Private Placement Fraud

Archive | Private Placement Fraud

Investors Sue Network 1 For Private Placement Fraud

Patrick Nicholas Teutonico of Seaford New York a stockbroker formerly registered with Network 1 Financial Securities Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $145,000.00 in damages based upon accusations that (1) Teutonico effected unsuitable transactions in the customer’s account and (2) Network 1 Financial Securities […]

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Investors Accuse Wells Fargo Of Direct Investment Fraud

Eric A. Keller of Duluth Georgia a stockbroker formerly registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint which was resolved for $39,587.90 on February 16, 2016 founded on accusations that the customer was placed into a direct participation program or sold limited partnership interests that were […]

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UBS Financial Fires Stockbroker For Lying In SEC Investigation

Bruce Davis Smith of Atlanta Georgia a stockbroker formerly employed by UBS Financial Services Inc. has been discharged by the firm on August 7, 2018 supported by allegations that Smith was not forthcoming to the firm concerning his involvement with a customer in transactions referenced in a Securities Exchange Commission (SEC) inquiry. Financial Industry Regulatory […]

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Investors Sue TriPoint For Failure To Conduct Due Diligence

April 10, 2019  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Michael Robert Boswell of Gaithersburg Maryland a stockbroker currently employed by Tripoint Global Equities LLC is the subject of a customer initiated investment related civil action brought in the United States District Court for the Southern District of New York which was settled for $400,000.00 founded on allegations that there was a lack of due […]

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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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FINRA Bars Kestra Stockbroker For Selling Away

George Mackley Robertson of Darien Connecticut a stockbroker formerly registered with Kestra Investment Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Robertson sold away from Kestra Investment Services (2) Robertson engaged in outside business activities without disclosing them […]

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SEC Bars MP Global Broker For Fraud

Lee Dana Weiss of San Juan Puerto Rico a stockbroker formerly employed by MP Global Inc. and owner of Family Endowment Partners LP (FEP) has been barred by Securities and Exchange Commission (SEC) from being a broker or investment advisor or otherwise associating with brokers or investment advisories according to an SEC Order Instituting Administrative […]

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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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Cambridge Investment Research Sued By Investors For Fraud

Dale Edward Wright of Henrico Virginia a stockbroker currently registered with Cambridge Investment Research Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $112,164.00 in damages supported by accusations that (1) trades executed in the customer’s account were not suitable for the customer (2) fiduciary duties were breached […]

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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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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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FINRA Bars Principal Broker Caught Selling Away

Steven Eugene Bonner of Campbell California a stockbroker formerly employed by Principal Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Bonner neglected to comply with FINRA’s information requests. Case No. 2017052748201 (July 14, 2017). Evidently, FINRA made attempts at procuring information […]

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WFG Sued For Private Placement Fraud

James Aloysius Conwell II of Daphne Alabama a stockbroker formerly registered with WFG Investments Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $155,000.00 in damages based upon allegations that (1) misrepresentations and omissions were made to the customer concerning private placement stocks and (2) no sufficient […]

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FINRA Bars CSSC Chief Executive Officer For Fraud

January 06, 2019  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

CSSC Brokerage Services Inc. a brokerage firm headquartered in Troy Michigan has been fined $120,000.00 and suspended by Financial Industry Regulatory Authority (FINRA) for one year from engaging in private securities offerings, and Eric S. Smith (chief executive officer and owner of CSSC) has been barred from associating with any FINRA member in any capacity […]

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Oberweis Broker Barred For Selling Away

Ralph Richard Von Lutzow of Sarasota Florida a stockbroker formerly registered with Oberweis 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) Von Lutzow engaged in private securities transactions involving customers of the firm (2) Von Lutzow accepted customer […]

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FINRA Charges CP Capital Broker With Fraud

Jorge A. Reyes of Miami Florida a stockbroker formerly registered with CP Capital Securities has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that between May of 2013 and August of 2016, Reyes (1) utilized misleading materials to market private placements (2) advised a customer to purchase a private placement 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 Suspends Spencer Edwards Private Placement Fraud

Spencer Edwards Inc. a brokerage firm headquartered in Centennial Colorado has been censured and fined $495,000.00 and suspended from conducting securities business for forty-five days by Financial Industry Regulatory Authority (FINRA) according to an Extended Hearing Panel Decision containing findings that (1) the firm made unsuitable investment recommendations to customers concerning private placement investments (2) […]

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General Securities Corp Broker Barred In Investigation

