Embezzlement

Archive | Embezzlement

IFS Securities Sued For Breach Of Fiduciary Duty

Steven Douglas Schisler of Grass Valley California a stockbroker currently registered with IFS Securities is referenced in a civil action brought in the Nevada County Superior Court of Nevada City California where the plaintiff sought restitution based upon allegations that while Schisler was associated with IFS Securities Inc. (1) fiduciary duties owed to the plaintiff […]

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Raymond James Sued By Investors For Theft

January 03, 2019  |   Posted by :   |   Embezzlement, Forgery, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald Marshall Cox a stockbroker currently employed by Raymond James Associates Inc. is referenced in a customer initiated investment related civil action in which the customer sought $2,000,000.00 in damages based upon allegations that between April of 2011 and November of 2015: (1) the customer’s funds were converted (2) the customer’s signature had been forged […]

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FINRA Charges MML Broker With Hindering Investigation

Tyler James Woodward of Colorado Springs Colorado a stockbroker formerly registered with MML Investors Services LLC has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in Complaint alleging that Woodward failed to cooperate in a FINRA investigation into allegations that he converted a customer’s funds. Department of Enforcement v. Tyler J. Woodward […]

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Wells Fargo Stockbroker Barred By FINRA For Conversion

Thomas A. Davis of Hilton Head Island South Carolina a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings that Davis converted funds from customers and failed to cooperate with FINRA’s investigation into […]

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FINRA Bars Wells Fargo Broker In Theft Investigation

Wilfred Rodriguez Jr. of Boca Raton Florida a stockbroker formerly registered with Wells Fargo Clearing Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA’s requests in an investigation into Rodriguez’s purported conversion of customer […]

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Investor Sues CoreCap Investments For Conversion

Raymond Max Pett of Southfield Michigan a stockbroker currently registered with CoreCap Investments, Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $170,000.00 in damages based upon allegations that Pett was liable for a registered representative having stolen the customer’s assets. FINRA Arbitration No. 18-01283 (August 9, 2018). […]

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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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Aegis Capital Corp Stockbroker Barred For Conversion

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

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

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Source Capital Group Stockbroker Barred In Investigation

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

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

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Next Financial Group Named In Customer Securities Fraud Arbitration

Eduardo Guillermo Diaz, of Biloxi, Mississippi, a former stockbroker formerly  registered with Next Financial Group, Inc., has been subject to a customer initiated investment related arbitration action in which the customer received $250,000.00 in damages based upon allegations that Diaz made misrepresentations to the customer concerning investments, failed to provide the customer with information concerning […]

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Next Financial Group Stockbroker Barred In Conversion Investifgation

Tye C. Williams, of Frisco, Texas, a stockbroker with Next Financial Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm any capacity after he consented to findings that he obstructed an investigation into allegations that Williams converted funds from customers, effected transactions in customer accounts which were unauthorized, […]

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NYLife Securities, the Stockbroker that Sneaked

October 11, 2016  |   Posted by :   |   Embezzlement, Stockbroker Fraud News   |   0 Comments

John P. Mosley, of Westbrook, Maine, a stockbroker with NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after he consented to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016051400601 (Sept. 30, 2016). According to the AWC, while Mosley […]

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Customer Theft Case Results in Suspension of Principal For Failure to Supervise

September 27, 2016  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Peter F. Butler, of Cambridge, Ohio, a stockbroker and principal for Ameriprise Financial Services, Inc., conducting business under the same Partners Financial Group, was fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Butler failed to supervise a registered representative who converted […]

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Arjent Stockbroker Barred In Fraud Investigation

August 25, 2016  |   Posted by :   |   Embezzlement, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

If you steal $2.3 million, it is probably best not to talk about it. Robert P. DePalo, of Greenwich, Connecticut, a stockbroker with Arjent, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity in connection with a FINRA Hearing Panel Decision containing findings that DePalo obstructed a FINRA […]

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Newport Coast Securities Stockbroker Charged With Stealing

