Mutual Fund Fraud

Archive | Mutual Fund Fraud

LPL Stockbroker Sanctioned For Mutual Fund Misconduct

April 19, 2019  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Brian Lawrence Stephan of Xenia Ohio a stockbroker formerly registered with LPL Financial LLC has been fined $10,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order Accepting Offer of Settlement based on findings that (1) Stephan gave the customer unsuitanble investment […]

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Investors Accuse Wells Fargo Of Stock Fraud

Apostolos Nicholas Papadea of Columbia South Carolina a stockbroker formerly registered with Wells Fargo Advisors LLC is the subject of a customer initiated investment related written complaint which was settled for $24,000.00 on January 17, 2017 based upon allegations of (1) omissions and misrepresentations being made to the customer concerning the risks of mutual funds […]

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Investors Accuse Edward Jones Of Fraud

Christopher Allen Coffman of York New England a stockbroker formerly registered with Edward Jones is referenced in a customer initiated investment related written complaint which was settled on June 23, 2016 to resolve accusations that omissions had been made to the customer concerning the tax liability pertaining to the exchange of mutual funds in the […]

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Investors Blame Morgan Stanley For Bad Investment Advice

March 15, 2019  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

John I. Snyder of Fort Lauderdale Florida a stockbroker currently employed by Morgan Stanley is the subject of a customer initiated investment related written complaint which was resolved for $8,000.00 on March 20, 2017 based upon accusations that investment recommendations made to the customer were not suitable given that possible mutual fund breakpoint discounts had […]

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Summit Brokerage Services Sued For Unauthorized Trading

Richard David Blythe of Tucson Arizona a stockbroker currently registered with Summit Brokerage Services Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by accusations of the unauthorized trading of equities and mutual funds in the customer’s investment account during the time Blythe […]

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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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NYLife Blamed By Investors For Breach Of Fiduciary Duty

John Thomas Alexander III of Charlotte North Carolina a broker formerly registered with NYLife Securities LLC is referenced in a customer initiated investment related written complaint which settled for $93,052.21 on October 18, 2017 supported by accusations that (1) the customer had been provided poor advice concerning the insurance, mutual fund and annuity products purchased […]

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Investors Sue Oppenheimer For Defective Investment Advice

James Donald Routhier of Florham Park New Jersey a stockbroker formerly employed by Oppenheimer Co. Inc. is referenced in a customer initiated investment related arbitration claim which settled for $92,500.00 in damages based upon allegations that (1) Routhier gave bad investment recommendations to the customer in reference to the customer’s mutual fund purchases and (2) […]

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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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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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FINRA Fines Kestra For Overcharging Customers

February 19, 2019  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Kestra Investment Services LLC a brokerage firm headquartered in Austin Texas has been censured and fined $225,000.00 by Financial Industry Regulatory Authority (FINRA) founded on allegations that the firm overcharged customers on mutual fund purchases. Letter of Acceptance Waiver and Consent No. 2016048404601 (Feb. 13, 2019). According to the AWC, from July 1, 2009 to […]

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Investor Accuses JP Morgan Of Mutual Fund Misconduct

February 19, 2019  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Daniel YJ Kim of Flushing New York a stockbroker currently employed by J.P. Morgan Securities LLC is the subject of a customer initiated investment related complaint on May 5, 2016 in which the customer requested $50,000.00 in damages based upon accusations that unsuitable investment recommendations were made to the customer concerning mutual fund trades executed […]

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Merrill Lynch Broker Barred For Mutual Fund Fraud

Bhenoy Dembla (also known as Ben Dembla) of Chicago Illinois a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Incorporated has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Dembla violated the firm’s mutual fund policies by entering and cancelling fake […]

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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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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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Santander Securities Continues To Be Sued By Investors For Fraud

Luis Currais Lopez of Dorchester Massachusetts a stockbroker formerly registered with Santander Securities LLC is referenced in a customer initiated investment related arbitration claim in which the customer sought $65,000.00 in damages supported by accusations that (1) fiduciary duties were breached (2) the customer was falsely induced into inaction upon discovering volatility in the customer’s […]