December 13, 2018  |   Posted by :   |   Private Placement Fraud, Selling Away, Stockbroker Fraud News   |   0 Comments

Noel Carino of North Kansas City Missouri a stockbroker formerly employed by General Securities Corp 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 with FINRA’s investigation into accusations of (1) Carino engaging in unapproved outside business activities […]

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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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Investors Continue To Collect From Berthel Fisher For Private Placement Fraud

Ricky Steven Geislinger of Watkins Minnesota a stockbroker formerly employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which settled for $75,000.00 in damages supported by allegations that (1) Geislinger made misrepresentations to the customer concerning the terms and conditions of the investments selected for the […]

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Investors Sue WFG Investments For Misrepresentation

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

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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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TriPoint Global Sued For Bad Private Placements

Robert Scott Nathan of New York New York a stockbroker registered with TriPoint Global Equities LLC is referenced in a customer initiated investment related arbitration claim where the customer requested $150,000.00 in damages founded on accusations that misrepresentations and unsuitable investment recommendations were made in reference to the customer’s private placement investment in Advance Entertainment […]

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Cetera Advisors Accused Of Private Placement Fraud

Omar K. Henry of New York New York a stockbroker formerly employed by Cetera Advisors LLC is referenced in a customer initiated investment related written complaint on April 9, 2018 in which the customer sought $451,844.09 in damages based upon accusations that direct participation program transactions were placed in the customer’s account that were not […]

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Wall Street Broker Barred For Failure To Pay Arbitration Award

Louis Karl Kittlaus of Chicago Illinois a stockbroker formerly registered with Wall Street Strategies Inc. has been suspended on April 10, 2018 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that he failed to confirm with FINRA whether he complied with FINRA Arbitration No. 15-02941 (Dec. 8, […]

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Lebenthal Sued By Customer For Fraudulent Investments

May 31, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Myles Reid Blechner of New York New York a former chief compliance officer of Lebenthal Co. LLC has been referenced in a customer initiated investment related arbitration claim in which the customer requested $1,200,000.00 in damages supported by allegations that the customer was placed in private funds that were seized by Securities and Exchange Commission […]

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Woodbury Financial Sued By Customer For Suitability

May 31, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Geoffrey Scott McCash of Worthington Ohio a stockbroker formerly employed by Woodbury Financial Services Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $350,000.00 in damages founded on allegations that the customer was placed in energy sector private placements that were not suitable for the customer. Financial Industry […]

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Feltl Company Stockbroker Terminated For Cause

May 29, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Todd Roland Meier of Inver Grove Heights Minnesota a stockbroker employed by Feltl Company has been discharged by the firm on April 30, 2018 based upon allegations that Meier failed to abide by the procedures and policies of the company. Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that a customer initiated investment related […]

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Independent Financial Accused Of Unauthorized Trading

Brian Joseph Lockett of Lynwood Washington a stockbroker currently employed by Independent Financial Group LLC is the subject of a customer initiated investment related complaint which was resolved for $45,000.00 in damages on July 27, 2016 supported by allegations that unapproved and unsuitable private investment and real estate investment trust transactions had been effected in […]

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Cambridge Investment Research Sued For Private Placement Fraud

April 27, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Ralph Willard Savoie of Metairie Louisiana a stockbroker formerly registered with Cambridge Investment Research Inc. has been referenced in a customer initiated investment related arbitration claim where the customer requested $90,000.00 in damages supported by allegations that Savoie effected sales of private placements that were illiquid and ultimately unsuitable for the customer. Financial Industry Regulatory […]

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FinTegra Broker Suspended For Unbalanced Communications

April 27, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

John S. Galinksy of Chicago Illinois a stockbroker formerly registered with FinTegra 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 he disseminated unfair and unbalanced communications to investors concerning a private securities offering. Letter of Acceptance Waiver […]

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Dawson James Accused By Customer Of Misrepresentation

March 16, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Kevin Lawrence Barbalace of Columbia Maryland is a stockbroker formerly registered with Dawson James Securities Inc. who is the subject of a customer initiated investment related written complaint on August 30, 2017 where the customer sought $4,952,610.00 in damages supported by accusations that Barbalace made misrepresentations to the customer and placed unsuitable private placement, promissory […]

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FINRA Investigates Forest Securities Stockbroker