David O. Braeger, of Irvine California, a stockbroker with Newport Coast Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Braeger converted customer funds and made misrepresentations concerning investments. Department of Enforcement v. David O. Braeger, No. 2015045456401 (July 20, 2016). According to the Complaint, customers […]

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Robert W Baird Sanctioned For Failure To Supervise

August 08, 2016  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Robert W. Baird, headquartered in Milwaukee, Wisconsin, as well as Rolf Parker Griffith III, a stockbroker and supervisor with Robert W. Baird, were sanctioned by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm and Griffith failed to properly supervise a registered representative’s misuse of customer funds. Letter of Acceptance, Waiver and […]

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Ameritas Investment Corporation Stockbroker In Investigation

Nathan Silva, of Omaha, Nebraska, a stockbroker with Ameritas Investment Corp., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misconduct against him. Letter of Acceptance, Waiver and Consent, No. 20140426897-01 (July 8, 2016). According to […]

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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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Next Financial Group Assistant Barred In Misappropriation

May 05, 2016  |   Posted by :   |   Embezzlement, Stockbroker Fraud News   |   0 Comments

Gwendolyn M. Berry, an employee with Next Financial Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she failed to cooperate with a FINRA investigation into allegations that she misappropriated customer assets. Letter of Acceptance, Waiver and Consent, No. 2015047059701 […]

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Farmers Financial Solutions Broker Charged With Stealing

May 05, 2016  |   Posted by :   |   Embezzlement, Stockbroker Fraud News   |   0 Comments

Ka Kiertonkaysy Lor, of Sacramento, California, a registered representative with Farmers Financial Solutions, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that she converted customers’ funds. Department of Enforcement v. Lor, No. 2014041073501 (Apr. 7, 2016). According to the Complaint, in October 2013, Lor, an insurance agent who […]

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FTB Advisors Broker Barred in Conversion Investigation

Kenneth Lynn Miller, of Greeneville, Tennessee, a registered representative with FTB Advisors, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 20160490980-01 (Mar. […]

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UnionBanc Investment Services Stockbroker Barred for Suspected Conversion

Alicia M. Moe, of Woodland Hills, California, a stockbroker with UnionBanc Investment Services, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that she failed to cooperate in a FINRA investigation into allegations that she may have committed the conversion of customer funds. […]

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Odeon Capital Group LLC Stockbroker Barred Amid Allegations Of Conversion

Matthew Edward O’Callaghan, of New York, New York, a stockbroker with Odeon Capital Group LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to cooperate in a FINRA investigation into allegations that O’Callaghan stole customer funds. Letter of Acceptance, Waiver […]

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Questar Capital Corporation Stockbroker Barred for Obstruction

February 12, 2016  |   Posted by :   |   Embezzlement, Selling Away, Stockbroker Fraud News   |   0 Comments

Kevin Donald Wanner of Bismarck, North Dakota, a stockbroker with Questar Capital Corporation, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after he consented to findings that he failed to cooperate with a FINRA investigation. Letter of Acceptance, Waiver and Consent, No. 2015048162701 (Jan. 11, 2016). […]

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Wunderlich Securities Broker Barred for Conversion

January 05, 2016  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

John Soon Lee, a stockbroker with Wunderlich Securities, 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 Lee converted customer funds and failed to provide requested information and testimony to FINRA in connection with an investigation into allegations […]

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TransAmerica Financial Stockbroker Barred for Stealing and Outside Business Activities

December 24, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Lori A. Hermanson of Greenwood Village, Colorado, a registered representative with TransAmerica Financial Advisors, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Hermanson had converted funds and engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015047979601 (Dec. […]

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Fidelity Brokerage Services Fined for Failing to Safeguard Funds

Fidelity Brokerage Services, headquartered in Smithfield, Rhode Island was censured, fined $500,000, and ordered to pay customers restitution of $529,270 plus interest after consenting to findings that the firm had failed to prevent or detect conversion of more than $1,000,000 from nine Fidelity customers by a convicted felon; and failed to establish and maintain adequate […]

