Failure To Supervise

Archive | Failure To Supervise

NYLife Sanctioned For Failure To Supervise

December 06, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

NYLife Securities LLC a securities broker dealer headquartered in New York New York has been censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the securities broker dealer’s consent to findings that it neglected to supervise mutual fund sales executed by its stockbrokers to ensure that those sales were suitable for customers. […]

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McNally Stockbroker Barred In Investigation

Dennis Masaaki Nakamura of Moraga California a stockbroker formerly registered with McNally Financial Services Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Nakamura neglected to follow FINRA’s instructions while he was under investigation for providing bad investment advice to customers of the […]

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FINRA Bars Huntington Stockbroker For Obstruction

Wessam Baiz (also known as Wes Baiz) of Perrysburg Ohio a stockbroker formerly employed by Huntington Investment Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Baiz failed to cooperate with an investigation into accusations of (1) Baiz’s undisclosed outside business activities and […]

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Mutual Securities Sued For Fraudulent Investments

Gary Lyle Pevey of Sacramento California a stockbroker formerly registered with Mutual Securities Inc. is referenced in a customer initiated investment related written complaint on April 29, 2019 where the customer requested $134,009.35 in damages founded on accusations that (1) the customer had been sold speculative and fraudulent investments which led the customer to experience […]

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Investors Sue Spartan Capital For Failure To Supervise

Thomas John Briguccia Jr. of Ronkonkoma New York a stockbroker currently registered with Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $1,911,616.00 in damages based upon accusations that (1) transactions executed by the stockbroker failed to be suitable for the customer and (2) Spartan Capital […]

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Investors Sue RBC Capital For Failure To Supervise

Paul Vincent Blum of West Palm Beach Florida a stockbroker formerly employed by RBC Capital Markets LLC is the subject of a customer initiated investment related arbitration claim which was settled for $70,000.00 in damages supported by allegations that (1) transactions executed by the stockbroker were unsuitable and (2) the customer’s energy-sector corporate bond transactions […]

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Concorde Stockbroker Sanctioned For Failure To Supervise

November 24, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Paul Michael Mallory of Livonia Michigan a stockbroker formerly registered with Concorde Investment Services LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity founded on findings that (1) Mallory neglected to adequately supervise the recommendations of a stockbroker to ensure that those recommendations […]

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FSC Sued By Investors For Failure To Supervise

Eric Dean Rolshoven of Florence Montana a stockbroker formerly registered with FSC Securities Corporation is the subject of a customer initiated investment related arbitration claim which was settled to resolve accusations that Rolshoven failed to supervise a stockbroker’s activities which led to inappropriate transactions being effected by the stockbroker. Financial Industry Regulatory Authority (FINRA) Arbitration […]

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Purshe Kaplan Accused Of Failure To Supervise

James Michael Casey of Palm Desert California a stockbroker formerly registered with Purshe Kaplan Sterling Investments is referenced in a customer initiated investment related written complaint on February 20, 2019 in which the customer sought $2,300,000.00 in damages based upon allegations that Purshe Kaplan Sterling Investments failed to supervise Casey’s activities which resulted in the […]

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VSR Financial Sued By Investors For Misrepresentation

Scott Vincent Kaup of Stuart Nebraska a stockbroker formerly employed by VSR Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $42,500.00 in damages based upon accusations that (1) unfounded statements and omissions had been made to the customer concerning real estate securities and direct investments (2) […]

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FINRA Bars Morgan Stanley Stockbrokers For Churning

Amy Kathryn Forte and Charles Joseph Lawrence both of Palm Harbor Florida and stockbrokers formerly employed by Morgan Stanley have been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that (1) a customer’s account had been traded excessively and churned by Lawrence while at Morgan Stanley […]

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Ameritas Sued By Investors For Negligence

Kristian M. Gaudet of Cut Off Louisiana a stockbroker formerly registered with Ameritas Investment Corp. is referenced in a customer initiated investment related arbitration claim where the customer sought $538,500.00 in damages supported by accusations that (1) the customer’s account was administered negligently (2) Ameritas Investment Corp. failed to supervise Gaudet’s activities and (3) private […]

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First Standard Financial Sued For Excessive Trading

Andre Pierre Davis of New York New York a stockbroker formerly registered with First Standard Financial Company LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $350,000.00 in damages founded on accusations that (1) transactions were not authorized (2) investments were neither appropriate nor suitable for the […]

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Cambridge Stockbroker Sanctioned For Deceptive Practices

Dale Edward Wright of Henrico Virginia a stockbroker formerly registered with Cambridge Investment Research has been fined $50,000.00 by the Commonwealth of Virginia State Corporation Commission Bureau of Insurance according to an Order based upon findings that Wright inappropriately recommended that customers purchase insurance policies and use them as investment vehicles; conduct violative of Code […]

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Investors Sue Henley Company For Failure To Supervise

Mitchell Allen Kurtz (also known as Mitch Allen Kurtz) of Roslyn Heights New York a stockbroker formerly registered with Henley Company LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $691,367.14 in damages based upon accusations that Henley Company LLC failed to supervise Kurtz’s activities or trades […]

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Investors Sue Oppenheimer For Securities Fraud

Cesar Augusto Hurtado of Miami Florida a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $100,000.00 in damages based upon allegations that (1) unfounded statements had been made to the customer concerning energy sector equities and options (2) the customer’s account was […]

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Ace Diversified Capital Sanctioned For Failure To Supervise

Ace Diversified Capital Inc. a securities broker dealer headquartered in San Gabriel California has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Ace failed to supervise recommendations of non-traditional exchange traded notes and exchange traded funds recommended by one of its stockbrokers (2) Ace neglected to supervise […]

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Investors Sue Titus Rockefeller For Fraud

David Michael Levy of Wellington Florida a stockbroker formerly registered with Titus Rockefeller LLC (also known as TR Capital Group LLC) is the subject of a customer initiated investment related arbitration claim where the customer requested $1,554,000.00 in damages founded on accusations that (1) fiduciary duties were not complied with (2) the extension of margin […]

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Morgan Stanley Sued By Investors For Failure To Supervise

Jeffrey Sean Crystal of Paramus New Jersey a former stockbroker and branch manager of Morgan Stanley is referenced in a customer initiated investment related arbitration claim which was settled for $2,193,015.00 in damages founded on allegations that the financial advisor mismanaged the customer’s account; and trades executed in the customer’s account were not supervised by […]

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Newbridge Sanctioned By FINRA For Failure To Supervise

Newbridge Securities Corporation a securities broker dealer headquartered in Boca Raton Florida, and Bruce H. Jordan (Director of Investment Banking), have been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Newbridge failed to supervise structured products sold to customers of the firm (2) Newbridge failed to supervise non-traditional exchange traded fund […]

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Investors Sue American Portfolio Financial For Fraud

Jimmy William Kuhn of Smithtown New York a stockbroker registered with American Portfolios Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought damages estimated to exceed $5,000.00 founded on accusations that fiduciary duties were breached; contractual obligations to the customer had been violated; trades failed to be […]

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National Securities Corp Sued For Breach Of Fiduciary Duty

James J. Mariani of Mineola New York a stockbroker formerly registered with National Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $467,000.00 in damages supported by accusations that (1) fiduciary duties failed to be complied with and (2) real estate security transactions executed in the customer’s […]

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Investors Sue National Securities Corp For Fraud

Todd Joseph Henrich of Iselin New Jersey a stockbroker formerly employed by National Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer was awarded $14,441.79 in compensatory damages based upon Henrich being found liable on the customer’s claims of (1) misrepresentations concerning the terms or risks of investments […]

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SEC Charges LPL Stockbroker With Ponzi Scheme

James Thomas Booth of Norwalk Connecticut a stockbroker formerly registered with both LPL Financial LLC and Invest Financial Corporation and the founder of Booth Financial Associates has been charged by Securities Exchange Commission (SEC) in a Complaint alleging that Booth engaged in a Ponzi scheme in which forty investors were defrauded. SEC v. James T. […]

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First Kentucky Sued By Investors For Fraud

William Cranston Fenwick Jr. (also known as Bill Fenwick) 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 requested unspecified damages supported by allegations that (1) the customer’s account was administered negligently (2) contractual obligations had been breached […]

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Newbridge Securities Sued By Investors For Fraud

Joseph Benjamin Baldassarra of Coral Springs Florida a stockbroker formerly registered with Newbridge Securities Corporation is the subject of a customer initiated investment related arbitration claim which was settled to resolve accusations that (1) negligent misrepresentations had been made to the customer (2) fiduciary duties were breached and (3) the customer had been defrauded as […]

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Investors Sue Raymond James Over Bad Investments

Ronald Harris Rothchild of Garden City New York a stockbroker formerly registered with Raymond James Financial Services is referenced in a customer initiated investment related arbitration claim which was resolved for $50,000.00 in damages based upon accusations that (1) the customer’s account was overconcentrated in bad investments (2) fiduciary duties had been breached (3) the […]

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Independent Financial Group Sued For Misrepresentation

Shawn Bruce Davis of Auburn California a stockbroker formerly employed by Independent Financial Group LLC is the subject of a customer initiated investment related civil action brought in the Superior Court of the State of California in which the customer requested unspecified damages founded on accusations that (1) false or misleading statements had been made […]

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Investors Sue Wedbush For Unauthorized Trading

Mark Fred Augusta of Solana Beach California a stockbroker formerly registered with Wedbush Securities is referenced in a customer initiated investment related arbitration claim in which the customer requested $398,832.00 in damages based upon accusations that (1) bond trades effected by Augusta failed to be suitable for the customer and (2) unauthorized transactions were executed […]

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Kalos Capital Sanctioned For Bad Alternative Investments

Kalos Capital, a securities broker dealer headquartered in Alpharetta Georgia, and Darren Michael Kubiak of Lawrenceville Georgia, a stockbroker formerly registered with Kalos Capital, have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) leveraged inverse exchange traded funds (LIETFs) had been recommended to the firm’s customers without Kalos Capital or […]

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First Financial Stockbroker Investigated For Failure to Supervise

September 13, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Melissa Ann Strouse of Scottsdale Arizona a stockbroker formerly registered with First Financial Equity Corporation is the subject of a Financial Industry Regulatory Authority (FINRA) investigation in which FINRA indicated that its Department of Enforcement should pursue disciplinary action against the stockbroker for possible supervisory failures and other violations of FINRA and National Association of […]

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FINRA Sanctions Van Clemens For Failure To Supervise

Van Clemens Co. Inc. of Minneapolis Minnesota has been censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon accusations that the firm failed to supervise its business practices with a view towards protecting against excessive trading by Van Clemens stockbrokers in customer accounts. Letter of Acceptance Waiver and Consent No. 2017053162101 (Aug. […]

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Oppenheimer Sued By Investors For Breach Of Contract

Robert Abramowitz of Jericho New York a stockbroker formerly registered with Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for more than $50,000.00 in damages founded on accusations that (1) fiduciary duties had been violated (2) the customer’s investment account was handled in a negligent manner […]

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Money Concepts Capital Corp Sued For Negligence

Craig Alan Sutherland of Columbus Ohio a stockbroker registered with Money Concepts Capital Corp is the subject of a customer initiated investment related arbitration claim in which an Arbitration Panel ordered Money Concepts Capital Corp to pay the customer $698,979.00 in compensatory damages based on finding the firm liable on the customer’s claims including (1) […]

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David A. Noyes Sued Over Alternative Investments

Scott Lindsay Reed of Indianapolis Indiana a stockbroker registered with David A. Noyes Company is referenced in a customer initiated investment related arbitration claim which was settled for $395,000.00 in damages supported by allegations that (1) false or misleading statements and omissions had been made to the customers concerning the terms of non-traded real estate […]

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Berthel Fisher Sued By Investors For Churning

Mason Wayne Gann of Dallas Texas a stockbroker employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages on January 22, 2019 supported by accusations that (1) Gann churned the customer’s investment portfolio (2) Gann executed unauthorized trades in the […]

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First Allied Sued By Investors For Failure To Supervise

Virgil John Threlkeld of Alamo California a stockbroker registered with First Allied Securities Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $17,500.00 in damages supported by accusations that (1) false or misleading statements had been made to the customer by Threlkeld in regard to the customer’s investments in […]

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Investors Sue Newbridge Securities For Excessive Trading

Stephen James Sullivan of New York New York a stockbroker employed by Newbridge Securities Corporation is referenced in a customer initiated investment related arbitration claim in which the customer sought $540,618.00 in damages founded on allegations that (1) trades had been executed in the customer’s account in excessive amounts (2) transactions were not suitable for […]

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Kalos Sued By Investor For Bad Investment Recommendations

Daniel Ray Saur of Dallas Texas a stockbroker currently registered with Kalos Capital Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $60,000.00 in damages founded on accusations that (1) investment recommendations concerning real estate security and oil and gas products failed to be suitable for the customer and […]

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SEC Sustains Merrimac Sanctions For Failure To Supervise

Merrimac Corporate Securities and Robert G. Nash (Chief Compliance Officer) of Altamonte Springs Florida are subject of a Securities and Exchange Commission (SEC) Order which sustained in part Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council’s sanctions against Merrimac and Nash based on findings of (1) Merrimac offering and selling securities that were neither registered […]

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Legend Securities Sued By Investors For Fraud

Michael Salvatore Stanton of New York New York a former Director of Capital Markets for Legend Securities Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $15,000,000.00 in damages founded on allegations that (1) contractual obligations to the customer had been breached (2) the customer’s account was administered […]

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Park Avenue Sanctioned By FINRA For Excessive Fees

Park Avenue Securities LLC a securities broker dealer headquartered in New York New York has been censured by Financial Industry Regulatory Authority (FINRA) supported by findings that (1) customers were excessively charged by the firm on mutual fund transactions and (2) the firm failed to adequately supervise its sales charges waivers to ensure that they […]

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Investor Sues Sigma For Failure To Supervise TIC Sales

Tomas Juhan Velken of Lafayette California a stockbroker currently employed by Sigma Financial Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $28,195.50 in damages supported by accusations that the customer was placed into tenant in common investments which had not been adequately investigated by Sigma Financial Corporation or […]

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FINRA Sanctions CV Brokerage For Failure To Supervise

July 22, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

CV Brokerage Inc. a securities broker dealer headquartered in West Conshohocken Pennsylvania has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based upon accusations that the firm neglected to supervise its stockbrokers’ private securities transactions to ensure compliance with FINRA rules. Letter of Acceptance Waiver and Consent No. 2017052325902 (July 2, 2019). […]

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Beech Hill Sued By Investors For Breach Of Fiduciary Duty

Frank Hamrak of New York New York a stockbroker formerly registered with Beech Hill Securities Inc. and Beech Hill Advisors Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $195,271.67 in damages supported by allegations that (1) fiduciary duties owed to the customer had been breached (2) contract obligations […]

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FINRA Sanctions Summit For Failure To Supervise

Summit Brokerage Services Inc. a securities broker dealer headquartered in Boca Raton Florida has been censured and fined $325,000.00 by Financial industry Regulatory Authority (FINRA) based upon findings that (1) Summit Brokerage Services neglected to supervise its stockbrokers’ recommendations for purposes of ensuring that the stockbrokers’ trades were suitable for customers of the firm and […]

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Investors Sue Finance 500 For Securities Fraud

Robert Lansing Hicks (also known as Lance Hicks) of Irvine California a stockbroker and former owner of Finance 500 Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $45,000.00 in damages founded on accusations that (1) contractual obligations to the customer had been breached (2) the customer’s account had […]

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Investors Sue Pruco Securities For Fraud

Terry Joe Bagwell of Birmingham Alabama a stockbroker formerly registered with Pruco Securities LLC is the subject of a customer initiated investment related arbitration claim which was settled for $120,000.00 in damages founded on accusations that Bagwell failed to supervise a stockbroker who sold away from the firm by placing customers into fraudulent unregistered securities […]

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Investors Sue Moloney Securities For Investment Fraud

John Rothrock McKinstry Jr. of St. Louis Missouri a stockbroker formerly registered with Moloney Securities Co. Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages supported by allegations that (1) fiduciary obligations to the customer were violated (2) false or misleading statements had been made […]

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FINRA Sanctions Planmember For Failure To Supervise

Planmember Securities Corporation a securities broker dealer with main offices in Carpinteria California has been censured and fined $90,000.00 by Financial Industry Regulatory Authority (FINRA) based in part upon findings that (1) Planmember Securities Corporation failed to supervise the execution of variable annuity exchanges to determine if they were appropriate for customers and (2) Planmember […]

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Investors Accuse Worden Capital Management Of Churning

Michael Anthony Valdini of Garden City New York a stockbroker currently registered with Worden Capital Management LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $2,115,095.00 in damages supported by accusations that (1) unauthorized transactions were effected in the customer’s account (2) transactions executed in the customer’s […]

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Customer Claims Cause Raymond James Financial To Fire Stockbroker

Matthew Jordan Werthe (also known as Matt Werthe) of Murrieta California a stockbroker formerly registered with Raymond James Financial Services Inc. has been discharged on May 9, 2019 supported by accusations that Werthe violated the policies or procedures of the securities broker dealer by engaging in suspicious and unauthorized communications with customers of Raymond James […]

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Citigroup Fined By FINRA For Overcharging Customers

Citigroup Global Markets Inc. a securities broker dealer headquartered in New York New York has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that (1) Citigroup overcharged its customers in regard to their purchases of unit investment trusts and (2) Citigroup failed to supervise the unit investment trust transactions […]

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Investors Sue Oppenheimer For Securities Fraud

David Albert Tufts Jr. of New York New York a stockbroker formerly employed by Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $1,170,500.00 in damages supported by allegations that between June 1, 2013 and October 1, 2016, Tufts was responsible for (1) breaching contractual […]

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Crown Capital Sanctioned For Failure To Supervise

June 28, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Crown Capital Securities L.P a securities broker dealer and investment advisory headquartered in Orange California has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it neglected to supervise its business practices to adequately monitor the stockbrokers’ trading of mutual fund shares to determine if […]

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Investors Sue Wunderlich Securities For Misrepresentation

Michael James Hebner of Flint Michigan a stockbroker formerly employed by Wunderlich Securities Inc. is referenced in a customer initiated investment related arbitration claim which was settled for $15,000.00 in damages founded on allegations that (1) Wunderlich Securities failed to supervise Hebner’s trading in the customer’s account (2) misrepresentations had been made to the customer […]

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Investors Sue LPL Financial For Unauthorized Trading

Charles Caleb Fackrell of Yadkinville North Carolina a stockbroker formerly employed by LPL Financial LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought compensatory damages founded on accusations that (1) penny stock and equities trades were placed in the customer’s account by Fackrell even though Fackrell lacked […]

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Moloney Securities Sued By Investors For Fraud

Thomas G. Gresham (also known as Tom Gresham) of Overland Park Kansas a stockbroker currently registered with Moloney Securities Co. Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $495,000.00 in damages founded on accusations that (1) Moloney Securities Co. and UBS Financial Services Inc. collectively failed to […]

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Stifel Nicholas Sued By Investors For Churning

Charles John Obryant III of Raleigh North Carolina a stockbroker formerly registered with Stifel Nicholas Co. Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $330,000.00 in damages founded on accusations that (1) stock trades effected in the customer’s account failed to be suitable for the customer given […]

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FINRA Bars Global Arena Stockbroker For Failure To Pay Arbitration Award

Richard Edward Bohack of Global Arena Capital Corp has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Bohack failed to comply with his obligation to pay compensatory damages to a customer who prevailed in a claim containing allegations that Bohack gave bad advice and […]

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Wunderlich Stockbroker Barred In Investigation

David K. Mallett of Conway Arizona a stockbroker formerly registered with Wunderlich Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Mallett disregarded a FINRA inquiry possibly concerning Mallett being discharged from Wunderlich Securities Inc. or Mallett being subject of customer initiated […]

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SEC Bars “Not So” Bright Trading Stockbroker For Fraud

Stephen Skeffington Eubanks of Las Vegas Nevada a stockbroker formerly employed by Bright Trading LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser or otherwise associating with securities broker dealers or investment advisories according to an Order Instituting Administrative Proceedings Pursuant to Investment Advisers Act of 1940 […]

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J.W. Korth Sanctioned For Overcharging Customers

J.W. Korth Company a securities broker dealer headquartered in Lansing Michigan has been censured by Financial industry Regulatory Authority (FINRA) according to a National Adjudicatory Council Decision affirming a Hearing Panel’s findings of the firm overcharging customers on municipal and corporate debt securities transactions effected in customers’ accounts. In the matter of Department of Enforcement […]

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America Northcoast Stockbroker Barred For Misconduct

Dominic Anthony Tropiano of Cleveland Ohio a stockbroker formerly registered with America Northcoast Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Tropiano executed unauthorized trades in customer accounts (2) Tropiano made unsuitable investment recommendations to the firm’s customers […]

