Stockbroker Fraud

Archive | Stockbroker Fraud

FINRA Bars Global Arena Stockbroker For Failure To Pay Arbitration Award

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

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Windsor Street Capital Expelled By FINRA For Fraud

Windsor Street Capital L.P. (formerly known as Meyers Associates L.P.) has been expelled from Financial Industry Regulatory Authority (FINRA) membership, and Arthur Tacopino and Edwin Rodriguez (Windsor Street Capital’s associates) have been barred from associating with any FINRA member in any capacity, all according to a Default Decision issued by FINRA’s Office of Hearing Officers […]

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SEC Bars Concorde Stockbroker For Fraud

Larry Steven Werbel of Chagrin Falls Ohio a stockbroker formerly registered with Concorde Investment Services LLC has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with securities broker dealers or investment advisories according to an Order Instituting Administrative Proceedings Pursuant To Investment Advisers Act […]

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SEC Charges Comprehensive Asset Management Stockbroker With Fraud

Tamara Rae Steele of Pendleton Indiana a stockbroker formerly employed by Comprehensive Asset Management and Servicing (now known as APW Capital Inc.) and Chief Operating Officer of Steele Financial has been charged by Securities and Exchange Commission (SEC) in a Complaint alleging that Steele and Steele Financial made fraudulent investment recommendations to investors. Civil Action […]

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Salomon Whitney Sued For Breach Of Fiduciary Duty

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

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SEC Bars Stifel Nicolaus Stockbroker For Fraud

Jon Brett Schmidhammer of Dublin Ohio a stockbroker formerly employed by Stifel Nicolaus Company Inc. has been barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with securities broker dealers or investment advisors according to an Order Instituting Administrative Proceedings Pursuant To Securities Exchange Act of […]

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TFS Stockbroker Suspended For Failure To Pay Arbitration Award

Francis Joseph Gendlek of East Brunswick New Jersey a stockbroker formerly employed by IFS Securities and TFS Securities has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that Gendlek neglected to cooperate with the terms of a FINRA Arbitration Award. FINRA Arbitration No. 17-00637 (Apr. […]

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Aegis Capital Stockbroker Barred By FINRA For Churning

James Bradley Schwartz (also known as Jim Schwartz) of Melville New York a stockbroker formerly employed by Aegis Capital Corp has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order Accepting Offer of Settlement containing findings that (1) Schwartz executed trades in the customer’s account […]

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Investors Sue Aegis Capital For Fraud

Gregory Spencer O’Brien of New York New York a stockstockbroker formerly employed by Aegis Capital Corp. is the subject of a customer initiated investment related arbitration claim in which the customer sought $100,000.00 in damages supported by accusations that between 2011 and 2018: (1) the customer’s account was handled in a negligent manner (2) the […]

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Wells Fargo Sued By Investors For Hedge Fund Fraud

Mikhail Filshtinskiy of Brooklyn New York a stockbroker formerly employed by Wells Fargo Advisors Financial Networks is the subject of a customer initiated investment related arbitration claim in which the customer requested $8,674,063.93 in damages founded on accusations that the customers were victim to a fraudulent scheme involving Filshtinskiy and a hedge fund manager. Financial […]

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FINRA Bars Windsor Street Stockbroker

Francine Ann Lanaia (also known as Fran McPherson) a stockbroker formerly employed by Windsor Street Capital LP has been barred from associating with any Financial industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Lanaia failed to provide FINRA with information that had been requested from her. Case No. 2017052475701 (Oct. 29, […]

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SEC Bars Thompson Davis Broker For Fraud

Victor M. Dandridge III of Richmond Virginia a stockbroker formerly employed by Thompson Davis Co. Inc. has been barred by Securities and Exchange Commission (SEC) from being an investment advisor or broker or otherwise associating with investment advisories or brokerage firms according to an Order Instituting Administrative Proceedings Pursuant to Securities Exchange Act of 1934 […]

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Global Arena Broker Finally Barred For Failure To Pay Award

Jonathan Michael Sheklow of New York New York a stockbroker formerly registered with Global Arena Capital Corp has been suspended on May 23, 2016 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to pay a $151,373.17 award to a customer after a […]

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Investor Sues Blackbook Capital For Defective Investment Advice

Dennis Daniel Herrera of New York New York a stockbroker formerly associated with Blackbook Capital LLC is referenced in a customer initiated investment related arbitration claim which was settled for $14,500.00 in damages based upon allegations that equity transactions effected in the customer’s account were not suitable for the customer. Financial Industry Regulatory Authority (FINRA) […]

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FINRA Charges Aegis Capital Corp Broker With Fraud

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

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Investors Sue Network 1 For Breach Of Fiduciary Duty

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

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Investment Center Stockbroker Criminally Charged With Fraud

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

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J.P. Morgan Securities Broker Barred For Elder Abuse

Salman Rasheed of Skokie Illinois a broker formerly employed by J.P. Morgan Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Rasheed took advantage of an elderly investor with dementia who provided Rasheed $390,045.00 in gifts while Rasheed was associated with the […]

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FINRA Bars Kestra Broker In Settling Away Investigation

John William Spach of Aliso Viejo California a stockbroker formerly employed by Kestra Investment Services LLC and investment advisory representative formerly associated with NFP Retirement Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Spach failed to cooperate with a FINRA investigation into […]

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Merrill Lynch Sued By Investors For ETF Fraud

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

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Dawson James Sued By Investors For Churning

Dominic Joseph Linsalata Jr. of Boca Raton Florida a stockbroker formerly registered with Dawson James Securities Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $80,013.13 in damages supported by accusations that (1) misrepresentations had been made to the customer concerning equity investments and (2) excessive equity trades […]

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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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Regulator Bars Morgan Stanley Broker Naming Himself Customer’s Beneficiary For Elder Abuse

John Anthony Waszolek of Scottsdale Arizona a stockbroker formerly employed by Raymond James Associates Inc. is referenced in an Arizona Corporation Commission Order revoking his securities registration in the State of Arizona based on findings that Waszolek engaged in unethical practices in the securities industry through steering an investor with dementia towards making Waszolek a […]

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Purshe Kaplan Sterling Broker Barred By SEC For Fraud

February 20, 2019  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Larry Michael Phillips of Woodland Hills California a stockbroker formerly employed by Purshe Kaplan Sterling Investments and former owner of TPG Advisors (The Phillips Group Advisors) has been barred by Securities and Exchange Commission (SEC) from associating with any broker or investment advisor as well as any brokerage firm and investment advisory according to a […]

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FINRA Bars Allstate Broker In Investigation

February 20, 2019  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert Gerald Merlo of Midland Park New Jersey a stockbroker formerly employed by Allstate Financial Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Merlo disregarded a FINRA inquiry possibly pertaining to him being charged with fraud. Case No. 2017053574002 (Jan. 15, […]

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Columbus Advisory Group Sued For $22.5 Million Private Placement Fraud

Michael Patrick Murphy of New York New York the Chief Executive Officer of Columbus Advisory Group Ltd. is the subject of a customer initiated investment related arbitration claim where the customer requested $22,500,000.00 in damages supported by accusations that the customer had been placed in direct participation program or limited partnership interests that were not […]

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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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Investors Sue Portfolio Advisors Alliance For Churning

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

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Ameritas Sued By Investors For Fraud

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

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Royal Alliance Broker Fired For Appointing Himself Beneficiary

Erven Joseph Frericks Jr. of Chesterfield Missouri a stockbroker formerly employed by Royal Alliance Associates Inc. has been discharged by the firm on May 11, 2018 supported by allegations that Frericks urged a customer to designate him as the beneficiary of half of the assets held in the customer’s annuity account. Financial Industry Regulatory Authority […]

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FINRA Bars Craig Scott Capital Broker For Churning

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

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FINRA Bars Cetera Broker In Investigation

Kenneth Joseph Kolquist of Duluth Minnesota a stockbroker formerly employed by Cetera Advisor Networks LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Kolquist failed to provide FINRA with information that was requested of him. Case No. 2015047359901 (Aug. 1, 2016). According to […]

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Customers Sue Hennion Walsh For Bad Investments