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Investors Sue JP Morgan Securities For Misrepresentation

Jerry Michael Rayburn of Lake Grove New York a stockbroker currently registered with J.P. Morgan Securities LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $74,927.40 in damages founded on accusations that (1) misrepresentations had been made to the customer concerning the customer’s investments in mutual funds […]

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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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SEC Fines Credit Suisse Broker For Breach Of Fiduciary Duty

December 13, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Sanford Michael Katz of San Francisco California a stockbroker formerly registered with Credit Suisse Securities (USA) LLC has been censured and fined $850,000.00 by Securities and Exchange Commission (SEC) according to an Order instituting Administrative and Cease and Desist Proceedings Making Findings and Imposing Remedial Sanctions in which Katz was found to have breached his […]

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Investors Sue Merrill Lynch Mutual Fund Misconduct

Michael Vincent Foley of Upper Arlington Ohio a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim which settled for $28,642.26 in damages founded on accusations that between March of 2010 and June of 2016: (1) misrepresentations were made to the customer concerning mutual […]

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Commonwealth Financial Network Sued For Misrepresentation

James King of Winston-Salem North Carolina a stockbroker currently registered with Commonwealth Financial Network is the subject of a customer initiated investment related arbitration claim where the customer sought $470,000.00 in damages supported by allegations of (1) false or misleading statements being made to the customer regarding the returns on mutual fund investments and (2) […]

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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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SunTrust Sued For Bad Mutual Fund Recommendations

Sandra Benain McKoy of Lauderdale Lakes Florida a stockbroker formerly registered with SunTrust Investment Services Inc. is referenced in a customer initiated investment related arbitration claim which settled for $50,000.00 in damages supported by accusations that McKoy (1) poorly advised the customer concerning mutual fund and variable annuity products and (2) placed unsuitable transactions in […]

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NYLife Broker Suspended For Mutual Fund Misconduct

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

David Raymond Colflesh of Tarko Missouri a stockbroker formerly employed by NYLife Securities LLC has been suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable mutual fund investment recommendations to customers. Letter of Acceptance Waiver and Consent No. […]

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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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Investors Blame NFB Financial For Unauthorized Trading

Gary Gustave Benson of Encino California a stockbroker currently employed by NPB Financial Group LLC is referenced in a customer initiated investment related written complaint on August 22, 2017 where the customer sought unspecified damages supported by allegations that (1) unauthorized mutual fund trades were executed in the customer’s account and (2) transactions were effected […]

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Investor Blames HSBC For Bad Bond Investments

Brian David Schwartz of New York New York a stockbroker currently employed by HSBC Securities (USA) Inc. is referenced in a customer initiated investment related written complaint which was resolved for $10,000.00 on October 3, 2017 supported by allegations that transactions were placed in the customer’s account that were not suitable for the customer because […]

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Investor Sues Principal For Bad Mutual Fund Investments

John Patrick Priebe of Waseca Minnesota a stockbroker currently registered with Principal Securities Inc. (also known as Princor Financial Services Corporation) is the subject of a customer initiated investment related arbitration claim where the customer sought $900,000.00 in damages based upon accusations that (1) Priebe executed mutual fund and options transactions in the customer’s account […]

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Regulator Censures Cambridge Broker For Bad Investments

October 04, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Damon Darrell Walker of Davenport Iowa a stockbroker formerly employed by Cambridge Investment Research Inc. has been censured and fined $7,000.00 by Iowa Insurance Division according to an Order containing findings that Walker made inappropriate mutual fund recommendations to the customer and altered the customer’s account documentation. Case No. 98241 (Sept. 7, 2018). Financial Industry […]

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UBS Blamed For Bad Investment Advice

October 04, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Daniel Thomas Gamache of Denver Colorado a stockbroker registered with UBS Financial Services Inc. and representative of IFAM Capital has been referenced in a customer initiated investment related written complaint on July 9, 2018 where the customer requested $86,000.00 in damages founded on allegations that Gamache made unsuitable recommendations to the customer concerning mutual funds […]

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Morgan Stanley Broker Suspended For Ignoring FINRA Requests