March 16, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Michael Fitzgerald Dunne of Chicago Illinois is the president of Forest Securities Inc. who is subject of a Financial Industry Regulatory Authority (FINRA) investigation based upon accusations of Dunne’s involvement in private securities transactions and use of unauthorized communication channels relating to a Regulation D offering. FINRA Case No. 20160495874 (Aug. 2, 2017). FINRA Public […]

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Mid Atlantic Sued For Private Placement Suitability

March 12, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

James Bernis Lunsford of Sonoma California is a stockbroker formerly registered with Mid Atlantic Capital Corporation who has been referenced in a customer initiated investment related arbitration claim where the customer sought five hundred thousand dollars in damages supported by allegations that Lunsford sold the customer an unsuitable private placement investment. Financial Industry Regulatory Authority […]

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Western International Broker Barred For Obstruction

January 26, 2018  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Bradley Carl Mascho, of Frederick, Maryland, a stockbroker formerly employed with Western International Securities, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to testify in a FINRA investigation into accusations of Mascho’s possible fraudulent conduct, private securities transactions and […]

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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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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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Westpark Capital Sued By Customer For Private Placement

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

Victor Carmine Sibilla, of Scottsdale, Arizona, a stockbroker currently registered with Westpark Capital, Inc., is the subject of a customer initiated investment related civil action brought in a state court in Salt Lake City, Utah, where the customer requested $108,400.00 in damages founded on accusations that Sibilla effected the customer’s private placement transaction even though […]

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Kestra Sued For Private Placement Investment Fraud

November 01, 2017  |   Posted by :   |   Private Placement Fraud   |   0 Comments

Stuart Horowitz, of Coral Springs, Florida, a stockbroker formerly registered with Kestra Investment Services, has been named in a customer initiated investment related arbitration claim, where the customer sought $70,000.00 in damages based upon allegations including the failure to conduct diligence on private placement investments; fraud; unsuitable investment recommendations; and the failure to supervise Horowitz’s […]

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WFG Investments Sued For Suitability

September 22, 2017  |   Posted by :   |   Private Placement Fraud   |   0 Comments

Gary Charles Haack of San Antonio, Texas, a stockbroker formerly registered with WFG Investments, Inc., is the subject of a customer initiated investment related arbitration claim, which settled on June 17, 2016, for $70,000.00 in damages based on allegations of unsuitability concerning private placement offerings effected in the customer’s account. Financial Industry Regulatory Authority (FINRA) Public […]

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Buckman Buckman Reid Sued For Fraud

September 15, 2017  |   Posted by :   |   Boilerroom, Private Placement Fraud   |   0 Comments

Christopher Joseph Marnelego, of New York, New York, a stockbroker formerly registered with Buckman, Buckman and Reid, Inc., is the subject of a customer initiated investment related arbitration claim, which settled on January 15, 2016, for $37,500.00 in damages resting on allegations that Marnelego made unsuitable investment recommendations to the customer as well as misrepresentations […]

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Portfolio Advisors Charged With Securities Fraud

September 14, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Kerri Lynn Wassermann, of New York, New York, president of FINRA registered broker-dealer, Portfolio Advisors Alliance, LLC, was charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that as president of a placement agency, he furnished investors with documents that he knew were misrepresented in the solicitation of securities transactions. Securities and […]

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Barclays Capital Sued By Customer For Fraud

Mark James Stevenson, of New York, New York, a stockbroker formerly registered with Barclays Capital Inc., is the subject of a customer initiated investment related arbitration claim on June 15, 2017, where the customer requested $3,525,460.00 in damages based upon allegations that Stevenson violated Securities Exchange Act of 1934 Section 10(b), breached his fiduciary duties, […]

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Multi Financial Securities Sued For Negligence

August 15, 2017  |   Posted by :   |   Private Placement Fraud   |   0 Comments

James Joseph Bracey IV, of Martinsville, New Jersey, a stockbroker formerly registered with Multi-Financial Securities Corporation, is the subject of a customer initiated investment related arbitration claim on July 16, 2015, in which the customer requested $803,000.00 in damages based upon allegations against Bracey of negligence, violation of California Securities Law, fraudulent concealment, misrepresentation, and […]

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WFG Investments Claims For Misrepresentation

July 29, 2017  |   Posted by :   |   Private Placement Fraud   |   0 Comments

Mark Lee Baggerly, of Daphne, Alabama, a stockbroker formerly registered with WFG Investments, Inc., is the subject of a customer initiated investment related arbitration claim on May 2, 2017, in which the customer requested $730,000.00 in damages based upon allegations that Baggerly made misrepresentations and omissions to the customer, and failed to conduct adequate due […]