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Morgan Stanley Stockbroker Barred In Stealing Investigation

Samuel Wylie Sloane of Fort Worth, Texas, a registered representative with Morgan Stanley, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had failed to comply with a FINRA investigation into allegations of Sloane’s conversion of customer funds. Letter of […]

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Farmers Financial Broker Liable for Conversion

December 24, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Keilen Dimone Wiley of Houston, Texas, a registered representative with Farmers Financial, LLC, was found by the Securities and Exchange Commission to have converted insurance premium payments and provided false and misleading information to a self-regulatory organization (Financial Industry Regulatory Authority) during an on-the-record interview. In the Matter of the Application of Keilen Dimone Wiley, […]

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Merrill Lynch Associated Person Barred for Attempted Stealing

December 09, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Misappropriation of Funds   |   0 Comments

John Michael Leone, a non-registered associated person with Merrill Lynch, Pierce, Fenner & Smith, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member frim in any capacity after consenting to findings that he attempted to convert customer funds. Letter of Acceptance, Waiver and Consent, No. 2015045761101 (Dec. 1, 2015). According to the […]

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Edward Jones Stockbroker Barred for Misappropriation of Customer Funds

Anthony C. Gray of Baton Rouge, Louisiana, a stockbroker with Edward Jones, was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities after consenting to findings that he had misappropriated nearly $138,000 from two elderly customers. Letter of Acceptance, Waiver and Consent, No. 2015047279101 (Oct. […]

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J.P. Morgan Stockbroker Barred in Theft Investigation

Salena Lynn Woods of Pearland, Texas, a stockbroker with J.P. Morgan Securities, LLC, was permanently barred from associating with any FINRA member in any capacity after consenting to findings that she failed to comply with a FINRA investigation into allegations that Woods misappropriated funds from a firm customer. Letter of Acceptance, Waiver and Consent, No. […]

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Farmers Financial Solutions Stockbroker Barred for Stealing

Lydia B. Barraza, a stockbroker with Farmers Financial Solutions, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she converted funds from a firm customer. Letter of Acceptance, Waiver and Consent, No. 2015045880301 (Oct. 20, 2015). On June 17, 2015, her […]

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State Farm Stockbroker Barred for Obstructing Investigation

Rodney Dewayne Welch of Minden, Louisiana, a Stockbroker with State Farm, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he failed to comply with an investigation into allegations that Welch mishandled a policyholder’s premium payments. Letter of Acceptance, Waiver and […]

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Stifel Nicolaus & Company Stockbroker Barred for Obstructing Investigation

Andrew Lyman Quinn of Reno, Nevada, a stockbroker with Stifel, Nicolaus & Company, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with a Hearing Panel Decision containing findings that Quinn failed to respond to FINRA’s requests for information in connection with an investigation […]

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LPL Financial Stockbroker Barred in Stealing Investigation

Barbara D. Fife, a Stockbroker with LPL Financial, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacities after consenting to findings that she refused to cooperate with a FINRA investigation into allegations that Fife converted funds from a customer. Letter of Acceptance, Waiver, and Consent, No. 2015046218901 (Oct. […]

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HSBC Securities Stockbroker Barred In Stealing Investigation

Emily S. Pao, a Stockbroker with HSBC Securities (USA), Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Pao had refused to cooperate in an investigation into allegations of converting funds from a customer. Letter of Acceptance, Waiver, and Consent, No. 20150459320-01 […]

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Wells Fargo Advisors Investment Advisor Charged with Facilitating Conversion

Modesto Biney, an investment advisor with Wells Fargo, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Biney had facilitated the conversion of his firm customer’s funds, while also failing to timely produce documents requested by FINRA pursuant to an investigation into Biney’s misconduct. Department of Enforcement v. […]

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Raymond James Stockbroker Barred for Conversion and Forgery

Paul Anthony Steffany, a Stockbroker with Raymond James, was permanently barred from association with any Financial Industry Regulatory Industry (FINRA) after consenting to findings that he converted funds from his firm’s customer, while also forging the signature on checks made payable to the estate of an individual. Letter of Acceptance, Waiver, and Consent, No. 2014041650301 […]

