Churning

Archive | Churning

Investors Accuse Morgan Stanley Of Excessive Trading

James Samuel Mewhinney III of Dallas Texas a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related written complaint on November 19, 2018 in which the customer requested $550,000.00 in damages based upon accusations that while Mewhinney was associated with Morgan Stanley: (1) Mewhinney effected trades in the customer’s […]

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Investors Sue Laidlaw Company For Churning

Nicholas Sabellico of Fort Lauderdale Florida a stockbroker formerly registered with Laidlaw Company (UK) Ltd. is the subject of a customer initiated investment related arbitration claim in which the customer requested $25,413.00 in damages supported by accusations that between 2015 and 2017: (1) transactions executed in the customer’s account were in no way appropriate for […]

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Investors Sue Wunderlich For Breach Of Fiduciary Duty

Bassam S. Salem of Birmingham Michigan a stockbroker formerly registered with Wunderlich Securities Inc. is the subject of a customer initiated investment related arbitration claim that settled for $50,000.00 supported by accusations that between January of 2011 and February of 2017: (1) poor investment recommendations were made to the customer concerning over the counter equities […]

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FINRA Bars Windsor Street Stockbroker

Francine Ann Lanaia (also known as Fran McPherson) a stockbroker formerly employed by Windsor Street Capital LP has been barred from associating with any Financial industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Lanaia failed to provide FINRA with information that had been requested from her. Case No. 2017052475701 (Oct. 29, […]

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Morgan Stanley Fires Broker For Outside Business Activities

Kenneth Marc Hutkin of New York New York a stockbroker formerly employed by Morgan Stanley Wealth Management has been discharged by the firm on September 24, 2018 based upon accusations that (1) Hutkin engaged in outside business activities without having disclosed them to the firm and (2) Hutkin received compensation for activities that had not […]

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Halifax America Fined By FINRA For Failure To Supervise

Halifax America LLC a brokerage firm headquartered in Sherman Oaks California has been censured and fined $60,000.00 by Financial Industry Regulatory Authority (FINRA) based in part on findings that the firm neglected to create and implement supervision systems with a view towards ensuring brokers’ transactions in customer accounts had been properly reviewed by the firm […]

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FINRA Bars Stockbroker For Obstructing Boilerroom Investigation

William David Nelson of New York New York a stockbroker formerly registered with Meyers Associates L.P. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Nelson failed to comply with a FINRA investigation into accusations that he effected excessive and unsuitable trades in a […]

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FINRA Charges Aegis Capital Corp Broker With Fraud

James Bradley Schwartz (also known as Jim Schwartz) of New York New York a stockbroker formerly registered with Aegis Capital Corp. has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that (1) Schwartz excessively traded and churned customers’ accounts and (2) Schwartz engaged in deceptive and fraudulent activities […]

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Wells Fargo Accused By Investors Of Churning

Cynthia Day Laroche of Park City Utah a stockbroker currently employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related written complaint which was resolved for $40,000.00 in damages on August 17, 2017 founded on allegations that Laroche churned the customer’s investment portfolio and engaged in manipulative activities with […]

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Investors Sue Spartan Capital For Securities Fraud

John Dennis Lowry of New York New York the Chief Executive Officer and Managing Member of Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim in which customers were collectively awarded $330,000.00 based upon findings that Lowry and Spartan Capital Securities LLC (1) breached fiduciary duties to the customer (2) […]

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Investors Sue Network 1 For Breach Of Fiduciary Duty

Michael Scott Desando of Red Bank New Jersey a stockbroker currently employed by Network 1 Financial Securities Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $70,000.00 in damages founded on accusations that fiduciary duties owed to the customer were breached with regard to common or preferred stock […]

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Wells Fargo Sued By Investors For Unauthorized Trading

Leonard Anthony Boccia Jr. of New York New York a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $1,000,000.00 in damages based upon accusations that from 2012 to 2016, while Boccia was associated with Wells Fargo Advisors and UBS Financial Services […]

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Accelerated Capital Group Blasted For Churing Customer Accounts

Accelerated Capital Group a brokerage firm headquartered in California has been censured and fined $400,000.00 by Financial Industry Regulatory Authority (FINRA) founded on accusations that the firm’s brokers: (1) executed unauthorized trades in customer accounts (2) sold customers investments that were not suitable for them and (3) executed trades in customer accounts on an excessive […]

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Dawson James Sued By Investors For Churning

Dominic Joseph Linsalata Jr. of Boca Raton Florida a stockbroker formerly registered with Dawson James Securities Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $80,013.13 in damages supported by accusations that (1) misrepresentations had been made to the customer concerning equity investments and (2) excessive equity trades […]

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Oppenheimer Accused By Investors Of Churning

Brandon Boyd Hanna of Minneapolis Minnesota a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint on July 17, 2018 in which the customer sought $350,000.00 in damages founded on accusations that (1) the customer’s account was churned and (2) stock, mutual funds and exchange traded funds […]

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Investors Accuse Raymond James Of Churing

Gary George Vescio of Palm Beach Gardens Florida a stockbroker formerly registered with Raymond James Associates is the subject of a customer initiated investment related written complaint on May 21, 2016 where the customer sought $62,000.00 in damages supported by allegations that excessive stock trades were effected in the customer’s account while Vescio was employed […]

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National Securities Sued For Breach Of Fiduciary Duty

Michael Fasciglione of Mineola New York a stockbroker formerly employed by National Securities Corporation is referenced in a customer initiated investment related arbitration claim which was settled for $467,000.00 in damages supported by allegations that (1) fiduciary duties owed to the customer had been breached and (2) real estate security transactions effected in the customer’s […]

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Alexander Capital Broker Barred In Boilerroom Investigation

Michael Alejandro Castillero of New York New York a stockbroker formerly employed by Alexander Capital has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Castillero failed to testify in a FINRA investigation into accusations of (1) Castillero making unauthorized trades in a […]

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Wilmington Capital Broker Fined For Outside Business Activities

Thomas John Lisa Jr. of New York New York a stockbroker currently employed by Wilmington Capital Securities LLC has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Lisa’s consent to findings that he engaged in an outside business activity without disclosing it to […]

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Morgan Stanley Fires Broker For Trading Dead Customer’s Account

February 19, 2019  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Daniel Patrick Reilly of New York New York a stockbroker formerly employed by Morgan Stanley has been discharged by the firm on May 18, 2018 supported by allegations that Reilly executed trades in a deceased customer’s investment account. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Reilly is referenced in two customer initiated investment […]

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Lombard Terminates Broker For Unauthorized Churning Of Customer Accounts

Eric Alan Zakarin of Cranford New Jersey a stockbroker formerly registered with Lombard Securities Incorporated has been terminated by the firm on October 10, 2018 based upon allegations that (1) Zakarin generated excessive commissions from customers and (2) Zakarin executed trades in customer accounts that customers’ possibly had not authorized. This is not the first […]

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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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