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Investors Sue Allstate Financial For Failure To Supervise

Paul Joseph Godlewski of Coatesville Pennsylvania a stockbroker formerly registered with Allstate Financial Services LLC is referenced in a customer initiated investment related arbitration claim which was settled for $28,000.00 in damages supported by allegations that (1) Godlewski solicited a customer’s private placement investment outside the firm’s auspices causing a customer losses and (2) Allstate […]

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Salomon Whitney Sued For Breach Of Fiduciary Duty

Wayne Fitzgerald Ford of Farmingdale New York a stockbroker formerly registered with Salomon Whitney Financial is referenced in a customer initiated investment related arbitration claim which was settled for $17,000.00 in damages based upon accusations that (1) transactions effected in the customer’s account violated Louisiana Securities Act (2) fiduciary duties to the customer had been […]

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PFS Sued For Stockbroker’s Sale of Outside Investments

Perry De Leeuw of Duluth Georgia a stockbroker formerly registered with PFS Investments Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $100,000.00 in damages based upon allegations that the customer sustained losses on money provided to Leeuw for an outside business investment that Leeuw supposedly concealed from […]

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GF Investment Services Accused Of Selling Unregistered Securities

Christopher Grant Conness of Fort Lauderdale Florida a stockbroker formerly employed by G.F. Investment Services LLC is the subject of a customer initiated investment related written complaint on May 16, 2018 in which the customer requested $100,001.00 in damages founded on allegations that Conness and GF Investment Services LLC permitted or otherwise failed to prevent […]

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Investors Sue America Northcoast For Misconduct

Dominic Anthony Tropiano of Cleveland Ohio a stockbroker formerly registered with America Northcoast Securities is referenced in a customer initiated investment related arbitration claim in which the customer requested $250,000.00 in damages founded on allegations that (1) unauthorized transactions were effected in the customer’s account (2) leveraged exchange traded fund transactions were not suitable for […]

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Portfolio Advisors Alliance Sued For Failure To Supervise

Kerri Lynn Wasserman of New York New York president of Portfolio Advisors Alliance LLC is referenced in a customer initiated investment related arbitration claim in which the customer sought unspecified damages founded on allegations that between July of 2013 and August of 2017: (1) inappropriate stock and over-the-counter equities trades were effected in the customer’s […]

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Park Avenue Sued By Investors In Global Credit Recovery Scheme

John C. Howley (also known as Jack C. Howley) of Rumson New Jersey a stockbroker formerly registered with Park Avenue Securities LLC is referenced in a customer initiated investment related civil action brought in the Superior Court of New Jersey in which the customer requested $1,000,000.00 in damages and an unspecified amount of punitive damages […]

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Voya Financial Admits To Failure To Supervise

Voya Financial Advisors Inc. a securities broker dealer headquartered in Des Moines Iowa has been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) the firm overcharged customers on their purchases of mutual funds by failing to apply sales charge discounts and (2) the firm neglected to supervise its mutual fund sales […]

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Buckman Buckman Reid Admits To Failure To Supervise Rogue Brokers

Buckman Buckman Reid Inc. a securities broker dealer headquartered in Little Silver New Jersey has been censured by Financial Industry Regulatory Authority (FINRA) based upon findings that (1) Buckman Buckman Reid Inc. neglected to create and implement a supervision system and written supervisory procedures regarding the suitability of trades recommended by stockbrokers of the firm […]

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Investors Sue Revere Securities For Breach Of Contract

Felipe Nery Arrieta of Boca Raton Florida a stockbroker formerly employed by Revere Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer sought $200,000.00 in damages based upon accusations that (1) unauthorized options and mutual fund trades were executed in the customer’s account (2) contractual obligations to the customer […]

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Investors Sue Santander Securities For Fraud

Arturo Colon of Mayaguez Puerto Rico a stockbroker formerly employed by Santander Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $150,000.00 in damages founded on accusations that (1) the customer’s account transactions had been negligently administered (2) contractual obligations were breached (3) securities rules and […]

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Raymond James Sued By Investors For Negligence

Ralph Wilson Smith of Valdosta Georgia a stockbroker formerly employed by Raymond James Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $320,000.00 in damages supported by accusations that (1) the customer’s account transactions were negligently administered (2) contractual obligations were breached by the firm (3) fiduciary […]

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Investors Sue Wunderlich For Breach Of Fiduciary Duty

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

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Legend Securities Compliance Officer Admits To Misconduct

Christopher Nicholas Cacace of New York New York a former Chief Compliance Officer of Legend Securities Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Cacace failed to inform FINRA about customer initiated investment related disputes alleging the […]

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Parkland Securities Sanctioned By FINRA For Failure To Supervise

Parkland Securities LLC a stockbrokerage firm headquartered in Ann Arbor Michigan has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to create and implement a supervision system pertaining to non-traditional exchange traded fund transactions. Letter of Acceptance Waiver and Consent No. 2016052300601 […]

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Investors Win Against Fintegra CEO In Promissory Note Scheme

Doreen Lea Weber (also known as Doreen L. Tyler Strand and as Doreen Lea Strand) the former Chief Executive Officer of Fintegra LLC. is named in a customer initiated investment related arbitration claim in which the customer was awarded $20,000.00 in compensatory damages based upon Weber being found liable on the customer’s claims of (1) […]

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FINRA Sanctions Revere Securities For Failure To Supervise

Revere Securities LLC a brokerage firm headquartered in New York New York and Kurt Alfred Hurst (the firm’s branch manager) have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon FINRA finding in part that the firm failed to supervise its penny stock transactions to ensure compliance with federal securities laws. Letter of Acceptance […]

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Corinthian Partners Sanctioned For The Failure To Supervise

Corinthian Partners, L.L.C. a brokerage firm headquartered in New York New York and Richard Calabrese (the firm’s majority owner, Chairman, Chief Compliance Officer and President) and Mitchell Manoff (the firm’s Chief Executive Officer) have been sanctioned by Financial Industry Regulatory Authority (FINRA) based upon findings that the firm, Calabrese and Manoff: (1) neglected to supervise […]

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FINRA Sanctions Titan Securities For Investment Fraud

Titan Securities a brokerage firm headquartered in Addison Texas, and Brad Curtis Brooks (the firm’s Chief Executive Officer and President) and Richard Wayne Demetriou (the firm’s registered representative) have been fined by Financial Industry Regulatory Authority (FINRA) according to an Extended Hearing Panel Decision containing findings that (1) misleading or false representations had been made […]

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Raymond James Broker Fired For Concealing Customer Complaint

Ronald Patrick Cameron of Fayetteville Arkansas a stockbroker formerly employed by Raymond James Financial Services Inc. has been terminated by the firm on November 20, 2018 supported by allegations that Cameron was involved in a customer complaint which he resolved outside the firm’s auspices and without the firm’s knowledge. Financial Industry Regulatory Authority (FINRA) Public […]

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Morgan Stanley Fires Broker For Outside Business Activities

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

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J.P. Morgan Broker Barred In Selling Away Investigation

Donovan St. Anthony Hunter of Houston Texas a stockbroker formerly employed by J.P. Morgan Securities 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 investigation into accusations that Hunter engaged in unapproved outside business activities […]

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FINRA Sanctions Sigma Financial For Failure To Supervise

Sigma Financial Corporation a brokerage firm headquartered in Ann Arbor Michigan has been sanctioned by the Financial Industry Regulatory Authority (“FINRA”) based upon findings that the firm failed to supervise its non-traditional exchange traded fund transactions to ensure that they were properly reviewed for suitability. Letter of Acceptance, Waiver and Consent No. 2016052300602 (Mar. 7, […]

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Halifax America Fined By FINRA For Failure To Supervise

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

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Raymond James Sued By Investors For Breach Of Fiduciary Duty

Steven Paul Reznik of Tallahassee Florida a stockbroker formerly employed by Raymond James Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages based upon accusations that (1) fiduciary duties and contractual obligations had been breached (2) the firm failed to supervise transactions […]

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ProEquities Caught Excessively Charging Customers

ProEquities Inc. a brokerage firm headquartered in Birmingham Alabama has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it excessively charged customers who purchased mutual funds through the firm. Letter of Acceptance Waiver and Consent No. 2016052179401 (Mar. 7, 2019). According to the AWC, a variety of mutual fund […]

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Kestra Terminates Stockbroker For Hiding Customer Complaint

Tom Abel Puentes of Woodland Hills California a stockbroker formerly associated with Kestra Investment Services has been terminated on May 7, 2018 based upon accusations that Puentes possibly failed to conform to Kestra Investment Services LLC policies by concealing that at least one customer complained about his activities. This is not the first time that […]

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Raymond James Financial Services Sued By Investors For Fraud

Jeffrey Worth Ostrander (also known as JW Ostrander) of Overland Park Kansas a stockbroker currently employed by Raymond James Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $140,000.00 in damages supported by accusations that: (1) the firm and Ostrander violated FINRA rules in dealing with the […]

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FINRA Charges Aegis Capital Corp Broker With Fraud

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

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FINRA Fines World Equity Group Broker For Lying to Customers

Barry Ronald Block of Arlington Heights Illinois a stockbroker formerly employed by World Equity Group Inc. has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Block made misrepresentations to customers concerning the expenses of variable annuities when advising […]

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Investors Sue Merrill Lynch For Annuity Fraud

Jonathan Rafe Rankin (also known as Jonathan Rafe Ranlein) a stockbroker and supervisor currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on November 8, 2017 in which the customer requested damages estimated to exceed $5,000.00 founded on accusations that misrepresentations and omissions had […]

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CFWP Securities Broker Barred By FINRA In Investigation

Stephen Michael Hart of New York New York a stockbroker formerly employed by CFWP Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Hart failed to cooperate with FINRA’s investigation into his possible conversion of funds. Letter of Acceptance Waiver and Consent […]

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Morgan Stanley Sued By Investors For Securities Fraud

Ganesh Iyer (also known as Ganesh Ramachandran) of Houston Texas a stockbroker formerly registered with Morgan Stanley has been named in a customer initiated investment related arbitration claim in which Iyer and Morgan Stanley were ordered by a FINRA Arbitration Panel to pay $54,954.04 in compensatory damages to the customer based upon the Panel finding: […]

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Investors Sue Spartan Capital For Securities Fraud

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

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FINRA Bars NMS Capital Advisors CEO For Failure To Supervise

March 07, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Sperry Randall Younger of Garden City New York the Chief Executive Officer and Chief Compliance Officer of NMS Capital Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Extended Hearing Panel Decision containing findings that (1) Younger falsified investment banking transactions executed through […]

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Investors Sue Network 1 For Breach Of Fiduciary Duty

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

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J.P. Morgan Pays Investor For Stockbroker Misconduct

William Howard Desser of Los Angeles California a stockbroker currently registered with J.P. Morgan Securities LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $1,300,000.00 in damages founded on accusations that (1) Desser effected unauthorized transfers of funds from the customer’s account (2) Desser utilized the customer’s assets impermissibly […]

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Investment Center Stockbroker Criminally Charged With Fraud

Leon William Vaccarelli of Waterbury Connecticut a stockbroker formerly registered with The Investment Center has been indicted for wire fraud and mail fraud based on allegations that he engaged in a scheme which victimized elderly customers. United States v. Leon Vaccarelli No. 18-cr-g2-SRU (D. Conn May 2, 2018). On May 29, 2019, the Securities and […]

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Accelerated Capital Group Blasted For Churing Customer Accounts

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

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Merrill Lynch Sued By Investors For ETF Fraud

Raj Sharma of Boston Massachusetts a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer requested $70,000.00 in damages founded on accusations that (1) misrepresentations and omissions had been made to the customer from January of 2012 to January […]

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Oppenheimer Accused By Investors Of Churning

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

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Merrill Lynch Broker Suspended By FINRA For Hiding Recommendations

March 04, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News, Suitability   |   0 Comments

William Bruckner of Boca Raton Florida a stockbroker formerly employed by Merrill Lynch has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Bruckner mismarked customer order tickets by claiming that the transactions were not solicited when they were actually solicited by […]

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Investors Accuse Raymond James Of Churing

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

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Oppenheimer Accused Of Mutual Fund Misconduct

Stephen Brown of Fort Lauderdale Florida a stockbroker formerly registered with Oppenheimer Co. Inc. is referenced in a customer initiated investment related written complaint on July 29, 2016 in which the customer requested more than $5,000.00 in damages based upon allegations that (1) the customer’s assets were not appropriately diversified and (2) overly speculative mutual […]

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SA Stone Accused Of Investment Fraud

February 20, 2019  |   Posted by :   |   Failure To Supervise, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Gary Thomas Jergler of Hermitage Pennsylvania a stockbroker currently registered with SA Stone Wealth Management Inc. and investment advisor representative of Sterne Agee Financial Services Inc. is the subject of a customer initiated investment related written complaint which was resolved for $7,010.00 on August 15, 2016 supported by accusations that omissions had been made to […]

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Titan Securities Sued By Investors For Failure To Supervise

Brad Curtis Brooks of Addison Texas, a stockbroker and supervisor currently registered with Titan Securities of Addison Texas (CRD No. 131392) , is referenced in a customer initiated investment related arbitration claim which was resolved for $9,850.00 in damages founded on allegations that Brooks failed to supervise a customer’s investments in limited partnership interest or […]

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Waddell Reed Broker Admits To Unauthorized Trading

Donald Logan of Silverdale Washington a stockbroker formerly registered with Waddell Reed and Edward Jones has been fined $25,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Logan traded in customer’s investment accounts without authorization (2) Logan exercised discretion in customer’s […]

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FINRA Nails WEG Principal For Failure To Supervise

February 19, 2019  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Christopher T. Dallas of Arlington Heights Illinois a stockbroker and supervisor currently employed by World Equity Group Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any supervisory capacity based upon consenting to findings that Dallas failed to supervise variable annuity transactions effected by the firm’s […]

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FINRA Bars Spartan Capital Broker In Investigation

Caeron Arlington McClintock of New York New York a stockbroker formerly registered with Spartan Capital Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that McClintock failed to provide FINRA with information that was requested of him. Case No. 2016051468601 (Nov. 6, 2017). […]

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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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H. Beck Sued By Investors REIT Misconduct

William Charles Schumann of Wheaton Illinois a stockbroker currently employed by H. Beck Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $63,000.00 in damages based upon accusations that Schumann made poor investment recommendations to the customer concerning mutual funds as well as a variable annuity and non-traded real […]

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Corinthian Partners Broker Caught Selling Promissory Notes

Thomas Anthony Gallo of New York New York a stockbroker formerly registered with Corinthian Partners LLC has been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misrepresentations concerning promissory notes that had been sold by […]

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Investors Sue Portfolio Advisors Alliance For Churning

John Belesis of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested unspecified damages supported by allegations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) transactions were negligently […]

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Ameritas Sued By Investors For Fraud

Marc Charles Harary of New York New York a stockbroker formerly employed by Ameritas Investment Corp. is referenced in a customer initiated investment related arbitration claim which was settled to resolve accusations that (1) contractual obligations to the customer had been breached (2) fiduciary duties were breached (3) account transactions were handled negligently (4) the […]

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Investor Sues Hennion Walsh For Muncipal Bond Fraud

Marc S. Strafaci of Parsippany New Jersey a stockbroker currently registered with Hennion Walsh Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $83,000.00 in damages supported by accusations that Strafaci made unsuitable investment recommendations to the customer concerning municipal debt products that the customer ultimately purchased and […]

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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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Sigma Financial Sued For Failure To Conduct Due Diligence

Harvey Allan Kaluzna of Northbrook Illinois a stockbroker currently employed by Sigma Financial Corporation is the subject of a customer initiated investment related arbitration claim which was settled for $28,000.00 in damages based upon accusations that (1) misrepresentations had been made to the customer concerning unit investment trust and real estate security investments held in […]

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Lombard Terminates Broker For Unauthorized Churning Of Customer Accounts

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

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Stifel Nicolaus Sued By Investors For Securities Fraud

Michael Joseph Dorsey of Honolulu Hawaii a stockbroker currently registered with Stifel Nicolaus Company Incorporated is the subject of a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages founded on accusations of (1) violation of New York Stock Exchange (NYSE) and FINRA Rules (2) violation of federal and state securities […]

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Windsor Street Caught Engaging In Outside Business Activities

Imtiaz A. Khan (also known as Raana Khan) of New York the former executive vice president and managing partner at Windsor Street Capital LP has been fined $20,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Order Accepting Offer of Settlement containing findings that (1) […]

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Investors Catch MML Twisting Annuity Policies

Thomas John Leone of Farmington Connecticut a stockbroker formerly registered with MML Investors Services is referenced in a customer initiated investment related written complaint which was settled on May 10, 2018 to resolve accusations that (1) the customer’s assets had been inappropriately transferred a number of times between annuities and mutual funds and (2) the […]

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FINRA Bars Craig Scott Capital Broker For Churning

Edward Beyn of New York New York a stockbroker formerly registered with Craig Scott Capital LLC is the subject of a Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council Decision which affirms FINRA’s Hearing Panel’s decision to bar Beyn because (1) Beyn effected excessive trades in customer accounts (2) Beyn churned customers’ investment portfolios and […]

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Raymond James Broker Charged With Hindering Investigation

Vincent Joseph Storms of Saint Petersburg Florida a broker formerly registered with Raymond James Associates Inc. has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that (1) Storms falsified information to FINRA in regard to his handling of outside business activities supervisory procedures and (2) Storms neglected to […]

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Ameriprise Financial Sued For Risky Investments

Jack Alan Quick of New Home Minnesota a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $214,180.00 in damages supported by accusations that (1) Quick made investment recommendations to the customer that were not suitable regarding variable annuities, variable life insurance, […]

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Portfolio Advisors Alliance Sued By Investors For Churning

Craig Landon Siegel of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance LLC is the subject of a customer initiated investment related arbitration claim where the customer sought unspecified compensatory damages supported by accusations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) the […]

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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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Investors Sue Wells Fargo For Mutual Fund Fraud

Harold Weber of Airmont New York a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages based upon allegations that between December of 2012 and June of 2016: (1) transactions were executed in the customer’s account that were not […]

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Regulator Seeks Denial Of LPL Financial Broker Registration

David Philip Antypas of Brentwood Tennessee a stockbroker formerly registered with LPL Financial LLC is the subject of a Tennessee Department of Commerce and Insurance Securities Division disciplinary action where the regulator is seeking the denial of Antypas’ securities registration based upon accusations that (1) during the time Antypas was associated with LPL Financial LLC […]

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Hennion Walsh Fined For Failure To Supervise UITs

Hennion Walsh Inc. a broker dealer headquartered in Parsippany New Jersey has been censured and fined $165,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that (1) Hennion Walsh’s registered representatives made unsuitable investment recommendations concerning the switching of unit investment trusts in customers’ accounts and (2) Hennion Walsh neglected […]

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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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David Lerner Associates Accused Of Unauthorized Trading

Martin Kevin Walcoe of Syosset New York a stockbroker currently employed by David Lerner Associates Inc. is referenced in a customer initiated investment related written complaint on August 9, 2016 where the customer requested unspecified compensatory damages founded on accusations that unauthorized trades of equities and government-debt products had been executed in the customer’s account. […]

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Bolton Global Broker Admits to Unauthorized Trading

Bruce Anthony Zaro of Plymouth Massachusetts a stockbroker formerly employed by Bolton Global Capital has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Zaro signed customers’ names on account documentation without authorization to effect transactions in […]

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Oppenheimer Sued By Investors For Misconduct

Christopher Matthew Keeler Sr. of Stamford Connecticut a stockbroker formerly employed by Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $542,000.00 in damages based upon allegations that (1) unauthorized oil and gas, mutual fund and equity trades were effected in the customer’s account (2) […]

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J.P Morgan Broker Caught Mismarking Trades Unsolicited

Joseph Leon Bess II of Edmond Oklahoma a stockbroker formerly registered with J.P. Morgan Securities has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Bess mismarked customer’s order tickets concerning exchange traded fund purchases. Letter of Acceptance Waiver and […]

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Boenning Scattergood Pays Back Excessive Commissions

Steven Wayne Vance of Newtown Pennsylvania a stockbroker currently registered with Boenning Scattergood Inc. is referenced in a customer initiated investment related complaint involving Vance’s activities that was settled on February 27, 2018 for $9,138.67 in damages based upon accusations that (1) the customer’s portfolio was allocated in unsuitable mutual fund investments given the customer’s […]

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Investors Sue Southeast Investments Risky Recommendations

Robert Ian Siegel of Boca Raton Florida a stockbroker currently registered with Southeast Investments NC Inc. is referenced in a customer initiated investment related arbitration claim in which the customer was awarded $14,482.00 in damages based upon findings that while Siegel was associated with Southeast Investments NC Inc: (1) Siegel failed to inform the customer […]