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Allstate Stockbroker Barred In Misappropriation Investigation

Joseph Murray Snyder III, a Stockbroker with Allstate Financial Services, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to cooperate with FINRA in their investigation into allegations of Synder’s misappropriation of customer funds. Letter of Acceptance, Waiver, and Consent, No. 2014040233501 (Oct. […]

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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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Country Capital Management Stockbroker Barred Falsifying Documents

Daniel P. Glavin, a Stockbrokerwith Country Capital Management Company, was recently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that Glavin had obstructed a FINRA investigation and had converted approximately $45,000 in customer funds. Letter of Acceptance, Waiver, and Consent, No. 2015044416501 (Mar. 31, 2015). […]

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PFS Investments StockbrokerBarred Amid Conversion Allegations

October 05, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Malcolm Jamal Babin, a Stockbrokerwith PFS Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations that Babin had converted customer funds. Letter of Acceptance, Waiver, and Consent No. 20150454876-01 (July 30, 2015). Babin […]

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Morgan Stanley Stockbroker Barred for Obstructing Investigation into Converting Funds

October 05, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Troy Mackey, a Stockbrokerwith Morgan Stanley, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that Mackey failed to cooperate in FINRA’s investigation into allegations that Mackey converted funds from two minor relatives. Letter of Acceptance, Waiver, and Consent, No. 4466980. (July 16, 2015). Mackey is barred […]

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TD Ameritrade Broker Barred for Theft of Customer Funds

Rice Alexander Jacobs, a registered representative with TD Ameritrade, Inc., was permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to provide information and documentation in connection with an investigation into allegations that Jacobs converted a local organization’s funds. Letter of Acceptance, Waiver, and Consent No. 20150439952 (Mar. 11, 2015). According to the AWC, […]

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SunTrust Investment Service Broker Barred In Stealing Investigation

Kirsten Flynn Hawkins, a registered representative with SunTrust Investment Services, Inc., was permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to provide information and documentation in connection with an investigation into allegations that Hawkins stole funds from her firm’s customer. Letter of Acceptance, Waiver, and Consent No. 20149437894 (Mar. 23, 2015). According to […]

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JPMorgan Chase Broker Barred for Stealing Customer Funds

September 30, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Louis James Deeley, a registered representative with JPMorgan Chase Bank, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that Deeley converted $24,014 from a firm customer’s bank account for his own use and benefit. Letter of Acceptance, Waiver, and Consent No. 20140437239 […]

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Wells Fargo Broker Barred in Theft Investigation

Kamran Daryush Nougzust, a registered representative with Wells Fargo Advisors, was permanently bared from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into Nougzust’s alleged conversion of a bank’s trust funds. Letter of Acceptance, Waiver, […]

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Peoples Securities Broker Caught Stealing From People

Tricia Denise Willis, a registered representative with People’s Securities, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that she converted funds from a customer of her firm and forged a customer’s signature without authorization. Letter of Acceptance, Waiver, and Consent No. 20130392989 […]

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Cambridge Investment Research Broker Barred for Stealing Customer Funds

Ralph W. Savoie, a registered representative with Cambridge Investment Research, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Savoie misappropriated in excess of $665,000.00 from a firm customer. […]

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MetLife Broker Barred for Stealing Customer Funds

Andre Mitchell, a registered representative with MetLife, was permanently barred from associating with any FINRA member firm in any capacity after Financial Industry Regulatory Authority’s Office of Hearing Officers found Mitchell to have converted customer funds in addition to failing to cooperate in a FINRA’s investigation. Department of Enforcement v. Mitchell, No. 2013035618602 (Sept. 28, […]

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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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Merrill Lynch Broker Barred for Stealing

Tammy C. Peterson, a registered representative for Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to FINRA findings that Peterson had converted approximately $107,378 from four of her firm’s customers for her own personal benefit and use. Letter […]

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J.P. Morgan Broker Barred Amid Forgery Allegations

