requested $40,000.00 in damages based upon allegations that between 2015 and 2016: (1) Kendall excessively traded over-the-counter equities and stocks in the […]

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Investors Sue Merrill Lynch For Churning

Brad Roger Nettune of Summit New Jersey a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $6,000,000.00 in damages based upon accusations that (1) the customer’s account was churned and (2) unsuitable over-the-counter equities recommendations were made […]

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FINRA Fines Securities America Broker For Excessive Trading

December 21, 2018  |   Posted by :   |   Churning, Excessive trading, Selling Away, Stockbroker Fraud News   |   0 Comments

Michael Dennis Jackson of University Place Washington a stockbroker formerly registered with Securities America Inc. 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 (1) Jackson engaged in selling away (2) Jackson effected unauthorized trades in […]

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Investors Win Damages Against IBN Financial For Churning

Colin Anderson Archer of Liverpool New York a stockbroker currently registered with IBN Financial Services Inc. and representative of Meyers Associates L.P. has been ordered to pay a customer $17,940.28 in damages according to a FINRA arbitration in which Archer was found liable on the customer’s claims that Archer churned the customer’s account, breached his […]

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Stockbroker Misconduct Continues to Plague Investors

The Financial Industry Regulatory Authority released its 2018 Examination Report, showing the areas in which the regulator has taken  some form of enforcement action against brokerage firms to prevent them from taking advantage of their customers, and to “better protect investors and maintain the integrity of the markets.” The Recommendation of Unsuitable Investments First, on […]

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Investors Collect From Merrill Lynch For Excessive Trading

Joel Thomas Summerlin of Tampa Florida a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint which was resolved for $75,000.00 on March 1, 2018 supported by allegations that between June of 2010 and April of 2017: (1) Summerlin made investment recommendations to the […]

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RBC Capital Markets Sued By Investors For Churning

Alan Walton Sharpe of Burlington Massachusetts a stockbroker formerly employed by RBC Capital Markets LLC is the subject of a customer initiated investment related arbitration claim which settled for $225,000.00 in damages supported by allegations that (1) Sharpe made unsuitable oil and gas equities recommendations to the customer and (2) Sharpe churned the customer’s investment […]

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Investors Sue Lawson Financial For Securities Fraud

November 23, 2018  |   Posted by :   |   Churning, FINRA Securities Arbitration, Municipal Bond Fraud   |   0 Comments

Ryan John Lawson of Phoenix Arizona a stockbroker formerly registered with Lawson Financial Corporation is referenced in a customer initiated investment related arbitration claim in which he was ordered to pay the customer $7,500.00 in damages based upon Lawson having been found liable on the customer’s claims that (1) Lawson made misrepresentations and omissions to […]

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Cetera Broker Barred By FINRA In Investigation

November 12, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Bruce Michael Sabourin of Norwich Connecticut a stockbroker formerly employed by Cetera Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Sabourin failed to provide FINRA with information after it was requested of him. Case No. 2014041373601 (May 4, 2015). FINRA Public […]

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Investors Sue Oppenheimer’s Best For The Worse Trading

David Warg Best of Bethlehem Pennsylvania a stockbroker formerly employed by Oppenheimer & Co. Inc. is referenced in a customer initiated investment related complaint on August 18, 2017 where the customer sought $1,000,000.00 in damages supported by accusations that (1) unsuitable closed-end fund and stock transactions had been executed in the customer’s investment account (2) […]

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Investors Sue Ameriprise For Breach Of Fiduciary Duty

Kevin Scott Kellogg of San Diego California a stockbroker currently employed by Ameriprise Financial Services Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $247,112.52 in damages founded on accusations that (1) fiduciary duties owed to the customer were not abided by (2) unauthorized transactions were placed in […]

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Investors Sue Woodstock Financial Group For Fraud