October 04, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Francisco Javier Valenzuela of Tucson Arizona a stockbroker formerly employed by Morgan Stanley has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that he did not respond to a FINRA request regarding his activities. Case No. 2018057266701 (Aug. 13, 2018). FINRA Public Disclosure reveals that […]

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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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Investors Accuse MetLife Of Mutual Fund Fraud

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

John Vincent Blanchard of Marshfield Massachusetts a stockbroker formerly employed by MetLife Securities Inc. (now known as MSI Financial Services Inc.) is referenced in a customer initiated investment related written complaint on July 23, 2018 in which the customer sought damages estimated to exceed $5,000.00 supported by accusations that (1) misrepresentations had been made to […]

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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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Investors Accuse National Planning of Bad Investment Advice

Gary Jesse Deardorff of Peoria Arizona a stockbroker formerly employed by National Planning Corporation is the subject of a customer initiated investment related written complaint on February 28, 2017 in which the customer sought damages estimated to exceed $5,000.00 in damages founded on allegations that Deardorff executed unsuitable mutual fund and equity transactions in the […]

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FINRA Bars Thurston Stockbroker For Overcharging Investors

September 12, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

David JC Bolton of Bowling Green Kentucky a stockbroker formerly registered with Thurston Springer Miller Herd Titak has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a Default Decision issued by the Office of Hearing Officers containing findings that Bolton engaged in mismarking customers’ trades and […]

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Investors Accuse National Planning Of Excessive Trading

Karl Thomas Crytser of Trenton New Jersey a stockbroker formerly registered with National Planning Corporation is referenced in a customer initiated investment related written complaint on August 25, 2015 in which the customer requested $27,000.00 in damages based upon allegations that (1) unsuitable mutual fund trades were effected in the customer’s account (2) transactions were […]

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FINRA Charges LPL With Overcharging Investors

August 25, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Brian Lawrence Stephan of Xenia Ohio a stockbroker formerly employed by LPL Financial LLC and Commonwealth Financial Network has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Stephan engaged in unsuitable mutual fund trading and the mismarking of transactions and switch forms. Department of Enforcement v. Brian Lawrence Stephan Disciplinary […]

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Presidential Brokerage Sued For Bad Mutual Fund Sales

Gregory Jon Williams of Greenwood Village Colorado a stockbroker currently employed by Presidential Brokerage Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $151,337.00 in damages based upon allegations of misrepresentation and suitability pertaining to the customer’s investments in (1) mutual funds (2) corporate-debt products and (3) non-traded […]

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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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Client One Client Sues Client One Broker For Bad Advice

Charles William Sawyer Jr. of Owings Mills Maryland a stockbroker currently employed by Client One Securities, owned by the Creative One Marketing Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $40,249.00 in damages supported by allegations that the customer was provided poor advice relating to mutual […]

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Geneos Wealth Management Sued For Mutual Fund Fraud

August 13, 2018  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Michael John Osland of Scottsdale Arizona a stockbroker currently employed by Geneos Wealth Management Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $350,000.00 in damages founded on allegations that between 2008 and 2017, Osland made investment recommendations that were not suitable concerning (1) real estate securities (2) […]

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Ameriprise Broker Admits To Unauthorized Trading

Eric Steven Korhut of Johnstown Pennsylvania a stockbroker formerly registered with Ameriprise Financial Services 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 he executed unauthorized trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2016051348101 […]

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Merrill Lynch Accused Of Municipal Bond Fraud

August 13, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Ronald Frank Loeb of Bloomfield Hills Michigan a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint which settled for $15,000.00 on June 9, 2018 founded on accusations that Loeb made unsuitable investment recommendations to the customer concerning municipal bond investments and made misrepresentations […]

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Ameriprise Broker Fined By FINRA For Unauthorized Trading

Leslie George Markus, Jr., of Center Valley, Pennsylvania, a stockbroker formerly registered with Ameriprise Financial Services, 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 according to a FINRA Office of Hearing Officers Hearing Panel Decision containing findings that Markus effected […]

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Customer Sticks Merrill Lynch For Steck Misrepresentations