September 28, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Forgery, Stockbroker Fraud News   |   0 Comments

Sam M. Stull, a registered representative for J.P. Morgan Securities LLC, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities after consenting to findings that Stull forged the signatures of several customers and failed to cooperate with FINRA in their investigation into allegations of Stull’s misconduct. Letter […]

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Wells Fargo Advisors Broker Barred for Stealing Customer Funds

Daniel Hillius, a registered representative with Wells Fargo Advisors, LLC, was permanently barred from association with any FINRA member firm in any capacity after consenting to Financial Industry Regulatory Authority (FINRA) findings that he misappropriated and forged another person’s check while converting funds for his own benefit. Letter of Acceptance, Waiver, and Consent No. 2014041988001 […]

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PNC Investments Broker Barred Amid Investigation into Stolen Funds

Philip Earl Brunson, a registered representative with PNC Investments and Wells Fargo Advisors, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate with their investigation in connection with allegations that Brunson converted customer funds. Letter of Acceptance, […]

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Pruco Securities Broker Barred During Conversion Investigation

Ronald Dunn, a registered representative with Pruco Securities, LLC, was permanently barred by from associating with any Financial Industry Regulatory Authority (FINRA) registered firm after consenting to findings that he had failed to cooperate in an investigation in connection with Dunn’s alleged conversion of customer funds. Letter of Acceptance, Waiver, and Consent, No. 2014042095201 (Apr. […]

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ING Broker Charged With Lying and Stealing

Giovanni L. Acevedo, a registered representative with ING, has been charged by the Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Acevedo stole in excess of $160,000 in customer funds from three clients of the firm for Acevedo’s personal use, while also falsifying information to FINRA regulators during an investigation into Acevedo’s conversion […]

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MetLife Securities Broker Accused of Stealing

Andre Mitchell, a registered rep from MetLife Securities, Inc., was charged by the Financial Industry Regulatory Authority in a Complaint alleging that Mitchell misappropriated monies provided to him by an insurance customer. Department of Enforcement v. Andre Mitchell, No. 2013035618602 (Apr. 20, 2015). According to the Complaint, Mitchell was being investigated by FINRA after his […]

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OneAmerica Broker Barred For Converting Customer Funds

September 16, 2015  |   Posted by :   |   Embezzlement, Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Brantly Chavis, a OneAmerica registered representative, was permanently barred from associating with any Financial Industry Regulatory Authority member in any capacity after accepting and consenting to Financial Industry Regulatory Authority’s findings that Chavis had converted funds from a customer. Letter of Acceptance, Waiver, and Consent No. 2014042234401 (Sept. 2, 2015). According to the AWC, Chavis […]

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JP Morgan Chase Bank Broker Barred for Conversion

September 16, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Daniel R. Colon, a JP Morgan Chase Bank registered representative, was permanently barred from associating with any Financial Industry Regulatory Authority member in any capacity after stealing money from a customer of Chase Bank. Letter of Acceptance, Waiver, and Consent No. 2014043421201 (May 12, 2015). According to the AWC, one of the bank’s customers accidentally […]

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LPL Financial Broker Barred for Obstructing Investigation

Robert Neil Tricarico, formerly a general securities representative with LPL Financial, LLC, was permanently barred from associating with any FINRA member in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into allegations that Tricarico converted customer funds. FINRA Letter of Acceptance, Waiver, and Consent No. 2014043719001 […]

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JHS Capital Advisors broker Barred for Obstructing Investigation

Mark Douglas Weindling, a former JHS Capital Advisors, LLC registered representative, was permanently barred from associating with any FINRA member in any capacity after consenting to FINRA findings that he failed to provide information and documents pursuant to a FINRA investigation into allegations of unauthorized transactions. FINRA Acceptance, Waiver, and Consent No. 2014041259001 (Apr. 22, […]

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Chase Investment Services Corp. Broker Barred For Stealing