Stephen Mark Kiront of Garden City New York a stockbroker formerly employed by Woodstock Financial Group Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested damages estimated at $100,000.00 founded on accusations including (1) negligent unjust enrichment (2) breach of contract (3) suitability (4) breach of fiduciary duty […]

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Investors Sue National Securities Corporation For Churning

Kirt Samuel of New York New York a stockbroker formerly employed by National Securities Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $5,750,000.00 in damages supported by allegations that (1) unauthorized trades were executed in the customer’s account (2) the customer’s over-the-counter equities portfolio was churned […]

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Ameriprise Financial Stockbroker Sanctioned By Regulator

Vincent Leonard Petrangelo of Springfield Massachusetts a stockbroker employed by Ameriprise Financial Services Inc. has been ordered by the Massachusetts Securities Division to be placed on heightened supervision as a condition of registering with Ameriprise in the state of Massachusetts based upon Petrangelo’s history of transgressions including his disclosure of five customer complaints alleging (1) […]

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Investors Sue Wells Fargo Advisors For Churning

Sam Aziz of Dublin Ohio a stockbroker formerly employed by Wells Fargo Advisors Financial Network is the subject of a customer initiated investment related arbitration claim in which the customer requested $400,000.00 in damages founded on allegations that Aziz (1) churned the customer’s account (2) executed transactions that were not suitable for the customer and […]

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Investors Sue First Standard For Fraud

Andre Pierre Davis of Red Bank New Jersey a stockbroker currently registered with First Standard Financial Company LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $100,000.00 in damages based upon allegations that unsuitable transactions were executed and the customer’s account was churned. Financial Industry Regulatory Authority (FINRA) […]

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Cadaret Grant Fined For Failure To Supervise

Cadaret Grant Co. Inc. is a FINRA member broker firm headquartered in Syracuse New York who has been censured and fined $800,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it (1) failed to supervise its business practices with a view towards detecting and preventing bad investment recommendations (2) failed to […]

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SW Financial Sued By Investor For Churning

Joseph Lianzo of Melville New York a stockbroker currently registered with SW Financial is referenced in a customer initiated investment related arbitration claim where the customer requested $108,215.00 in damages supported by allegations that (1) contractual obligations to the customer were breached (2) unauthorized trades were executed in the customer’s account (3) the customer’s account […]

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LPL Financial Accused By Investors Of Excessive Trading

September 12, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Gary Needham of Manchester by the Sea Massachusetts a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related complaint where the customer sought $433,452.00 in damages on October 3, 2017 founded on accusations that (1) the customer suffered unwarranted poor performance on investments and (2) excessive stock trades were […]

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Investors Accuse National Planning Of Excessive Trading

Karl Thomas Crytser of Trenton New Jersey a stockbroker formerly registered with National Planning Corporation is referenced in a customer initiated investment related written complaint on August 25, 2015 in which the customer requested $27,000.00 in damages based upon allegations that (1) unsuitable mutual fund trades were effected in the customer’s account (2) transactions were […]

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Investors Sue Investment Architects For Excessive Trading

Glen David Haddock of Petaluma California the President of Investment Architects Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,250,000.00 in compensatory damages and $2,500,000.00 in punitive damages supported by allegations that the firm failed to prevent excessive trading in the customer’s account between 2004 and […]

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Investors Sue Worden Capital For Typical Boilerroom Conduct

Richard Foerster Reynolds of Melville New York a stockbroker currently registered with Worden Capital Management LLC is referenced in a customer initiated investment related complaint which settled for $150,000.00 on May 10, 2018 supported by accusations that Reynolds (1) churned the customer’s account (2) charged the customer with excessive commissions (3) effected transactions in the […]

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SCF Fires Stockbroker For Churning Customer Accounts

August 17, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Cletus Enyinia Emeziem is a stockbroker formerly registered with SCF Securities Inc. who has been discharged by the firm on  based upon allegations that Emeziem engaged in a pattern of trading in customer accounts on an excessive basis. This is not the first time that Emeziem has been discharged by a FINRA member firm for […]