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that stockbrokers John Dimitrious Tsoukalas and Vincent Wallace are referenced in customer initiated investment related disputes pertaining to allegations of their unsuitable sales practices while they were registered with Hennion Walsh – a Financial Industry Regulatory (“FINRA”) brokerage firm headquartered in Parsippany, New Jersey. More Customers Sue […]

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FINRA Bars MetLife Stockbroker For Elder Abuse

Peter Orlando of Warwick Rhode Island a stockbroker formerly registered with MetLife Securities Inc. has been barred 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 (1) Orlando made unsuitable investment recommendations to an elderly customer and […]

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Craig Scott Capital Broker Barred By FINRA

Craig Scott Taddonio of New York New York a stockbroker formerly employed by Craig Scott Capital LLC is referenced in a Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council Decision which affirms FINRA’s Hearing Panel’s barring of Taddonio in all capacities based upon (1) Taddonio failing to reasonably supervise the firm and (5) Taddonio failing […]

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David Lerner Associates Accused Of Unauthorized Trading

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

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SEC Bars Wells Fargo Advisors Broker For Fraud

Aaron Robert Parthemer of Fort Lauderdale, Florida has been fined $160,000.00 and barred from being a broker or investment adviser or otherwise associating with any brokers or investment advisories according to an Order Making Findings and Imposing Sanctions Pursuant To Securities Exchange Act of 1934 Section 15(b), Investment Advisers Act of 1940 Section 203(f) and […]

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FINRA Bars Joseph Stone Broker In Investigation

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

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New Jersey Charges Former Merrill Lynch Broker With Dishonest Business Practices

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

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Raymond James Sued By Investors For Theft

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

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

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Investors Accuse MSI Financial Of Misrepresentation

December 21, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Kevin Keith Carriere of Glastonbury Connecticut a stockbroker formerly employed by MSI Financial Services Inc. is the subject of a customer initiated investment related written complaint which settled for $148,488.90 on May 22, 2017 founded on accusations that Carriere made misrepresentations to the customer in regard to the terms and conditions of a variable annuity […]

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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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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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Center Street Securities Broker Charged With Fraud

Sean Joseph Kelly of Marietta Georgia a stockbroker formerly registered with Center Street Securities Inc. and the Chief Executive Officer of Lion’s Share Financial has been charged by Securities and Exchange Commission (SEC) in a Complaint alleging that Kelly defrauded twelve investors who provided him money through Lion’s Share to invest in alternative investments. Securities […]

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WestPark Capital Terminates Broker For Violating Policy

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

Kenneth Leopold Williams of Staten Island New York a stockbroker formerly registered with WestPark Capital Inc. has been terminated by the firm on May 24, 2017 based upon accusations that Williams failed to conform to WestPark Capital’s policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that this is not the first time that Williams […]

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Investors Sue National Securities Corporation For Churning

Kirt Samuel of New York New York a stockbroker formerly employed by National Securities Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $5,750,000.00 in damages supported by allegations that (1) unauthorized trades were executed in the customer’s account (2) the customer’s over-the-counter equities portfolio was churned […]

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FINRA Charges NYLife Broker With Conversion

Marc Anthony Last of Berwyn Pennsylvania a stockbroker formerly registered with NYLife Securities LLC has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he converted a customer’s funds from the customer’s variable annuity. Department of Enforcement v. Marc Anthony Last Disciplinary Proceeding No. 2016052434001 (Sept. 17, 2018). According to the […]

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Network 1 Stockbroker Barred For Obstructing Investigation

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

Andrew Jason Mandell of Oakland California a stockbroker formerly registered with Network 1 Financial Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into accusations of possible violations of federal securities law. […]

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FINRA Finds Against Scottsdale Capital In Microcap Scam

Scottsdale Capital Advisors Corp a brokerage firm headquartered in Scottsdale Arizona as well as its director John Joseph Hurry and chief compliance officer Timothy Brian DiBlasi and president Darrel Michael Cruz have been subject of Financial Industry Regulatory Authority (FINRA) National Adjudicatory Council Decision affirming FINRA’s Extended Hearing Panel’s findings that (1) the firm effected […]

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Cetera Advisors Stockbroker Barred For Securities Fraud

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

Clark Smith Gardner of Orem Utah a stockbroker formerly employed by Cetera Advisors LLC has been barred by Securities and Exchange Commission (SEC) from associating with any brokerage firm or investment advisory according to an Order Instituting Administrative Proceedings in which Gardner consented to findings that he committed securities fraud. In the Matter of Clark […]

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Woodbury Financial Accused Of Misrepresentation

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

Marc Gregory Minor of East Peoria Illinois a stockbroker formerly registered with Woodbury Financial Services Inc. is the subject of a customer initiated investment related written complaint on December 23, 2016 in which the customer requested $62,000.00 in damages supported by accusations that (1) the customer incurred undue losses from an insurance company’s exercise of […]

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Stifel Nicolaus Stockbroker Fined For Mismarking Trades

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

Kevin Stephen Fitzpatrick of Geneva Illinois a stockbroker formerly registered with Stifel Nicolaus Co. 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 mischaracterized customers’ trades and mismarked trades as unsolicited. Letter of Acceptance Waiver and Consent […]

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United Planners Stockbroker Charged With Fraud

Thomas Tirrell Riquier of Danvers Massachusetts a stockbroker formerly registered with United Planners Financial Services of America is the subject of an Administrative Complaint brought by the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth in which Riquier is alleged to have engaged in fraudulent business practices. […]

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Ameriprise Accused By Customer Of Omissions

Malcolm Lynn Norris of South Carolina is a former Ameriprise Financial Services Inc. registered representative who is the subject of customer initiated investment related written complaint on November 7, 2016 where the customer sought $143,220.62 in damages supported by accusations that (1) an unsuitable business development company purchase had been effected in the customer’s account […]

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Morgan Stanley Fires Stockbroker For Fraud

April 18, 2018  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Harvey Siva of Morristown New Jersey a stockbroker formerly registered with Morgan Stanley was terminated on August 18, 2017 based upon accusations that he committed securities fraud. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Siva has been identified in four customer initiated investment related disputes containing allegations of Siva’s improper conduct since […]

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Wells Fargo Sued For Unit Investment Trust Fraud

Michael Fisher of Melville New York is a stockbroker formerly registered with Wells Fargo Advisors LLC who is the subject of a customer initiated investment related arbitration claim where the customer requested $324,165.01 in damages based upon allegations that Fisher effected unit investment trust transactions in the customer’s account that were not suitable for the […]

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Wells Fargo Stockbroker Barred For Suitability

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

Charles Henry Frieda, of Irvine, California, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he made unsuitable investment recommendations to the firm’s customers. Letter of Acceptance, Waiver and Consent, No. 2015045713302 (Dec. […]

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Four Points Stockbrokers Charged By SEC With Churning

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

Zachary S. Berkey and Daniel T. Fischer, of Melville, New York, stockbrokers registered with Four Points Capital Partners LLC, were subject of a Complaint brought by the Securities and Exchange Commission containing accusations that Berkey and Fischer made unsuitable investment recommendations to customers, misrepresentations, and churned customers’ accounts. Securities and Exchange Commission v. Zachary S. […]

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SEC Bars Dawson James Stockbroker For Fraud

November 21, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Pranav V. Patel of Tamarac, Florida, has been barred from associating with an investment advisory or brokerage firm in any capacity, or otherwise working as a broker or investment advisor representative according to a Securities and Exchange Commission (SEC) Order containing findings that Patel committed securities fraud. In the Matter of Pranav V. Patel, Administrative […]

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du Pasquier Stockbroker Barred For Fraudulent Scheme

November 20, 2017  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

James Larkin Powers, of New York, New York, a stockbroker formerly registered with du Pasquier & Co., Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a FINRA Extended Hearing Panel Decision containing findings that he participated in a fraudulent trading scheme, placed transactions in […]

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CapWest Securities Charged With Fraud By SEC

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

Robert Russel Tweed, of San Marino, California, a stockbroker formerly associated with CapWest Securities, Inc., and member of a California based advisory firm, Tweed Financial Services, Inc., has been named in a Complaint brought by Securities and Exchange Commission (SEC), which alleged that Tweed defrauded investors by misrepresenting the performance of an investment fund as […]