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BBVA Blamed By Investors For Risky Investments

James David Armer of Albuquerque New Mexico a stockbroker formerly registered with BBVA Securities Inc. is referenced in a customer initiated investment related written complaint on December 7, 2018 where the customer sought damages estimated to exceed $5,000.00 based upon allegations that while associated with BBVA Securities Inc. Armer failed to inform the customer about […]

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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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Edward Jones Broker Barred In FINRA Theft Investigation

James Thomas Walters II of Macon Georgia a stockbroker formerly employed by Edward Jones has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Walters neglected to provide a response to FINRA’s information request possibly concerning his termination from Edward Jones. FINRA Case No. 2018058353701 […]

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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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FINRA Bars Rogue Broker In Investigation

Abed William Lulu of Melville New York a stockbroker formerly employed by Worden Capital Management LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Lulu failed to provide information to FINRA that had been requested of him. Case No. 2017055568801 (May 7, 2018). […]

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FINRA Bars Joseph Stone Broker In Investigation

Christopher Vincent Paul of Mineola New York a stockbroker formerly registered with Joseph Stone Capital L.L.C. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Paul failed to comply with FINRA’s request for information potentially relating to Paul’s employment separations after being subject of […]

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Investors Accuse Edward Jones Of Annuity Misconduct

Robert L. Friederich of Lake Zurich Illinois a stockbroker formerly registered with Edward Jones is the subject of a customer initiated investment related complaint which was settled on September 22, 2017 for $18,827.28 in damages founded on allegations that Friederich made inappropriate investment recommendations concerning the customer’s sale of mutual funds and purchase of single […]

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DesPain Broker Barred In Woodbridge Promissory Note Investigation

Jay R. Weiser of Collinsville Illinois a stockbroker formerly employed by DesPain Financial Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Weiser failed to cooperate with FINRA’s investigation into accusations of hm selling promissory notes and securities interests away from […]

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Investor Accuses LPL Financial Of Index Annuity Fraud

January 28, 2019  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

William Frank Welsh of Williamsville New York a stockbroker currently employed by LPL Financial LLC is the subject of a customer initiated investment related written complaint on November 14, 2016 where the customer requested damages estimated to exceed $5,000.00 founded on accusations that Welsh was placed into an indexed annuity that was not suitable for […]

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FINRA Nails Supervisor For Ignoring Misconduct Of Top Producer

January 28, 2019  |   Posted by :   |   Elder Abuse, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Jeffrey Duane Jacobson of Minneapolis Minnesota a stockbroker formerly employed by Dougherty Company LLC has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Jacobson failed to supervise a registered representative that executed unsuitable investment transactions in a customer’s investment […]

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Investors Sue Oppenheimer For Failure to Supervise ETF Trades

James Francis Lowe of New York New York a stockbroker and supervisor currently registered with Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $25,000.00 in damages founded on accusations that Lowe failed to supervise one of the firm’s financial advisors servicing the customer’s account who […]

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Investors Accuse Invest Financial Of Unauthorized Trading

Johnathon Leland Cope of Canton Georgia a stockbroker formerly registered with Invest Financial Corporation is referenced in a customer initiated investment related complaint on February 19, 2016 in which the customer sought $8,015.32 in damages supported by allegations that Cope effected the sale of a mutual fund in the customer’s account without procuring the customer’s […]

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NTB Financial Caught Overcharging Customers

NTB Financial Corporation of Centennial Colorado has been censured and fined $45,000.00 by Financial Industry Regulatory Authority (FINRA) supported by allegations that the firm overcharged customers on corporate bond transactions. Letter of Acceptance Waiver and Consent No. 2015047738901 (Dec. 10, 2018). Letter of Acceptance Waiver and Consent No. 2015047738901 (Dec. 10, 2018). According to the […]

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Regulator Nails Cantone Research For Private Placement Fraud

Cantone Research Inc. a FINRA member brokerage firm headquartered in Tinton Falls New Jersey and its president Anthony Joseph Cantone have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to a National Adjudicatory Council Decision containing findings that (1) the firm and Cantone made misrepresentations concerning securities sold through private placements (2) the firm […]

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Wells Fargo Sued By Investors For Annuity Misconduct

Richard William Schloss of Canton Ohio a stockbroker formerly employed by Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related arbitration claim which was settled to resolve allegations that Schloss inappropriately placed the customer’s assets in a variable annuity which exposed the customer to unnecessary surrender penalties and illiquidity. Financial […]

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Investors Sue Newbridge Securities Corporation For Fraud

Sebastian George Bongiovanni of Staten Island a stockbroker currently employed by Newbridge Securities Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $91,000.00 in damages supported by accusations that (1) investment recommendations made to the customer were not suitable (2) unauthorized trades were executed in the customer’s account (3) […]

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New Jersey Charges Former Merrill Lynch Broker With Dishonest Business Practices

Kai Chong Cheng of New York New York a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. and investment adviser representative and president of Affinity Capital Management LLC has been fined $10,000.00 and suspended for five years from registering as an investment advisor according to a New Jersey Bureau of Securities Administrative Consent […]

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FINRA Fines CFD Investments For Failure To Supervise

January 19, 2019  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

CFD Investments Inc. a brokerage firm headquartered in Kokomo Indiana has been censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise variable annuity recommendations and exchanges made by CFD Investments Inc. brokers. Letter of Acceptance Waiver and Consent No. 2016048224201 (Jan. 10, […]

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Merrill Lynch Sanctioned In Bribery Theft Scheme For Failure To Supervise

Merrill Lynch Pierce Fenner Smith Inc. a brokerage firm headquartered in New York New York has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise a registered representative who defrauded a customer of the firm. Letter of Acceptance Waiver and Consent […]

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Investors Accuse Morgan Stanley Of Annuity Fraud

John Jeffrey Clay of Washington District of Columbia a stockbroker formerly registered with Morgan Stanley Smith Barney is referenced in a customer initiated investment related written complaint on January 25, 2017 in which the customer sought unspecified damages based upon allegations that the customer was inappropriately sold a variable annuity investment in July of 2016. […]

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FINRA Fines Morgan Stanley For Failure To Supervise

Morgan Stanley Smith Barney LLC a brokerage firm headquartered in New York New York has been censured and fined $10,000,000.00 by Financial Industry Regulatory Authority (FINRA) based in part upon the firm’s consent to findings that it failed to supervise its penny stock sales to ensure compliance with federal securities law. Letter of Acceptance Waiver […]

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Investor Accuses Morgan Stanley Of Fixed Income Fraud

Carlos Aurelio Alvarado of Houston Texas a stockbroker currently employed by Morgan Stanley is referenced in a customer initiated investment related written complaint on November 8, 2018 where the customer sought unspecified damages supported by accusations that between 2005 and 2018, Alvarado executed corporate debt transactions in the customer’s account that were not suitable for […]

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SunTrust Accused By Investors Of Annuity Fraud

Kevin James Farrow of Orlando Florida a stockbroker formerly employed by SunTrust Investment Services Inc. is the subject of a customer initiated investment related written complaint on October 4, 2016 in which the customer requested $24,758.12 in damages supported by accusations that Farrow made misrepresentations to the customer by stating that the variable annuity purchased […]

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FINRA Charges Morgan Stanley Brokers With Churning

Ami Kathryn Forte and Charles Joseph Lawrence of Palm Harbor Florida stockbrokers formerly employed by Morgan Stanley have been charged by Financial industry Regulatory Authority (FINRA) in a Complaint alleging that Forte and Lawrence (1) engaged in unsuitable trading of a disabled customer’s account (2) effected unauthorized trades and (3) churned the customer’s investment portfolio. […]

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FINRA Bars Caldwell Broker In Investigation

Alain J. Florestan of New York New York a stockbroker formerly registered with Caldwell International Securities has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a Default Decision containing findings that (1) Florestan made unsuitable investment recommendations to customers and (2) Florestan failed to cooperate in […]

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Cetera Sanctioned For Failure To Supervise

Cetera Advisor Networks LLC a brokerage firm headquartered in El Segundo California has been censured and fined $700,000.00 founded on allegations that the firm neglected to supervise a registered representative who made unsuitable trades and mutual fund switches in customer accounts. Letter of Acceptance Waiver and Consent No. 2014040951702 (Dec. 19, 2018). According to the […]

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Ameriprise Sued By Investor For Breach Of Fiduciary Duty

Scott Allen Edwards of Minneapolis Minnesota a stockbroker currently registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which customers were awarded $13,652.29 in compensatory damages based on Edwards having been found liable on the customers’ claims that (1) Edwards negligently transacted in the customers’ accounts […]

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Merrill Lynch Sued By Investors For Failure To Supervise

Michael C. Rodriguez of Dallas Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been named in a customer initiated investment related arbitration claim which settled for $475,000.00 in damages based upon accusations that Merrill Lynch or Rodriguez failed to supervise unit investment trust transactions that were placed in the customer’s […]

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Royal Alliance Supervisors Suspended For Failure To Supervise

December 21, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

James Edward Armstrong Sr. and his son James Edward Armstrong Jr. both of Wake Forest North Carolina and stockbrokers formerly registered with Royal Alliance Associates Inc. were fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that they failed to adequately supervise a […]

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Wedbush Chairman Investigated For Securities Fraud

December 21, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Edward William Wedbush of New York New York the President and Chairman of Wedbush Inc. (the parent company of Wedbush Securities Inc.) and registered representative of Wedbush Securities Inc. and Lime Brokerage LLC has been named in a Financial Industry Regulatory Authority (FINRA) Wells Notice in which FINRA made an initial decision to advise that […]

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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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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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Shearson Financial Broker Fined For Mismarking Orders

November 30, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Philip Jay Patlis of Boca Raton Florida a stockbroker currently registered with Shearson Financial Services LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Patlis falsely represented that transactions executed in customer accounts were not solicited. Letter of […]

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FINRA Bars Legend Securities CEO For In Investigation

Anthony Fusco of New York New York the Chief Executive Officer of Legend Securities Inc. 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 cooperate in FINRA’s investigation into accusations that he failed to supervise the firm’s brokers. Letter […]

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Woodbridge Victims File Claims Against Quest Capital

November 29, 2018  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration, Selling Away   |   0 Comments

Frank Roland Dietrich, of Lake Forrest, California, formerly associated with Quest Capital Strategies, Inc. was barred by the Financial Industry Regulatory Authority in connection with the sale of Woodbridge Group related securities. Letter of Acceptance Waiver & Consent, No. 2018057197801 (November 26, 2018). Dietrich, betwen 2013 and 2017, was found to have solicited fifty eight […]

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Commonwealth Financial Disciplined Excessive Fees

November 23, 2018  |   Posted by :   |   Failure To Supervise, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Commonwealth Financial Network a brokerage firm headquartered in Waltham Massachusetts has been censured by Financial Industry Regulatory Authority (FINRA) supported by accusations that the firm excessively charged customers on mutual fund transactions by failing to apply discounts for the customers that were eligible for them. Letter of Acceptance Waiver and Consent No. 2016049975901 (Nov. 9, […]

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FINRA Censures D.A. Davidson Co. For Overcharging Customers

November 12, 2018  |   Posted by :   |   Failure To Supervise, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

D.A. Davidson Co. a brokerage firm headquartered in Great Falls Montana has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it (1) overcharged customers by failing to apply sales charges waivers and (2) failed to supervise its mutual fund transactions to ensure that eligible customers received applicable discounts. Letter […]

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ProEquities Sued By Investors For Fraud

Bradley John Freimark of Otsego Minnesota a stockbroker formerly registered with ProEquities Inc. is the subject of a customer initiated investment related arbitration claim which settled for $100,000.00 in damages founded on accusations that (1) misrepresentations were made to the customer and (2) the customer’s assets were inappropriately invested in D&L Energy 2010 Ltd. – […]

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Avalon Censured By FINRA For Failure To Supervise Annuities

November 12, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Avalon Investment Securities Group a brokerage firm headquartered in Muscle Shoals Alabama has been censured and fined by Financial Industry Regulatory Authority (FINRA) supported by allegations that the firm had failed to supervise its brokers’ sales of variable annuity products. Letter of Acceptance Waiver and Consent No. 2016047823901 (Oct. 25, 2018). According to the AWC, […]

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JP Morgan Continues to Bilk Clients For Fees

November 03, 2018  |   Posted by :   |   Bank robbery, Failure To Supervise   |   0 Comments

J.P. Morgan Securities LLC a broker-dealer headquartered in New York New York has been censured and fined by FINRA based upon the firm’s consent to findings that it harmed customers by charging them erroneous fees. Letter of Acceptance Waiver and Consent No. 2017053493101 (Oct. 18, 2018). According to the AWC, in 2012, a vendor was […]

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Maxim Group Censured For Failure To Supervise UIT Sales

Maxim Group LLC a brokerage firm headquartered in New York New York has been censured and fined $65,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise its stockbrokers’ recommendations of unit investment trusts to ensure that they were not unsuitable for customers. Letter of Acceptance […]

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Raymond James Broker Barred In Investigation

Woodley Hannon Bagwell of Montgomery Alabama a stockbroker formerly registered with Raymond James Associates Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to honor FINRA’s requests for Bagwell’s information. Letter No. 20160520299901 (September 18, 2017). FINRA Public Disclosure confirms that […]

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Merrill Lynch Sued For Mutual Fund Fraud

Alex Jose Gierbolini of Guaynabo Puerto Rico a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim in which the customer sought $265,000.00 in damages founded on accusations that misrepresentations had been made to the customer and mutual fund transactions were placed in the […]

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CIM Securities Censured By FINRA For Failure To Supervise

CIM Securities LLC (also known as Brookline Capital Markets) a brokerage firm headquartered in Centennial Colorado has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that its failed to supervise three registered representatives’ private securities transactions. Letter of Acceptance Waiver and Consent No. 2017052070001 . […]

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Hennion Walsh Sued By Customers For Bad Advice

William Hennion of Parsippany New Jersey the current vice president of Hennion Walsh Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $50,000.00 in damages founded on allegations that inappropriate municipal debt investment recommendations had been made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01082 (Mar. […]

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Bankers Life Blamed For Unauthorized Annuity Purchase

Kevin Paul Lemmon of Baton Rouge Louisiana a stockbroker currently registered with Bankers Life Securities Inc. is the subject of a customer initiated investment related written complaint on July 18, 2017 where the customer sought compensatory damages supported by accusations that Lemmon effected the unauthorized purchase of a fixed annuity. Financial Industry Regulatory Authority (FINRA) […]

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William H. Murphy Co. Fined For Failure To Supervise

William H. Murphy Co. Inc. a broker-dealer headquartered in Houston Texas and William H. Murphy (president and chief compliance officer) are subject of a National Adjudicatory Council Decision which affirmed FINRA’s Extended Hearing Panel’s findings that the firm effected unregistered and non-exempt securities transactions and failed to supervise the firm’s business practices to ensure compliance […]

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FINRA Fines Lincoln For Failure To Supervise Annuities

October 04, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Lincoln Investment a brokerage firm with headquarters in Fort Washington Pennsylvania has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it failed to supervise the rates in which registered representatives made variable annuity exchanges. Letter of Acceptance Waiver and Consent No. 2017052410201 (Sept. 25, 2018). According […]

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Cadaret Grant Sanctioned By SEC For Failure To Supervise

Cadaret Grant Co. Inc. a broker-dealer headquartered in Syracuse New York along with its president Arthur Grant and chief compliance officer Beda Lee Johnson and stockbroker Eugene James Long have been named in a Securities and Exchange Commission (SEC) Order Instituting Administrative and Cease-and-Desist Proceedings containing findings of the firm’s failure to supervise its representatives’ […]

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Citigroup Censured By FINRA For Failure To Supervise

September 28, 2018  |   Posted by :   |   Failure To Supervise, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Citigroup Global Markets Inc. a broker-dealer headquartered in New York New York has been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it took advantage of customers by overcharging them on mutual fund purchases. Letter of Acceptance Waiver and Consent No. 2016049977601 (Sept. 7, 2018). According […]

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FINRA Fines Securities America For Failure To Supervise

September 28, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Securities America Inc. a brokerage firm headquartered in La Vista, Nebraska, has been censured and fined $175,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise variable annuity recommendations made by the registered representatives of the firm. Letter of Acceptance Waiver and Consent No. 2016048243101 (Sept. […]

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FINRA Suspends LPL Broker For Outside Business Activities

Robert Matthew Krieger of New York New York a stockbroker formerly employed by LPL Financial LLC has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in outside business activities without disclosing them to LPL Financial. Letter of […]

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Lincoln Investment Planning Censured For Failure To Supervise

September 27, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Lincoln Investment Planning LLC a brokerage firm headquartered in Fort Washington Pennsylvania has been censured by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise the firm’s mutual fund sales practices which caused customers to be excessively charged. Letter of Acceptance Waiver and Consent No. 2017053723701 (Sept. […]

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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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Cadaret Grant Fined For Failure To Supervise

Cadaret Grant Co. Inc. is a FINRA member broker firm headquartered in Syracuse New York who has been censured and fined $800,000.00 by Financial Industry Regulatory Authority (FINRA) based on consenting to findings that it (1) failed to supervise its business practices with a view towards detecting and preventing bad investment recommendations (2) failed to […]

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SunTrust Sued For Bad Investments

Todd Joseph Thompson of Atlanta Georgia a stockbroker formerly registered with SunTrust Investment Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $40,000.00 in damages supported by allegations that (1) Thompson executed transactions in the customer’s account that were not suitable for the customer and (2) SunTrust Investment […]

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Santander Sued By Investor For Fraud

William K. Tress (also known as William K. Tress Garcia) of Dorchester Massachusetts a stockbroker formerly employed by Santander Securities is the subject of a customer initiated investment related arbitration claim where the customer requested $111,522.41 in damages based upon accusations including (1) gross negligence (2) breach of contract (3) failure to supervise (4) breach […]

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Primex Chief Executive Officer Investigated By FINRA

September 12, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Wilfredo Felix Jr. of New York New York the chief executive officer of Primex is the subject of a Financial Industry Regulatory Authority (FINRA) investigation into accusations that Felix violated FINRA and NASD Rules pertaining to the supervision of business practices. FINRA’s investigation reveals that Felix may have failed to provide FINRA with a response […]

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SW Financial Sued By Investor For Churning

Joseph Lianzo of Melville New York a stockbroker currently registered with SW Financial is referenced in a customer initiated investment related arbitration claim where the customer requested $108,215.00 in damages supported by allegations that (1) contractual obligations to the customer were breached (2) unauthorized trades were executed in the customer’s account (3) the customer’s account […]

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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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FINRA Fines World Equity Group For Failure To Supervise

World Equity Group Inc. a brokerage firm headquartered in Arlington Heights Illinois has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) supported by accusations that the company failed to supervise its registered representatives’ variable annuities recommendations to ensure that they were suitable for customers in compliance with securities regulations and FINRA Rules. […]

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Kestra Accused By Investors Of Selling Bad Investments

Donald A. Lueke of Kansas City Missouri a stockbroker formerly employed by Kestra Investment Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $25,000.00 on May 15, 2018 founded on allegations that (1) the customer was placed into business development company group companies that were inappropriate for the […]

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Ameriprise Accused By Investor Of Failure To Supervise

August 25, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

John Nicholas Matson of Los Angeles California a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related written complaint on March 8, 2017 in which the customer requested $33,685.00 in damages supported by allegations that Matson failed to supervise and appropriately manage the customer’s assets which caused the […]

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Investors Sue Investment Architects For Excessive Trading

Glen David Haddock of Petaluma California the President of Investment Architects Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,250,000.00 in compensatory damages and $2,500,000.00 in punitive damages supported by allegations that the firm failed to prevent excessive trading in the customer’s account between 2004 and […]

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Investor Sues National Planning For Misrepresentation

August 25, 2018  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Gary Stephen Radler of West Hartford Connecticut a stockbroker formerly employed by National Planning Corporation is referenced in a customer initiated investment related civil action which was resolved for $272,000.00 in damages supported by accusations that misrepresentations had been made to the customers concerning the collateralization and other terms and conditions of life insurance policies […]

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Morgan Stanley Sued By Customer For Failure To Supervise

Richard Joseph Less Jr. of Fairfield New Jersey a branch manager currently registered with Morgan Stanley is the subject of a customer initiated investment related arbitration claim in which the customer requested $2,193,015.00 in damages supported by allegations of the failure to supervise an advisor’s management of transactions effected in a customer’s investment account between […]

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Investors Sue Gould Ambroson For Failure To Detect Theft

Jay Allan Ambroson of Garden City New York the president and chief compliance officer of Gould Ambroson Associates Ltd. is referenced in a customer initiated investment related arbitration claim where the customer requested $970,000.00 in damages supported by allegations that Ambroson was liable for negligent supervision and conversion of the customer’s funds relating to the […]