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Investors Bring Arbitration Claim Against Salomon Whitney For Churning

August 01, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Andrew Caputo Spaventa of Farmingdale New York a stockbroker formerly employed by Salomon Whitney Financial is the subject of a customer initiated investment related arbitration claim where the customer sought $114,357.00 in damages supported by accusations that Spaventa (1) breached his contractual obligations to the customer (2) effected unauthorized trades in the customer’s account (3) […]

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Investors Sue Maxim Group For Excessive Trading

July 16, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Michael Gary Solomon of New York New York a stockbroker currently registered with Maxim Group LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $246,928.64 in damages founded on allegations that between January 1, 2015 and December 31, 2015, Solomon placed over-the-counter equities and stock transactions in the customer’s […]

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Salomon Whitney Sued By Investors For Churning

Michael John Giovannelli of Melville New York a stockbroker formerly registered with Salomon Whitney Financial is referenced in a customer initiated investment related arbitration claim in which the customer requested $350,067.00 in damages supported by allegations of (1) breach of contract (2) unauthorized trading (3) suitability (4) negligence and (5) churning of the customer’s equity […]

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Financial West Broker Barred In Investigation

July 16, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News, Suitability   |   0 Comments

Paul Edward Soll of Los Angeles California a stockbroker formerly employed by Financial West Group has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he declined to cooperate with FINRA in an investigation into accusations of Soll’s unsuitable investment recommendations and churning […]

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Raymond James Sued For Stockbroker Misconduct

John Charles Wyshak of Los Angeles California a stockbroker currently employed by Raymond James Associates Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $1,023,460.00 in damages based upon accusations of (1) fraudulent concealment (2) breach of contract (3) conversion (4) omission of material facts (5) churning (6) breach […]

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Suspended LPL Broker Unsuspended

Shane Jason Kelly of Port Saint Lucie Florida a stockbroker formerly registered with LPL Financial LLC had been suspended with associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Kelly failed to provide FINRA with a response to its request for his information. Case No. 2017054666601 (Jan. 29, […]

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Customer Accuses Wells Fargo Of Churing

June 25, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

John Andrew Nelson of Cliffside Park New Jersey a stockbroker currently employed by Wells Fargo Advisors is referenced in a customer initiated investment related written complaint which was resolved on March 16, 2018 for $105,000.00 supported by accusations that unauthorized trades and excessive mutual fund trades had been effected in the customer’s account between April […]

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Customer Sues Merrill Lynch For Excessive Trading

May 29, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Charles Ernest Kenahan of Boston Massachusetts a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer sought $700,000.00 in damages based upon accusations that stock trades were effected in the customer’s account on an excessive basis and unsuitable equity […]

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Spartan Capital Sued By Customer For Churning

May 29, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Joseph Paul Todaro of Garden City New York a stockbroker formerly registered with Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim in which the customer sought $184,241.00 in damages supported by allegations that (1) excessive commissions had been charged to the customer for trades effected in the customer’s account […]

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JD Nicholas Associates Sued For Breach Of Fiduciary Duty

May 17, 2018  |   Posted by :   |   Boilerroom, Churning, Stockbroker Fraud News   |   0 Comments

Andrew Owen Brown, of Syosset New York a stockbroker formerly registered with J.D. Nicholas Associates Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $50,000.00 in damages based upon accusations that (1) the customer’s account was churned (2) fiduciary duties owed to the customer had been breached (3) […]

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Customer Accuses Morgan Stanley Of Excessive Trading

Barry Lee Garapedian of Westlake Village California a stockbroker currently registered with Morgan Stanley is referenced in a customer initiated investment related written complaint on April 1, 2018 in which the customer requested $713,000.00 in damages founded on allegations that (1) the customer’s assets were overconcentrated in speculative investments (2) closed end fund and exchange […]