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DeWaay Financial Barred For Fraud

September 22, 2017  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

Lawrence Michael LaBine, of Scottsdale, Arizona, a stockbroker formerly registered with Newbridge Securities Corporation, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that LaBine fraudulently misrepresented information to investors and made unsuitable […]

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Accelerated Capital Group Stockbroker Suspended

September 15, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jeffrey Alan Smith, of Irvine, California, a stockbroker formerly registered with Accelerated Capital Group, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he utilized altered and pre-signed customer documents to effect investment transactions in customer […]

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Ladenburg Thalman Stockbroker Barred

August 17, 2017  |   Posted by :   |   Stockbroker Fraud, Unauthorized Trading   |   0 Comments

Elliot Harris, of Boca Raton, Florida, a stockbroker formerly registered with Ladenburg Thalmann & Co. Inc., 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 unauthorized and unsuitable trading in customer accounts. Letter […]

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Regulator Bars Morgan Stanley Stockbroker For Fraud

August 02, 2017  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

Kim See Isaacson, of Salt Lake City, Utah, a stockbroker formerly registered with Morgan Stanley, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon a Decision & Order of Offer of Settlement containing findings that she willfully defrauded a customer, failed to abide by the […]

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Raymond James Terminates Stockbroker For Fraud

August 02, 2017  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

Joel Nathan Burstein Jr., of Coral Gables, Florida, a stockbroker registered with Raymond James & Associates, Inc., was terminated from employment on January 27, 2017, based upon the firm’s discovery that Burstein was identified in a customer initiated investment related dispute containing allegations against him of fraud. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Another UBS Financial Customer Sues Over UBS AG Misrepresentations

Ankit Sahu, of San Francisco, California, a stockbroker formerly registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on April 28, 2017, in which the customer requested $500,000.00 in damages based upon allegations that he effected unsuitable transactions in the customer’s investment account, and misrepresented UBS AG […]

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Alexander Capital Stockbroker Charged With Securities Fraud

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

William Christian Gennity, of New York, New York, a stockbroker formerly registered with Alexander Capital, L.P., has been identified in a Securities and Exchange Commission (SEC) Complaint on February 2, 2017, in which the SEC has pursued sanctions against Gennity based upon allegations that he committed fraudulent stock transactions; conduct violative of Securities Act of […]

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Customer Brings Arbitration Against Royal Alliance

Kathleen Jeanette Tarr, of Lafayette, California, a stockbroker formerly registered with Royal Alliance Associates, Inc., has been named in a customer initiated investment related arbitration claim, which settled on February 27, 2017, for $550,000.00 in damages based upon allegations that Tarr made unsuitable investment recommendations to the customer regarding real estate securities. Financial Industry Regulatory […]

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SEC Charges Former PHX Financial Stockbroker Demitrios Hallas

Demitrios Hallas, a former registered representative of Forefront Capital Markets and and PHX Financial was charged today by the United States Securities & Exchange Commission with the violation of the antifraud provisions of the federal securities laws in connection with the recommendation and sale of unsuitable securities.  United States Securities & Exchange Commission v. Hallas, […]

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Essex Financial Services Stockbroker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

John William Rafal, of Essex Connecticut, former president and chief executive officer of Essex Financial Services, Inc., has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities that sell securities or advise the investor public according to an Order Instituting Administrative Proceedings Pursuant to […]

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Titan Securities Stockbroker Named In Cease And Desist Order

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald Lee Wells, of Seattle, Washington, a stockbroker currently registered with Titan Securities of Addison Texas (CRD No. 131392), has been fined $2,500.00 and subject of cease-and-desist sanctions pursuant to a Consent Order issued by the State of Washington Department of Financial Institutions Securities Division based upon allegations that Wells, inter alia, violated the Securities […]

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NFP Advisor Services Stockbroker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Howard Deen Richards, of Plymouth, Minnesota, a stockbroker formerly registered with NFP Advisor Services, has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities which sell securities or offer advice to the investor public pursuant to an Order Instituting Administrative Proceedings Pursuant to Sections […]

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Radnor Research Broker Barred By Regulator

April 25, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

William Scholander, of New York, New York, a stockbroker formerly associated with Radnor Research & Trading Company LLC, has been barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser, broker or associating with entities which sell securities or offer advice to the investor public based upon an Order Instituting Administrative […]

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National Securities Corporation Stockbroker Barred By Regulator

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

Michael Alan Siegel, of Edison, New Jersey, a stockbroker formerly registered with National Securities Corporation, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide a response to FINRA staff’s information request. Letter No. 2016050346301 (Oct. 28, 2016). FINRA Public Disclosure reveals […]

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The Investment Center Sanctioned For Failure To Supervise

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

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VSR Financial Services Named In FINRA Arbitration

Michael Daniel Shaw, of Baton Rouge, Louisiana, a stockbroker formerly registered with VSR Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, in which customers were collectively awarded $307,000.00 in damages on February 4, 2016, based upon allegations that Shaw breached his fiduciary and contractual duties to the customers, negligently […]

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Feltl And Company Stockbroker Barred By Regulators

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

Lance Jeffrey Ziesemer, of Wayzata, Minnesota, a stockbroker formerly registered with Feltl & Company, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Ziesemer failed to provide a response to FINRA personnel’s information request. Letter No. 2016049847001 (Sept. 26, 2016). Ziesemer was previously […]

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McBarron Capital LLC CEO Officer Barred By Regulator

Robert Philip DePalo, of Greenwich, Connecticut, a former chief executive officer of McBarron Capital, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that DePalo failed to provide a response to FINRA pursuant to an information request. Letter No. 2015044211102 (Aug. 4, 2016). […]

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Craig Scott Capital Customers Allege Unsuitability

March 30, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

John Joseph Stapleton, of Uniondale, New York, a stockbroker formerly registered with Craig Scott Capital, has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $48,223.26 in damages based upon allegations that Stapleton effected unsuitable stock transactions in the customer’s account. Craig Scott Capital however […]

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Wood Company Expelled For Cheating Customers

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

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Feltl And Company Failure To Supervise

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

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Woodstock Financial Stockbroker Under Investigation

March 21, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Joseph Louis Derrico, of Staten Island, New York, a stockbroker currently registered with Woodstock Financial Group, Inc., has been named in a regulatory investigation by the State of Montana Securities Division on February 1, 2017, based upon a customer’s complaint referencing Derrico’s misconduct in connection with over-the-counter equity transactions effected in the customer’s account. Financial […]

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Edward Jones Stockbroker Sanctioned For Selling Away

March 16, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jason Edward Seurer, of Milbank, South Dakota, a stockbroker formerly registered with Edward Jones, has been penalized $7,500.00 and suspended for eighteen months by The State of South Dakota Division of Securities based upon Seurer consenting to findings that he sold away from his firm via his promissory note investment transactions. (Jan. 19, 2017). Previously, […]

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Wells Fargo Advisors Stockbroker Barred

March 08, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Marcus Joseph Debaise, of Glastonbury, Connecticut, a stockbroker formerly registered with Wells Fargo Advisors, 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 provide a response to FINRA pursuant to an information request. Letter No. 2015046925901 (May […]

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KC Ward Financial Stockbroker Barred For Fraud

March 08, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Craig David Dima, of Ronkonkoma, New York, a stockbroker formerly registered with K.C. Ward Financial, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Dima effected unauthorized trades in a customer’s […]

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Centaurus Financial Stockbroker Charged With Fraud

March 07, 2017  |   Posted by :   |   Promissory Notes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Patric Ken Baccam, of Hemet, California, has been charged by the United States Securities and Exchange Commission (SEC) in a Complaint alleging that Hemet, inter alia, concocted a scheme to defraud investors in the sale of unsecured promissory notes. Securities and Exchange Commission v. Baccam, Docket No. 17-cv-172 (C.D. Cal. 2017). According to the Complaint, […]

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Legend Securities Sued For Unsuitability

Michael Nicholas Guilfoyle, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim, which settled on October 2, 2015, for $99,999.00 in damages based upon allegations that Guilfoyle excessively traded or churned the customer’s investment account, made unsuitable over-the-counter equity recommendations, […]