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First American Securities President Barred

July 29, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Thomas J. Brenner, Jr., of Orrville, Ohio, a stockbroker formerly registered with First American 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 provide FINRA staff with testimony in regard to his private placement sales activities. Letter […]

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Trustfirst Sanctioned For Misleading Investors

July 29, 2017  |   Posted by :   |   Private Placement Fraud, Unregistered Securities   |   0 Comments

Trustfirst Inc., a brokerage firm headquartered in Knoxville, Tennessee, has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) for providing customers with misleading investment information in reference to unregistered securities offerings. Letter of Acceptance, Waiver and Consent, No. 2014039420301 (June 28, 2017). According to the AWC, offering documents had been submitted by […]

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ALPS Distributors Stockbroker Sanctioned For Selling Away

Christopher M. Hawn, of Denver, Colorado, a stockbroker formerly registered with SC Distributors, LLC, and ALPS Distributors, 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 Hawn, inter alia, engaged in unauthorized outside business activities […]

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Red Ridge Securities Stockbroker Suspended For Failure To Supervise

Brent David Hurt, of Chicago, Illinois, the Chief Compliance Officer of Redridge Securities, Inc., has been fined $10,000.00 and suspended for thirteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he inadequately supervised a stockbroker’s private securities offerings. Letter of Acceptance, Waiver and […]

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Aegis Capital Corp Named In Customer Fraud Complaint

June 08, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Christopher Adam Knutson, of Melville, New York, a stockbroker currently registered with Aegis Capital Corp., has been named in a customer initiated investment related written complaint on April 13, 2016, in which the customer requested $175,000.00 in damages based upon allegations that he made misrepresentations regarding a private placement investment held by the customer between […]

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EDI Financial Sued For Unsuitable Recommendations

Robert Mark Star, of Bluffton, South Carolina, a stockbroker formerly registered with EDI Financial, Inc., has been named in a customer initiated investment related arbitration claim on May 12, 2016, in which the customer requested $640,800.00 in damages based upon allegations that Star overconcentrated the customer’s investment portfolio in private placements, and made unsuitable investment […]

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WFG Investments Sued In Arbitration For Misrepresentation

Damian Marlon Bell, of Daphne, Alabama, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 19, 2017, in which the customer requested $1,000,000.00 in damages based upon allegations that Bell made misrepresentations and omissions to customers concerning private placements, and failed to adequately […]

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Northland Securities Stockbroker Barred

Nicholas H. Shermeta, of Minneapolis, Minnesota, a stockbroker formerly registered with Northland Securities, Inc., has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or broker, or associating with any firm which provides investment advice or sells securities to the public, according to an Order Instituting Administrative And […]

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LPL Financial Named In Customer Arbitration

February 27, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Brian Hunter Anderson, of Birmingham, Alabama, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on May 31, 2016, based upon allegations that Anderson made unsuitable investment recommendations to the customer regarding direct investments and oil and gas products. Financial Industry Regulatory Authority (FINRA)Public Disclosure […]

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Ross Sinclaire Fined For Failure To Supervise Private Placements

January 13, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Ross, Sinclaire & Associates, LLC, a broker-dealer headquartered in Cincinnati, Ohio, was censured and fined $214,545.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia: made material omissions regarding municipal offerings; failed to conduct adequate due diligence; and failed to supervise investment offerings. Letter of Acceptance, Waiver and […]

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Source Capital Group Charged With Sale of Unregistered Securities

January 05, 2017  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Source Capital Group, Inc., a broker-dealer headquartered in Westport, Connecticut, has been charged by Financial Industry Regulatory Authority Department of Enforcement in a Complaint alleging that the firm, inter alia, failed to disclose to investors certain material facts concerning interests in limited partnerships. Department of Enforcement v. Source Capital Group, Inc., No. 2014038889501 (Dec. 23, 2016). […]

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Texas E&P Partners President Barred For Misappropriation

Texas E&P Partners, a Texas based broker-dealer formerly known as Chestnut Exploration Partners, Inc., has been expelled from Financial Industry Regulatory Authority (FINRA) membership, and the firm’s president, Mark A. Plummer, has been barred from associating with any FINRA member in any capacity according to a FINRA Office of Hearing Officers Extended Hearing Panel Decision […]

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Girard Securities Subject To Customer Securities Arbitration