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Wells Fargo Sued By Customer For Excessive Trading

May 17, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Richard Dell Dunagan of Austin Texas a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim where the customer sought $261,521.05 in damages founded on allegations that trades were executed in the customer’s account on an excessive and unsuitable basis from 2007 to 2016. Financial Industry […]

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Customer Sues Laidlaw For Churning

Robert Ruvein Yasnis of Melville New York a stockbroker formerly registered with Laidlaw Company (UK) Ltd. Is the subject of a customer initiated investment related arbitration claim which settled for $20,000.00 in damages supported by accusations that (1) Yasnis effected excessive trades in the customer’s account (2) placed the customer in equities that were inappropriate […]

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Customer Accuses Morgan Stanley Of Excessive Trading

Richard Robert Fulton of Palm Beach Gardens Florida a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related complaint which settled on October 24, 2016 for $18,822.00 in damages based upon allegations that mutual fund trades were effected in the customer’s managed account on an excessive basis between January […]

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Liberty Partners Executive Fined For Failure To Supervise

Jeffrey Allen Fanning of West Palm Beach Florida is a former owner and chief executive officer of Liberty Partners Financial Services LLC who has been fined $20,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Order Accepting Offer […]

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Worden Capital Accused of Churning

April 18, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

John Michael Lopinto of New York New York is a stockbroker currently registered with Worden Capital Management LLC who is the subject of a customer initiated investment related written complaint on December 18, 2017 where the customer sought $8,878.00 in damages founded on allegations that the customer’s equity investment account was churned. Financial Industry Regulatory […]

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Pruco Securities Sued By Customer For Churning

April 08, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Winston Wade Turner of Sarasota Florida is a former Pruco Securities LLC stockbroker who is the subject of a customer initiated investment related arbitration claim in which the customer sought $111,000.00 in damages based upon allegations that Turner (1) effected transactions in the customer’s account which were not suitable (2) converted the customer’s funds (3) […]

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Maxim Group Sued By Customer For Churning

April 05, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Gil Sharon of New York New York is a stockbroker currently registered with Maxim Group LLC who is the subject of a customer initiated investment related arbitration claim in which the customer requested $200,000.00 in damages supported by allegations that (1) unauthorized options and equity trades had been executed in the customer’s account (2) the […]

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Morgan Stanley Broker Barred For Unauthorized Trading

March 22, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Thomas Alan Meier of Miami Florida is a stockbroker formerly registered with Morgan Stanley who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he effected unauthorized and discretionary trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2016049628301 (Mar. 19, […]

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Dinosaur Financial Accused Of Unauthorized Trading

March 16, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Eric Lee Sullivan of New York New York is a stockbroker formerly registered with Dinosaur Financial Group LLC who is the subject of a customer initiated investment related written complaint which settled on March 23, 2017 for $12,500.00 in damages founded on allegations that options trades had been placed in the customer’s investment portfolio without […]

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Oppenheimer Sued By Customer For Churning

March 12, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Philip Martin Hanover of Melville New York is a stockbroker formerly registered with Oppenheimer and Co. Inc. who is the subject of a customer initiated investment related arbitration claim where the customer sought one million one hundred eight thousand one hundred fifty-six dollars in damages based upon allegations of (1) churning (2) suitability and (3) […]

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Oppenheimer Sued By Customer For Failure To Supervise

February 20, 2018  |   Posted by :   |   Breach of Fiduciary Duty, Churning, Stockbroker Fraud News   |   0 Comments

Leslie Brian Flaum of Melville New York is a stockbroker formerly registered with Oppenheimer who is the subject of a customer initiated investment related arbitration claim in which the customer sought over one million one-hundred eight thousand dollars in damages based upon accusations that Flaum failed to supervise a registered representative who breached his fiduciary […]

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Raymond James Sued By Customer For Churning