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Financial West Group Stockbroker Barred

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

Kelly Clayton Althar, of San Francisco, California, a stockbroker formerly registered with Financial West Group, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Althar effected trades in a customer’s account on an […]

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Scottsdale Capital Advisors Corp Stockbroker Barred

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

Eric Joseph Miller, of Scottsdale, Arizona, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon an Office of Hearing Officers Default Decision containing findings that Miller failed to attend a disciplinary hearing and testify concerning his firm’s activities. Department of Enforcement v. Eric Joseph Miller, No. […]

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Centaurus Financial Stockbroker Barred Forgery

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

Stephen Eugene Winkelman Junior, of Pasadena, California, a stockbroker formerly registered with Centaurus Financial, Inc., was named in an Order issued by The State of Kansas Securities Commissioner which revoked Winkelman’s securities registration and instituted cease and desist sanctions against him based upon allegations that Winkelman falsified a customer’s consolidated financial statement and inflated values […]

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LPL Financial Stockbroker Suspended For Unsuitable Recommendations

Adam S. Fritzsche, of Atlanta, Georgia, a stockbroker formerly registered with LPL Financial LLC, has been fined and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made unsuitable investment recommendations to customers and made misrepresentations on firm documentation concerning […]

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Ultralat Capital Markets CEO Barred For Failure To Supervise

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

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

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National Securities Corporation Sued By Customer For Fraud

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

Trevor Joseph Wurtzebach, of Chicago, Illinois, a stockbroker formerly registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2014, in which the customer received $80,000.00 in damages based upon allegations that Wurtzebach made fraudulent misrepresentations to the customer, breached his fiduciary duties, and […]

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Dawson James Sued For Unsuitable Trading

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

Kennister Ulesley Daley, of Boca Raton, Florida, a stockbroker formerly registered with Dawson James Securities, Inc., has been named in a customer initiated investment related written complaint on January 5, 2017, in which the customer requested $65,000.00 in damages based upon allegations that Daley, from April of 2015 to February of 2016, traded options excessively […]

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Fifth Third Securities Stockbroker Fired For Falsification

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

Kevin Mark Reed, of Fort Wayne, Indiana, a stockbroker formerly registered with Fifth Third Securities, Inc., has been terminated from employment on July 8, 2016, based upon allegations that he altered the documentation of firm customers. Financial Industry Regulatory Authority (FINRA)Public Disclosure reveals that Reed has been identified in two customer initiated investment related disputes […]

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Blackbook Capital Sued by Customer For Fraud

Samuel T. Januszeqski-Ytrt, of Mineola, New York, a stockbroker formerly registered with Blackbook Capital LLC, has been named in a customer initiated investment related arbitration claim on November 21, 2016, in which the customer requested $250,000.00 in damages based upon allegations that Januszeqski-Ytrt breached his fiduciary duties, made misrepresentations concerning investments, and defrauded the customer […]

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Sterne Agee Financial Services Sued for Misrepresentation

Dean Sadrudin Mustaphalli, of Forest Hills, New York, a stockbroker formerly registered with Sterne Agee Financial Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on December 1, 2015, for $400,000.00 in damages based upon allegations that Mustaphalli made misrepresentations to the customer concerning direct investment products, and effected […]

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Garden State Securities Stockbroker Terminated For Unsuitable Recommendations

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

Tyre Fred Newsome, of New York, New York, a stockbroker with Garden State Securities, Inc., was terminated from employment on April 4, 2016, based upon allegations that he made unsuitable investment recommendations to the firm’s customers concerning investments. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on April 18, 2011, a customer filed […]

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Lawson Financial Corporation Expelled For Securities Fraud

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

Lawson Financial Corporation, a brokerage firm headquartered in Phoenix, Arizona, as well as Robert Lawson (president, chief executive officer, and chief compliance officer), and Pamela Lawson (owner and chief operating officer) were sanctioned by Financial Industry Regulatory Authority (FINRA) Office of Hearing Officers according to an Order Accepting Offer of Settlement containing findings that the […]

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H Beck Named For Unsuitable Annuity Sales

February 13, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Lee Child, of Draper, Utah, a stockbroker currently registered with H. Beck, Inc., has been named in a customer initiated investment related written complaint, which settled on July 6, 2016, for $35,000.00 in damages based upon allegations that Child effected transactions in the customer’s account which were not suitable, and was liable for the […]

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Pruco Securities Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Hyun Sik Cho, of Dewitt, New York, a stockbroker formerly registered with Pruco Securities, L.L.C., has been permanently 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 that he partook in unauthorized loan transactions with customers. Letter […]

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Caldwell International Securities Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Ricardo Francois, of New York, New York, a stockbroker formerly registered with Caldwell International Securities, 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 respond to a FINRA information request. Letter No. 2015043464602 (October 30, 2015). Prior to […]

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Meyers Associates Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Mark Zeltser, of Brooklyn, New York, a stockbroker formerly registered with Meyers Associates, L.P., 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 respond to a FINRA information request. Letter No. 2014039091902 (Nov. 9, 2015). Prior to his […]

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New Jersey Based Morgan Stanley Broker Caught Stealing $5 Million

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

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

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Avenir Financial Group Stockbroker Suspended

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

Richard Gomez of New York, New York, a stockbroker formerly registered with Avenir Financial Group, has been suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Gomez, inter alia, effected unauthorized and excessive trades in the customers’ accounts. Letter of Acceptance, Waiver […]

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LPL Financial LLC Stockbroker Barred For In Investigation

February 01, 2017  |   Posted by :   |   Selling Away, Stockbroker Fraud   |   0 Comments

Alfred Talens Jr., of Indianapolis, Indiana, a stockbroker formerly registered with LPL Financial LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Talens failed to provide FINRA personnel with a response to a request for Talens’ information. Case No. 2015044377301 (Oct. 13, […]

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Oppenheimer & Company Sued for Churning

January 26, 2017  |   Posted by :   |   Churning, Stockbroker Fraud   |   0 Comments

Zak William Shapiro, of Los Angeles, California, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been named in a customer initiated investment related written complaint on June 22, 2016, in which the customer requested $32,196.55 in damages based upon allegations that between April of 2015 to April of 2016, Shapiro effected trades in […]

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JD Nicholas Brokers Charged with Fraud

January 19, 2017  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald J. Fowler, of Massapequa, New York, and Gregory T. Dean, of Seaford, New York, both of whom are stockbrokers formerly registered with J.D. Nicholas & Associates, Inc., have been charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that Fowler and Dean excessively traded and fraudulently churned customer accounts, and effected […]

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Craft Capital Stockbroker Named In Customer Complaint

Steven Joel Shmulewitz, of Garden City, New York, a stockbroker with Craft Capital Management LLC, has been named in a customer initiated investment related complaint, which settled for December 21, 2016 for $30,000.00 in damages. The customer’s complaint was based upon allegations that Shmulewitz failed to execute the customer’s October 2016 stop loss orders pertaining […]

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Alexander Capital Named In Customer Securities Arbitration

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

Jason Vincent Mediate, of Staten Island, New York, a stockbroker formerly registered with Alexander Capital, L.P., has been named in a customer initiated investment related arbitration claim, which settled on November 17, 2015 for $112,500.00 in damages based upon allegations that Mediate effected transactions in the customer’s investment account without proper authorization. FINRA Public Disclosure […]

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National Securities Corporation Stockbroker Investigated For Private Securities Transactions

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

Kyle Patrick Harrington, of San Diego, California, a stockbroker formerly registered with National Securities Corporation, has become the subject of a Financial Industry Regulatory Authority (FINRA) investigation, which focuses on allegations that Harrington possibly engaged in private securities transactions, converted customer funds, and failed to cooperate with FINRA regarding allegations of his misconduct. FINRA Matter […]

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Ameriprise Financial Services Stockbroker Investigated For Misrepresentation

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

Kim Dee Isaacson, of Midvale, Utah, a stockbroker currently registered with Ameriprise Financial Services, Inc., has been named in a Financial Industry Regulatory Authority (FINRA) investigation on April 8, 2016, which focuses on allegations that Isaacson made misrepresentations to a customer concerning the customer’s investment performance and account details. FINRA Public Disclosure reveals that Isaacson […]