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Investors Accuse Cetera of Fraud And Misrepresentation

Mark Angelo Senofonte of Edison New Jersey a stockbroker currently registered with Cetera Investment Services LLC is the subject of a customer initiated investment related written complaint on June 12, 2018 where the customer requested $12,500.00 in damages supported by allegations that (1) unsuitable real estate security transactions were executed int the customer’s account (2) […]

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Ameriprise Stockbroker Fired For Ignoring Suspension

August 17, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Barbara Jean Hedblom of Edina Minnesota a stockbroker formerly employed by Ameriprise Financial Services Inc. has been terminated on June 27, 2018 based upon allegations that Hedblom resigned during the time that she had been suspended for not complying with the firm’s imposition of a disciplinary action. Hedblom was apparently placed on heightened supervision but […]

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Investors Sue Wells Fargo For Bad ETF Sales

Jamie Roger Meehan of Fort Lauderdale Florida a stockbroker currently employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $120,000.00 in damages founded on accusations of unsuitable exchange-traded fund recommendations having been made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. […]

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Thrivent Censured By FINRA For Overcharging Customers

Thrivent Investment Management, Inc. a brokerage firm headquartered in Minneapolis Minnesota has been censured by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise mutual fund sales with a view towards ensuring customers obtained breakpoint discounts and sales charge waivers. Letter of Acceptance Waiver and Consent No. […]

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Stockbroker Theft Costs Ameriprise $4.5 million

August 17, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Theft   |   0 Comments

My stockbroker stole my money. Ameriprise Financial Services Inc. will pay $4.5 million to the United States Securities & Exchange Commission to settle charges that it failed to safeguard retail investor assets from theft by its representatives. Ameriprise Financial Services provides brokerage services to customers and advisory clients through a national network of approximately 9,700 […]

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Massachusetts Residents Defrauded In UIT Scheme

An Enforcement Action was commenced against StockCross Financial Services, Inc. and one of its registered representatives, Peter Edward Cunningham by The Commonwealth of Massachusetts, Office of the Secretary of the Commonwealth, Securities Division for fraud in connection with the sale of securities and the violation of the Massachusetts Uniform Securities. StockCross is a registered securities […]

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Investors Sue Cherry Hill Stockbroker For Misconduct

Andrew Jack Cohen of Cherry Hill New Jersey a stockbroker currently employed by Questar Capital Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages founded on allegations of (1) breach of fiduciary duty (2) violation of Pennsylvania Unfair Trade Practices and Consumer Protection Law […]

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LM Kohn Sued By Customer For Failure To Supervise

July 31, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Dainforth Baker French Jr. of Troy Michigan a stockbroker currently employed by L.M. Kohn Company is the subject of a customer initiated investment related arbitration claim which was resolved for $33,000.00 in damages supported by accusations of the mismanagement of the customer’s investment account and the failure of the firm to supervise transactions effected in […]

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Royal Alliance Fined By FINRA For Failure To Supervise

Royal Alliance Associates Inc. a brokerage firm headquartered in New York New York has been censured and fined $350,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it (1) failed to supervise and train its registered representatives regarding their multi-share class variable annuity sales and (2) ineffectively supervised the […]

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SII Investments Sanctioned For Failure To Supervise

SII Investments Inc. a broker-dealer headquartered in Appleton Wisconsin has been censured and fined $325,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that the firm (1) failed to supervise its registered representatives’ variable annuity recommendations to customers and (2) failed to supervise its unit investment trust business to ensure […]

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FINRA Fines Vanderbilt Securities For Failure To Supervise

July 31, 2018  |   Posted by :   |   Elder Abuse, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Vanderbilt Securities LLC a brokerage firm headquartered in New York New York and its chief compliance officer Barry Champney have been sanctioned by Financial Industry Regulatory Authority (FINRA) founded on accusations that the firm and Champney failed to adequately supervise a registered representative who churned and effected unsuitable trades in a customer’s account. Letter of […]

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M Holdings Admits To Failure To Supervise

July 16, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

M. Holdings Securities Inc. a brokerage firm headquartered in Portland Oregon has been censured and fined $135,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to adequately supervise private securities transactions as well as the dissemination of consolidated reports. Letter of Acceptance Waiver and Consent No. 2017052293001 […]

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Cetera Financial Fined By FINRA For Failure To Supervise

July 16, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Cetera Financial Specialists LLC a broker-dealer headquartered in Schaumburg Illinois has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it failed to supervise outside business activities pursued by its staff. Letter of Acceptance Waiver and Consent No. 2015045233601 (July 9, 2018). According to the AWC, from […]

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Alexander Capital Officer Charged With Failure To Supervise

July 16, 2018  |   Posted by :   |   Boilerroom, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Timothy John Stack of New York New York a former chief compliance officer registered with Alexander Capital LP is the subject of a Second Amended Notice of Proposed Agency Action and Opportunity for Hearing issued by the Office of the Montana State Auditor Commissioner of Securities and Insurance in which sanctions have been sought against […]

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Leaders Group Admits Failure To Supervise

July 12, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

The Leaders Group Inc. a brokerage firm headquartered in Littleton Colorado has been censured and fined $95,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings of supervisory failures including the firm’s failure to supervise variable annuity suitability as well as registered representatives’ outside business activities. Letter of Acceptance Waiver and Consent No. […]

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Zipper Stuck Dakota Securities Expelled By FINRA

June 30, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Dakota Securities International Inc. has been expelled from Financial Industry Regulatory Authority (FINRA) membership according to an Office of Hearing Officers Hearing Panel Decision containing findings that the firm failed to supervise its vice president Bruce M. Zipper and enabled Zipper to associate with the firm despite FINRA having disqualified him. Department of Enforcement v. […]

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CSSC Brokerage President Fined For Failure To Supervise

June 25, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Alexander Lloyd Martin of Troy Michigan a stockbroker and former president of CSSC Brokerage Services Inc. has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Martin consenting to findings that he failed to supervise a registered representative who made unsuitable investment recommendations in […]

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FINRA Bars Morgan Stanley Principal For Bad Supervision

June 25, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Terry Lee McCoy of Palm Harbor Florida a stockbroker and supervisor employed by Morgan Stanley has been fined $75,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that he failed to supervise two registered representatives that placed excessive and unsuitable trades in […]

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Deutsche Bank Broker Banged For Bad Supervision

June 21, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Benjamin Solomon of New York New York a stockbroker and supervisor formerly registered with Deutsche Bank Securities Inc. has been fined $165,000.00 and suspended by Securities and Exchange Commission (SEC) for twelve months from associating with any broker dealer or investment adviser according to an Order Instituting Administrative Proceedings pursuant to Section 15(b) of the […]

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Blackbook Capital Owner Fined For Failure To Supervise

Franklin Ihendu Ogele of New York New York a former owner of Blackbook Capital LLC has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise a stockbroker of the firm who placed unsuitable trades in a […]

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Customer Accuses Pruco Securities Of Suitability

May 31, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Matthew Michael Dauksza of Dewitt New York a stockbroker formerly registered with Pruco Securities LLC is the subject of a customer initiated investment related written complaint on December 1, 2017 in which the customer accused Dauksza of failing to supervise a registered representative of the firm who made unsuitable recommendations to the customer regarding life […]

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Edward Jones Sued By Customer For Negligence

May 31, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Peter Lee Swanson of Lakewood Colorado a stockbroker currently registered with Edward Jones is the subject of a customer initiated investment related civil action in which the customer requested more than $5,000.00 in damages based upon accusations that (1) unsuitable investment recommendations had been made to the customer (2) fiduciary duties had been breached (3) […]

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FINRA Fines Fifth Third Securities For Failure To Supervise

Fifth Third Securities Inc. a brokerage firm headquartered in Cincinnati Ohio has been censured and fined $4,000,000.00 by Financial Industry Regulatory Authority (FINRA) founded on the firm’s consent to findings that it (1) made misstatements and omissions in the course of effecting variable annuity business (2) effected variable annuity exchanges that were not suitable for […]

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Geneos Wealth Management Accused Of Unsuitable Investments

Alan Dean Schmidgall of Jersey City New Jersey a stockbroker currently employed by Geneos Wealth Management Inc. is referenced in a customer initiated investment related written complaint which was resolved for $16,147.71 in damages based upon allegations that investment recommendations made to the customer were not suitable. FINRA Public Disclosure confirms that Schmidgall has been […]

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Customer Sues LPL Financial For REIT Suitability

Brian Lewis Baum of Longmont Colorado a stockbroker currently registered with LPL Financial LLC is the subject of a customer initiated investment related arbitration claim which settled for $19,500.00 in damages based upon allegations that the customers were placed into unsuitable energy limited partnership, business development group and real estate security transactions. Financial Industry Regulatory […]

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International Assets Advisory Sued For Failure To Supervise

Reginald Howell Robinson of Tampa Florida a stockbroker formerly employed by International Assets Advisory LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $300,000.00 in damages founded on allegations that faulty mutual fund switches in the customer’s account were not adequately supervised. Financial Industry Regulatory Authority (FINRA) Arbitration No. […]

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FINRA Censures Cambridge For Failure To Supervise ETFs

Cambridge Investment Research a brokerage firm headquartered in Fairfield Iowa has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) supported by consenting to findings that the firm failed to supervise non-traditional exchange traded fund sales and variable annuity redemptions. Letter of Acceptance Waiver and Consent No. 2016048934301 (May 3, 2018). According to […]

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FINRA Censures Laidlaw For Failure To Supervise ETFs

Laidlaw Company (UK) LTD. is a brokerage firm headquartered in London England that has been censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) founded on allegations that it failed to supervise recommendations of inverse and leveraged exchange traded funds to make sure that those recommendations complied with FINRA and NASD Rules. Letter of […]

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FINRA Censures JH Darbie For Failure To Supervise

J.H. Darbie Co. Inc. a brokerage firm headquartered in New York New York has been censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise recommendations of variable annuities made by one of the firm’s registered representatives. Letter of Acceptance Waiver and Consent No. […]

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FINRA Censures EJ Sterling For Failure To Supervise

E.J. Sterling LLC (now known as Allied Millennial Partners LLC) a brokerage firm headquartered in New York New York has been censured by FINRA based upon the firm’s consent to findings that the firm failed to adequately supervise its business to detect and stop unsuitable trades from being executed in customers’ investment accounts. Letter of […]

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Liberty Partners Executive Fined For Failure To Supervise

Jeffrey Allen Fanning of West Palm Beach Florida is a former owner and chief executive officer of Liberty Partners Financial Services LLC who has been fined $20,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Order Accepting Offer […]

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RP Capital Sued By Customer For Misrepresentation

Norman Gary Price of Gig Harbor Washington is a member of RP Capital LLC who is the subject of customer initiated investment related arbitration claim in which the customer requested $700,000.00 in damages supported by accusations of (1) suitability (2) conflict of interest (3) misrepresentation and (4) supervisory failures concerning the use of the customer’s […]

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Park Avenue Securities Censured For Failure To Supervise

Park Avenue Securities is a brokerage firm headquartered in New York New York which has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise its annuities operations to ensure that registered representatives made recommendations of annuities in compliance with securities laws […]

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FINRA Fines ACGM Supervisor For Failure To Supervise

March 16, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

William Bernard Lyons of New York New York is a stockbroker formerly employed by ACGM, Inc. who has been fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise a firm stockbroker’s private securities transactions […]

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Western International Fined For Failure To Supervise

Western International Securities Inc. is a brokerage firm headquartered in Pasadena California who has been censured and fined one hundred twenty five thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon accusations that it failed to create and implement adequate supervisory procedures and systems for purposes of making sure that non-traditional exchange traded fund […]

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Regulator Orders Cetera Broker To Pay Civil Penalty

March 07, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

George Craig Merhoff Jr. of Klamath Falls Oregon is a stockbroker currently associated with Cetera Advisors LLC who has been ordered by the Division of Financial Regulation of the Oregon Department of Consumer and Business Services to pay a thirty-five thousand dollar civil penalty and cease and desist committing violations of Oregon Securities Law based […]

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FINRA Censures Supreme Alliance For Failure To Supervise

March 07, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Supreme Alliance LLC is a brokerage firm headquartered in Wilmington North Carolina which has been censured by Financial Industry Regulatory Authority (FINRA) based upon accusations that it (1) failed to supervise its variable annuity business and (2) failed to supervise private securities transactions and outside business activities. Letter of Acceptance Waiver and Consent No. 201605005701 […]

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FINRA Censures Essex Securities For Supervisory Failure

March 07, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Essex Securities LLC is a brokerage firm headquartered in Massachusetts that has been censured and fined twenty-five thousand dollars by Financial Industry Regulatory Authority (FINRA) based in part on consenting to findings that the firm neglected to adequately supervise outside business activities that its registered representatives engaged in during the time that they were employed […]

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SW Financial Censured By FINRA For Failure To Supervise

March 07, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

SW Financial is a brokerage firm headquartered in Melville New York which has been censured and fined thirty-five thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm (1) made mutual fund recommendations that were not suitable for customers and (2) failed to supervise the firm’s investment recommendations to […]

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Huntleigh Securities Censured For Fleecing Customers

February 20, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Huntleigh Securities Corporation is a brokerage firm headquartered in St. Louis Missouri who has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm overcharged customers on unit investment trust transactions and failed to supervise the application of sales charge discounts in customer accounts. Letter of Acceptance Waiver and […]

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National Security Broker Fined For Failure To Supervise

February 20, 2018  |   Posted by :   |   Boilerroom, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Michael Ciro Colletti of Melville New York is a stockbroker formerly registered with National Securities Corporation who has been fined seven thousand five-hundred dollars and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order Accepting Offer of Settlement containing findings that Colletti failed […]

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Sagepoint Fined By FINRA For Failure To Supervise

January 26, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Sagepoint Financial, Inc., a brokerage firm headquartered in Phoenix, Arizona, has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to apply sales charge waivers on customers’ purchases of mutual funds when customers were eligible, and failed to supervise the application of sales charge waivers. […]

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FINRA Fines Lucia Securities For Failure To Supervise

January 26, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Lucia Securities, LLC, a brokerage firm headquartered in San Diego, California, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to supervise and preserve consolidated reports which had been distributed to the firm’s customers. Letter of Acceptance, Waiver and Consent, No. 2017055425901 (Jan. 9, […]

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Ameriprise Sued By Customer For Negligence

January 26, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Andrew Joseph Hall, of Portland, Oregon, a stockbroker currently employed with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, wherein the customer was awarded $191,772.00 in damages supported by findings that from May of 2014 to December of 2015, Hall negligently handled the customer’s investment account, breached his […]

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Davenport Fined By FINRA For Failure To Supervise

January 10, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Davenport & Company, LLC, a broker-dealer headquartered in Richmond, Virginia, was censured and fined $115,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm, inter alia, failed to supervise consolidated reports distributed to customers regarding their investment accounts. Letter of Acceptance, Waiver and Consent, No. 2016051515201 (Dec. 27, 2017). According to […]

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Customer Sues Edward Jones For Failure To Supervise

January 10, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Robert Owen Kincaid of Sandpoint, Idaho, a stockbroker formerly registered with Edward Jones, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $1,053,664.00 in damages based upon allegations that the customer’s assets were over-concentrated in mutual funds products. The customer additionally alleged that investment losses were caused by Edward […]

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Accelerated Capital Charged With Supervisory Failures

January 09, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Accelerated Capital Group, Inc. a brokerage firm headquartered in Costa Mesa, California, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to supervise its trading activities. Department of Enforcement v. Accelerated Capital Group, Inc., Disciplinary Proceeding No. 2012033566205 (Dec. 13, 2017). According to the Complaint, between August […]

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FINRA Fines Brighton For Failure To Supervise Trading

January 09, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Brighton Securities Corp., a brokerage firm headquartered in Rochester, New York, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise its stockbroker, who effected mutual fund trades that were not suitable for customers. Letter of Acceptance, Waiver and Consent, No. 2015046536701 (Dec. […]

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FINRA Fines WestPark For Failure To Supervise CMOs

January 09, 2018  |   Posted by :   |   Bond Fraud, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

WestPark Capital, Inc., located in Los Angeles, California, has been censured and fined $27,500.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to create and sustain adequate supervision of collateralized mortgage obligations and failed to enforce existing supervisory practices. Letter of Acceptance, Waiver and Consent, No. 2016051690101 (Dec. 22, […]

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FINRA Accuses Liberty Partners Of Supervisory Failures

December 23, 2017  |   Posted by :   |   Churning, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Jeffrey Allen Fanning, of West Palm Beach, Florida, a former chief executive officer of Liberty Partners Financial Services, LLC, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Fanning, inter alia, failed to supervise stockbrokers’ activities for excessive trading in customer accounts. Department of Enforcement v. Jeffrey […]

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Accelerated Capital Group President Suspended By FINRA

December 23, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Wayne Ivan Miiler, of Scottsdale, Arizona, president of Accelerated Capital Group Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise the firm’s chief compliance officer and supervisor for stockbrokers located in […]

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Salmon Whitney Chief Operating Officer Fined By FINRA

December 23, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Gary Bruce Weiss, of Farmingdale, New York, a chief operating officer formerly registered with Salomon Whitney Financial, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise a stockbroker that made unsuitable investment recommendations to a […]

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FINRA Suspends Accelerated Capital Compliance Officer

December 23, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Janet Lynn Ross, of Irvine, California, chief compliance officer of Accelerated Capital Group, Inc., has been fined $10,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Ross, inter alia, failed to supervise stockbrokers who made unsuitable, excessive and unauthorized […]

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FINRA Bars UBS Financial Stockbroker For Selling Away

December 15, 2017  |   Posted by :   |   Failure To Supervise, Selling Away   |   0 Comments

Kenneth S. Tyrrell, of Richmond Virginia, a stockbroker registered with UBS Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Tyrrell, inter alia, sold away from his firm, engaged in unapproved outside business activities, and inaccurately represented his activities […]

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Spencer Edwards Charged With Supervisory Failures

December 15, 2017  |   Posted by :   |   Failure To Supervise, Private Placement Fraud   |   0 Comments

Spencer Edwards, Inc., a brokerage firm headquartered in Centennial, Colorado, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to have a reasonable basis to effect private placement sales to customers, and failed to supervise private placement activities. Department of Enforcement v. Spencer Edwards, Inc., Disc. Proceeding […]

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FSC Principal Fined For Failure To Supervise

December 15, 2017  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Eric Dean Rolschoven, of Missoula, Montana, a stockbroker registered with FSC Securities Corporation, was fined $15,000.00 by the Office of the Montana State Auditor, Commissioner of Securities and Insurance, according to a Consent Agreement and Final Order containing findings that Rolschoven failed to supervise a registered representative who engaged in sales practice violations. In the […]

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Joseph Gunnar Fined For Failure To Supervise Trading

December 15, 2017  |   Posted by :   |   Boilerroom, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Joseph Gunnar & Co. LLC, a FINRA brokerage firm headquartered in New York, New York, has been censured and fined $60,000.00 by Financial Industry Regulatory Authority (FINRA) founded on allegations that the firm failed to develop supervisory procedures to identify and stop unsuitable trades from being executed in customers’ investment accounts. Letter of Acceptance, Waiver […]

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Next Financial Fined For Failure To Supervise Trading

December 15, 2017  |   Posted by :   |   Churning, Failure To Supervise   |   0 Comments

Next Financial Group, Inc., a brokerage firm headquartered in Houston, Texas, has been censured and fined $750,000.00 by Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that the firm failed to create an adequate system to supervise consolidated reports, failed to create written supervisory procedures pertaining to multiple share […]

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FINRA Censures LBMZ Securities For Due Diligence

LBMZ Securities, Inc., a brokerage firm headquartered in Chicago, Illinois, has been censured and fined $65,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to adequately conduct due diligence relating to private placement offerings, failed to supervise its communications to customers, and disseminated faulty advertisements to customers. Letter of […]

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Obsidian Financial Group Sued For Failure To Supervise

December 15, 2017  |   Posted by :   |   Boilerroom, Failure To Supervise   |   0 Comments

Michael Anthony Regina, of Lynbrook, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, is the subject of a customer initiated investment related arbitration claim, which settled for $14,000.00 in damages based upon allegations that Regina failed to create and maintain adequate supervision systems to detect and prevent violation of securities laws relating […]

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Concorde Investment Sued For Failure To Supervise

November 28, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Paul Michael Mallory, of Livonia, Michigan, a stockbroker registered with Concorde Investment Services, is the subject of a customer initiated investment arbitration claim, where the customer has sought damages based upon accusations that Mallory failed to supervise floating rate note transactions effected in the customer’s account from 2014 to 2016. Financial Industry Regulatory Authority (FINRA) […]

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Rhodes Securities Stockbroker Fired For Unsuitable Recommendations