Matthew Jordan Werthe of San Diego California is a stockbroker currently employed with Raymond James Financial Services who is the subject of a customer initiated investment related arbitration claim in which the customer sought three hundred sixty-two thousand dollars in damages based upon allegations of (1) failure to supervise (2) unjust enrichment (3) negligence (4) […]

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Regulator Accuses Woodstock Broker Of Fraud

February 19, 2018  |   Posted by :   |   Boilerroom, Churning, Stockbroker Fraud News   |   0 Comments

Ryan Michael Murnane of Staten Island New York is a stockbroker formerly registered with Woodstock Financial Group who is subject of a Notice of Proposed Agency Action and Opportunity for Hearing brought by the Office of the Commissioner of Securities and Insurance Montana State Auditor which alleged that Murnane committed securities fraud. In the Matter […]

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Oppenheimer Sued By Customer For Churning

January 26, 2018  |   Posted by :   |   Churning, Closed End Funds, Stockbroker Fraud News   |   0 Comments

Paul Ellias Colchamiro, of Melville, New York, a stockbroker currently registered with Oppenheimer & Co. Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer sought at least $2,000,000.00 in damages founded on allegations including: closed-end funds and equities were effected in the customer’s account that were not suitable […]

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Merrill Lynch Broker Fined For Discretionary Trading

January 10, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News, Suitability   |   0 Comments

Todd Kimm of Syracuse, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in customer accounts without authority, and placed […]

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Morgan Stanley Sued For Excessive Trading

January 10, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Neil Stanley Kaplan of Bethesda, Maryland, a stockbroker formerly registered with Morgan Stanley, is the subject of a customer initiated investment related civil action brought in the Circuit Court of Montgomery County, Maryland on December 29, 2016, in which the customer sought $435,000.00 in damages founded on accusations that in 2015, stock trades were executed in […]

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Ameriprise Stockbroker Barred For Excessive Trading

January 10, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Larry Martin Boggs of Dallas, Texas, a stockbroker formerly registered with Ameriprise 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 improperly exercised discretion in a customer’s account, and placed unsuitable and excessive trades in the customer’s account. Letter […]

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Customer Accuses Oppenheimer Of Churning

January 10, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Derrick Timothy Watts of Saint Charles, Illinois, a stockbroker currently registered with Oppenheimer & Co., is the subject of a customer initiated investment related written complaint, in which the customer requested over $5,000.00 in damages founded on accusations that Watts churned the customer’s equity portfolio between January of 2010 and November of 2015. Financial Industry Regulatory […]

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Windsor Street Stockbroker Suspended For Suitability

January 09, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Craig Cary Langweiler, of Philadelphia, Pennsylvania, a stockbroker associated with Windsor Street Capital, L.P. (formerly Meyers Associates, L.P.), has been fined $15,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision pertaining to findings that Langweiler effected […]

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FINRA Accuses Liberty Partners Of Supervisory Failures

December 23, 2017  |   Posted by :   |   Churning, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Jeffrey Allen Fanning, of West Palm Beach, Florida, a former chief executive officer of Liberty Partners Financial Services, LLC, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Fanning, inter alia, failed to supervise stockbrokers’ activities for excessive trading in customer accounts. Department of Enforcement v. Jeffrey […]

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Next Financial Fined For Failure To Supervise Trading

December 15, 2017  |   Posted by :   |   Churning, Failure To Supervise   |   0 Comments

Next Financial Group, Inc., a brokerage firm headquartered in Houston, Texas, has been censured and fined $750,000.00 by Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that the firm failed to create an adequate system to supervise consolidated reports, failed to create written supervisory procedures pertaining to multiple share […]

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Dawson James Sued By Customer For Misconduct

December 15, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Patrick Henry Maddren, of Boca Raton, Florida, a stockbroker formerly registered with Dawson James Securities, Inc., is the subject of a customer initiated investment related arbitration claim, which settled for $295,000.00 in damages founded on accusations of breach of contract, unsuitable investment recommendations, unauthorized trading, excessive commissions, excessive trading, omissions and misrepresentations, and failure to […]

