Elder Abuse

Archive | Elder Abuse

Independent Financial Group Sued For Elder Abuse

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

Kyusun Kim, of San Diego, California, a stockbroker registered with Independent Financial Group, LLC, has been named in a customer initiated investment related arbitration claim, in which the customer alleged that Kim committed elder financial abuse, breached his contractual obligations, breached his fiduciary duties, and violated federal and state securities laws relating to structured products, […]

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Punitive Damges Award Against Wedbush Securities Fraud

October 05, 2017  |   Posted by :   |   Elder Abuse, FINRA Securities Arbitration   |   0 Comments

Mark Fred Augusta, of Solana Beach, California, a stockbroker formerly registered with Wedbush Securities Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer was awarded 250,000.00 in compensatory damages, $1,080,000.00 in punitive damages, and $110,000.00 in disgorged commissions on July 13, 2017, supported by allegations against Augusta and […]

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New York Broker Barred By FINRA For Defrauding Elderly Investor

Craig David Dima of Ronkonkoma, New York settled his regulatory enforcement action with FINRA by agreeing to a permanent bar from the securities industry. The bar is based on Dima’s conduct relating to an account for a 73 year-old retiree which included unauthorized trades, misrepresentations and excessive fees and commissions charged to the elderly client. […]

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Independent Financial Group Stockbroker Barred

Calvin Edward Moores, of Brea, California, a stockbroker formerly registered with Independent Financial Group, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to correspond with FINRA staff in reference to information about Moores’ business activities. Letter No. 2015047356601 (Mar. 7, […]

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LPL Financial Stockbroker Going to Prison

Robert Neil Tricarico, of Westport, Connecticut, a stockbroker formerly registered with LPL Financial, LLC, has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or stockbroker, or associating with any investment adviser or brokerage firm according to an Order Instituting Administrative Proceedings pursuant to Securities Exchange Act of […]

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Illinois Financial Advisor Steals From Elderly Client By Forging Checks

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

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

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Allied Beacon Partners Broker Suspended For Bad Recommendations

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

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

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Wells Fargo Advisors Stockbroker Sanctioned

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

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

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Regulators Descend Upon Legend Securities

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

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Morgan Stanley Smith Barney Stockbrokers Fired

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

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Edward Jones Stockbroker Charged With Stealing

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

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

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Ameriprise Financial Stockbroker Sanctioned

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

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

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Wells Fargo Advisors Stockbroker Barred By Regulators

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

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

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Securities America Named In Customer Securities Arbitration

January 13, 2017  |   Posted by :   |   Elder Abuse, FINRA Securities Arbitration   |   0 Comments

Paul Avila Neves, of San Diego, California, a stockbroker currently associated with Securities America, Inc., has been named in a customer initiated investment related arbitration claim on November 13, 2015, in which the customer requested $800,000.00 in damages based upon allegations that Neves effected sales of unsuitable and unregistered real estate securities, violated California’s Securities […]

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Dougherty & Company Fined For Failure To Supervise

January 03, 2017  |   Posted by :   |   Elder Abuse, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Dougherty & Company LLC, headquartered in Minneapolis, Minnesota, has been censured and fined $140,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise a registered representative who effected unsuitable and unauthorized investment transactions. Letter of Acceptance, Waiver and Consent, No. 2015047008701 (Nov. 28, 2016). According to the […]

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Bay Mutual Financial Stockbroker Barred For Cheating Seniors

Christopher B. Ariola, of Aliso Viejo, California, a stockbroker with Bay Mutual Financial, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Default Decision containing findings that Ariola made unsuitable recommendations to investors. Department of Enforcement v. Christopher B. Ariola, No. 2012034139101 […]

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Former MML Investors Services Stockbroker Charged With Misrepresentation

Stanley C. Niekras, of Liverpoll, New York, a stockbroker formerly associated with MML Investors Services, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Niekras made misrepresentations to elderly customers pertaining to investments. Department of Enforcement v. Niekras, No. 2013037401001 (Nov. 7, 2016). According to the Complaint, […]

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VSR Financial Services Stockbroker Suspended For Unsuitable Recommendations

Mickey Long, of Plano, Texas, a stockbroker with VSR Financial Services, Inc., was suspended by Texas State Securities Board after being found to have made unsuitable investment recommendations of real estate investments and other alternative investments. Order No. REG16-SUS-03 (Oct. 4, 2016). According to the Order, Long was responsible for advising a seventy-year-old customer who […]