November 21, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Christopher Paul Anthony of Fort Worth, Texas, a stockbroker registered with Rhodes Securities, Inc., has been fired on April 28, 2015, based upon allegations that he placed unsuitable trades in customer accounts, exercised discretion in customer accounts, and failed to abide by the firm’s policies while on heightened supervision. Financial Industry Regulatory Authority (FINRA) Public […]

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Hornor Townsend Fined For Supervisory Failures

November 20, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Hornor, Townsend & Kent, Inc., a brokerage firm headquartered in Horsham, Pennsylvania, has been censured and fined $275,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise private securities transactions and variable annuity share class recommendations. Letter of Acceptance, Waiver and Consent, No. 2015043387001 (Nov. 14, […]

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FINRA Fines Cabrera Capital For Failure To Supervise

November 01, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Cabrera Capital Markets, LLC, a brokerage firm headquartered in Chicago, Illinois, was censured and fined $25,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that the firm, inter alia, failed to supervise the underwriting of municipal securities issued through the firm. Letter of Acceptance, Waiver and Consent, No. 2015043640701 (Oct. 12, 2017). According to […]

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Network 1 Financial Censured For Failure To Supervise

October 16, 2017  |   Posted by :   |   Failure To Supervise, Inverse Leveraged ETF Funds   |   0 Comments

Network 1 Financial a broker headquartered in Red Bank, New Jersey, has been censured and fined $20,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that Network 1 Financial failed to supervise non-traditional exchange traded funds effected by its registered representatives. Letter of Acceptance, Waiver and Consent, No. 2015046575201 (Oct. 2, 2017). […]

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Alexander Capital Fined For Failure To Supervise

October 16, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Alexander Capital, L.P., a FINRA member brokerage firm headquartered in New York, New York, has been censured and fined $80,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise securities transactions to ensure that they were registered or otherwise exempt from registration. Letter of Acceptance, Waiver […]

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Ziv Investment Company Fined For Failure To Supervise

October 03, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Ziv Investment Company, a broker-dealer headquartered in Chicago, Illinois, and Peter Gordon Ziv, president, chief compliance officer and principal of Ziv Investment Company, were fined $75,000.00 and $10,000.00, respectively, for failing to supervise, inter alia, transactions and discretionary trading by stockbrokers at Ziv Investment Company’s branch office. Letter of Acceptance, Waiver and Consent, No. 2014039231701 […]

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Investors Capital Broker Suspended By Regulator

September 22, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Michael J. Isaac, of Shrewsbury, Massachusetts, a registered representative associated with Investors Capital Corp., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he caused a customer to provide him signed forms that were undated and blank, inaccurately conveying […]

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National Securities Charged With Failure To Supervise

September 22, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Michael Ciro Colletti, of Melville, New York, a stockbroker formerly registered with National Securities Corporation, was named in a Financial Industry Regulatory Authority (FINRA) Complaint containing allegations that he did not supervise the firm’s cold caller representatives, who utilized scripts for speaking with customers that contained inappropriate and possible investment misrepresentations. Department of Enforcement v. […]

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Customer Sues Cetera Advisors For Failure To Supervise

September 22, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Bernard Andre Breton, of Denver, Colorado, a stockbroker formerly registered with Cetera Advisors LLC, is the subject of a customer initiated investment related arbitration claim filed on January 19, 2016, for $876,195.00 in damages based on allegations that Breton failed to supervise the equity trades effected another Cetera stockbroker Abraham Heimann. Breton was terminated by […]

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Morgan Stanley Fired Manager For Lack of Supervision Not Really The Supervisor

September 15, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Jeffrey Sean Crystal, of Paramus, New Jersey, a stockbroker registered with Morgan Stanley, was terminated on May 1, 2017, based upon accusations that as branch manager, he failed to supervise a financial advisor that engaged in wrongdoing. The wrongdoer, was former Morgan Stanley stockbroker Barry Franklin Connell.  Connell, whom as of even date the subject […]

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Oppenheimer Stockbroker Suspended For Suitability

September 15, 2017  |   Posted by :   |   Failure To Supervise, Inverse Leveraged ETF Funds   |   0 Comments

Edward T. McFarlane, of Jenkintown, Pennsylvania, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected non-traditional exchange traded fund trades which were not suitable for […]

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Financial West Group Sued For Failure To Supervise

August 31, 2017  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration   |   0 Comments

Mitchell Steven Morrison, of Westlake Village, California, a principal registered with Financial West Group, is the subject of a customer initiated investment related arbitration claim on June 19, 2017, in which the customer requested $1,937,365.00 in damages based upon allegations that Morrison neglected to supervise the activities of a subordinate stockbroker that made misrepresentations to […]

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City National Securities Failure To Supervise

August 31, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

City National Securities, Inc., headquartered in Beverly Hills, California, has been censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to properly supervise outside business activities and private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2014043089901 (Aug. 24, 2017). According to the AWC, […]

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Wells Fargo Advisors Stockbroker Terminated

August 17, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Mark Thomas Zielinski, of Newport Beach, California, a stockbroker registered with Wells Fargo Advisors, has been fired from his job on December 18, 2016, based upon allegations against him of supervisory “mishaps.” Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on January 12, 2000, a customer filed an investment related written complaint involving Zielinski’s […]

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HLH Securities Owner Suspended For Supervisory Failures

August 17, 2017  |   Posted by :   |   Failure To Supervise, Selling Away   |   0 Comments

Howard L. Hull III, of Newport Coast, California, a prior owner, vice-president, chief compliance officer, and financial and operations principal for HLH Securities, Inc., has been fined $20,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Hull, inter alia, […]

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EJ Sterling Sued For Breach Of Fiduciary Duty

August 15, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Eduardo Juarez, of New York, New York, a stockbroker formerly registered with E.J. Sterling, LLC, is the subject of a customer initiated investment related arbitration claim on March 12, 2017, in which the customer requested $36,351.00 in damages based upon allegations that Juarez breached his fiduciary duties to the customer, as well as effected unauthorized […]

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Mercury Securities Sanctioned For Failure To Supervise

July 29, 2017  |   Posted by :   |   Failure To Supervise, Selling Away   |   0 Comments

Mercury Securities LLC, a brokerage firm located in San Rafael, California, was censured and fined $5,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise registered representatives’ private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015043459301 (July 12, 2017). According to the AWC, three of […]

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GF Investment Services Stockbroker Sanctioned

July 29, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Daniel Joseph Hushek III, of Sarasota, Florida, a stockbroker formerly registered with G.F. Investment Services, LLC, has been fined $10,000.00 and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to reasonably supervise a registered representative who consequently made […]

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Trident Partners Sanctioned For Failure to Supervise

July 29, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Trident Partners, Ltd., a brokerage firm located in Woodbury, New York, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise its staff, and authorized its registered representatives to make recommendations that were not suitable for customers. Letter of Acceptance, Waiver and Consent, […]

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Morgan Stanley Smith Barney Sued For Failure To Supervise

July 29, 2017  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration   |   0 Comments

Sumitro Pal, of Bethesda, Maryland, a stockbroker formerly registered with Morgan Stanley Smith Barney, is the subject of a customer initiated investment related written complaint on May 1, 2017, in which the customer requested $115,156.00 in damages based upon allegations that the firm failed to supervise Pal’s faulty corporate debt transactions placed in the customer’s […]

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Morgan Stanley Named For Failure To Supervise

July 29, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Gregg Walter Stupinski, of Stuart, Florida, a registered representative currently registered with Morgan Stanley Smith Barney, is the subject of a customer initiated investment related arbitration claim on May 1, 2017, based upon allegations against Stupinski of his failure to supervise a firm customer’s equity portfolio. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that […]

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VFG Securities Fined For Failure To Supervise

July 28, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

VFG Securities, headquartered in Culver City, California, has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that it failed to supervise securities transactions that its registered representatives effected, and did not maintain accurate records and books in reference to securities transactions that its representatives facilitated. Letter of Acceptance, Waiver […]

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Hilltop Securities Sanctioned For Failure To Supervise

July 28, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Hilltop Securities Independent Network, a broker-dealer located in Dallas, Texas, was censured and fined $40,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise the activities of a registered representative who made investment recommendations that were not suitable for customers, and failed to create and implement […]

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Arbitration Claim Filed Against America Northcoast Securities

Richard Anthony Barone, of Cleveland, Ohio, a stockbroker currently registered with America Northcoast Securities, Inc., has been named in a customer initiated investment related arbitration claim on May 17, 2017, in which the customer requested $250,000.00 in damages based upon allegations against Barone including failure to supervise, unauthorized trading, unsuitability, breach of fiduciary duty and […]

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Customer Sues Obsidian Financial Group for Supervisory Failures

Philip A. Dina, of Woodbury, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, has been named in a customer initiated investment related arbitration claim on April 24, 2017, where the customer requested $50,000.00 in damages based upon allegations that he failed to supervise one of the firm’s registered representatives who placed faulty […]

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Allegis Investment Advisors Sued For Failure To Supervise

June 19, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Heath Shayne Bowen, of Idaho Falls, Idaho, a stockbroker currently registered with Allegis Investment Services, LLC, has been named in a customer initiated investment related arbitration claim on June 27, 2016, in which the customer requested $400,000.00 in damages based upon allegations that Bowen did not adequately supervise the customer’s investment portfolio, which resulted in […]

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Coastal Equities Sanctioned For Failure To Supervise

Coastal Equities, Inc., a brokerage firm headquartered in Wilmington, Delaware, has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm did not properly supervise the sale of non-traditional exchange traded funds. Letter of Acceptance, Waiver and Consent, No. 2014041310602 (June 9, 2017). According to the AWC, […]

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Ameriprise Financial Services Broker Sanctioned

Geraldine Gordon, of Lexington, Kentucky, a stockbroker currently registered with Ameriprise Financial Services, has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she made unsuitable investment recommendations to a firm customer. Letter of Acceptance, Waiver and Consent, No. 2016049353501 […]

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JP Turner Chief Compliance Officer Sued In Arbitration

June 13, 2017  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration   |   0 Comments

Edward Barnett Woll, of Atlanta, Georgia, a chief compliance officer of J.P. Turner & Company, LLC, has been named in a customer initiated investment related arbitration claim on April 18, 2017, in which the customer requested $69,768.00 in damages based upon allegations that he failed to supervise a stockbroker, Dennis Salerno, who effected trades in […]

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Fulcrum Securities Sued For Failure to Supervise

June 13, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

William Terrence Behrens, of Saint Louis, Missouri, a stockbroker formerly registered with Fulcrum Securities, LLC, has been named in a customer initiated investment related arbitration claim on April 10, 2017, in which the customer requested $189,000.00 in damages based upon allegations against Behrens of negligent supervision in reference to the handling of the customer’s investments […]

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WFG Investments Sanctioned For Failure To Supervise

June 08, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

WFG Investments, Inc., headquartered in Dallas, Texas, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that the firm failed to supervise a stockbroker who effected unsuitable trades in the firm’s customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015045755003 (May 31, 2017). According to the AWC, from January […]

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MSI Financial Services Failure To Supervise

MSI Financial Services, Inc., a brokerage firm headquartered in Springfield, Massachusetts, has been censured by Financial Industry Regulatory Authority (FINRA) by consenting to findings that excessive fees were charged by the firm within customers’ accounts regarding mutual fund transactions, and that the firm did not appropriately supervise operations to protect customers from being overcharged. Letter […]

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Southeast Investments Chief Compliance Officer Barred

May 18, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Frank Harmon Black, of Charlotte, North Carolina, owner of Southeast Investments, N.C., Inc., has been fined $170,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on an Extended Hearing Panel Decision containing findings that he failed to supervise the firm’s business operations in a manner which was […]

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Cetera Advisor Networks Censured For Failure To Supervise

Cetera Advisor Networks LLC, a brokerage firm headquartered in El Segundo, California, has been censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm charged customers with excessive fees in reference to mutual fund transactions, and inadequately supervised its business operations to make sure customers were not overcharged. Letter of […]

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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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The Investment Center Sanctioned For Failure To Supervise

The Investment Center, headquartered in Bedminster, New Jersey, was reprimanded and fined $50,000.00 by Texas State Securities Board pursuant to a Consent Order containing findings that the firm failed to supervise a registered representative’s activities, which consisted of making unsuitable investment recommendations to customers. In the Matter of The Dealer Registration of The Investment Center, […]

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Garden State Securities Named In FINRA Arbitration

Garden State Securities, Inc., a brokerage firm headquartered in Red Bank, New Jersey, has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $142,168.00 in damages on July 5, 2016. The customer’s claim was based upon allegations that the firm breached its fiduciary and contractual duties to the […]

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UBS Financial Services Sued For Failure To Supervise

David Howard Bigler, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on February 2, 2017, in which the customer requested $21,000,000.00 in damages based upon allegations that between 2013 and 2016, UBS Financial Services Inc. failed to supervise Bigler’s activities concerning the customer’s […]

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Raymond James Financial Sued In Arbitration For Unsuitability

James Gilbert Blair, of Coronado, California, a stockbroker currently registered with Raymond James Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on February 1, 2017, in which the customer requested $300,000.00 in damages based upon allegations that Blair effected unauthorized and unsuitable over-the-counter equities transactions in the customer’s account, […]

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WFG Investments Sued For Misrepresentation

March 31, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Carl Wayne Busch, of Oklahoma City, Oklahoma, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $50,000.00 in damages based upon allegations that Busch failed to conduct adequate due diligence in reference to the customer’s convertible […]

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Wood Company Expelled For Cheating Customers

Wood (Arthur W.) Company, Inc., headquartered in Boston, Massachusetts, has been fined $10,000.00 and statutory disqualified by Financial Industry Regulatory Authority (FINRA) pursuant to a National Adjudicatory Council Decision containing findings that the firm, inter alia, charged customers commissions which were excessive, and failed to supervise commissions charged by registered representatives. In the Matter of […]

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Ultralat Capital Markets Fined For Overcharging Customers

March 21, 2017  |   Posted by :   |   Bond Fraud, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Ultralat Capital Markets, Inc., a brokerage firm headquartered in Miami, Florida, has been censured and fined $140,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm charged customers with excessive markups and failed to supervise business activities to prevent non-market foreign exchange rates from being utilized or markups from being […]

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Feltl And Company Failure To Supervise

Feltl & Company, a broker-dealer headquartered in Minneapolis, Minnesota, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, failed to supervise a registered representative’s trading activities. Letter of Acceptance, Waiver and Consent, No. 2010024882202 (Feb. 28, 2017). According to the AWC, between October […]

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First Financial Equity Corporation Chief Sanctioned For Failure To Supervise

March 16, 2017  |   Posted by :   |   Failure To Supervise   |   0 Comments

Melissa A. Strouse, of San Diego, California, a stockbroker currently registered with First Financial Equity Corporation, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon an FINRA Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that she failed to […]

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IMS Securities Sued For Misrepresentation

March 07, 2017  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration   |   0 Comments

Michael J. Spears, of Houston, Texas, a stockbroker currently registered with IMS Securities, Inc., has been named in a customer initiated investment related arbitration claim on August 19, 2016, in which the customer requested $1,667,000.00 in damages based upon allegations that Spears breached his fiduciary duties owed to the customer, made misrepresentations concerning real estate […]

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Purshe Kaplin Sterling Investments Sanctioned For Failure To Supervise

Purshe Kaplin Sterling Investments headquartered in Albany, New York, was censured and fined $750,000.00 by Financial Industry Regulatory Authority (FINRA) Department of Enforcement, and ordered to pay $3,373,303.68 in restitution according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that the firm failed to supervise a registered representative’s dual relationship with […]

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Ultralat Capital Markets CEO Barred For Failure To Supervise

February 27, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Alejandro Falla, of Miami, Florida, a former president and chief executive officer of Ultralat Capital Markets, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he omitted information from customers concerning non-market foreign exchange rates pertaining to transactions involving bond […]

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Kovack Securities Sued by Customer For Misrepresentation

Gerald James Ohalloran, a stockbroker currently registered with Kovack Securities Inc., has been named in a customer initiated investment related arbitration claim on August 2, 2016, in which the customer requested $135,000.00 in damages based upon allegations that Ohalloran breached his fiduciary and contractual duties to the customer, made misrepresentations and omissions concerning investments, and […]

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New Jersey Based Morgan Stanley Broker Caught Stealing $5 Million

February 06, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Barry F. Connell, formerly of the Ridgewood office of Morgan Stanley, Inc., formerly known as Morgan Stanley Smith Barney, Inc., was charged by the United States Securities & Exchange Commission for the Connell, for the violation of Sections 206(1) and 206(2) of the Advisers Act, in that while acting as an investment adviser, by use […]

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National Securities Named In FINRA Arbitration Involving ETFs

James Bryant Eichner Junior, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on June 30, 2015, in which the customer requested $500,000.00 in damages based upon allegations that Eichner negligently handled the customer’s investment account and breached his fiduciary […]

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Santander Securities Stockbroker Suspended For Annuity Fraud

February 01, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Joseph C. Noyes IV, a stockbroker formerly registered with Santander Securities LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Noyes falsified customer documents, and effected an annuity exchange which was not suitable for a customer. Letter of […]

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CUSO Financial Services Principal Suspended For Failure To Supervise

Richard Michael Gholson, of Pahoa, Hawaii, a principal formerly registered with Cuso Financial Services, L.P., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to supervise the suitability of unit investment trust recommendations made by the firm’s […]

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Cadaret Grant & Company Fined For Sale of Unsuitable Securities

February 01, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Cadaret, Grant & Co., Inc., a brokerage firm headquartered in Syracuse, New York, and its former registered representative, Charles Lee Deremo, of Eagan, Minnesota, have been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that Deremo made unsuitable investment recommendations to a firm customer, and the firm failed to […]

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Fox Financial Fails To Supervise Private Securities Transactions

January 26, 2017  |   Posted by :   |   Failure To Supervise, Hedge Funds, Stockbroker Fraud News   |   0 Comments

Sanctions levied on Fox Financial Mangement Corporation, a brokerage firm based on Carrollton, Texas, along with principals Brian A. Murphy, of Frisco, Texas, and James E. Rooney, Jr., of Carrollton, Texas, were affirmed by Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council in a Decision which confirmed findings that the firm and principals, inter alia, […]

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Summer Street Principal Suspended For Failure To Supervise

January 26, 2017  |   Posted by :   |   Failure To Supervise, Hedge Funds   |   0 Comments

Cyrus M. Alphonse, of Boston, Massachusetts, a former registered principal with Summer Street Research Partners, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that, inter alia, he failed to supervise a subordinate registered representative’s private securities transactions. Letter […]

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Ameritas Investment Corp Fails To Supervise Equity Indexed Annuities

January 26, 2017  |   Posted by :   |   Annuity Schemes, Failure To Supervise   |   0 Comments

Ameritas Investment Corp., a brokerage firm headquartered in Lincoln, Nebraska, has been censured and fined $145,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise recommendations made by its registered representatives pertaining to equity indexed annuities. Letter of Acceptance, Waiver and Consent, No. 2015046904101 (Jan. 11, 2017). According […]

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TradingBlock Named In FINRA Securities Arbitration

January 05, 2017  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration   |   0 Comments

Joshua David Arnold, of Edina, Minnesota, a stockbroker formerly registered with TradingBlock, has been named in a customer initiated investment related arbitration claim from September 12, 2016, in which the customer requested $250,000.00 in damages based upon allegations that Arnold breached his contractual and fiduciary duties to the customer, made unsuitable investment recommendations, and negligently […]

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First Financial Equity Corporation Fined For Failure To Supervise

January 05, 2017  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

First Financial Equity Corporation, headquartered in Scottsdale, Arizona, was censured and fined $230,000.00 by Financial Industry Regulatory Authority (FINRA) Department of Enforcement according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that the firm failed to supervise key aspects of the firm’s operations, which included the commissions charged by the […]

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Wells Fargo Advisors Fined For Failure to Supervise

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

Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, both headquartered in Saint Louis, Missouri, have been censured and fined $1,000,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firms failed to supervise consolidated reports that were disseminated to customers concerning outside assets. Letter of Acceptance, Waiver and […]

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Caprock President Fined For Supervisory Failures

January 03, 2017  |   Posted by :   |   Closed End Funds, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Daryl Eugene Allison, of Lubbock, Texas, a stockbroker and former president of Caprock Securities, Inc., has been fined $10,000.00 and fined from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity based upon consenting to findings that, inter alia, Allison failed to supervise registered representatives’ closed end fund sales to customers. […]

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First Independent Financial Services Principal Suspended For Failure to Supervise

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

Phillip Howard Palmer, of Tulsa, Oklahoma, a stockbroker and principal formerly registered with First Independent Financial Services, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Palmer, inter alia, failed to supervise variable annuity withdrawal transactions. Letter of Acceptance, […]