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Customer Accuses Aegis Capital Of Churning

December 15, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Paul Anthony Falcon, of Miami, Florida, a stockbroker currently registered with Aegis Capital Corp., is the subject of a customer initiated investment related arbitration, where the customer has sought $190,000.00 in damages supported by accusations that between August 1, 2013 and February 1, 2016, excessive and unauthorized trades were executed in the customer’s investment account […]

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Network 1 Financial Sued For Excessive Trading

November 28, 2017  |   Posted by :   |   Churning, Excessive trading   |   0 Comments

Patrick Nicholas Teutonico of Lynbrook, New York, a stockbroker registered with Network 1 Financial Securities, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested $73,650.00 in damages based upon accusations that Teutonico effected excessive trading in over-the-counter equities in the customer’s investment account. Financial Industry Regulatory Authority (FINRA) […]

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Customer Sues Aegis Capital Corp For Churning

November 28, 2017  |   Posted by :   |   Churning, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Frank Giacalone of Melville, New York, a stockbroker formerly registered with Aegis Capital Corp., is the subject of a customer initiated investment related arbitration claim, which settled for $27,500.00 in damages based upon allegations that Giacalone made misrepresentations to the customer, breached his contractual duties, breached his fiduciary duties, negligently handled the customer’s investment account, […]

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Customer Sues LPL Financial For Churning

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

Gregory Ray Powell of Birmingham, Alabama, a stockbroker formerly registered with LPL Financial LLC, is the subject of a customer initiated investment related arbitration claim, where customers have alleged that between 2006 to 2015, their investment accounts were improperly managed, misrepresentations were made relating to investments, fees were excessively charged, and their investment portfolios were churned. […]

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Westminster Financial Sued For Botched Investments

November 01, 2017  |   Posted by :   |   Boilerroom, Churning, Unauthorized Trading   |   0 Comments

Louis Anthony Telerico of Dayton, Ohio, a stockbroker formerly registered with Westminster Financial Securities, Inc. has been named in a customer initiated investment related arbitration claim, in which the customer requested $426,000.00 in damages based upon allegations that Telerico executed art and land based transactions that led the customer to sustain losses. FINRA Arbitration No. 17-00988 […]

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Newport Coast Named In Complaint Alleging Churning

November 01, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

John Robert Openshaw, of Irvine, California, a stockbroker formerly registered with Newport Coast Securities, Inc., has been named in a customer initiated investment related written complaint on February 8, 2017, in which the customer requested $70,000.00 in damages based upon allegations that from 2014 to 2017, Openshaw churned the customer’s investment portfolio and effected mutual […]

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Bay Mutual Stockbroker Fined For Unauthorized Trading

November 01, 2017  |   Posted by :   |   Churning, Unauthorized Trading   |   0 Comments

Martin William Pernoll, of Santa Monica, California, a stockbroker formerly registered with Bay Mutual Financial, LLC, has been fined $25,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member firm by consenting to findings that he, inter alia, executed unauthorized transactions, and failed to report customer disputes. Letter of […]

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Next Financial Stockbroker Fined For Excessive Trading

November 01, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Joseph Leigh Cotter, of Charlotte, North Carolina, a stockbroker with Next Financial Group, Inc., has been fined $15,000.00, disgorged of $100,549.42 in commissions, and suspended for nine months from having any association with a FINRA member by consenting to findings that he effected transactions in an investor’s accounts on an unsuitable and excessive basis. Letter […]

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Aegis Capital Corp Sued By Customer For Suitability

November 01, 2017  |   Posted by :   |   Churning, Unauthorized Trading   |   0 Comments

