Direct Participation Programs

Archive | Direct Participation Programs

Southeast Investments Stockbroker Barred For Fraudulent Customer Loans

Michael Paul Lessard Jr. of Rock Hill South Carolina a stockbroker formerly employed by Southeast Investments N.C. Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Lessard engaged in unauthorized customer loan agreements while registered with Southeast Investments N.C. Inc. and […]

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FINRA Bars HD Vest Stockbroker For In Investigation

Thomas H. Laws of Silver City New Mexico a stockbroker formerly employed by HD Vest Investment Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Laws failed to provide FINRA with recorded testimony in its investigation into allegations of Laws’ involvement […]

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Investors Sue Network 1 For Private Placement Fraud

Patrick Nicholas Teutonico of Seaford New York a stockbroker formerly registered with Network 1 Financial Securities Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $145,000.00 in damages based upon accusations that (1) Teutonico effected unsuitable transactions in the customer’s account and (2) Network 1 Financial Securities […]

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Centaurus Financial Sued By Investors For REIT Misconduct

Bryon Edwin Martinsen of Kings Park New York a stockbroker currently employed by Centaurus Financial Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $127,000.00 in damages based upon accusations that Martinsen gave the customer bad advice concerning real estate securities held in the customer’s investment portfolio between […]

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Investors Accuse Wells Fargo Of Direct Investment Fraud

Eric A. Keller of Duluth Georgia a stockbroker formerly registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $39,587.90 on February 16, 2016 founded on accusations that the customer was placed into a direct participation program or sold limited partnership interests that were […]

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UBS Financial Fires Stockbroker For Lying In SEC Investigation

Bruce Davis Smith of Atlanta Georgia a stockbroker formerly employed by UBS Financial Services Inc. has been discharged by the firm on August 7, 2018 supported by allegations that Smith was not forthcoming to the firm concerning his involvement with a customer in transactions referenced in a Securities Exchange Commission (SEC) inquiry. Financial Industry Regulatory […]

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Investors Sue Merrill Lynch For Misrepresentation

John Joseph Birkhauser of Lake Forest Illinois a stockstockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim which was settled for $10,000.00 in damages founded on allegations that (1) misrepresentations had been made concerning the terms or risks of the limited partnership interests sold […]

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Wells Fargo Sued By Investors For Unsuitable Recommendations

Bryan Edwin Benson of Tucson Arizona a stockbroker currently registered with Wells Fargo Clearing Services is the subject of a customer initiated investment related arbitration claim in which the customer requested $218,257.00 in damages based upon allegations that unsuitable stock transactions had been effected in the customer’s account by Benson while he was associated with […]

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Investors Accuses Wells Fargo Of Bad Direct Investments

Joseph Alan Marshall of Dallas Texas a stockbroker currently employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $100,000.00 on October 19, 2016 based upon allegations Marshall mismanaged the customer’s investment account and placed the customer in direct investments that failed to conform […]

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Foresters Equity Broker Barred In Investigation

Michael John Rappa of San Diego California a broker formerly employed by Foresters Equity Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Rappa failed to cooperate with FINRA personnel who had been investigating Rappa’s possible unauthorized private securities transactions. […]

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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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Investors Sue LPL Financial For REIT Misconduct

Jordan John Boyle of Saratoga Springs Utah a stockbroker formerly employed by LPL Financial LLC is the subject of a customer initiated investment related written complaint on January 23, 2019 in which the customer requested $10,000.00 in damages founded on accusations that between September 10, 2014 and January 18, 2019, the customer was provided unsuitable […]

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FINRA Catches MML Broker Selling Away Woodbridge Notes

Floyd Earl Powell of Albertville Alabama a stockbroker formerly employed by MML Investors Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Powell engaged in private securities transactions while associated with the firm. Letter of Acceptance Waiver and Consent No. […]

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United Planners Broker Caught In Promissory Note Scheme

Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by United Planners’ Financial Services of America A Limited Partner has been discharged from employment on August 2, 2018 supported by allegations that (1) Thomas maintained a number of private investments and loans with customers of United Planners’ Financial Services of America wherein those investments […]