Richard Ohrn, a former general securities rep with Wells Fargo Advisors, LLC, was permanently barred from associating with any FINRA member capacity after consenting to FINRA findings that Ohrn had converted customer funds, forged/falsified documents, caused his firm’s records and books to be false, and guaranteed a customer against financial loss. FINRA Department of Enforcement […]

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Huntington Investment Company Broker Carnahan Barred for Obstructing Theft Investigation

Bryan Carnahan, a former general securities representative with Huntington Investment Company, was permanently barred from associating with any FINRA member in any and all capacities after consenting to FINRA findings that Carnahan had misappropriated $169,500 from his former firm’s customer. FINRA Letter of Acceptance, Waiver, and Consent No. 2015044908301 (May 1, 2015). According to the […]

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Ausal Financial Partners Broker Barred for Obstructing Theft Investigation

September 11, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

John Michael Bannon, a former general securities representative with Ausal Financial Partners, Inc., was permanently barred from associating with any FINRA member in any and all capacities after failing to appear for an on-the-record interview in connection with FINRA’s investigation into allegations from a civil complaint which claimed Bannon had converted a minimum of $74,000 […]

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Global Strategic Investments Broker Barred for Stealing Customer Funds

Alejandro Ariel Torres, a former general securities representative with Global Strategic Advisors, was permanently barred from association with any FINRA member and ordered to pay restitution of nearly $60,000 to a former customer after consenting to FINRA findings that Torres stole funds from his customers, engaged in outside business activities, falsified firm documents regarding outside […]

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Allstate Financial Services Broker Barred for Defrauding Customers

Phillip Leonard Grasso, formerly a representative of Allstate Financial Services, was permanently barred in any and all capacities with a FINRA regulated entity after FINRA’s Office of Hearing Officers rendered a Default Decision finding that Grasso had misused and converted client funds in violation of FINRA Rules 2010 and 2150(a), engaged in securities fraud in […]

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Cambridge Investment Research Stockbroker Barred In Theft Investigation

Francesco Puccio of Pittsford, NY, a former general securities principal and registered rep with Cambridge Investment Research, was permanently barred from association with any FINRA-registered firm in all capacities after failing to cooperate with FINRA’s investigation into allegations that Puccio converted funds from a non-firm customer. FINRA Letter of Acceptance, Waiver and Consent, No. 2015046238101 […]

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Cambridge Investment Research Representative Barred for Alleged Conversion

August 26, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

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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J.P. Morgan Securities Representative Alleged to Have Stolen Funds

Charlotte A. Guin of Houston TX, a former general securities representative with J.P. Morgan Securities LLC, was barred from association with any FINRA-registered firm in all capacities after failing to provide information and documentation in connection with FINRA’s investigation into allegations that Guin converted the funds of a non-Firm customer. FINRA Letter of Acceptance, Waiver, […]

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Raymond Dickie Adcock Barred for Misappropriation of Customer Funds

Raymond Dickie Adcock, of Cabot Arkansas, also known, at least according to FINRA Public Disclosure Records as Dick Adcock, formerly associated with Regal Securities, Inc., of Glenview Illinois, was barred last month by the Financial Industry Regulatory Authority based upon the admission that he misappropriated $10,000 in customer funds generated by a private placement offering […]

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Raymond James Stockbroker Barred For Obstructing Theft Investigation

Stealing or the conversion of customer funds is never a good idea, and in fact it is illegal. However, in response to an investigation by the Financial Industry Regulatory Authority that he did just that, Ft. Meyers based, Raymond James & Associates stockbroker Mark A. Bullivant, with the benefit of counsel, of course, decided that […]

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Morgan Stanley Fined for Supervisory Failures

Morgan Stanley Smith Barney, a FINRA member since 2009, is a publicly held company that engages in general securities business via 24,000 registered representatives working out of roughly 850 branch locations. The Firm was censured and fined $65,000 by FINRA Department of Enforcement in connection with allegations that the Firm had failed to establish and […]

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Farmers Financial Stockbroker Barred for Issuiing Fake Insurance Policies