July 31, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Robert Thomas Steck of Great Neck New York a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested unspecified damages supported by accusations that between 2012 and 2017, misrepresentations had been made to the customer concerning over-the-counter equities and […]

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Customer Sues Next Financial For Mutual Fund Fraud

July 31, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Charles Lawrence Doraine of Corpus Christi, Texas, a stockbroker currently registered with Next Financial Group, Inc., is referenced in a customer initiated investment related arbitration claim where the customer sought $2,500,000.00 in damages founded on allegations that between 2012 and 2017, Doraine engaged in a pattern of in-and-out trading with respect to the customer’s mutual […]

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Customer Sues Capital One For Mutual Fund Fraud

July 31, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Robert Matthew Meredith of Houston Texas a stockbroker formerly employed by Capital One Investing LLC is referenced in a customer initiated investment related arbitration claim which has been settled to resolve allegations that the customer was placed in mutual fund investments that were not appropriate for the customer given the customer’s tolerance for risk. Financial […]

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Customer Accuses UBS Of Mutual Fund Suitability

July 12, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Russell G. Cappelen Jr. of Vero Beach Florida a stockbroker currently registered with UBS Financial Services Inc. is the subject of a customer initiated investment related written complaint which settled for $14,658.37 in damages founded on accusations that Cappelen effected mutual fund transactions that were not appropriate for the customer because the investments failed to […]

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Merrill Lynch Sued By Customer For Misrepresentation

June 25, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Scott David Curtis of Great Neck New York a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $100,000.00 in damages based upon accusations that (1) misrepresentations and omissions had been made to the customer and (2) unsuitable mutual […]

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Merrill Lynch Accused Of Mutual Fund Fraud

June 12, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Terance Treadwell Power of Beverly Hills California a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint which settled for $65,413.00 on April 26, 2018 supported by accusations that in September 2017, misrepresentations had been made to the customer concerning investments and mutual […]

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Customer Accuses LPL Financial Of Unauthorized Trading

Nicole Danielle Jervis of Warren Ohio a stockbroker currently registered with LPL Financial LLC is the subject of a customer initiated investment related written complaint on March 14, 2018 in which the customer sought $10,322.00 in damages supported by allegations that mutual funds had been liquidated from the customer’s investment account without the customer’s authorization […]

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Customer Accuses HSBC Of Mutual Fund Misconduct

May 17, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Fernando Batista Martins of Morristown New Jersey a stockbroker formerly registered with HSBC Securities (USA) Inc. is the subject of a customer initiated investment related written complaint on October 31, 2016 in which the customer requested $60,000.00 in damages founded on allegations that (1) transactions were placed in the customer’s account that were not suitable […]

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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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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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Customer Accuses Wells Fargo Of Mutual Fund Fraud

May 17, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Joseph Robert Hamo of Flint Michigan a stockbroker formerly employed by Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint on February 19, 2016 where the customer alleged that the customer’s assets were placed in mutual funds between 2015 and 2016 that were not appropriate for the customer given […]

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Morgan Stanley Sued For Mutual Fund Fraud

May 01, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Christopher F. Halotek of West Hartford Connecticut a stockbroker formerly registered with Morgan Stanley Smith Barney is the subject of a customer initiated investment related arbitration claim in which the customer alleged that misrepresentations had been made concerning mutual fund and equity products between September of 2007 and May of 2017. Financial Industry Regulatory Authority […]

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Customer Accuses Morgan Stanley Of Excessive Trading

Richard Robert Fulton of Palm Beach Gardens Florida a stockbroker formerly registered with Morgan Stanley is the subject of a customer initiated investment related complaint which settled on October 24, 2016 for $18,822.00 in damages based upon allegations that mutual fund trades were effected in the customer’s managed account on an excessive basis between January […]

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Citizens Securities Accused Of Misrepresentation

April 08, 2018  |   Posted by :   |   Bank robbery, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Philip Peter Parziale of Boston Massachusetts is a stockbroker currently registered with Citizens Securities Inc. who is the subject of a customer initiated investment related written complaint which settled on October 12, 2017 for $50,000.00 in damages based upon allegations that Parziale made misrepresentations to the customer concerning mutual funds transactions executed in the customer’s […]