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FINRA Sanctions Ditto Trade CEO For Failure to Pay Arbitration Award

Yosef Yehuda Fox (also known as Joseph J. Fox) of Chicago Illinois the Chief Executive Officer and Chief Compliance Officer employed by Ditto Trade Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Fox failed to pay an Arbitration Award after having been […]

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RP Capital Pays $5.8 Million In Alternative Investments Lawsuit

Aaron Douglas Maurer of Aliso Viejo California a stockbroker formerly registered with RP Capital LLC is referenced in a customer initiated investment related written action brought in the District Court of Portland Oregon which was resolved for $5,795,000.00 on October 18, 2017 founded on allegations that (1) Maurer made misrepresentations to the customer concerning promissory […]

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SEC Bars Wells Fargo Advisors Broker For Fraud

Aaron Robert Parthemer of Fort Lauderdale, Florida has been fined $160,000.00 and barred from being a broker or investment adviser or otherwise associating with any brokers or investment advisories according to an Order Making Findings and Imposing Sanctions Pursuant To Securities Exchange Act of 1934 Section 15(b), Investment Advisers Act of 1940 Section 203(f) and […]

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Investors Sue VSR Financial For Failure to Conduct Due Diligence

Scott Vincent Kaup of Stuart Nebraska a stockbroker formerly registered with VSR Financial Services Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $2,600,000.00 in damages founded on allegations that (1) misrepresentations and omissions had been made to the customer concerning investments (2) real estate security and direct […]

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Investors Accuse BOK Financial Of Deceptive Sales Practices

John Mark Johnston of Broken Arrow Oklahoma a stockbroker formerly employed by BOK Financial Securities Inc. has been referenced in a customer initiated investment related complaint involving where the customer sought $120,000.00 in damages founded on accusations that Johnston deceived customers in the course of selling them corporate debt investments and direct participation program or […]

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Investors Sue Laidlaw For Private Placement Fraud

Kevin Richard Wilson of New York New York a stockbroker formerly employed by Laidlaw & Company (UK) Ltd. is referenced in a customer initiated investment related arbitration claim where the customer sought $2,000,000.00 in damages supported by accusations that between 2010 and 2017, private placements sold to the customer were not appropriate. Financial Industry Regulatory […]

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FINRA Expels Sandlapper Securities For Fraud

Sandlapper Securities LLC a broker dealer headquartered in Greenville South Carolina and Trevor Gordon (its majority owner and Chief Executive Officer) and Jack Bixler (its Chief Executive Officer) have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to a FINRA Office of Hearing Officers Extended Hearing Panel Decision containing findings that (1) Sandlapper Securities […]

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Investors Continue To Collect From Berthel Fisher For Private Placement Fraud

Ricky Steven Geislinger of Watkins Minnesota a stockbroker formerly employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which settled for $75,000.00 in damages supported by allegations that (1) Geislinger made misrepresentations to the customer concerning the terms and conditions of the investments selected for the […]

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Investors Sue First Allied Securities For Misrepresentation

November 23, 2018  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

William Danny Chancellor of Ridgeland Mississippi a stockbroker formerly employed by First Allied Securities, Inc. is referenced in a customer initiated investment related arbitration claim which settled for $20,000.00 in damages based upon allegations that (1) misrepresentations and omissions had been made to the customer concerning the risks and fees of direct participation program or […]

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United Planners Sued For Risky Investment Recommendations

Billy Edward Foster of United Planners’ Financial Services of America is referenced in a customer initiated investment related arbitration claim which was resolved for $100,000.00 in damages based upon allegations that (1) unsuitable investment recommendations had been made to the customer concerning a direct participation program or limited partnership interests and (2) United Planners Financial […]

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Investor Sues WFG Investments For Misrepresentation

Bert Allen Cooper of Peoria Arizona a stockbroker formerly employed by WFG Investments Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $50,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning direct participation program and limited partnership interest risks at the time […]

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Despain Discharges Broker For Unapproved Investments