Steven Robert Luftschein, of Melville, New York, a stockbroker formerly registered with Aegis Capital Corp., has been named in a customer initiated investment related arbitration claim, where the customer has requested $269,131.00 in damages based upon allegations of breach of fiduciary duty, breach of contract, omissions and misrepresentations, excessive and unauthorized trading, and unsuitable investment […]

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Meyers Associates Broker Charged With Excessive Trading

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

Craig Gary Langweiler, of Philadelphia, Pennsylvania, a stockbroker formerly registered with Windsor Street Capital, L.P. (formerly known as Meyers Associates, L.P.), was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Langweiler effected excessive and unsuitable trades in a customer’s account, and exercised discretion without authorization. Department of Enforcement […]

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Oppenheimer Sued For Unauthorized Trading

September 22, 2017  |   Posted by :   |   Churning   |   0 Comments

Todd Allen Burnett, of Saint Louis, Missouri, a stockbroker currently registered with Oppenheimer & Co., Inc., has been named in a customer initiated investment related written complaint on April 3, 2017, in which the customer requested $849,853.62 in damages based upon allegations that Burnett churned the customer’s investment portfolio and placed equity trades in the […]

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DA Davidson Sued For Excessive Trading

September 22, 2017  |   Posted by :   |   Churning   |   0 Comments

Gregory Roy Tucker, of Des Moines, Iowa, a stockbroker currently registered with D.A. Davidson & Co., has been identified in a customer initiated investment related arbitration claim on October 17, 2016, where the customer’s claim was based on allegations that Tucker effected trades in the customer’s account on an excessive and unsuitable basis, which resulted […]

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DFPG Investments Accused of Churning

August 31, 2017  |   Posted by :   |   Churning   |   0 Comments

Steven LaMar Nielsen, of Gilbert, Arizona, a stockbroker formerly registered with DFPG Investments, Inc., is the subject of a customer initiated investment related complaint, which settled on July 6, 2017, for $4,500.00 in damages grounded on allegations that Nielsen effected unsuitable transactions in the customer’s account, and churned the customer’s investment portfolio of mutual funds, […]

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Regulator Charges Windsor Street For Excessive Trading

August 26, 2017  |   Posted by :   |   Boilerroom, Churning   |   0 Comments

Windsor Street Capital (formerly Meyers Associates, L.P.), a brokerage firm headquartered in New York, New York, as well as its stockbrokers, Nas Adel Allan and Gregory J. Anastos, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging, inter alia, that customers’ investment accounts were traded on an excessive and […]

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Joseph Stone Capital Stockbroker Barred

August 17, 2017  |   Posted by :   |   Boilerroom, Churning, Stockbroker Fraud News   |   0 Comments

Christopher John Calandrino, of Holbrook, New York, a stockbroker formerly registered with Holbrook, New York, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide FINRA with information about his business activities. Letter No. 2016051602401 (Feb. 10, 2017). FINRA Public Disclosure […]

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Customer Sues Morgan Stanley For Suitability

August 15, 2017  |   Posted by :   |   Churning   |   0 Comments

Richard Wilson Hartnett, of West Palm Beach, Florida, a stockbroker formerly registered with Morgan Stanley, is the subject of a customer initiated investment related arbitration claim, which settled on March 30, 2017, for $87,500.00 in damages based upon allegations that he effected unsuitable and excessive stock transactions in the customer’s account. Financial Industry Regulatory Authority […]

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Lampert Capital Markets Sued Unsuitable Investments

July 29, 2017  |   Posted by :   |   Churning, Excessive trading   |   0 Comments

Thomas Daniel Sullivan, of New York, New York, a stockbroker formerly registered with Lampert Capital Markets Inc., is the subject of a customer initiated investment related arbitration claim on June 16, 2017, in which the customer requested $11,069.00 in damages based upon allegations that Sullivan effected equities transactions on an excessive and unsuitable basis. Financial […]

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RBC Capital Markets Customer Complaints