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Fifth Third Securities Terminates Stockbroker

March 22, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

John Joseph Pearce of Cincinnati Ohio is a stockbroker formerly employed by Fifth Third Securities who was terminated from employment on December 16, 2016 supported by accusations that the firm was not confident in Pearce’s ability to comply with the firm’s policies and procedures. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that this is […]

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Edward Jones May or May Not Be Accused of Misrepresentation

March 16, 2018  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Andrew Michael May of State College Pennsylvania is a stockbroker currently employed by Edward Jones who is the subject of a customer initiated investment related written complaint, which settled on May 22, 2017 for $7,257.38 in damages founded on accusations that May made misrepresentations to the customer concerning the tax liability pertaining to the customer’s […]

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FINRA Fines First Kentucky Securities For Excessive Fees

First Kentucky Securities Corporation is a brokerage firm from Louisville Kentucky who has been censured and fined fifty thousand dollars by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that it overcharged customers by depriving them of sales charge waivers on eligible mutual fund purchases executed through the firm. Letter of Acceptance Waiver […]

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LPL Financial Stockbroker Fired For Short Term Trading

January 26, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Pedro Omar Diaz, of Coconut Creek, Florida, a stockbroker employed with LPL Financial LLC, has been fired on November 29, 2017, founded on accusations that he violated LPL Financial’s policy by engaging in the short-term trading of mutual fund trades in customer accounts. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Diaz has been […]

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Bancwest Stockbroker Fired For Unauthorized Trading

January 26, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Michael David Zeran, of Marion, Iowa, a stockbroker registered with Bancwest Investment Services, Inc., has been fired on July 12, 2016, supported by allegations that an investigation into Zeran’s business activities revealed that he engaged in short-term trading of mutual funds in customer accounts and mismarked investment transactions as unsolicited, causing the firm to lose […]

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FINRA Fines FSC Securities For Excessive Charges

January 10, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

FSC Securities Corporation, a brokerage firm headquartered in Atlanta, Georgia, has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that it failed to apply mutual fund sales charge waivers for its customers that were eligible to receive them. Letter of Acceptance, Waiver and Consent, No. 2017054137901 (Dec. 20, […]

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UBS Sued By Customer For Breach Of Fiduciary Duty

January 09, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Mark B. Geist of Lincoln, Nebraska, a stockbroker currently associated with UBS Financial Services Inc., is the subject of a customer initiated investment related arbitration claim on August 8, 2017, in which the customer sought $280,542.00 in damages founded on accusations of negligence, breach of fiduciary duty, and unsuitable fixed income mutual fund transactions having […]

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Royal Alliance Censured For Overcharging Customers

January 09, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Royal Alliance Securities, a brokerage firm headquartered in Jersey City, New Jersey, has been censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) based upon accusations that the firm failed to appropriately apply sales charge discounts for customers when the customers were eligible to receive them, overcharging them as a result. Letter of Acceptance, […]

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Brokerage Firms Sanctioned For Overcharging Customers

December 15, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Investors Capital Corporation, J.P. Turner & Company, L.L.C., VSR Financial Services, Inc., Investacorp., Inc., and BB&T Investment Services, Inc., have all been censured by FINRA for taking advantage of certain customers, namely retirement plans and charitable organizations, by overcharging them in mutual fund transactions. Evidently, the firms sold mutual funds containing multiple share classes, in […]

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GWN Registered Representative Barred For Obstruction

November 07, 2017  |   Posted by :   |   Forgery, Mutual Fund Fraud   |   0 Comments

William H. Paterson, of Palm Beach Gardens, Florida, a former GWN Securities, Inc. registered representative, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his sales practice violations as alleged within a customer initiated […]

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FINRA Fines Merrill Lynch Broker For Misrepresentation

November 01, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Landon Lavon Williams, of Jacksonville, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a FINRA Office of Hearing Officers Order Accepting Offer of Settlement containing findings […]

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UBS Financial Services Sued For Broker Bad Conduct