Jay R. Weiser of Collinsville Illinois a stockbroker formerly employed by Despain Financial Corporation has been discharged by the firm on June 22, 2018 based upon customers’ allegations that Weiser sold them life insurance products and regulation D investment products that were inappropriate for the customers. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally confirms […]

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Geneos Sued By Investor For Breach Of Fiduciary Duty

Richard Mark Braverman of Lancaster Pennsylvania a stockbroker currently registered with Geneos Wealth Management Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages based upon accusations that (1) omissions had been made regarding the risks of investing in direct investments and real estate investments (2) fiduciary duties […]

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Berthel Fisher Sued For Bad Investments

Steve Jeffrey Cummings of Fort Deposit Alabama a stockbroker formerly employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $300,000.00 in damages founded on accusations that (1) Cummings misled the customer concerning direct investment products (2) Cummings placed the customer in inappropriate […]

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Investors Sue WFG Investments For Failure To Supervise

Wilson Henry Williams of Dallas Texas a stockbroker and principal registered with WFG Investments Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $236,081.00 in damages supported by accusations of the failure to supervise the customer’s investments in direct participation program or limited partnership interests. Financial Industry Regulatory Authority […]

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Investors Seek Damages Against Source Capital Group

July 31, 2018  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

Todd Harris McKee of Westport Connecticut a stockbroker formerly employed by Source Capital Group Inc. is the subject of a customer initiated investment related written complaint on April 13, 2018 where the customer requested $30,000.00 in damages based upon allegations of suitability pertaining to the customer’s investment in limited partnership interests or a direct participation […]

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JP Turner Sued By Customer For Unauthorized Trading

John Alexander Ogrodnick of Farmington Hills Michigan a stockbroker formerly employed by J.P. Turner Company L.L.C. is referenced in a customer initiated investment related arbitration claim where the customer sought $70,000.00 in damages founded on accusations that (1) trades were placed in the customer’s account without the customer’s authorization (2) the customer’s account was handled […]

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Cetera Advisors Accused Of Private Placement Fraud

Omar K. Henry of New York New York a stockbroker formerly employed by Cetera Advisors LLC is referenced in a customer initiated investment related written complaint on April 9, 2018 in which the customer sought $451,844.09 in damages based upon accusations that direct participation program transactions were placed in the customer’s account that were not […]

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Customer Sues Merrill Lynch For Misrepresentation

Andrew John Constantinides of Boca Raton Florida a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages based upon accusations that unsuitable investment recommendations and misrepresentations had been made to the customer pertaining to the customer’s direct […]

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RBC Capital Sued By Customer For Unauthorized Trading

Roger Alan Klinger of Indianapolis Indiana a stockbroker formerly employed by RBC Capital Markets LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $100,000.00 in damages based upon allegations that master limited partnership and unit investment trust transactions were effected in the customer’s account that were neither […]

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Customer Accuses GVC Capital Of Misrepresentation

Eugene Lee Webb of Salem Oregon a stockbroker formerly employed by GVC Capital LLC is the subject of a customer initiated investment related written complaint on March 20, 2018 where the customer sought $160,000.00 in damages based upon allegations that (1) misrepresentations had been made to the customer (2) unsuitable equity and direct investment product […]

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Morgan Stanley Sued By Customer For Unsuitable Direct Investments

Stephen Lowell Takowsky of Beverly Hills California a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related arbitration claim where the customer sought $95,032.00 in damages based upon accusations that unsuitable equity and direct investment product transactions were effected in the customer’s account between December of 2014 and November […]

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UBS Accused By Customer Of Misrepresentation

Walter M. Stucker of Forth Worth Texas a stockbroker formerly registered with UBS Financial Services Inc. is the subject of a customer initiated investment related written complaint in which the customer requested $632,907.00 in damages supported by accusations that between July 27, 2011 and December 18, 2017, oil and gas limited partnership transactions were placed […]

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Customer Sues H. Beck For Misconduct

Steven Howard Orr of Houston Texas a stockbroker formerly registered with H. Beck Inc. has been referenced in a customer initiated investment related arbitration claim where the customer sought $5,000,000.00 in damages founded on allegations that direct investment transactions were not suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-01527 (Oct. 24, […]