Matthew Jon Lum, of Santa Barbara, California, a stockbroker currently registered with Girard Securities, Inc., has been subject to a customer initiated investment related arbitration action on January 9, 2015, which settled for $615,000.00 in damages based upon allegations that Lum made misrepresentations to the customer concerning investments, negligently handled the customer’s account, and effected […]

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First American Securities Fined For Failure To Supervise Private Placements

First American Securities, a broker-dealer headquartered in Orville, Ohio, was censured and fined $150,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise two private placements offerings. Letter of Acceptance, Waiver and Consent, No. 2015046056405 (Nov. 7, 2016). According to the AWC, the firm had engaged into an agreement […]

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VFG Securities Stockbroker Charged With Lying To Investors

Jason B. Vanclef, of Culver City, California, a stockbroker currently registered with VFG Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Vanclef made investment recommendations to customers based upon false and misleading statements. Department of Enforcement v. Jason Bryce Vanclef, No. 2013038283001 (Feb. 9, 2016). […]

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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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Former Wilbanks Securities Named in Customer Arbitration Alleging Unsuitability

November 02, 2016  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

Will R. Freeman, of Oklahoma City, Oklahoma, a stockbroker formerly registered with Wilbanks Securities, Inc., has been named in a customer initiated investment related arbitration claim on November 24, 2014, in which the customer requested $1,465,000.00 in damages based upon allegations that Freeman effected an unsuitable investment transaction in the customer’s account pertaining to an […]

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Houlihan Capital And Chief Compliance Officer Fined For False Advertising

Houlihan Capital, LLC, headquartered in Chicago, Illinois, as well as Andrew Smith, its  president, and chief compliance officer, were censured and fined by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm and Smith made false statements, omissions, and unwarranted statements concerning the benefits and risks of private placement offerings. Letter of […]

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Wilbanks Securities Stockbroker Named In Customer Disputes Alleging Fraud

September 16, 2016  |   Posted by :   |   Annuity Schemes, Private Placement Fraud, Stockbroker Fraud News   |   0 Comments

John R. Stevens, of Grand Junction, Colorado, is subject to several customer disputes. On February 18, 2016, Stevens became subject to a pending customer dispute, in which the customer requested $300,000.00 after alleging that Stevens had misrepresented aspects of a variable annuity, causing the customer to bear investment losses. On February 5, 2016, another customer […]

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KCD Financial Stockbroker Named in Unsuitable Investment Action

September 16, 2016  |   Posted by :   |   Private Placement Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

George P. Koulouris, of Manilus, New York, a stockbroker registered with KCD Financial, Inc., is subject to a pending customer dispute from August 10, 2015, in which a customer alleged that purchases made via Manilus in private placement investments were not suitable for the customer. Public disclosure records also reveal that Koulouris has been subject […]

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William H Murphy Fined For Unauthorized Trading

William H. Murphy & Co., Inc. and the firm’s president and chief compliance officer, William H. Murphy, were censured and fined by Financial Industry Regulatory Authority (FINRA) in connection with an Office of Hearing Officers’ Extended Hearing Panel Decision containing findings that the firm and Murphy sold securities that were not registered pursuant to the […]

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Terranova Capital Associates Stockbroker Suspended for Private Securities Transactions

James J. Nixon of Westport, Connecticut, a stockbroker with Terranova Capital Equities, was fined $15,000 and suspended for three months in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he engaged in unauthorized private securities transactions and made misleading statements to investors. Letter of Acceptance, Waiver […]

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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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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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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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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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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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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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TNP Securities Chief Executive Officer Barred for Fraud

Anthony Warren Thompson, chief executive officer and sole member of Thompson National Properties, LLC (of which TNP Securities was a wholly owned subsidiary), was permanently barred by the Financial Industry Regulatory Authority and forced to pay restitution to investors on terms addressed in a Extended Hearing Panel Decision containing findings that Thompson made material omissions […]

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Red River Securities and CEO Charged in FINRA Complaint for Fraudulent Misrepresentation and Unauthorized Sale of Securities to Prospective Investors

Red River Securities, LLC., a FINRA member firm from December 8, 2009, from March 5, 2014, operating out of Dallas, TX, employed roughly 14 registered representatives in its broker/dealer capacity. The Firm, along with it’s CEO Brian Keith Hardwick, were charged by FINRA’s Department of Enforcement in a Complaint alleging a myriad of significant violations […]

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