October 05, 2017  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud   |   0 Comments

David James Boor, of Farmington Hills, Michigan, a stockbroker currently registered with UBS Financial Services Inc., is the subject of a customer initiated investment related arbitration claim on May 30, 2017, in which the customer sought $139,000.00 in damages supported by allegations that between December 1, 2015, and May 30, 2017, Boor effected mutual funds […]

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Customer Sues 1st Global Capital Corp For Suitability

October 05, 2017  |   Posted by :   |   Mutual Fund Fraud   |   0 Comments

Sherry Elaine McNair, of Lubbock, Texas, a stockbroker currently registered with 1st Global Capital Corp., is the subject of a customer initiated investment related arbitration claim on January 8, 2016, in which the customer requested $250,000.00 in damages founded upon accusations that McNair placed unsuitable mutual fund transactions in the customer’s account. FINRA Arbitration No. […]

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CCO Investments Suspended For Unauthorized Trading

September 22, 2017  |   Posted by :   |   Mutual Fund Fraud   |   0 Comments

John Isaac Roach, of Beachwood, Ohio, a stockbroker formerly registered with CCO Investment Services 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 placed unauthorized mutual fund trades in a customer’s account. Letter of Acceptance, Waiver and […]

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Hennion Walsh Broker Sued For Suitability

September 22, 2017  |   Posted by :   |   Mutual Fund Fraud   |   0 Comments

Sean J Mcelduff, of Parsippany, New Jersey, a stockbroker formerly registered with Hennion & Walsh, Inc., has been identified in a customer initiated investment related arbitration on December 16, 2016, in which the customer requested $260,000.00 in damages based upon accusations of suitability regarding municipal debt transactions effected in the customer’s investment account. Financial Industry […]

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American Portfolio Stockbroker Suspended For Suitability

August 26, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Ronald Benevento, of Holbrook, New York, a stockbroker formerly registered with American Portfolio Financial Services, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unsuitable mutual fund switches in customer accounts, and mismarked customers trades as unsolicited. […]

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Raymond James Financial Suitability Claim Surfaces

August 15, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Sammy Junito Carrasquillo, of New York, New York, a stockbroker formerly registered with Chase Investment Services Corp., is the subject of a customer initiated investment related written complaint on August 8, 2011, in which the customer requested $19,902.44 in damages based upon allegations that Carrasquillo effected unsuitable transactions in the customer’s account and made misrepresentations […]

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Merrill Lynch Named In Customer Arbitration

July 03, 2017  |   Posted by :   |   Mutual Fund Fraud   |   0 Comments

James Jordan Plasterer Jr, of Tuscaloosa, Alabama, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on March 29, 2017, in which the customer requested $2,500,000.00 in damages based upon allegations that he did not properly handle the customer’s portfolio of […]

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JP Morgan Named In Customer Complaint

June 13, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Daniel Ki Roh, of Fort Lee, New Jersey, a stockbroker currently registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related written complaint on April 18, 2017, in which the customer requested $7,250.00 in damages based upon allegations that he omitted information from the customer concerning the fees on mutual […]

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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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AXA Advisors Broker Suspended For Unsuitable Recommendations

May 25, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

James Davis Trent, of Columbia, South Carolina, a stockbroker formerly registered with AXA Advisors LLC, was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity pursuant to an Order Accepting Offer of Settlement issued by FINRA Office of Hearing Officers which contained findings that Trent made unsuitable investment recommendations to […]

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Customer Sues Merrill Lynch For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

William Bartly Wolf, of Newark, New Jersey, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on September 2, 2015, based upon allegations that Wolf effected mutual fund trades in the customer’s investment account without the customer’s consent. Financial Industry Regulatory […]

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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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NYLife Securities Stockbroker Barred In Investigation

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Jonathan M. Lo, of New York, New York, a stockbroker formerly registered with NYLife Securities LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with a FINRA investigation into allegations that he effected unsuitable exchanges of […]

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AXA Advisors Stockbroker Charged With Unsuitable Recommendations