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Customer Sues First Kentucky Securities For Suitability

William Cranston Fenwick Jr of Louisville Kentucky a stockbroker currently registered with First Kentucky Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $20,351,400.00 in damages founded on allegations that unsuitable master limited partnership investments were executed with the customer’s funds between 2015 and 2016. Financial Industry […]

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Customer Sues Jeffries For Misrepresentation

March 16, 2018  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

Fred Charles Ostrove of New York New York is a stockbroker currently employed by Jeffries LLC who is the subject of a customer initiated investment related civil action on October 26, 2016 in which the customer sought $200,000.00 in damages supported by accusations that misrepresentations had been made concerning direct investment programs. Civil Action No. […]

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Wedbush Securities Sued By Customer For Suitability

January 26, 2018  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

William Mark Heiden, of Newport Beach, California, a stockbroker currently employed with Wedbush Securities, is the subject of a customer initiated investment related arbitration claim, where the customer has requested $41,835.00 in damages founded on accusations that investment recommendations relating to Clearbridge American Energy master limited partnership interests were not suitable for the customer, fiduciary […]

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Merrimac Corporate Securities Accused Of Suitability

Stephen Douglas Pizzuti, of Altamonte Springs, Florida, a stockbroker formerly registered with Merrimac Corporate Securities, Inc., is the subject of a customer initiated investment related written complaint, in which the customer sought $90,000.00 in damages based upon allegations that inappropriate equity and direct investment products were effected in the customer’s account. Financial Industry Regulatory Authority […]

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Titan Securities Broker Investigated For Suitability

January 09, 2018  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

Walter Warren Parker of Rowlett, Texas, a stockbroker currently associated with Titan Securities, is the subject of a Financial Industry Regulatory Authority (FINRA) investigation into Parker’s involvement in potentially unsuitable direct participation program transactions. FINRA Investigation No. 20160504921 (Nov. 15, 2017). FINRA Public Disclosure reveals that Parker has been identified in seven customer initiated investment […]

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UBS Sued for Unsuitable Energy Partnership Sales

November 28, 2017  |   Posted by :   |   Direct Participation Programs, Over Concentration   |   0 Comments

Michael James Keane of Melville, New York, a stockbroker formerly registered with UBS Financial Services, Inc., is the subject of a customer initiated investment related complaint on October 2, 2017, where the customer sought $300,000.00 in damages supported by allegations that Keane failed to follow the customer’s instructions, and effected purchases of speculative master limited […]

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Wells Fargo Sued For Direct Investments

November 21, 2017  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

Regan Allen Rohl of Fargo, North Dakota, a stockbroker formerly registered with Wells Fargo Advisors Financial Network, LLC, is the subject of a customer initiated investment related arbitration claim, where the customer sought $75,000.00 in damages supported by allegations that Rohl made misrepresentations to the customer concerning direct investment products purchased by the customer between […]

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Newport Coast Securities Sued For Misrepresentation

August 26, 2017  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

Tony Barouti, of Los Angeles, California, a stockbroker formerly registered with Newport Coast Securities, Inc., is the subject of a customer initiated investment related written complaint on July 20, 2015, in which the customer requested $100,000.00 in damages based upon allegations that Barouti made misrepresentations to the customer in reference to direct investment products effected […]

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Wells Fargo Advisors Broker Suspended By Regulator

John Bradford Leonard, of Toledo, Ohio, a stockbroker formerly registered with Wells Fargo Advisors, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to respond to a FINRA informational request regarding his activities. Case No. 2016050686801 (Apr. 14, 2017). FINRA Public Disclosure […]

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IMS Securities In Customer Arbitration Alleging Fraud

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

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Finance 500 Named Sued For Fraud

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

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FINRA charges VFG Securities with Fraud

Jason Bryce Vanclef fist became registered with the Financial Industry Regulatory Authority in 2006, and since that time, he has been the subject of no less that seven customer initiated investment related complaints alleging fraud, and most recently on February 6, 2016, a FINRA regulatory action also alleging fraud in connection with the sale of […]

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