Failure to Conduct Due Diligence

Archive | Failure to Conduct Due Diligence

FINRA Bars Ameritas Broker In Theft Investigation

Kristian M. Gaudet of Cut Off Louisiana a stockbroker formerly registered with Ameritas Investment Corp has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Gaudet failed to cooperate with a FINRA investigation into allegations of Gaudet’s misuse of customer funds during the […]

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Investors Sue TCM Securities For Massive Bond Fraud

James Hal Heafner (also known as Jim Heafner) of Charlotte North Carolina a stockbroker formerly registered with Taylor Capital Management Inc and former investment adviser representative of Retirement Wealth Advisors is the subject of a customer initiated investment related arbitration claim in which the customer requested $268,015.79 in damages founded on allegations that (1) inappropriate […]

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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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LPL Sued By Investors For Wrongful ETF Strategy

Cory Ryan Burnell of Valley Springs California a stockbroker formerly registered with LPL Financial LLC and investment adviser representative of Blueprint Wealth Partners LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages based upon allegations that Burnell was responsible for the bad investment recommendations pertaining […]

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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 Sue WFG Investments For Misrepresentation

Stephen Anthony Pierce of Daphne Alabama a stockbroker formerly registered with WFG Investments Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $50,000.00 in damages based upon accusations that (1) Pierce made omissions and misrepresentations concerning the customer’s private placement investments and (2) Pierce did not undertake […]

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FINRA Fines Brokerbank Securities For Due Diligence Failures

September 28, 2018  |   Posted by :   |   Failure to Conduct Due Diligence, Stockbroker Fraud News   |   0 Comments

Brokerbank Securities Inc. a FINRA member brokerage firm headquartered in Minnetonka Minnesota has been censured and fined by Financial Industry Regulatory Authority (FINRA) based on the firm’s consent to findings that it failed to conduct reasonable due diligence in a private placement. Letter of Acceptance Waiver and Consent No. 2015043584501 (Sept. 10, 2018). According to […]

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Berthel Fisher Sued For Unsuitable Investments

Alvery Anthony Bartlett Jr. of Saint Louis Missouri a stockbroker formerly registered with Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related civil action in which the customer sought $6,637,918.00 in damages founded on allegations that (1) unsuitable hedge funds and real estate securities had been effected in the customer’s […]

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Customer Sues Financial West For Oil And Gas Suitability

Mitchell Steven Morrison of Westlake Village, California is a former principal of Financial West Group who is the subject of a customer initiated investment related arbitration claim where the customer sought $1,937,365.00 in damages founded on accusations that Morrison failed to supervise a registered representative who made misrepresentations to the customer and placed unsuitable oil […]

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Financial West Group Sued For Misrepresentation

Sara Zhou of Oak Brook Illinois is a stockbroker formerly registered with Financial West Group who is the subject of a customer initiated investment related arbitration claim in which the customer sought one million seven hundred eighty-one thousand one hundred fifteen dollars in damages supported by allegations that (1) misrepresentations had been made regarding oil […]

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WFG Investments Sued By Customers For Fraud

James Neal Turner, of Plano, Texas, a stockbroker formerly registered with WFG Investments, Inc., has been identified in a customer initiated investment related arbitration claim on January 30, 2017, where the customer requested $75,000.00 in damages based upon allegations of misrepresentations made to customers in convertible preferred stock offering documents, and the failure to adequately […]

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Customer Arbitration Against RP Capital

Joel Matthew Price, of Gig Harbor, Washington, a stockbroker formerly registered with RP Capital LLC, has been named in a customer initiated investment related arbitration claim on August 31, 2016, in which the customer requested $158,491.00 in damages based upon allegations that Price made unsuitable investment recommendations to the customer, failed to conduct due diligence […]

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WFG Investments Named In FINRA Arbitrations

Garry Lynn Osing, of Cordova, Tennessee, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 31, 2017, in which the customer requested $30,924.00 in damages based upon allegations that Osing made unsuitable investment recommendations to the customer regarding real estate securities and equipment […]

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Customers File Arbitration Against Reef Securities For Failure To Supervise

Harris W. Kirk, of Richardson, Texas, a stockbroker Reef Securities, Inc., is subject to a pending customer dispute from February 11, 2016, in which a customer has requested $250,000.00 in damages after alleging that Kirk failed to conduct due diligence concerning investments, failed to disclose investment risks to the customer, committed breach of contract, and […]

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Centaurus Financial Stockbroker Martinsen In Customer Dispute

September 16, 2016  |   Posted by :   |   Failure to Conduct Due Diligence, Stockbroker Fraud News   |   0 Comments

Bryon E. Martinsen, of Northport, New York, a stockbroker with Centaurus Financial, Inc., was named in a customer dispute in which a customer is requesting $1,787,000.00 in damages after alleging that Martinsen sold the customer products that were unsuitable and had not been vetted with proper due diligence. According to FINRA BrokerCheck, Martinsen has also […]

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Financial West Group Fined For Due Diligence Failures

September 08, 2016  |   Posted by :   |   Failure to Conduct Due Diligence   |   0 Comments

Financial West Group, headquartered in Westlake Village, California, was censured and fined $40,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm’s supervisory systems and procedures concerning the due diligence of private placements were inadequate. Letter of Acceptance, Waiver and Consent, No. 66483 (Aug. 16, 2016). According to the AWC, between October […]

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First American Securities Compliance Officer Fined For Due Diligence Failures

Jervis B. Hough, of Orrville, Ohio, a stockbroker with First American Securities, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any principal capacity after consenting to findings that he failed to conduct due diligence with regard to private placement transactions, and failed to follow supervisory […]

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