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Capital One Investing LLC Censured For Failure to Supervise

January 03, 2017  |   Posted by :   |   Exchange Traded Funds, Failure To Supervise   |   0 Comments

Capital One Investing, LLC, a broker-dealer headquartered in Seattle, Washington, was censured and fined $500,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, did not provide customers with required notifications pertaining to suitability determinations, and failed to supervise distributions of required notices to customers. Letter of Acceptance, […]

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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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Gilford Securities Chairman Named In Customer Securities Arbitration

Ralph Worthington, of New York, New York, chairman and chief executive officer of Gilford Securities, has been named in a customer initiated investment related arbitration claim on December 2, 2014, in which the customer requested $875,000.00 in damages based upon allegations that Gilford was liable, as a control person for the firm, for a subordinate […]

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Merrill Lynch Stockbroker Barred In Investigation

December 17, 2016  |   Posted by :   |   Failure To Supervise   |   0 Comments

Louise J. Neale, of Atlanta, Georgia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., has been 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 in a FINRA investigation into allegations that Neale mishandled her […]

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MML Investor Services Caught Overcharging Customers

November 30, 2016  |   Posted by :   |   Failure To Supervise, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

MML Investor Services, LLC, a broker-dealer headquartered in Springfield, Massachusetts, was censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm excessively charged customers concerning mutual funds transactions, and failed to have adequate supervisory procedures and protocols designed to make sure that eligible customers received waivers of sales charges. Letter of […]

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1st Discount Brokerage Fined For Failure To Supervise ETF Sales

1st Discount Brokerage, headquartered in Lake Worth, Florida, was censured and fined by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to create and implement adequate supervision protocols and systems pertaining to non-traditional exchange traded funds, and failed to provide reasonable supervision pertaining to non-traditional exchange traded fund sales. Letter […]

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Barret And Company Named In Customer Misrepresentation Arbitration Claim

Charles E. White II, of Providence, Rhode Island, a stockbroker currently associated with Barrett & Company, has been subject to a customer initiated investment related arbitration claim on November 27, 2015, which was settled for $105,000.00 in damages based upon the customer’s allegations that the firm made misrepresentations to the customer concerning White’s qualifications, position […]

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First Financial Equity Corporation Named In Customer Arbitration Claim

Randy Merrill, of Waco Texas, a stockbroker currently registered with First Financial Equity Corporation, has been subject to a customer initiated investment related arbitration claim on October 19, 2015, which was settled for $22,500.00 in damages based upon allegations that Merrill effected unsuitable transactions in the customer’s investment account. The customer additionally alleged that First […]

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First Allied Securities Fined For Failure To Supervise Structured Products Sales

First Allied Securities, Inc., a broker-dealer headquartered in San Diego, California, was censured and fined $950,000.00 by Financial Industry Regulatory Authority (FINRA) after the firm consented to findings of misconduct that included, inter alia, the firm’s failure to appropriately supervise the sales of structured products. Letter of Acceptance, Waiver and Consent, No. 2015045234401 (Nov. 2, […]

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Cetera Firms Fined For Failure To Supervise Variable Annuity Sales

The Cetera Firms, which include Cetera Advisor Networks LLC, (headquartered in El Segundo, California), Cetera Financial Specialists LLC (headquartered in Schaumburg, Illinois), First Allied Securities, Inc. (headquartered in San Diego, California), Summit Brokerage Services, Inc. (headquartered in Boca Raton, Florida), and VSR Financial Services, Inc. (headquartered in Overland Park, Kansas), were censured and fined by […]

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FTB Advisors Fined For Failure To Supervise Annuity Sales

FTB Advisors, Inc., a broker-dealer headquartered in Memphis, Tennessee, was censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise its variable annuity sales. Letter of Acceptance, Waiver and Consent, No. 2015043292101 (Nov. 2, 2016). According to the AWC, the firm failed to supervise recommendations […]

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LM Kohn And Company Named In Customer Arbitration Claim

November 18, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Charles Ehnot of Dunmore, Pennsylvania, a stockbroker currently registered with LM Kohn & Company, settled a customer initiated investment related arbitration based upon allegations that LM Kohn & Company failed to supervise Ehnot. FINRA Public Disclosure reveals that Ehnot has been subject to an additional twenty-eight disclosure incidents. Particularly, on December 23, 1992, a customer initiated […]

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LM Kohn Named In Customer Arbitration Alleging Unsuitability

November 18, 2016  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration   |   0 Comments

Douglas C. Osborn, of Troy, Michigan, a stockbroker currently registered with L.M. Kohn & Company, has been named in a customer initiated investment related arbitration claim on June 26, 2015, in which the customer has requested $500,000.00 in damages based upon allegations against Osborn of failing to adequately manage the customer’s accounts, and causing the […]

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Summit Equities Stockbroker Suspended For Failure To Supervise

Rembert D. McNeer III, of Parsippany, New Jersey, a stockbroker formerly registered with Summit Equities, Inc., was fined $10,000.00 and suspended for one-year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to properly supervise the activity of a Summit Equities registered representative. Letter […]

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Accelerated Capital Group Officer Named In Customer Arbitrations Alleging Failure To Supervise

Janet Ross, of Irvine, California, the chief compliance officer and a registered principal of  Accelerated Capital Group, was named in a pending customer initiated investment related arbitration claim on September 15, 2016, in which the customer requested $400,000.00 in damages based upon allegations that Ross failed to supervise the sales of promissory notes to the […]

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McBarron Capital Charged With Failure To Supervise Private Placements

November 02, 2016  |   Posted by :   |   Failure To Supervise, Private Placement Fraud   |   0 Comments

McBarron Capital LLC, a broker-dealer headquartered in Greenwich, Connecticut, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to supervise suitability determinations pertaining to private placement investments. Department of Enforcement v. McBarron Capital LLC, No. 2015044211103 (Oct. 25, 2016). According to the Complaint, between January of 2011 and […]

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Titan Securities Charged With Misrepresentation

November 02, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Titan Securities, of Addison Texas (CRD No. 131392), along with Brad C. Brooks, its hief compliance officer and president, and Richard Wayne Demetriou, a registered representative, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Demetrio made misrepresentations to customers and failed to disclose an outside business activity; […]

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Trustmont Financial Group Fined For Failure To Supervise Unit Investment Trusts

Trustmont Financial Group, Inc., headquartered in Greensburg, Pennsylvania, was fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm, inter alia, did not properly supervise unit trusts transactions, and failed to adequately supervise consolidated reports which the firm distributed to customers. Letter of Acceptance, Waiver and Consent, No. 2014038914601 (Sept. 23, […]

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IMS Securities Fined For Failure To Supervise Variable Annuities

IMS Securities, Inc., of Houston, Texas, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise aspects of its variable annuity business. Letter of Acceptance, Waiver and Consent, No. 2014039417401 (Sept. 30, 2016). According to the AWC, between July 15, 2013 and May 8, 2014, […]

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Another Stockbroker Barred for Failure to Pay Customer Fraud Claim

Thomas J. Tedeschi, of Farmingdale, New York, a stockbroker with Salmon Whitney Financial, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after FINRA found that Tedeschi failed to abide by a settlement agreement or arbitration award in connection with a customer dispute. In late 2015, the FINRA […]

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Customer Arbitration Claims Against WFG Investments

Jay Dee Jordan of Oklahoma City, Oklahoma, a stockbroker with WFG Investments, Inc., is the subject of a pending customer initiated investment related arbitration claim filed on July 13, 2016, in which the customer requested $42,000.00 in damages based upon allegations that Jordan of effected unsuitable and unauthorized investment transactions in the customer’s securities account. FINRA Public […]

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Alleged Supervisor Gets His Day In Court

David A. Allen, of Bethel, Vermont, one of the former owners of defunct Avenir Financial Group, on January 28, 2016, was terminated from Avenir Financial Group amid allegations that he had committed funds despite not having authorization, failed to supervise, and took possession of the firm’s funds without authority. At time tme of his termination, […]

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Network One Financial Securities Subject of Another Unsuitability Claim

Wesley O. Clinton, of Lynbrook, New York, a stockbroker with Network One Financial Securities Inc., is subject to a customer dispute from March 28, 2016, seeking $137,000.00 in damages based upon the allegations that Clinton engaged in unsuitable transactions, effected unauthorized trades in the customer’s account, and that Network One failed to supervise him. FINRA […]

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Customer Claims Mount Against Dawson James Securities

October 15, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

James R. Bernthal, of New York, New York, a stockbroker with Dawson James Securities, has been named in pending customer initiated investment related claim filed on  March 28, 2016 seeking  $137,000.00 in damages based upon allegation that Bernthal effected unsuitable transactions in customer accounts and that Dawson James failed to supervise Bernthal. FINRA Public Disclosure […]

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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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Customers Sue VSR Financial Services Stockbroker For Fraud

Steven L. Stahler, of Baton Rouge, Louisiana, is subject to a pending customer dispute from July 20, 2015, in which the customer requested $793,101.00 in damages in connection with allegations against Stahler of failing to diversify the customer’s investments that had been recommended by Stahler to the customer. According to FINRA Public Disclosure, Stahler has […]

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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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Meyers Associates Stockbroker Lanaia Named In Regulatory Action

September 16, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Francine A. Lanaia, of Hauppauge, New York, a stockbroker with Meyers Associates, L.P., and formerly Alexander Capital, L.P., was named in regulatory action by The State of Montana’s Securities Division on August 2, 2016, in which Lanaia was alleged to have failed to supervise two registered representatives, Joseph Connelly and William Gennity. The two individuals, […]

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TradeSpot Markets Guilty of Penny Stock Violations

September 16, 2016  |   Posted by :   |   Failure To Supervise, Penny Stock Fraud, Stockbroker Fraud News   |   0 Comments

TradeSpot Markets, Inc., headquartered in Davie, Florida, and Mark B. Beloyan (president, chief operating officer, and chief compliance officer) were censured by Financial Industry Regulatory Authority (FINRA) Department of Enforcement per an Order Accepting Offering of Settlement containing findings that the firm and Beloyan failed to effect compliant penny stock transactions, and failured to adequately […]

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Caldwell International Securities Group Sanctioned

Caldwell International Securities Group, headquartered in Fischer, Texas, along with the firm’s supervisory staff members (Greg Caldwell, Lennie Freiman, and Paul Jacobs) were censured and fined by Financial Industry Regulatory Authority (FINRA) per an Order Accepting Offer of Settlement containing findings that the firm and individuals committed, inter alia, unsuitable investment strategy recommendations, unsuitable exchange […]

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Further Lane Securities Executive Suspended For Failure to Supervise

September 09, 2016  |   Posted by :   |   Bond Fraud, Excessive Markups, Failure To Supervise   |   0 Comments

Joseph Michael Araiz, of New York, New York, the chief executive officer of Further Lane Securities, L.P., was fined $45,000.00 and suspended from associating with a Financial Industry Regulatory Authority in any principal capacity, and had his licensure revoked in connection with an Office of Hearing Officers’ Order Accepting Offer of Settlement containing allegations of […]

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Ridgeway Conger President and Chief Executive Officer Charged With Failure to Supervise

Leigh Garber, of New Woodstock, New York, president of Ridgeway & Conger, Inc., was fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that he failed to supervise mark-ups and unregistered securities sales. […]

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Boenning Scattergood Censured For Failure To Supervise

September 09, 2016  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Boenning & Scattergood, Inc., headquartered in West Conshohocken, Pennsylvania, was fined $100,000.00 and censured for, inter alia, failing to adequately supervise private securities transactions as well as consolidates reports. Letter of Acceptance, Waiver and Consent, No. 2014038906401 (Aug. 24, 2016). According to the AWC, between April 25, 2011, and March 13, 2014, a registered representative […]

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Edward Jones Stockbroker Unauthorized Borrowing Of Customer Funds

August 25, 2016  |   Posted by :   |   Customer Loans, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Neither a borrower nor a lender be. Ciro Gilbert Cavazos, of Chico, California, a stockbroker with Edward Jones, was fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm any capacity after consenting to findings that he engaged in the unauthorized borrowing of customer funds. Letter of […]

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JP Morgan Securities LLC Stockbroker Barred For Stealing

Jonathan J. Casiano, of Arlington, Texas, a stockbroker with J.P. Morgan Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he misappropriated funds from firm customers. Letter of Acceptance, Waiver and Consent, No. 2016050795201 (Aug 18, 2016). According to the AWC, […]

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UBS Financial Services Fined For Cheating Customers

August 25, 2016  |   Posted by :   |   Failure To Supervise, Mutual Fund Fraud   |   0 Comments

UBS Financial Services, Inc., was censured and fined $250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm overcharged customers who purchased mutual funds, and failed to create and preserve supervisory processes to ensure that customers who were eligible for such discounts had received them. Letter of Acceptance, Waiver and Consent, […]

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Independent Financial Group Broker Barred In Investigation

Brian James Egan, of Laguna Niguel, California, a stockbroker with Independent Financial Group, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to disclose outside trading accounts, made misrepresentations to his firm, and obstructed a FINRA investigation into allegations of his misconduct. Letter […]

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Merrill Lynch Stockbroker Charged With Lying To Customers

August 25, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Landon L. Williams, of Jacksonville, Florida, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Williams had made misrepresentations to firm customers concerning securities transactions. Department of Enforcement v. Williams, No. 2014042524301 (Aug 4, 2016). According to the Complaint, from March […]

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Cambridge Investment Research Stockbroker Suspended For Forgery

August 25, 2016  |   Posted by :   |   Failure To Supervise, Forgery, Stockbroker Fraud News   |   0 Comments

Steven M. Wisniewski, of Phoenixville, Pennsylvania, a stockbroker with Cambridge Investment Research, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he forged customer signatures on accounts documents. Letter of Acceptance, Waiver and Consent, No. 2015044110101 (July 22, 2016). According […]

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A Legend in His Own Fraud

August 25, 2016  |   Posted by :   |   Churning, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Legend Securities Stockbroker Charged With Fraud. Hank M. Werner, of New York, New York, a stockbroker associated with Liberty Partners Financial Services, LLC, and later Legend Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Werner engaged in securities fraud, made unsuitable investment recommendations, and engaged in excessive amounts […]

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Wells Fargo Advisors Stockbroker Fined For Unauthorized Trading

Robert Tuffy, of East Brunswick, New Jersey, a stockbroker with Wells Fargo Advisors, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in the unauthorized trading in a customer account. Letter of Acceptance, Waiver and Consent, No. […]

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Park Avenue Securities Stockbroker Suspended For Misrepresentations

Christopher Lawrence Wacker, of Brookfield, Wisconsin, a stockbroker with Park Avenue Securities was fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had made misrepresentations concerning trading authority in customer accounts. Letter of Acceptance, Waiver and Consent, No. […]

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Edward Jones Stockbroker Suspended For Unauthorized Trading

Seth David Lampman, of Osceola, Iowa, a stockbroker for Edward Jones, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014042505601 (July 13, 2016). According […]

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JP Morgan Stockbroker Barred In Investigation

August 17, 2016  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

James Earl Mahan, of Braunfels, Texas, a stockbroker with J.P. Morgan Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2015047115101 (July 25, […]

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HD Vest Investment Securities Fined For Failure To Supervise

August 17, 2016  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

H.D. Vest Investment Securities, Inc., headquartered in Irving, Texas, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to adequately supervise variable annuity transactions, and failed to effectively utilize surveillance procedures to detect rates of annuity exchanges. According to the AWC, from May of 2010 […]

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Summit Brokerage Services Fined For Overcharging Customers

Summit Brokerage Services, Inc., headquartered in Boca Raton, Florida, was censured and fined $75,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding unit investment trust purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2014041840301 […]

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Laidlaw And Company Fined For Overcharging Customers

Laidlaw & Company LTD., headquartered in London, England, was censured and fined $10,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had charged customers with excessive commissions on equity transactions. Letter of Acceptance, Waiver and Consent, No. 2014040622201 (July 21, 2016). According to the AWC, from April 2013 through June […]

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Shearson Financial Services Fined For Unauthorized Trading

Shearson Financial Services, LLC, headquartered in Boca Raton, Florida, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm’s personnel had engaged in unauthorized discretionary trading and mismarking of order tickets. Letter of Acceptance, Waiver and Consent, No. 2015043417501 (June 21, 2016). According to the AWC, FINRA […]

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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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Brokers International Financial Services For Annuity Fraud

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

Brokers International Financial Services, LLC, headquartered in Panora, Iowa, was censured and fined $45,000.00 after consenting to findings that the firm failed to fully inform investors regarding variable annuities prior to investment, and authorized solicitation of purchases of annuities prior to ensuring suitability. Letter of Acceptance, Waiver and Consent, No. 2013038934401 (July 26, 2016). According […]

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Stockbroker Suspended Unauthorized Trading of Dead Customer’s Account

Alexander P. Brown, III, of Baltimore, Maryland, a stockbroker with Chaplin Davis, was fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015047883501 (July 22, 2016). […]

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Securities Equity Group Stockbroker Suspended For Selling Away

J. Randall Gladden of El Cajon, California, a stockbroker with Securities Equity Group, was fined $15,000.00 and suspended for twelve months 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 findings that Gladden had engaged in unauthorized private securities […]

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First Financial Equity Corporation Charged With Failure To Supervise

First Financial Equity Corporation, headquartered in Scottsdale, Arizona, as well as the firm’s Chief Compliance Officer, Melissa Strouse, was named in a Financial Industry Regulatory Authority (FINRA) Department of Enforcement Complaint alleging failure to supervise various aspects of the firm’s operations, including commissions charged by the firm’s staff. Department of Enforcement v. First Financial Equity […]

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Kildare Capital Stockbroker Charged With Fraud

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

William Norris Jordan Jr., of Philadelphia, Pennsylvania, a stockbroker with Kildare Capital, Inc., was named in a Complaint by Financial Industry Regulatory Authority (FINRA) Department of Enforcement alleging that Jordan partook in a deceptive and fraudulent scheme concerning round trips of municipal securities, charged customers excessive prices, and provided false information to his firm as […]

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Securities America Censured For Cheating Customers

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

Securities America, Inc., headquartered in Lavista, Nevada, was censured by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that it overcharged customers regarding mutual funds purchases, and failed to implement adequate supervisory procedures to prevent the overcharging of customers. Letter of Acceptance, Waiver and Consent, No. 2015047269801(July 29, 2016). According to the AWC, […]

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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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Merrill Lynch Stockbroker Barred In Kickback Scheme

Kenneth Daley, of Garden City, New York, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he concealed customer funds and made an unsuitable investment recommendation. Letter of Acceptance, Waiver and Consent, […]

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Invex Stockbroker Suspended For Selling Away

Francisco G. Hervella, of Miami, Florida, a stockbroker with Invex Inc., was fined $50,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for two years after consenting to findings that he engaged in unauthorized outside business activities as well as unauthorized private securities transactions. Letter of Acceptance, Waiver […]

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Cadaret Grant Stockbroker Barred For Fraud And Unsuitable Recommendations

Bernard G. McGee, of Cazenovia, New York, a stockbroker with Cadaret, Grant & Co., Inc. was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a National Adjudicatory Council Decision containing findings that McGee engaged in fraud, unsuitable recommendations, and unauthorized outside business activities. Department of Enforcement v. […]

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Fifth Third Securities Stockbroker Barred In Theft Investigation

Nathan D. Bartow, of Barberton, Ohio, a stockbroker with Fifth Third Securities, 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 of mismanagement and conversion of customer funds. Letter of Acceptance, Waiver and Consent, No. […]

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Altoona Pennsylvania Stockbroker Alleged to Have Sold Fake Investments

The Guiliano Law Group, P.C.  has filed a securities arbitration claim before the Financial Industry Regulatory Authority or FINRA, against Next Financial Group, Inc., in connection with the sale of unregistered securities, by its former registered representative, Douglas P. Simanski in violation of the federal securities laws and the Pennsylvania Securities Act of 1972,  and […]

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Rocky River Royal Alliance Broker Sells Away Smokey Marijuana Investments

June 30, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Darrin B. Farrow, of Rocky River, Ohio, a registered representative with Royal Alliance Associates, Inc., was fined $25,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in several unauthorized private securities transactions. Letter of Acceptance, Waiver and […]

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Ameriprise Financial Services Fails To Supervise Closed End Funds

Ameriprise Financial Services, headquartered in Minneapolis, Minnesota, was censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to create and adequately maintain a supervisory system to identify and prevent unsuitable trading in closed end funds. Letter of Acceptance, Waiver and Consent, No. 2014039843501 (June 20, 2016). […]

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Philadelphia Stockbroker Barred For Fraud

Edward Manges, of Philadelphia, Pennsylvania, a municipal securities broker with Kildare Capital, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in a fraudulent trading scheme, and falsified statements to FINRA in the course of an investigation into his misconduct. […]