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

Daniel Edward Peltier, of Edina, Minnesota, a stockbroker formerly registered with RBC Capital Markets, LLC, has been named in a customer initiated investment related written complaint, which settled on May 12, 2016, in which the customer received $45,033.63 in damages based upon allegations that he engaged in sales practice violations with respect to an over-the-counter […]

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Voya Financial Advisors Sued For Churning

July 03, 2017  |   Posted by :   |   Churning, Excessive trading, FINRA Securities Arbitration   |   0 Comments

Rodger James Burskey, of Commerce Township, Michigan, a former stockbroker associated with Voya Financial Advisors, Inc., has been named in a customer initiated investment related arbitration claim, which settled on May 25, 2017, for $19,700.00 in damages based upon allegations that Burskey effected equities transactions in the customer’s account despite the transactions not having been […]

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Epiqwest Investment Corporation Customer Alleges Churning

July 03, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Eric Veve, of Lafayette, Colorado, a stockbroker formerly registered with Eqipwest Investment Corporation, has been named in a customer initiated investment related written complaint on April 21, 2017, where the customer requested $81,208.00 in damages based upon allegations that Veve breached his fiduciary duties, negligently managed the customer’s investments, and churned the customer’s account in […]

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Ameriprise Financial Services Stockbroker Fired for Misconduct

July 03, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News, Suitability   |   0 Comments

William Gregory Barker, of Tallahassee, Florida, a stockbroker registered with Ameriprise Financial Services, Inc., was terminated from employment on February 16, 2016, based upon allegations that he effected unsuitable investment transactions in customer accounts, failed to reimburse customers for fees, and committed other violations of the firm’s compliance policies. Financial Industry Regulatory Authority (FINRA) Public […]

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International Assets Advisory Sued For Churning

June 19, 2017  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Gregory William Melendez, of Melville, New York, a stockbroker formerly registered with International Assets Advisory, has been named in a customer initiated investment related arbitration claim on February 16, 2017, in which the customer requested $41,376.00 in damages based upon allegations that he effected unsuitable and unauthorized over-the-counter equity transactions in the customer’s account, and […]

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Legend Securities Sued For Churning

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

Scott Jason Hechler, of New York, New York, has been named in a customer initiated investment related arbitration claim, which settled on July 5, 2016, for $24,999.00 in damages based upon allegations that he made misrepresented investment products, churned the customer’s account, and deceived the customer in reference to stock transactions effected in the customer’s […]

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Brookstone Securities Sued For Churning

Elvin J. Lopez, of New York, New York, a stockbroker formerly registered with Brookstone Securities, Inc., has been named in a customer initiated investment related arbitration claim, which settled on April 12, 2017, for $31,276.98 in damages based upon allegations that he made misrepresentations to the customer, breached his fiduciary and contractual duties, negligently managed […]

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Meyers Associates Stockbroker Excessive Trading

June 13, 2017  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

William David Nelson, of New York, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been fined $5,000.00 by the Commissioner of Securities and Insurance, Montana State Auditor, pursuant to a Consent Agreement and Final Order containing findings that Nelson traded excessively in the accounts of three residents of Montana. In the Matter […]

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Aegis Capital Sued By Customer In Arbitration

June 13, 2017  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Kishan Parikh, 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 May 11, 2017, in which the customer requested $350,000.00 in damages based upon allegations that Parikh made unsuitable investment recommendations to the customer and effected trades in the […]

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Legend Securities Broker Sanctioned For Churning

May 30, 2017  |   Posted by :   |   Boilerroom, Churning   |   0 Comments

Steven John Meyer, of Staten Island, New York, a stockbroker formerly registered with Legend Securities, Inc., was fined $100,000.00 and suspended from acting as a broker-dealer in any capacity in The State of New Hampshire pursuant to a New Hampshire Bureau of Securities Regulation Order founded upon allegations against Meyer including, inter alia: the failure […]

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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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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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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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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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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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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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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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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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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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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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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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