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

James Davis Trent, of Columbia, South Carolina, a stockbroker formerly registered with AXA Advisors LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint containing allegations that he made unsuitable investment recommendations to customers. Department of Enforcement v. James Davis Trent, No. 2014041539301 (Apr. 27, 2017). According to the Complaint, […]

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Legend Equities Corporation Caught Overcharging Customers

April 20, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Legend Equities Corporation, a brokerage firm headquartered in Delaware, was censured by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm took advantage of charitable entities and retirement plan customers by overcharging them in mutual fund transactions. Letter of Acceptance, Waiver and Consent, No. 2016050259801 (Apr. 4, 2017). According to the […]

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Ameriprise Financial Stockbroker Fired

April 20, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Renee Rochelle Fields, of Manchester, Missouri, a stockbroker formerly registered with Ameriprise Financial Services, Inc., was terminated from employment on October 3, 2016, based upon allegations that Fields exercised discretion in customers’ accounts without their consent, effected a mutual fund trading strategy which was unsuitable for customers, and failed to apprise customers of material information […]

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Citizens Securities Caught Overcharging Customers

April 11, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Citizens Securities, Inc., a brokerage firm headquartered in Dedham, Massachusetts, was censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm overcharged charitable entities and retirement plan customers in reference to mutual fund transactions. Letter of Acceptance, Waiver and Consent, No. 2016049977401 (Mar. 31, 2017). According to the […]

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Merrill Lynch Stockbroker Suspended For Misrepresentation

April 10, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Jarred M. Lawson, of Jacksonville, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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 made misrepresentations and omissions to customers, and furnished misleading account documentation […]

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Merrill Lynch Sued For Unauthorized Trading

April 10, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Mark David Yadron, of Prescott, Arizona, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on February 3, 2017, in which the customer requested $5,095.35 in damages based upon allegations that Yadron effected unauthorized closed-end fund trades in the customer’s investment […]

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Brokerage Firms Censured For Overcharging Customers

March 07, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Financial Industry Regulatory Authority (FINRA) member broker dealers, including Invest Financial Corporation, SII Investments, Investment Centers of America, and National Planning Corporation, have all been censured and fined by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firms overcharged charitable organization and retirement account customers in mutual funds transactions, and did […]

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Signator Investors Sued By Customer In Arbitration

February 14, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

David Jonathan Bolton, of Bowling Green, Kentucky, a stockbroker formerly registered with Signator Investors, Inc., has been named in a customer initiated investment related written complaint on April 1, 2016, based upon allegations that Bolton effected unsuitable class A share mutual fund transactions in an elderly customer’s account, and charged the customer with excessive commissions […]

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Cambridge Investment Research Overcharges Mutual Funds Customers

December 24, 2016  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Cambridge Investment Research, Inc., a broker-dealer headquartered in Fairfield, Iowa, has been censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm overcharged charitable organization and retirement account customers in connection with mutual funds transactions. Letter of Acceptance, Waiver and Consent, No. 2015046952401 (Dec. 17, 2016). According to the AWC, Cambridge provides […]

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HD Vest Investment Services Caught Overcharging Customers

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

HD Vest Investment Services, a broker-dealer headquartered in Irving, Texas, was censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm overcharged customers within mutual funds transactions, and failed to supervise the firm’s mutual funds business in order to ensure that customers received sales charge waivers when eligible for such. Letter […]

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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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Cambridge Investment Research Stockbroker Suspended For Mutual Fund Fraud

September 09, 2016  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Robert M. Lyons, of Augusta, Georgia, was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made unsuitable recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2014040668202 (Sept. 1, 2016). According to the AWC, Lyons made recommendations and subsequently […]

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Commonwealth Funds CEO Barred For Misappropriation

September 09, 2016  |   Posted by :   |   Misappropriation of Funds, Mutual Fund Fraud   |   0 Comments

Kimberly Springsteen-Abbott, of Holiday, Florida, the chairman and chief executive officer of Commonwealth entities, including Commonwealth Funds, was fined $100,000.00 and barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with a FINRA National Adjudicatory Council Decision which affirmed findings that Springsteen-Abbott misappropriated investor funds. Department of […]

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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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