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Ripping Off the Elderly Never Gets Old

September 27, 2016  |   Posted by :   |   Boilerroom, Elder Abuse   |   0 Comments

Avenir Financial Group, of New York, New York as well as its chief executive officer, Michael Todd Clements and stockbroker Karim Ahmed Ibrahim, were all censured by Financial Industry Regulatory Authority (FINRA) in connection with a FINRA Office of Hearing Officers’ Extended Hearing Panel Decision which contained findings that the firm, Clements, and Ibrahim engaged […]

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Adirondack Trading Group Stockbroker Barred In Investigation

September 09, 2016  |   Posted by :   |   Annuity Schemes, Elder Abuse   |   0 Comments

Michael B. Inderlied, of New Woodstock, New York, a stockbroker with Adirondack Trading Group LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed an investigation into allegations of his unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and […]

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Bay Mutual Financial Stockbroker Charged With Unsuitable Recommendations

September 09, 2016  |   Posted by :   |   Elder Abuse, Stockbroker Fraud News, Suitability   |   0 Comments

Christopher B. Ariola, of Aliso Viejo, California, a stockbroker with Bay Mutual Financial, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Ariola made unsuitable recommendations to investors. Department of Enforcement v. Christopher B. Ariola, No. 2012034139101 (Aug. 25, 2016). According to the Complaint, between December of […]

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LPL Financial Stockbroker Barred For Stealing Customer Funds

George A. Zedan, of Glendale, California, a stockbroker with LPL Financial LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing allegations that Zedan converted customer funds and failed to cooperate in a FINRA investigation into […]

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Lawson Financial Corporation Charged With Securities Fraud

June 08, 2016  |   Posted by :   |   Bond Fraud, Elder Abuse, Stockbroker Fraud News   |   0 Comments

Lawson Financial Corporation, as well as Robert Lawson (the firm’s president, chief compliance officer, and chief executive officer), and Pamela Lawson (the firm’s owner and chief operating officer) were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging securities fraud in the sale municipal revenue bonds. Department of Enforcement v. […]

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Summit Brokerage Services Stockbroker Barred In Investigation

Andrew Todd Yocum, of Lady Lake, Florida, a stockbroker with Summit Brokerage Services, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized trading and unsuitable recommendations. Letter of Acceptance, Waiver and Consent, […]

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Thrivent Investment Management Stockbroker Barred For Stealing

June 08, 2016  |   Posted by :   |   Elder Abuse, Embezzlement, Stockbroker Fraud News   |   0 Comments

Miguel Hernandez, of El Paso, Texas, a stockbroker with Thrivent Investment Management, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2015045623201 (Apr. 25, 2016). According to the AWC, Hernandez […]

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Wedbush Securities Stockbroker Barred for Stealing

February 12, 2016  |   Posted by :   |   Elder Abuse, Stockbroker Fraud News   |   0 Comments

Michael B. Winegar of Salem, Oregon, a stockbroker with Wedbush Securities Inc., was barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member firm in any and all capacities after Winegar consented to findings that he converted funds from a customer. Letter of Acceptance, Waiver and Consent, No. 2015045014101 (Jan. 29, 2016). […]

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Former Cambridge Investment Research Broker Barred Obstructing Investigation

Glenn A. Moffitt of Henderson, NV, a former general securities representative with Cambridge Investment Research, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after failing to appear for on-the-record testimony in connection with FINRA’s investigation into allegations that Moffitt converted $370,000 from a customer. FINRA Letter of Acceptance, Waiver, and […]

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Woodbury Financial Services Stockbroker Barred for Stealing

Joseph R. Butler, a Stockbroker with Woodbury Financial Services, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm after the National Adjudicatory Council confirmed a Hearing Panel Decision barring Butler for converting customer’s funds and submitting a false annuity beneficiary change request. In the Matter of Department of Enforcement […]

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Fifth Third Bank Broker Expelled Amid Investigation

Matthew Roger Quinn, a registered representative with Fifth Third Bank, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide on-the-record testimony in connection with an investigation into allegations that Quinn had stolen funds from elderly customers. Letter of Acceptance, Waiver, and Consent, No. […]

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