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ACAP Financial Stockbrokers Sanctioned For Sale of Unregistered Securities

Kirk Lynn Ferguson, of Salt Lake City, Utah, president and chief compliance officer of ACAP Financial, and Gary Hume, of Salt Lake City, Utah, compliance officer of ACAP Financial, have been sanctioned by Financial Industry Regulatory Authority (FINRA) according to an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Ferguson and […]

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Oppenheimer Stockbroker Terminated For Unauthorized Trading

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

Guy Bernard Deemer, of Sewickley, Pennsylvania, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been terminated by his firm on September 1, 2015, based upon allegations that Deemer did not abide by Oppenheimer’s policies which pertained to the way customers would be charged for services. FINRA Public Disclosure reveals that Deemer has been […]

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Laidlaw Named In FINRA Securities Arbitration

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

Robert Nicholas Rotunno, of New York, New York, a stockbroker formerly registered with Laidlaw & Company (UK) Ltd., has been named in a customer initiated investment related arbitration claim involving Rotunno’s conduct on July 1, 2016, in which the customer requested $20,000.00 in damages based upon allegations that Rotunno effected transactions that were not suitable […]

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Ameriprise Financial Services Stockbroker Barred For Fraud

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

Paul Ricky Mata, of Rancho Cucamonga, California, was barred by the Securities and Exchange Commission (SEC) from working as an investment advisor or broker, or associating with brokerage firms selling customers’ securities or advising customers, according to an SEC Order enjoining Mata’s future acts of fraud in violation of Securities Exchange Act of 1934 Section […]

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Maxim Group Stockbroker Terminated For Misrepresentation

Rodney Bahy Ibrahim, of New York, New York, a stockbroker formerly registered with Maxim Group, LLC, was terminated from the company on June 23, 2015, based upon allegations that he made misrepresentations to a customer following a wire transfer request. FINRA Public Disclosure reveals that on December 9, 2009, Ibrahim was named in a customer […]

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Legend Equities Named In FINRA Customer Securities Arbitration

Walter Joseph Marino, of Hauppauge, New York, a stockbroker formerly registered with Legend Equities Corporation, has been named in four customer initiated investment related arbitration actions between March 14, 2016, and July 18, 2016, in which the customers have collectively requested $433,101.00 in damages based upon allegations that Marino excessively charged the customers with commissions […]

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Coastal Equities Stockbroker Suspended For Unauthorized Trading

Frank J. Bodi, of Atlanta, Georgia, a stockbroker formerly registered with Coastal Equities, Inc., has been 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 effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014041310601 (Dec. […]

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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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World Equity Group Stockbroker Suspended For Annuity Fraud

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

Suzanne Hagmeyer, of Naperville, Illinois, a former stockbroker with World Equity Group, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she made misstatements to customers concerning variable annuity transactions. Letter of Acceptance, Waiver and Consent, No. 2013036907001 (Dec. […]

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LPL Financial Stockbroker Suspended For Unsuitable Recommendations

January 03, 2017  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Stockbroker Fraud Lawyers | Scott F. Goldman, of Arlington Heights, Illinois, a stockbroker formerly associated with LPL Financial LLC, was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that he made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver […]

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Olympus Securities Stockbroker Barred In Investigation

December 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Paul J. McCabe, Jr., of New York, New York, a stockbroker registered with Olympus Securities, LLC, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that McCabe failed to cooperate in a FINRA cycle investigation of Olympus Securities. Letter of Acceptance, Waiver […]

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Wunderlich Securities Named In Customer Securities Arbitration

December 07, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud   |   0 Comments

Ronald A. Frumkes, of New York, New York, a stockbroker currently registered with Wunderlich Securities, Inc., has been subject to a customer initiated investment related arbitration claim on October 30, 2014, in which the customer has requested $600,000.00 in damages based upon allegations that from May 29, 2014 and October 15, 2014, Frumkes provided unsound […]

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NYLife Securities Registered Representative Barred In Investigation

December 07, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Cynthia Bolker, of San Diego, California, a stockbroker formerly registered with NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that Bolker engaged in unauthorized borrowing arrangements with customers, and falsified statements to her firm and FINRA concerning such. Letter […]

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VSR Financial Services Named in Customer Securities Arbitration

Keith A. Bradley, of Houston, Texas, a stockbroker formerly registered with VSR Financial Services, Inc., has been subject to a customer initiated investment related arbitration claim on July 12, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Bradley negligently handled the customer’s investment account, and effected unsuitable investment transactions. Bradley’s […]

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Merrill Lynch Fined For Failure To Supervise Puerto Rican Bond Sales

December 07, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith, headquartered in New York, York, New York, was censured and fined $6,250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise loan management accounts, and failed to supervise suitability transactions pertaining to Puerto Rico securities. Letter of Acceptance, Waiver and Consent, No. […]

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VFG Securities And Chief Executive Officer Censured For Misleading Investors

December 07, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

VFG Securities, Inc., as well as Jason B. Vanclef, of Culver City, California, a stockbroker and chief executive officer currently registered with VFG Securities, Inc., were censured by Financial Industry Regulatory Authority (FINRA) per an Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Vanclef made investment recommendations to customers based upon […]

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Buckman Buckman & Reid Named in Another Arbitration Claim

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

Dwarka Persaud, of Little Silver, New Jersey, a stockbroker formerly registered with Buckman, Buckman & Reid, Inc., is subject to a customer initiated investment related arbitration claim from October 10, 2016, in which the customer requested $40,000.00 in damages based upon allegations that Persaud effected an investment strategy that was unsuitable, and charged the customer […]

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Transamerica Financial Advisors Stockbroker Barred In Investigation

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

Harry Bennett, of New Boston, Michigan, a stockbroker formerly associated with Transamerica, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Bennett obstructed a FINRA investigation into allegations that Bennett made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2016049208901 […]

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MetLife Securities Named In Customer Arbitration Alleging Stockbroker Theft

Michael J. Smeriglio III, of Greenwich, Connecticut, a stockbroker formerly registered with MetLife Securities Inc., has been subject to a customer initiated investment related arbitration claim on June 26, 2015, which settled for $2,500,000.00 in damages based upon allegations that Smeriglio breached his fiduciary duty to the customer, stole the customer’s funds, and committed fraud. […]

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Avenir Financial Group Named In Customer Fraud Arbitration

November 29, 2016  |   Posted by :   |   Selling Away, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Richard Gomez, of New York, New York, a stockbroker formerly associated with Avenir Financial Group, has been subject to a customer initiated investment related arbitration claim on July 11, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Gomez breached his fiduciary and contractual duties, and sold fraudulent investments to the […]

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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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Former MML Investors Services Stockbroker Charged With Misrepresentation

Stanley C. Niekras, of Liverpoll, New York, a stockbroker formerly associated with MML Investors Services, LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Niekras made misrepresentations to elderly customers pertaining to investments. Department of Enforcement v. Niekras, No. 2013037401001 (Nov. 7, 2016). According to the Complaint, […]

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Newport Coast Securities Finally Expelled From FINRA

Newport Coast Securities, a broker-dealer headquartered in New York, New York, has been fined $1,000,000.00 and expelled from Financial Industry Regulatory Authority (FINRA) membership per an Extended Hearing Panel Decision in which Newport Coast Securities was found to have effected trades in customer accounts on a quantitatively unsuitable basis, churned customer accounts, made qualitatively unsuitable […]

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Dawson James Securities Named in Selling Away Case

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

A customer initiated an investment related arbitration claim involving the conduct of Pranav Patel, of Boca Raton, Florida, a stockbroker formerly associated with Dawson James Securities, Inc. Customers collectively requested $62,855.00 in damages based upon allegations that Patel sold securities in ForceField Energy Inc. to them outside the auspices of his firm. The customers alleged that […]

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Aegis Capital Corp Stockbroker Suspended For Lying

November 18, 2016  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

Maria Fan, of New York, New York, a stockbroker formerly registered with Aegis Capital Corp., was fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she made unwarranted and misleading statements concerning investments to a customer. Letter of Acceptance, Waiver and […]