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Buckman Buckman Reid Stockbroker Barred For Fraud

Glenn Robert King, of Shrewsbury, New Jersey, a stockbroker formerly with Royal Alliance, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he fraudulently omitted and misrepresented material facts to investors, prompted excessive and unsuitable transactions, and committed unauthorized discretionary trading. Department of […]

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Ameriprise Financial Broker Tysk Taken to Task For Obstructing Investigation

David B. Tysk, of Eden Prairie, Minnesota, a stockbroker with Ameriprise Financial Services, received sanctions of $50,000.00 and a one-year suspension from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a National Adjudicatory Council Decision containing findings that Tysk had materially altered customer information pursuant to a customer complaint, and […]

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Murex Capital Stockbroker Suspended For Customer Loans

Francisco Javier Sumavielle, of New York, New York, a stockbroker with Murex Capital, LLC, was fined $12,500.00 and suspended for seven months from associating with a Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized borrowing from customers. Letter of Acceptance, Waiver and Consent, No. […]

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UBS Financial Services Stockbroker Charged With Unauthorized Trading

James P. Scullin, of Coral Gables, Florida, a stockbroker with UBS Financial Services Inc., was fined $15,000.00 and suspended for nine-months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent, No. 2014043554601 (May […]

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First Western Securities Stockbroker Suspended For Selling Away

David Newman, of Duncan, Oklahoma, a stockbroker with First Western Securities, was fined $15,000.00 and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015046649901 (May 20, 2016). According to […]

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Triad Advisors Stockbrokers Barred for Selling Away

Gary Lee Rathbun and Douglas Scott Miller, both of Toledo Ohio, and stockbrokers for Triad Advisors, Inc., were permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after engaging in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2014041919401 (May 17, 2016). According to the AWC, […]

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Kovack Securities Fined For Cheating Customers

Kovack Securities, Inc., headquartered in Fort Lauderdale, Florida, was censured and fined $125,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts, in addition to failing to develop and manage the requisite supervisory practices to ensure that eligible customers received sales charge […]

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Cherry Hill LPL Financial Stockbroker Suspended For Selling Away

June 08, 2016  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Justin K. Wine, of Cherry Hill, New Jersey, a stockbroker with LPL Financial LLC, was fined $12,500.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2012033934201(May […]

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Equinox Expelled And Chief Executive Officer Barred For Fraud

May 26, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Equinox Securities, based in Redland, California, was expelled as a Financial Industry Regulatory Authority (FINRA) member firm, and the firm’s chief executive officer, Stephen Michael Oliveira, was permanently barred from associating with any FINRA member firm in a principal capacity, in connection with an Order Accepting Offer of Settlement containing findings that Equinox excessively traded […]

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Penvest Securities Stockbroker Barred For Fraud

Terry L. Haggerty, of Kenosha, Wisconsin, president and chief executive officer of Penvest Securities, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in securities fraud; and failed to supervise his and his firm’s trading conduct to prevent fraudulent trading […]

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Alexander Capital Stockbroker Suspended For Outside Business Activities

Peyton Nelson Jackson, of New York, New York, was fined $20,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2012032095801 (Apr. 28, 2016). According to the AWC, FINRA launched […]

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World Equity Group Fined For Failure To Supervise

World Equity Group, Inc., headquartered in Arlington Heights, Illinois, was fined $50,000.00 and censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise unsuitable and excessive equity trading. Letter of Acceptance, Waiver and Consent, No. 2014039231401 (Apr. 25, 2016). According to the AWC, from November 2009 through September […]

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Jefferies LLC Principal Suspended For Failure To Supervise

May 26, 2016  |   Posted by :   |   Bond Fraud, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

William H. Jennings II, of New York, New York, a securities principal with Jefferies LLC, was fined $30,00.00 and suspended in a principal capacity for three months, and had his principal license revoked after consenting to findings that he failed to supervise representatives who made misrepresentations to firm customers. Letter of Acceptance, Waiver and Consent, […]

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Moloney Securities Broker Barred In Investigation

John R. McKinstry Jr., of Saint Louis, Missouri, 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 in an investigation into allegations of whether McKinstry engaged in unsuitable recommendations and unauthorized lending agreements with customers. Letter of Acceptance, […]

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MetLife Fined $20 Million For Lying about Annuities

MetLife Securities, Inc., headquartered in New York, New York, was censured and fined $20,000,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm made negligent omissions and misrepresentations concerning annuity products, and failed to supervise annuity transactions. Letter of Acceptance, Waiver and Consent, No. 20140408700001 (May 3, 2016). According to the […]

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Huntington Investment Company Stockbroker Barred For Lying

David Michael Miller, of Columbus, Ohio, a stockbroker with Huntingdon Investment Company, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Office of Hearing Officers Default Decision containing findings that Miller engaged in unsuitable recommendations and negligent misrepresentations concerning customer accounts. Department of Enforcement v. […]

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Source Capital Group Stockbroker Barred In Investigation

Robert Turpin, of Scottsdale, Arizona, a stockbroker with Source Capital Group, Inc., 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 in a FINRA investigation into allegations of his private securities transactions. Letter of Acceptance, Waiver and Consent, […]

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Feltl And Company Fined For Cheating Customers

Feltl & Company Corporation, headquartered in Minneapolis, Florida, was censured and fined $250,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; for failing to develop and manage the requisite supervisory practices to ensure eligible customers received sales charge discounts on UIT […]

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INVEST Financial Corporation Fined For Cheating Customers

INVEST Financial Corporation, headquartered in Tampa, Florida, was censured and fined $175,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and for failing to develop and manage the appropriate supervisory practices to ensure eligible customers received sales charge discounts on UIT […]

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US Bancorp Stockbroker Charged With Unsuitable Recommendations

John S. Hudnall, of San Francisco, California, a stockbroker with U.S. Bancorp Investments and Bancwest Investments Services, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Hudnall engaged in unauthorized private securities transactions, unsuitable recommendations, and made false representations to FINRA regarding his misconduct. Department of Enforcement […]

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Merrill Lynch Stockbroker Suspended For Selling Away

Bruce William McNabb, of San Antonio, Texas, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was fined $50,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in an unauthorized private securities transaction. Letter of Acceptance, […]

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RBC Capital Markets LLC Fined For Stealing Customer Discounts

RBC Capital Markets LLC, headquartered in New York, New York, was censured and fined $225,000.00 by the Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and for failing to develop and manage the requisite supervisory practices to ensure eligible customers received sales charge […]

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Another Newport Coast Securities Stockbroker Barred For Fraud

Leonard Allen Goldberg, of Palm Springs, California, a stockbroker with Newport Coast Securities, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Order Accepting Offer of Settlement containing findings that Goldberg engaged in unsuitable and fraudulent trading of funds in customer accounts. Department of Enforcement […]

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Dahl Suspended For Outside Business Activities

George Dahl, of New York, New York, a stockbroker with Newport Coast Securities, was fined $20,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized outside business activities; placed unauthorized trades in a customer’s account; and […]

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Triad Advisors Fined For Cheating Customers

Triad Advisors LLC, headquartered in Norcross, Georgia, was censured and fined $125,000.00 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to eligible customers’ purchases of unit investment trusts; and failed to develop and adequately implement supervisory policies and procedures to ensure that such customers received sales charge discounts on all […]

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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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Mount Laurel Morgan Stanley Stockbroker Barred

Lance E. Slater, of Mt. Laurel, New Jersey, a stockbroker with Morgan Stanley, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to cooperate in a FINRA investigation into allegations of unauthorized borrowing of funds from a firm customer. Letter of Acceptance, Waiver and Consent, […]

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Craig Scott Capital Broker Charged With Fraud

Edward Beyn, of Syosset, New York, a stockbroker with Craig Scott Capital LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Beyn engaged in excessive trading or churning of his firm’s customers’ accounts. Department of Enforcement v. Beyn, No. 2015044823502 (Mar. 16, 2016). According to the Complaint, […]

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Waddell Reed Stockbroker Suspended For Unauthorized Trading

Steven D. Ridgley, of Louisville, Kentucky, a stockbroker with Waddell & Reed, was fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014043025703 […]

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Lombard Securities Fined For Failure to Supervise

Lombard Securities Inc., headquartered in Baltimore, Maryland, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) pursuant to an Order Accepting Offer of Settlement containing findings that the firm committed supervisory violations pertaining to mutual fund switches, uniform investment trusts (UITs), and non-traditional exchange traded funds (ETFs); and failed to provide customers with […]

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Morgan Stanley Broker Only Suspended For Obstruction

Most stockbrokers get barred for failure to cooperate, but not this one. Jeffrey E. Rodgers, of Bend, Oregon, a stockbroker with Morgan Stanley, was suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Order Accepting Offer of Settlement containing findings that Rodgers engaged in unauthorized […]

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Merrill Lynch Stockbroker Suspended For Unauthorized Trading

Giustino Destefano, of Williamsville, New York, a stockbroker with Merrill Lynch, was fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading and mismarked customers’ order tickets as unsolicited. Letter of Acceptance, Waiver and […]

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LPL Financial Stockbroker Barred in Selling Away Investigation

Brian David Smit, of Sioux Falls, South Dakota, a stockbroker with LPL Financial, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Smit engaged in unauthorized private securities transactions. Letter of […]

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Merrill Lynch Stockbroker Suspended For Unauthorized Trading

Harold Joseph Petro, of Indianapolis, Indiana, a stockbroker with Merrill Lynch, was fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014040640101 (Mar. […]

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Raymond James Stockbroker Barred In Investigation

Jeffrey S. Ingros, of Beaver, Pennsylvania, a stockbroker with Raymond James Financial Services, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he engaged in unauthorized loans and outside business activities. […]

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Goldman Sachs Stockbroker Suspended For Selling Away

March 17, 2016  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Lev Slootsky, of New York, New York, a stockbroker with Goldman, Sachs & Co., was fined $15,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized private securities transactions and outside business activities. Letter of Acceptance, […]

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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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SII Investments Stockbroker Barred For Annuity Twisting

Thomas P. Schober, of Westborough, Massachusetts, a stockbroker with SII Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he made unsuitable recommendations to customers and attempted to conceal his misconduct to his firm. Letter of Acceptance, Waiver and Consent, No. 2015044007001 (Mar. 3, […]

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RBC Capital Stockbroker Suspended For Unauthorized Trading

Robert O’Keef, of Milwaukee, Wisconsin, a stockbroker with RBC Capital Markets, LLC, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014040938602 (Feb. 23, […]

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Capital Securities Management Stockbroker Suspended For Unsuitable Recommendations

Robert G. Stein, of Worcester, Massachusetts, a stockbroker with Capital Securities Management, was fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made unsuitable recommendations and prompted unsuitable sales of reverse convertible notes. Letter of Acceptance, Waiver and […]

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NFP Financial Broker Suspended For Outside Business Activities

February 24, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Karen Hajek, of Saint Petersburg, Florida, a stockbroker with Cetera Financial Specialists, LLC, was recently fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after Hajek consented to findings that she engaged in multiple undisclosed outside business activities. Letter of Acceptance, Waiver and Consent, […]

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Feltl Supervisor Suspended For Failure To Supervise

Joel S. Bovee, of Wayzata, Minnesota, a stockbroker with Feltl & Company, was fined $5,000.00 and suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in a principal capacity after consenting to findings that he had failed to supervise a stockbroker who engaged in unsuitable transactions. Letter of Acceptance, Waiver […]

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TGP Securities Stockbroker Suspended For Selling Away

February 24, 2016  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Kevin Patrick Murphy of Summit, New Jersey, a stockbroker with TGP Securities, Inc., was fined $10,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. […]

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Woodstock Financial Group Broker Charged With Failure To Disclose Warrants

February 24, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Michael Rene Lavelanet, of Garden City, New York, was charged by the Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Lavelanet willfully failed to disclose an estimated $382,490.00 in state warrants and federal tax liens via Form U4 updates, as well as falsely attesting the annual compliance questionnaire administered by Woodstock regarding such […]

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Mid Atlantic Stockbroker Barred For Fraud

Walter Francis Grenda, Jr., of Buffalo, New York, a stockbroker with Mid Atlantic Capital Corporation was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities per an Order Accepting Offer of Settlement containing findings that he engaged in fraudulent omissions and misrepresentations, engaged in improper loans from the […]

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Meyers Associates Broker Barred For Securities Fraud

February 24, 2016  |   Posted by :   |   Failure To Supervise, Stock manipulation, Stockbroker Fraud News   |   0 Comments

George Johnson, of Chicago, Illinois, a stockbroker for Meyers Associates, L.P., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with an Order Accepting Offer of Settlement containing findings that Johnson committed fraudulent market manipulation; fraudulent omission of material conflicts concerning purchases/sales of a security; […]

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Meyers Associates Principal Suspended For Failure To Supervise

February 23, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Christopher Wynne, of Chicago, Illinois, a stockbroker with Meyers Associates, L.P., was fined $25,000.00, barred from acting as a principal in any Financial Industry Regulatory Authority (FINRA) member firm, and received a two-year suspension from associating with any FINRA member firm in any capacity per an Order Accepting Offer of Settlement containing findings that Wynne […]

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Alton Securities Group Fined For Excessive Markups

Alton Securities Group, Inc. located in Alton, Illinois, was censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had an inadequate supervisory system pertaining to non-traditional exchange traded funds and non-traditional mutual funds, caused unsuitable recommendations to be made to customers, and caused excessive markups/markdowns on municipal debt […]

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Alton Securities Chief Executive Officer Suspended for Failure to Supervise

Matthew D. Maberry, of Alton, Illinois, was fined $10,000.00, suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity, and ordered to pay restitution of $38,445 after consenting to findings that he failed to supervise non-traditional exchange traded funds and made unsuitable recommendations to customers. Letter of Acceptance, Waiver and Consent, […]

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Southwest Securities Broker Headed to Prison

Wade James Lawrence was a stockbroker at Dallas Fort Worth area offices of Oppenheimer & Co., Inc.and Southwest Securities. Mr. Lawrence is now headed to jail for a three year prison term, and was ordered to pay restitution of $1,454,384.48, by a North Texas Federal Judge, See Case No. 3:15-cr-374- M: United States of America […]

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WFG Investments Stockbroker Suspended Failure to Supervise

February 12, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News, Suitability   |   0 Comments

James W. Anderson of Oklahoma City, Oklahoma, a stockbroker with WFG Investments, Inc., was fined $15,000 and suspended for fifteen months from associating with a Financial Industry Regulatory Authority (FINRA) member firm in all principal capacities after consenting to findings that he failed to supervise a stockbroker who engaged in unsuitable trading. Letter of Acceptance, […]

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Purshe Kaplin Sterling Investments Charged with Fraud

February 12, 2016  |   Posted by :   |   Failure To Supervise, Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Purshe Kaplin Sterling Investments , based in Albany, New York, and its stockbroker Gopi Krishna Vungarala, of Midland, Michigan, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging misrepresentation and omission of a material fact in connection with the sale of securities ; failure to disclose volume discounts ; […]

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MidAmerica Financial Services Fined for Failure to Supervise

MidAmerica Financial Services, located in Joplin, Missouri, was censured and fined $150,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish and maintain supervisory systems associated with placements and deferred variable annuities. Letter of Acceptance, Waiver and Consent, No. 2014039194101 (Jan. 30, 2016). FINRA canceled the firm’s […]

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Another Cetera Financial Stockbroker Suspended for Selling Away

Michael William Hajeck III of St. Petersburg, Florida, a stockbroker with Genworth and Cetera Financial Services, LLC, was fined $35,000 and suspended for eighteen months by Financial Industry Regulatory Authority (FINRA) from associating with a FINRA member in any and all capacities after consenting to findings that he engaged in undisclosed outside business activities and […]

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Signator Investors Registered Representative Barred for Obstruction

February 12, 2016  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Morissa F. Rivo of Boca Raton, Florida, a registered representative with Signator Investors, Inc., was barred by Financial Industry Regulatory Authority (FINRA) from associating with any member in any capacity in connection with Rivo’s failure to cooperate with a FINRA investigation into allegations of Rivo’s misconduct. Letter of Acceptance, Waiver and Consent, No. 2014041961001 (Jan. […]

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Dynasty Capital Partners President Suspended for Failure to Supervise

February 12, 2016  |   Posted by :   |   Excessive trading, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Steve Hinkle of Englewood, Colorado, was fined $10,000 and suspended for twenty days from association with any Financial Industry Regulatory Authority (FINRA) member in all principal capacities after consenting to findings that he failed to supervise procedures associated with detecting and preventing excessive and unsuitable trading. Letter of Acceptance, Waiver and Consent, No. 2014038969301 (Jan. […]

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Prime Capital Services Stockbroker Suspended for Outside Business Activities

Thomas Edmund Connors, of Toms River, New Jersey, a stockbroker with Prime Capital Services, Inc., was fined $40,000 and suspended for fourteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity in connection with a FINRA Office of Hearing Officers Hearing Panel Decision containing findings that Connors engaged in undisclosed […]

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NYLIFE Securities Broker Barred for Forgery

Michael Roger Griffith of Timonium, Maryland, a stockbroker with NYLIFE Securities LLC, was barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had submitted fictitious applications for life insurance and forged customer signatures without authorization. Letter of Acceptance, Waiver and Consent, No. 2015046129301 (Jan. […]

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Arque Capital Stockbroker Suspended for Outside Business Activities

Michael A. Nahass of Irvine, California, a stockbroker with Arque Capital, was fined $15,000.00 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in undisclosed outside business activities, opened an undisclosed outside securities account, and submitted false compliance questionnaires. Letter of […]

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Waddell Reed Broker Suspended for Discretionary Trading

Carlos Benavidez, Jr., of Louisville, Kentucky, a stockbroker with Waddell & Reed, was fined $10,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for two months after consenting to findings that he exercised discretion in eighty customer accounts without prior written authorization from the customers or […]

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Wells Fargo Advisors Stockbroker Charged with Obstruction

Katherine Lapidoth of Aventura, Florida, a stockbroker with Wells Fargo Advisors, has been suspended for two years from association with any Financial Industry Regulatory Authority (FINRA) member and fined $15,000 in connection with an Office of Hearing Officers Order Accepting Offer of Settlement that contained findings that Lapidoth provided false information to regulators and failed to […]

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Stifel Nicolaus Fined for Misleading Reports

Stifel, Nicolaus & Company, Inc., headquartered in St. Louis Missouri, was censured and fined $200,000; while one of the firm’s supervisors, Kurt LaLomia of Baltimore, Maryland, was fined $15,000 and suspended for thirty-one days from association with any Financial Industry Regulatory Authority (FINRA) member firm in any principal capacity, after consenting to findings that from […]

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Liberty Associates Fined for Failure to Supervise

Liberty Associates, Inc. of New York, New York, was censured and fined $3,500.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish, maintain, and enforce adequate supervisory procedures concerning private placements. Letter of Acceptance, Waiver and Consent, No. 2013035239001 (Dec. 29, 2015). According to the AWC, from […]

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Merrill Lynch Fined for Negligent Hiring

January 21, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith Inc. of New York, New York, was censured and fined $1,250,000 after consenting to findings of the firm’s failure to fingerprint or timely fingerprint associated persons; failure to adequately screen for statutory disqualification; failure to create required documents; and failure to establish and maintain an adequate supervisory system and […]

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Oppenheimer Fined for Failure to Supervise

Oppenheimer & Co., Inc., of New York, New York, was censured and fined $225,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed have adequate supervisory procedures to address short positions in tax-exempt municipal bonds that resulted primarily from trading errors and which resulted in inaccurate representations to Oppenheimer’s clients. […]

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American Portfolio Financial Services Broker Suspended for Failure to Supervise

John D. Wiswell of Stuart, Florida, a stockbroker with American Portfolio Financial Services, was fined $5,000 and suspended for fifteen business days from association with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that she failed to supervise a Stockbroker’s conduct in order to prevent unsuitable recommendations from […]

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WFG Financial Supervisor Suspended for Failure to Supervise

Carl W. Busch of Oklahoma City, Oklahoma, a Stockbroker with WFG Financial, was fined $5,000 and suspended in all principal capacities from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he failed to adequately supervise the sales practice of Larry Michael Crabtree, a Stockbroker of WFG, who had […]

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WFG Investments, Inc. Stockbroker Suspended for Unsuitable Trading

Larry Michael Crabtree of Edmond, Oklahoma, a stockbroker with WFG Investments, Inc., was suspended for six-months in all capacities from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that Crabtree engaged in unsuitable trading and improperly exercised discretion in the account of a customer; sent inappropriate and unapproved communications […]

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Next Financial Group Broker Suspended for Unsuitable Recommendations