August 17, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Elise Joy Williams, a former representative with Farmers Financial Solutions, LLC, was barred from association with any FINRA-registered firm in all capacities after the Department of Enforcement found that Elise Joy Williams, in violation of FINRA Rule 2010, issued roughly 100 fabricated homeowner’s policies and collected nearly $67,000 in commission payments as a result. Letter […]

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California Financial Advisor Barred for Failing to Appear in FINRA Investigation

Michael J. Talin of Seal Beach, CA, a former general registered representative with Woodbury Financial Services, was barred from association with any FINRA-registered firm in all capacities after failing to appear for an on-the-record interview in connection with FINRA’s investigation of allegations that Talin converted monies from the non-securities account of a customer. FINRA Letter […]

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Former Mossic PA Financial Planner Pled Guilty to Ponzi Scheme

Jason Muskey of Mossic, PA, a former Ameritas Investment Corp. broker, well-known Moosic business man and prior president of the National Association of Insurance and Financial Advisors-PA, pled guilty on February 17, 2015, to money laundering, identify theft, and mail fraud in the connection with the theft of over $2M from clients– many of whom […]

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Former Newbridge Securities Broker Barred by FINRA for Failure to Cooperate with FINRA Investigation

Brian M. Berger, a former Newbridge Securities Broker, was barred from association with any FINRA-registered firm in all capacities after Berger failed to cooperate with a FINRA investigation in connection with allegations that he misappropriated funds from elderly customers while registered with Wells Fargo Advisors LLC and MetLife Securities, Inc. FINRA Letter of Acceptance, Waiver […]

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Massachusetts Financial Advisor Charged with Misappropriation of Client Funds

Jeffrey B. Pierce of Waltham, MA, a former financial advisor and registered representative with MidAmerica Financial Services, was charged on June 30, 2015 by the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth in connection with allegations that Pierce willfully engaged in fraudulent, dishonest, and unethical activities […]

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New Jersey Investment Advisor Charged with Fraud and Misappropriation of $20M in Customer Funds

Michael J. Oppenheim of Livingston, New Jersey, a former registered investment advisor representative and registered representative of J.P. Morgan Securities LLC, was charged in a criminal complaint by the United States Attorney for the Southern District of New York for one count each of wire fraud, embezzlement, securities fraud, and investment advisor fraud in connection […]

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When Mr. Wright goes Wrong Victims Helpless

For more than a decade, from at least February 1998 until June 2012, Dennis Fern Wright, a Lewistown, Pennsylvania stockbroker and insurance salesman associated with AXA Advisors, LLC., and, was entrusted with handling his customers’ retirement funds. However, at least according to the Securities & Exchange Commission, Wright lied to and stole over $1.5 million […]

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Asset Management Broker Barred for Misappropriation

February 12, 2014  |   Posted by :   |   Embezzlement, Stockbroker Fraud News   |   0 Comments

The United States Securities and Exchange Commission, after an investigation, instituted administrative proceedings against Roy Dixon, Jr., a former registered representative of Professional Asset Management, Inc., a licensed broker dealer in Bloomfield Hills, Michigan Roy Dixon, Jr., age 50, resides in Atlanta, Georgia and was the owner and founding general partner of Onyx Capital Advisors, […]

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Finra Bars Ex-Morgan Stanley Rep for Bilking 97 Year Old’s Charity

September 16, 2009  |   Posted by :   |   Embezzlement, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

John Edward Mullins and wife allegedly drained their client’s trust while she was in a nursing home. A former Morgan Stanley broker was barred today by the Financial Industry Regulatory Authority Inc. for allegedly misappropriating $11,156.47 from the charitable foundation of a 97-year-old nursing home resident who was his client for more than 20 years. […]

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Wachovia Hit With $5.3 Million Arbitration Award

In a case allegedly involving stolen stock, Wachovia Securities LLC was hammered in a recent arbitration loss and ordered to pay clients $5.3 million in damages. An award of that size is a huge win for investors, attorneys said. The case, which was decided July 30, centered on allegations that Wachovia of St. Louis “accepted […]

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