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Newport Coast Securities Stockbroker Leone Barred For Churning

November 18, 2016  |   Posted by :   |   Churning, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Douglas A. Leone, of Dix Hills, New York, a stockbroker formerly registered with Newport Coast Securities, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per a FINRA Extended Hearing Panel Decision containing findings that Leone churned customer accounts and effected unsuitable trades. Department of Enforcement […]

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Customer Awarded Damages In Arbitration Claim Against Aegis Capital

Matthew Digregorio, of Melville, New York, a stockbroker formerly registered with Aegis Capital Corp., was subject to a customer initiated investment related arbitration claim on April 28, 2016, in which the customer was awarded $50,000.00 in damages based upon allegations against Digregorio of churning the customer’s account, effecting unsuitable transactions, and breaching his fiduciary duty. FINRA […]

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Arive Capital Markets Named In Customer Arbitration Alleging Excessive Trading

November 02, 2016  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud   |   0 Comments

John J. Santariello, of Coram, New York, a stockbroker currently registered with Arive Capital Markets, has been named in a pending customer dispute on November 10, 2014, in which the customer requested $100,000.00 in damages based upon allegations that Santariello excessively traded speculative and high-risk investments within the customer’s account, and effected unsuitable transactions which […]

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LPL Financial Stockbroker Suspended For Unsuitable Trading

Mark Tauzin of Lafayette, Louisiana, a stockbroker formerly associated with LPL Financial LLC, was fined $20,000.00 and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unsuitable trades of unit investment trusts in customer accounts. Letter of Acceptance, Waiver and Consent, […]

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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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Waddell And Reed Stockbroker Barred For Stealing

Gregory R. Bauer, a former stockbroker with Waddell & Reed, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he committed the fraudulent conversion of customer funds. Letter of Acceptance, Waiver and Consent, No. 2016051508101 (Oct. 13, 2016). According to the AWC, […]

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Aegis Capital Corp Named in Customer Arbitration Alleging Excessive Trading

David Perez, of New York, New York, a stockbroker registered with Aegis Capital Corp., has been named in a pending customer initiated investment related arbitration action, in which the customer requested $79,548.00 in damages based upon allegations that Perez effected excessive trades in the customer’s account, failed to follow the customer’s instructions, and was ultimately […]

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Newbridge Securities Stockbroker Subject To Customer Arbitration Alleging Unsuitability

William K. Bradley, of New York, New York, a stockbroker formerly with Newbridge Securities Corporation, now associated with Meyers Associates, has been named in a pending customer initiated investment arbitration claim, in which the customer has requested $30,236.00 in damages based upon allegations that Bradley effected unsuitable investments in the customer’s account. FINRA Public Disclosure […]

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Rothschild Lieberman Named In Customer Arbitration Alleging Fraud

Bishoy G. Mankarios, of Syosset, New York, a stockbroker formerly associated with Rothschild Lieberman LLC, has been named in a customer initiated investment related arbitration claim, in which the customer has requested $130,000.00 in damages based upon allegations that Mankarios breached his fiduciary duty and contractual obligations with the customer, effected unsuitable investment transactions, churned […]

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Centaurus Financial Names in Customer Arbitration Claim Alleging Misrepresentation

Jan E. Haynes, of La Jolla, California, a stockbroker formerly registered with Centaurus Financial, Inc., has been named in twelve customer initiated investment arbitration actions, according to FINRA Public Disclosure. Particularly, on July 17, 2014, Haynes settled a customer initiated investment arbitration action for $22,500.00 in damages based upon allegations that Haynes misrepresented facts to […]

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Alexander Capital Stockbroker Charged With Churning

Barry T. Eisenberg, of New York, New York, a stockbroker registered with Alexander Capital, L.P., has been named in a Complaint initiated by The Office of Montana State Auditor, Commissioner of Securities and Insurance, which alleged that Eisenberg failed to supervise the sales practices of two registered registered representatives, Joseph Connolly and William Gennity, who […]

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Southwest Securities Stockbroker Charged With Securities Fraud

Wade Lawrence, of Dallas, Texas, a stockbroker formerly registered with Southwest Securities, Inc., was charged by The United States Securities and Exchange Commission (SEC) in a Complaint alleging that Lawrence defrauded customers and breached his fiduciary obligations by way of Lawrence’s unauthorized trades and misrepresentations. Securities and Exchange Commission v. Wade James Lawrence, Case No. […]

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SWS Financial Services Stockbroker Suspended For Unsuitable Trading

David Randall Lockey, of Dallas, Texas, a stockbroker formerly registered with SWS Financial Services, Inc., was fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member, ordered to provide restitution of $5,329.75, and disgorged of $46,447.38 per a FINRA Order Accepting Offer of Settlement containing findings that Lockey […]

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Legend Securities Named In Churning Claim

Jason H. Klabal, of New York, New York, a stockbroker formerly registered with Legend Securities, Inc., disclosed several customer initiated investment related arbitration claims. Specifically, on November 17, 2015, Klabal settled a customer initiated investment related arbitration claim for $50,000.00 in damages based upon allegations that Klabal was responsible for the customer’s losses on an […]

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Herbert J Sims Stockbroker Named in Customer Arbitration

Michael B. Stern, of Boca Raton, Florida, a stockbroker formerly registered with Herbert J. Sims & Co. Inc., has been named in a customer initiated investment related arbitration claim on May 18, 2016, in which the customer requested $50,000.00 in damages based upon allegations that Stern made unsuitable investment recommendations, breached his fiduciary duty, and […]

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Sagepoint Financial Named In Customer Unsuitability Claim

Bruce A. Slater, of Northville, Michigan, a stockbroker with Sagepoint Financial, Inc. was named in a customer initiated investment related arbitration claim on February 8, 2016, in which the customers requested $500,000.00 in damages based upon allegations that Slater misrepresented the nature, fees, and risks associated with investment products that were recommended to the customers. […]

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Leavitt F. Sanders Named in Forty Two Customer Arbitration Claims

Leavitt F. Sanders, of West Point, Georgia, a stockbroker formerly registered with Triad Advisors, Inc., was named in a customer initiated investment related arbitration claim on August 15, 2016, in which the customers requested $3,835,000.00 in damages based upon allegations that Sanders effected an investment strategy for customers which was not suitable. From December 15, […]

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Lisa Lowi Customer Claims Against RBC Capital Markets Continue

November 02, 2016  |   Posted by :   |   Bond Fraud, Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Lisa Lowi, of Boca Raton, Florida, a stockbroker formerly registered with RBC Capital Markets, LLC, has been named in a number of customer initiated investment related arbitration claims. Specifically, between September 14, 2016, and September 16, 2016, Lowi was named in three customer initiated investment related arbitration claims, in which customers have requested millions of […]

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Pin Financial LLC Stockbroker Barred In Investigation

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

Tobin J. Senefeld, of Carmel, Indiana, a stockbroker with Pin Financial, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that Senefeld engaged in a Ponzi scheme. Letter of Acceptance, Waiver and Consent, No. 2015045728801 (Oct. […]

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Aegis Capital Corp Stockbroker Suspended For Unauthorized Trading

November 02, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Stephen Giannantonio, of New York, New York, a stockbroker with Aegis Capital Corp., 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 engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent, No. 2015047037401 (Oct. 4, 2016). According to the […]

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Wells Fargo Advisors Stockbroker Barred For Fraud

November 02, 2016  |   Posted by :   |   Stock manipulation, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald Shelby Toomer, of Las Vegas, Nevada, a stockbroker formerly associated with Wells Fargo Advisors Financial Network, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a FINRA Officer of Hearing Officers Expedited Hearing Panel Decision containing findings that Toomer refused to cooperate with a FINRA […]

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Oppenheimer Stockbroker Named in Customer Fraud Claim

November 02, 2016  |   Posted by :   |   Boilerroom, Churning, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jeremy D. Hare, of Philadelphia, Pennsylvania, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been named in a pending customer initiated investment related arbitration claim on September 14, 2016, in which the customer requested $1,000,000.00 in damages based upon allegations that Hare charged the customer with excessive commissions, committed negligence, breached his fiduciary […]