Betsy Marcom of Georgetown, Texas, a Stockbroker with Next Financial Group, Inc. was fined $15,000 and suspended for four months from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that she made unsuitable investment recommendations to her client, HTCC, a non-profit parish church. Letter of Acceptance, Waiver and Consent, […]

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Craig Scott Capital Principals Charged with Fraud

Craig Scott Capital, LLC, headquartered in Uniondale, New York, along with owners Craig Scott Taddonio and Brent Morgan Porges, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that the firm and its owners had engaged in excessive and unsuitable trading, fraudulent churning, and other supervisory failures. Department of […]

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Barclay’s Capital Fined $3.75 Million for Failure to Supervise

Barclay’s Capital, Inc., headquartered in New York, New York, was censured and fined $3,750,000 after consenting to findings that the firm had inadequate supervisory systems and written supervisory procedures for supervising the sale of mutual funds to retail brokerage customers. Letter of Acceptance, Waiver and Consent, No. 2015044544001 (Dec. 18, 2015). According to the AWC, […]

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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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Quest Capital Strategies Fined for Failure to Supervise

Quest Capital Strategies, Inc. of Miami, Florida, was censured and fined $25,000 from the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish adequate supervisory systems and written supervisory procedures pertaining to supervision of mutual funds sales, supervision of accounts to prevent overcharging of customers, and other compliance […]

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Wells Fargo Advisors Stockbroker Barred

Valentino Infante of Miami, Florida, a Stockbroker with Wells Fargo Advisors LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Office of Hearing Officers Default Decision containing findings that Infante engaged in outside business activities without providing his employer with prior written notice; provided false […]

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Benjamin F. Edwards Stockbroker Suspended for Private Securities Transactions

Aon D. Miller of Chattanooga, Tennessee, a stockbroker with Benjamin F. Edwards & Company, was fined $50,000 and suspended for two years from association with any Financial Industry Regulatory Authority (FINRA) member per an FINRA Extended Hearing Panel Decision which contained findings that Miller engaged in private securities transactions without providing prior written notice to […]

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Fortune Securities Stockbroker Suspended for Failure to Supervise

January 04, 2016  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Yinyi Chen of Alhambra, California, a stockbroker with Fortune Securities, Inc., was fined $7,500.00 and suspended for thirty days from association with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that she failed to supervise the investment-advisory activities of a Stockbroker’s private securities transactions. Letter of Acceptance, Waiver […]

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Meyers Associates Stockbroker Charged with Failure to Disclose Judgments

Craig G. Langweiler of Philadelphia, Philadelphia, a registered representative with Meyers Associates, L.P., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Langweiler had willfully failed to update his Uniform Application for Securities Industry Regulation or Transfer (Form U4) to timely disclose tax liens and civil judgments. Department […]

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New England Securities Stockbroker Suspended for Customer Loans

John Charles Kautter of Bethesda, Maryland, a registered representative with New England Securities, was suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities in connection with an Order Accepting Offer of Settlement containing findings that he had facilitated an unapproved loan transaction. Department of Enforcement […]

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Finance 500 Stockbroker for Misleading Customers

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

William H. Watson III of Brookfield, Wisconsin, a registered representative with Finance 500, was fined $5,000 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for ten business days after consenting to findings that he had participated in securities offerings using marketing materials that were not fair and […]

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Marlton New Jersey Stockbroker Suspended for Unauthorized Trading

Barry David Abrams of Marlton, New Jersey, a registered representative with Securities Service Network, Inc., was fined $5,000 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for a period of fifteen business days after consenting to findings that he had engaged in unauthorized discretionary trading in […]

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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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Princor Financial Services Stockbroker Barred in Investigation

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

Rick Esparza of Rancho Murieta, California, a registered representative with Princor Financial Services Corporation, 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 Esparza’s participation in unauthorized loans. Letter […]

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Pariter Securities Fined for Failure to Supervise

Pariter Securities, LLC, headquartered in Guaynabo, Puerto Rico, was censured and fined $10,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to adequately establish, maintain and enforce a supervisory system and written supervisory procedures to prevent its registered representatives from exercising discretionary power in customer accounts prior to […]

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Garden State Securities Stockbroker Suspended For Unsuitable Recommendations

Adam R. Tau of New York, New York, a registered representative with Garden State Securities, Inc., was fined $7,500 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for two months after consenting to findings that Tau had made unsuitable recommendations and engaged in discretionary trading. Letter […]

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Finance 500 Fined for Failure to Supervise Private Placements

Finance 500, Inc., headquartered in Irvine, California, was censured and fined $85,000 from Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to establish, maintain and enforce a supervisory system and written procedures to review and monitor private placements sales practices and materials. Letter of Acceptance, Waiver and Consent, No. […]

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Edward Jones Stockbroker Suspended for Private Securities Transactions

Paul D. Garnett of Beatrice, Nebraska, a registered representative for Edward Jones, was fined $40,000 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he participated in unauthorized private security transactions and an outside business activity. Letter of Acceptance, Waiver and […]

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Royal Alliance Associates Principal Suspended for Failure to Supervise

December 24, 2015  |   Posted by :   |   Failure To Supervise, Suitability   |   0 Comments

James S. Witter of Garden City, New York, a registered representative with Royal Alliance Associates, Inc., was fined $5,000 and suspended for two months from association with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity after consenting to findings that Witter failed to reasonably supervise a registered representative who engaged in unsuitable […]

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Comprehensive Asset Management Fined for Supervisory Failures

December 24, 2015  |   Posted by :   |   Annuity Schemes, Failure To Supervise, Selling Away   |   0 Comments

Comprehensive Asset Management and Servicing, Inc. (CAMS), headquartered in Parsippany, New Jersey, was censured and fined $475,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had failed to meet supervisory obligations including 1) the review and retention of consolidated reports; 2) private securities transactions; and 3) variable annuities. Letter of […]

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Lincoln Financial Advisors Corporation Fined for Failure to Supervise

Lincoln Financial Advisors, located in Fort Wayne, Indiana, was censured and fined $90,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to adequately supervise the activities of a registered representative who engaged in unsuitable penny stock trading. Letter of Acceptance, Waiver and Consent, No. 2011029739902 (Dec. 8, 2015). According […]

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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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J.P. Turner & Company Fined for Overcharging Customers

J.P. Turner & Company, based in Atlanta, Goeorgia, was censured and fined $140,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had not charged customers prices that were fair and reasonable in the purchase/sale of securities. Letter of Acceptance, Waiver and Consent, No. 20130358778 (Nov. 25, 2015). According to the […]

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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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Brickell Global Markets Fined for Supervisory Failures

Brickell Global Markets, also known as E.S. Financial Services, Inc., based in Miami, Florida, was censured and fined $275,000 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm had charged customers unreasonable fees, failed to deliver prospectuses, allowed unauthorized individuals to direct trading in accounts, among other violations. Letter of Acceptance, […]

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J.P. Morgan Securities Broker Suspended For Unauthorized Trading

David J. Sullivan of Boston, Massachusetts, a registered representative with J.P. Morgan Securities LLC, was fined $5,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for fifteen days after consenting to findings that he engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent No. […]

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FTB Advisors Inc. Fined Failure to Supervise

December 09, 2015  |   Posted by :   |   Failure To Supervise, Unit Investment Trusts   |   0 Comments

FTB Advisors, Inc., Inc. was censured and fined $125,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably […]

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The Investment Center Broker Suspended for Unauthorized Transactions

Leon William Vaccarelli of Waterbury, Connecticut, a registered representative with The Investment Center, Inc., was fined $7,500 and suspended for one month from associating in any and all capacities with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that Vaccarelli exercised unauthorized discretion in customer accounts. Letter of Acceptance, Waiver and […]

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Wells Fargo Advisors Broker Suspended for Private Securities Transactions

Timothy Rodgers of Overland Park, Kansas, a registered stockbroker with Wells Fargo Advisors, LLC, was fined $10,000 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had engaged in unauthorized private securities transactions and made false statements to his firm […]

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Woodbury Financial Services Inc. Fined for Failure to Supervise

Woodbury Financial Services, Inc., of Oakdale, Minnesota, was censured and fined $100,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written […]

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Waddell & Reed Broker Barred In Investigation

December 09, 2015  |   Posted by :   |   Failure To Supervise, Outside Business Activities   |   0 Comments

Joseph R. Holzhause of Henderson, Nevada, a registered representative with Waddell & Reed, was barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had signed and distributed to a third party a false and materially misleading letter, failed to […]

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Huntington Investment Company Stockbroker Suspended for Unsuitable Recommendations

Jeffrey L. Rittberger of New Concord, Ohio, a stockbroker associated with Huntington Investment Company, was fined $10,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he made unsuitable recommendations to firm customers. Letter of Acceptance, Waiver and Consent, No. 2013036874902 […]

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VSR Financial Services Broker Suspended for Unsuitable Recommendations

Dennis P. Van Patter of Dallas, Texas, a registered representative with VSR Financial Services, Inc., was fined $10,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he made unsuitable recommendations to firm customers. Letter of Acceptance, Waiver and Consent, No. […]

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Royal Alliance Associates Fined for Failure to Supervise

Royal Alliance Associates, Inc. was censured and fined $225,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably […]

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Stifel Nicolaus & Company Principal Suspended for Failure to Supervise

Robert N. Adrian of Memphis, Tennessee, a registered representative with Stifel, Nicolaus & Company, was fined $5,000 and suspended for forty-five days from association with any Financial Industry Regulatory Authority (FINRA) member in all principal capacities after consenting to findings that he failed to supervise a registered representative in a manner designed to detect the […]

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Lexington Investment Company Broker Suspended For Customer Borrowing

November 25, 2015  |   Posted by :   |   Customer Loans, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

David Paul Rankin, Jr. of Lexington, Kentucky, a registered representative with Lexington Investment Company, Inc., was fined $5,000 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacities after consenting to findings that he obtained loans from customers in violation of his firm’s policies. Letter of Acceptance, […]

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Securian Financial Services Broker Barred for Stealing

Mark J. Ciriaco of Omaha, Nebraska, a registered representative with Securian, 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 converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2014042879701 (Nov. 20, 2015). According to the AWC, in […]

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Buckman Buckman Reid Broker Charged for Fraud

Glen Robert King of Shrewsbury, NJ, a registered representative with Buckman, Buckman & Reid, Inc., was charged by the Department of Enforcement of Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that King made fraudulent misrepresentations to customers, engaged in excessive and unsuitable trading, and exercised discretion in accounts of customers without written authority. […]

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Stifel Nicolaus Broker Suspended for Outside Business Activities

November 25, 2015  |   Posted by :   |   Customer Loans, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Christian B. Harkness of Lacrosse, Wisconsin, a registered representative with Stifel, Nicolaus & Company, Inc., was fined $15,000 and suspended for nine months fromChristian B. Harkness associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he had engaged in unauthorized borrowing from a customer, engaged […]

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ProEquities Fined for Failure to Supervise

ProEquities, Inc. was censured and fined $165,000 by Financial Industry Regulatory Authority (FINRA) for failing to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (“UITs”) in violation of FINRA Rule 2010; as well as failing to establish, maintain and enforce a supervisory system and written supervisory procedures reasonably designed to […]

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Wells Fargo Advisors Broker Obstructs Investigation

Katherine Lapidoth of Aventura, Florida, a registered representative with Wells Fargo Advisors, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Lapidoth had provided false information to regulators and failed to comply with a FINRA investigation into her potential misconduct. Department of Enforcement v. Lapidoth, No. 2013039650502 […]

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Source Capital Group stockbroker Suspended for Private Securities Transactions

November 25, 2015  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Joseph S. Hooper of Bowling Green, Kentucky, a stockbroker with Source Capital Group, LLC, was fined $5,000, disgorged of $62,500 in commissions, and suspended and fined for five months from association with any Financial Industry Regulatory Authority (FINRA) member per the terms of an Order Accepting Offer of Settlement containing findings that Hooper engaged in […]

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Stockbroker With Unpaid Tax Liens Sells Tax Liens to Investors

      Indiana Pennsylvania based stockbroker Bernard M. Parker has plenty of tax liens.  Since 2006, according to public disclosure records, he appears to have had at least six liens against him for failure to pay his taxes.  In fact, Bernard Parker had so many tax liens against him, he began selling tax liens […]

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Regulatory Failures Help Father and Son Bilk $53 Million From Investors

On November 5, 2015, by consent, the Securities and Exchange Commission obtained a judgment against George P. Brown, age 81, in connection with an action against George P. Brown and his son Kevin C. Brown, age 49, both of Pennsylvania, and their related entities, for fraud in connection with the sale of various unregistered securities […]

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BOSC, Inc. Fined for Unfair Commissions

November 15, 2015  |   Posted by :   |   Excessive Markups, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

BOSC, Inc., of Tulsa, Oklahoma, was censured and fined $25,000 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm sold (or bought) eight corporate bonds to (or from) customers and failed to sell (or buy) such bonds at a price that was fair within eight transactions. Letter of Acceptance, Waiver […]

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Monex Securities Fined for Unfair Commissions

Monex Securities, Inc., of Houston, Texas, was censured and fined $25,000 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm sold (or bought) corporate bonds to (or from) customers and failed to sell (or buy) such bonds at a price that was fair within six transactions. Letter of Acceptance, Waiver […]

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LPL Financial Broker Barred in Investigation into Business Activities

November 15, 2015  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Daniel Kasbar of Hollywood, Florida, a registered representative with LPL Financial, LLC, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Kasbar engaged in undisclosed outside business activities. Letter of Acceptance, […]

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Univest Investments Pennsylvania Broker Barred in Investigation

November 15, 2015  |   Posted by :   |   Failure To Supervise, Forgery, Stockbroker Fraud News   |   0 Comments

Jacob Lerman of Souderton, Pennsylvania, a registered representative of Univest Investments, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations that Lerman had committed forgery on customer documents. Letter of […]

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Radnor Research and Trading Company Fined for Supervisory Failures

Radnor Research and Trading Company, based in the Philadelphia area, was censured and fined $50,000 per an Order Accepting Offer of Settlement containing findings that Radnor disregarded supervisory obligations that resulted in the failure to meet important reporting, disclosure, and compliance responsibilities. Department of Enforcement v. Radnor Research & Trading Company, et al., No. 2013036681701 […]

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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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Merrill Lynch Stockbroker Barred in Unauthorized Trading Investigation

Liam Gerard O’Keeffe from Danbury, CT, a Stockbroker with Merrill Lynch, 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 provide information and documentation requested by FINRA in the course of their investigation into allegations that O’Keeffe exercised discretion […]

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Transamerica Financial Advisors Stockbroker Barred In Investigation

Tracy Neal Wengert from Mesa, Arizona, a stockbroker with Transamerica Financial Advisors, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to comply with FINRA’s investigation into allegations against Wengert, including that he opened brokerage accounts outside of his […]

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Carlton Associates Stockbroker Barred In Fraud Investigation

Randy Warren Burke of Hickory, North Carolina, a stockbroker with Synergy Investment Group, LLC, Capital Investment Group, Inc., and most recently Carlton & Associates, Inc., was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he participated in private securities transactions that were not […]

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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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Uhlmann Price Securities Stockbroker Barred for Obstructing Investigation

November 03, 2015  |   Posted by :   |   Failure To Supervise, Selling Away, Stockbroker Fraud News   |   0 Comments

Clifford Morgan from Chicago, Illinois, a stockbroker with Uhlmann Price Securities, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had engaged in private securities transactions without approval from his firm; made material misrepresentations to firm customers; and failed to fully and […]

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GMS Group Stockbroker Barred for Unsuitable and Unauthorized Trading

Jason L. Figueroa of Boca Raton, Florida, a stockbroker with GMS Group, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had recommended and engaged in unsuitable trading in nontraditional ETFs in customer accounts, while exercising discretion without prior written authority […]

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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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Investors Capital Corp Broker Suspended for Issuing Misleading Customer Statements

November 03, 2015  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Joseph R. Daigneault of Biddeford, Maine, a stockbroker with Investors Capital Corp., was fined $10,000 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for twenty days after consenting to findings that he had provided customers with consolidated statements that contained misleading and inaccurate information regarding customers’ financial […]

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PlanMember Services Stockbroker Suspended For Private Securities Transactions

David A. Scholl of Grand Rapids, Michigan, a stockbroker with PlanMember Services Inc., was fined $5,000 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he participated in private securities transactions in violation of his firm’s policies. Letter of Acceptance, […]

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Wunderlich Securities Fined for Failure to Supervise

November 03, 2015  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Wunderlich Securities, Inc., a FINRA member firm located in Memphis, Tennessee, was censured and fined $50,000 after consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm had failed to establish, maintain, and enforce an adequate supervisory system and written procedures concerning the preparation and dissemination of consolidated reports, while also failing to supervise […]

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Wells Fargo Advisors Broker Suspended for Churning

James G. Christianson from Portland, Oregon a Stockbroker with Wells Fargo Advisors, LLC, was suspended for fifteen days from association with all Financial Industry Regulatory Authority (FINRA) members and fined $10,000 after consenting to findings that he exercised discretion in three accounts of a customer without obtaining written authorization from the customer and without written […]

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Newport Coast Securities Broker Suspended for Churning

Marc A. Arena of Westbury, New York, a stockbroker with Newport Coast Securities, Inc., was suspended for twenty-three months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in a principal capacity, while being suspended for ten business days from association with any FINRA member firm in any capacity per an Order Accepting […]

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Capital Securities Management Fined for Sale of Reverse Convertible Notes

Capital Securities Management, Inc., a brokerage firm and investment adviser firm from Glenn Allen, Virginia, was censured and fined $470,000 after consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm engaged in unsuitable sales of reverse convertible notes; charged excessive commissions; failed to establish, maintain, and enforce an adequate supervisory system and written […]

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Avenir Financial Group Stockbroker Barred in Investigation

Fred Perelman, a Stockbroker with Avenir Financial Group, was charged by Financial Industry Regulatory Authority Department of Enforcement in a Complaint alleging that Perelman failed to cooperate in a FINRA investigation into Perelman’s outside business activities and business practices within Avenir. Department of Enforcement v. Perelman, No. 2015047104201 (Oct. 18, 2015). According to the Complaint, […]

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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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Dalton Strategic Investment Services Stockbroker Barred

Andrew M. Abern, a Stockbroker with Dalton Strategic Investment Services Inc., was permanently barred from association with any member of Financial Industry Regulatory Authority (FINRA) in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into Abern’s recommendations to customers regarding variable annuities. Letter of Acceptance, Waiver, and Consent, […]

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Ameritas Investment Corporation Stockbroker Barred in Investigation

Heon Kim, a Stockbroker with Ameritas Investment Corporation, was barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to FINRA findings that he failed to cooperate in an FINRA investigation into allegations that Kim had engaged a non-licensed individual to solicit and sell variable products […]

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Newport Coast Securities Stockbroker Suspended for Private Securities Transactions

Aaron Heimowitz, a Stockbroker with Newport Coast Securities, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for a period of seven months and fined $15,000 after consenting to findings that Heimowitz participated in private securities transactions and outside business activities in violation of firm policies. Letter of […]

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Merrill Lynch Stockbroker Barred for Obstructing Investigation into Business Activities

Brodie Johnson, a Stockbroker with Merrill Lynch, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Johnson had failed to provide information and documentation pursuant to a FINRA investigation into Johnson’s alleged outside business activities and trading in personal accounts. Letter of Acceptance, […]

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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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Santander Securities Fined For Supervisory Failures

Santander Securities, LLC, was censured, fined $2,000.000.00, and ordered to pay restitution of roughly $4,300,000.00 after consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm had failed to have a reasonably designed supervisory system and set of procedures pertaining to sales of Puerto Rico Municipal Bonds to customers in Puerto Rico, and had […]

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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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Riverstone Wealth Management Stockbroker Barred for Defrauding Investors

Stockbroker J. Michael Casas was barred by Financial Industry Regulatory Authority (FINRA) in any and all capacities and ordered to pay restitution in connection with an Extended Hearing Panel Decision containing findings that Casas had fraudulently sold securities issued by his company on the basis of false statements of material fact and that Casas converted […]

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Garden State Securities Stockbroker Suspended for Customer Borrowing

October 19, 2015  |   Posted by :   |   Customer Loans, Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Darnell A. Deans, a Stockbroker with Garden State Securities, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for eight months and fined $10,000 per an Office of Hearing Officers Settlement containing findings that Deans had borrowed funds in violation of his firm’s policies. Department of Enforcement […]

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First Washington Corporation Chief Executive Officer Suspended for Supervisory Failures

David D. Lewis, who held the positions of chairman, chief executive officer, chief compliance officer,  and compliance registered options principal with First Washington Corporation, was suspended from association with all Financial Industry Regulatory Authority (FINRA) members in all capacities for two years and fined $30,000 per an Office of Hearing Officers Settlement containing findings that […]

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