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Legend Securities Stockbroker Named in Customer Complaints

Mario Gogliormella, of New York, New York, a stockbroker with Legend Securities, Inc., has been named in a pending customer initiated investment related arbitration claim from January 13, 2016, in which the customer requested $73,454.00 in damages based upon allegation that Gogliormella breached his fiduciary obligations to the customer, and effected unsuitable investment transactions. FINRA […]

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Vanderbilt Securities Stockbroker Named In Customer Arbitration Claim

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

Mark Kaplan, of Woodbury, New York, a stockbroker with Vanderbilt Securities, LLC, was named in a customer initiated investment related arbitration claim on February 15, 2016, in which the customer has requested $1,130,000.00 in damages per allegations against Kaplan of effecting unsuitable investment transactions for the customer. FINRA Public Disclosure reveals that Kaplan has been […]

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Former Stifel Nicolaus Stockbroker Barred In Investigation

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

Jay J. Gruenebaum, of Zanesville, Ohio, a stockbroker formerly registered with Stifel, Nicolaus & Company, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that Gruenebaum mishandled customer accounts. Letter of Acceptance, Waiver and Consent, No. […]

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Former UBS Financial Services Stockbroker Barred In Investigation

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

Jeffrey Hamilton Howell, of Chesterfield, Missouri, a stockbroker formerly registered with UBS Financial Services, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made misstatements to a customer concerning account values, attempted to conceal such conduct by altering firm statements, and […]

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New England Securities Stockbroker Suspended For Unsuitable Recommendations

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

Robert P. Lappin, of Las Vegas, Nevada, a stockbroker formerly associated with New England Securities, 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 regarding unit investment trusts. Letter of Acceptance, Waiver and Consent, No. […]

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Dawson James Stockbroker Named In Customer Arbitration Claim

Carlo W. Corzine, of Boca Raton, Florida, a stockbroker with Dawson James Securities, Inc., has been named in a customer initiated investment related arbitration claim on June 22, 2016, in which the customer requested $60,000.00 in damages based upon allegations against Corzine of effecting unauthorized trades in the customer’s account, breaching his fiduciary duty, making […]

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Fackrell Felon LPL Financial Stockbroker Named in Customer Arbitration Claim

Charles C. Fackrell, of Yadkinville, North Carolina, a stockbroker formerly registered with LPL Financial LLC, has been named in a pending customer initiated investment related arbitration claim on June 10, 2016, in which the customer alleged that Fackrell made unauthorized and excessive trades in the customer’s account, effected transactions in the customer’s account which were […]

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Former Global Arena Capital Stockbroker Named In Customer Arbitration Claim

November 02, 2016  |   Posted by :   |   Boilerroom, Bond Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Mark A. Lisser, of New York, New York, a stockbroker formerly associated with Global Arena Capital Corp, has been named in a customer initiated investment related arbitration claim on October 26, 2015, in which the customer has requested $61,458.00 in damages based upon allegations against Lisser of churning the customer’s account, using margin in the […]

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Another Coastal Equities Stockbroker Caught Stealing

Michael Donnelly, of Lecanto, Florida, a stockbroker formerly associated with Coastal Equities, Inc., was named in a pending customer initiated investment related arbitration claim on July 1, 2016, in which the customer has requested $53,183.00 in damages based upon allegations against Donnelly of misappropriating the customer’s assets that the customer provided him for investment opportunities. […]

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Merrill Lynch Stockbroker Named In Customer Arbitration Claim

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

Heather P. Weber, of Tampa, Florida, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a pending customer initiated investment related arbitration claim on July 7, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Weber made omissions and misrepresentations to the customer concerning investments, and […]

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Aegis Capital Corp Stockbroker Named In Customer Arbitration Claim

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

Alan Z. Appelbaum, of Boca Raton, Florida, a stockbroker with Aegis Capital Corp., has been named in a pending customer initiated investment related arbitration claim on December 21, 2015, in which the customer has requested $50,000.00 in damages based upon allegations against Appelbaum of failing to adopt an investment strategy that was suitable for customers […]

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Customer Clams Mount Against Next Financial Group

Charles C. Kulch, of Nashua, New Hampshire, a stockbroker with Next Financial Group, recently disclosed that he settled a customer dispute for $120,000.00 on June 22, 2016, based upon allegations that Kulch mismanaged the customer’s securities account. FINRA BrokerCheck reveals that Kulch has been subject to seven other customer disputes. Particularly, on April 21, 2015, […]

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Markel Newton Expelled For Lying About Private Placement Offerings

Markel Newton, also known as DT Securities, headquartered Toluca Lake, California, as well Daniel Markel, the firm’s president, owner, and chief compliance officer, and chief executive officer, were censured by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm and Markel, inter alia, made misrepresentations to customers and engaged in unsuitable investment […]

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Larson Financial Securities Stockbroker Suspended For Misrepresentations

October 15, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert R. Frith II, of Minnetonka, Minnesota, a registered representative with Larson Financial Securities LLC, 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 made misleading statements to customers concerning variable life insurance contracts. Letter of Acceptance, Waiver and Consent, No. […]

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Morgan Stanley Sued For Barred Stockbroker Fiduciary Duty Claims

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

Justin Amaral, of Boston, Massachusetts, a stockbroker with Morgan Stanley, became subject to a pending customer dispute on February 4, 2016, in which the customer requested $750,000.00 in damages in connection with allegations against Amaral which included Amaral breaching his fiduciary duty to the customer pertaining to investments. FINRA BrokerCheck reveals that Amaral has been […]

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Next Financial Group Stockbroker Barred In Conversion Investifgation

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

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SII Investments Named in Customer Securities Arbitration Claim

Thomas Fross, of The Villages, Florida, disclosed that a customer received a judgment or award against him for $24,000.00 in damages based upon the allegations that Fross breached his fiduciary duty and contractual obligations to the customer, made omissions and misrepresentations to the customer with regard to investments, and made unsuitable investment recommendations. FINRA BrokerCheck […]

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Euro Pacific Capital Stockbroker Named in FINRA Arbitration Claim

Neal Scott, of New York, New York, a stockbroker formerly associated with with Euro Pacific Capital, Inc., and presently registered with Meyers Asociates, is subject to a pending customer dispute from September 9, 2015, in which the customer requested $150,000.00 in damages based upon allegations that Scott breached his fiduciary duty to his customer, and […]

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NYLife Securities Registered Representative Barred In Investigation

October 15, 2016  |   Posted by :   |   Annuity Schemes, Stock manipulation, Stockbroker Fraud   |   0 Comments

Amr Mostafa Aboulmagd, of Horsham, Pennsylvania, a registered representative for NYLife Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that he made unsuitable recommendations and misrepresentations to customers. Letter of Acceptance, Waiver […]

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JP Morgan Securities Stockbroker Suspended For Selling Away

October 15, 2016  |   Posted by :   |   Selling Away, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Nathan A. Majors, of South Holland, Illinois, a stockbroker with J.P. Morgan Securities LLC, was fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in outside business activities which were not permitted by his firm. Letter […]

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Signator Investors Stockbroker Suspended For Selling Away

October 15, 2016  |   Posted by :   |   Selling Away, Stock manipulation, Stockbroker Fraud   |   0 Comments

Feisal A. Malik, of Allentown, Pennsylvania, a stockbroker with Signator Investors, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized outside business activities. Letter of Acceptance, Waiver and Consent, No. 2016048783301 (Sept. 30, 2016). According […]

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BAC Florida Investments Stockbroker Charged With Fraud

October 15, 2016  |   Posted by :   |   Excessive Markups, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Alejandro Falla, of Coral Cables, Florida, a stockbroker with BAC Florida Investments, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Falla had fraudulently charged mark-ups to customers. Department of Market Regulation v. Falla, No. 20160500923-01 (Sept. 26, 2016). According to the Complaint, Falla worked in the capacity […]

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Customer Misrepresentation Claim against WFG Investments

David W. Williams, of Dallas Texas, a stockbroker with WFG Investments, Inc., is subject to a pending customer dispute from March 14, 2016, in which the customer requested $2,780,000.00 in damages in connection with allegations against Williams of failing to conduct an adequate investigation into an investment, making misrepresentations to the customer, breaching his fiduciary […]

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Another Stockbroker Barred for Failure to Pay Customer Fraud Claim

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

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Churn Them and Burn Them Salomon Whitney’s Ford Arbitrations Abound

October 15, 2016  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Wayne Fitzgerald Ford of Farmingdale, New York, a stockbroker formerly with Salomon Whitney Financial, but now out of the business is the subject of a pending customer dispute from March 14, 2016, in which the customer requested $50,000.00 in damages based upong the allegations that Ford breached his contractual and fiduciary obligations and effecting unsuitable transactions […]

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Customer Arbitration Claims Against Salomon Whitney Financial Continue

Michael L. Oromaner of Farmingdale, New York, a stockbroker formerly with Salomon Whitney Financial, and now associated with Cova Capital Partners is subject to a pending customer dispute from March 23, 2016, where a customer requested $750,000.00 in damages in connection with allegations against Oromaner of utilizing high pressure sales techniques, effecting unsuitable investment transactions, churning […]

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Customers Continue to Sue Saljooki for Fraud

October 15, 2016  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Yousuf Saljooki, also known as Joe Saljooki, of Farmingdale, New York, a stockbroker with Salomon Whitney Financial, is subject to a pending customer dispute from March 23, 2016, in which several customers requested $300,000.00 in damages in connection with allegations against Saljooki of effecting investment transactions which were unsuitable, churning the customers’ investment accounts, charging […]

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Network One Financial Securities Subject of Another Unsuitability Claim

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

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Legend Securities Sued for Unauthorized Trading

Marlon O. Cole, of New York, New York, a stockbroker formerly associated with Legend Securities, Inc., is the subject of a pending customer dispute filed in January against Legend Securities in which the customer has requested damages based upon allegations that Cole of effected unauthorized trades in the customer’s account. FINRA Public Disclosure records reveal that […]

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Spartan Capital Securities Sued by Customer for Unsuitability

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

Robert J. Murray III, of New York, New York, a stockbroker formerly ssociated with Spartan Capital Securities, LLC, is the subject of a customer initiated, investment related dispute filed in November 12, 2015, based upon the allegation that  Murray made unsuitable investment recommendations. FINRA BrokerCheck reveals that Murray has been subject to eleven customer initaited, investment […]

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Laidlaw Sued by Customer for Sale of Unsuitable Investments

Joseph M. Fedorko Jr., of New York, New York, a stockbroker with Laidlaw & Company, Ltd. is subject to a customer dispute filed on August 8, 2016, in which he was alleged by the customer to be responsible for the customer’s investment losses on bond investments. Prior to this action, Fedorko was also subject to […]

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National Securities Sued by Customer for Misrepresentation

Nathaniel R. Clay, of New York, New York, a stockbroker formerly with National Securities Corporation, is the subject of a pending customer dispute in which a customer seeks $513,218.40 in damages based upon the allegation that  Clay committed negligence, breached his fiduciary obligations, and made misrepresentations to the customer. FINRA BrokerCheck reveals that Clay has been […]

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Trident Partners Sued by Customers for Unsuitability

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

Timothy V. Longo, of Woodbury, New York, a stockbroker formerly with Trident Partners Ltd., is the subject of a pending customer dispute in which the customer has requested in damages based upon the allegation that Longo engaged in unauthorized and unsuitable trading in the customer’s account. FINRA BrokerCheck reveals that Longo has been previously subject […]

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COR Clearing Services Names in Customer Fraud Arbitration

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

Christopher Cervino, of Edison, New Jersey, a stockbroker with COR Clearing LLC, is subject to a pending customer dispute in which a customer has requested $778,119.00 in damages in connection with allegations against Cervino of perpetrating a fraud involving the sale of valueless securities to customers. FINRA Public Disclosure records reveal that Cervino is also […]

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Concorde Investment Services Sued For Misrepresentation

October 11, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Tenants in Common   |   0 Comments

Frank T. Dunn Jr., of Bend, Oregon, a stockbroker with Concorde Investment Services, LLC, is the subject of a pending customer dispute in which the customer has requested $452,368.15 in damages based upon with allegations that Dunn breached his fiduciary duty, was negligence, and made  misrepresentations in connection with the recommendation and sale of a […]

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EJ Sterling Named in Customer Arbitration Alleging Unsuitability

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

Michael D. Teutonico, of New York, New York, a stockbroker formerly associated with E.J. Sterling, LLC, is subject to a pending customer dispute from October 29, 2015, in which the customer has requested $206,000.00 in damages in connection with allegations against Teutonico of engaging in unsuitable investment practices, excessively trading the customer’s account, and over-concentrating […]

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PHX Financial Stockbroker Named in Customer Suitability Claim

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

Marc A. Reda, of New York, New York, a stockbroker formerly with PHX Financial, Inc. is the subject of a customer intiated, investment related dispute where Reda was alleged to to have breached his fiduciary duty and made unsuitable investment recommendations. FINRA Public Disclosure records reveal that Reda has been previously subject to nine customer […]

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First Standard Financial Named In Customer Arbitration Claim

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

Laurence M. Torres, of Staten Island, New York, a stockbroker with First Standard Financial Company LLC, is subject to a customer dispute from March 22, 2016, in which the customer requested damages of $99,999.00 based upon the allegation that  Torres engaged in unsuitable investment practices, breached his fiduciary duty to the customer, and churned the […]

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Maxim Group Stockbroker Named in Customer Suitability Claim

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

Mark Ketner, of Woodbury, New York, a stockbroker with Maxim Group LLC, was named in a customer intiiated investment related claim where the customer has requested $475,000.00 in damages based upon the allegation that Ketner made excessive and unsuitable trades of investments in the customer’s account. FINRA’s BrokerCheck also reveals that Ketner has been subject […]

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Customer Brings Claim Against PHX Financial For Unauthorized Trading

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

Salvatore Gioe, of New York, New York, a stockbroker formerly with PHX Financial, Inc., is the subject of a customer initiated investment related complaint where the customer is requesting $1,400,000.00 in damages based upon the allegations that Gioe engaged in unauthorized trading in the customer’s account. This brings the total number of customer claims based […]

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Customer Brings Arbitration Claim Against Herbert J Sims & Company

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

Larry C. Wolfe, of Boca Raton, Florida, a stockbroker with Herbert J. Sims & Co., Inc., is the subject of an investment related customer initiated arbitration claim before the Financial Industry Regulatory Authority where the customer is seeking $1,500,000.00 in damages based upon the allegations that Wolfe engaged in fraudulent omissions and misrepresentations concerning investments, […]

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Customers Bring Arbitration Claim for Fraud Against National Securities Corp

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

Michael McMahon, of Westbury, New York, a stockbroker with National Securities Corporation, is presently subject to eight customer initiated investment related arbitration claims alleging fraud.  The customer disputes, which appear to have been lodged between July 20, 2015, and June 20, 2016, all contain allegations that McMahon made negligent misrepresentations to customers, breached his fiduciary to […]

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National Securities Named in Customer Misrepresentation Claim

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

Sean P. McCabe, of Westbury, New York, a stockbroker with formerly with National Securities Corporation, is the subject of a customer customer initiated investment related claim in which the customer seeks $550,000.00 in damages based upon the allegations that McCabe committed negligence, breached his fiduciary duty to the customer, and made misrepresentations concerning investments. In […]

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H Beck Stockbroker Subject of Customer Securities Arbitration

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

Stephen H. Orr, of Houston, Texas, a stockbroker with H. Beck, Inc., has been named in  a customer dispute where the customer is seeking $5,000,000.00 in damages based upon the allegations that Orr made unsuitable investment recommendations. FINRA’s BrokerCheck reveals that Orr has been previously subject to five other disclosure incidents, three of which involve […]

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COR Clearing LLC Customer Brings Arbitration Claim Against Broker

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

Rafael Santiago, of Edison, New Jersey, a stockbroker with COR Clearing, LLC,  has been named in a  customer dispute where the customer has requested $778,119.00 in damages based upon the allegations that Santiago made recommendations to purchase securities that were valueless and engaged in a scheme to defraud the investor. According to FINRA BrokerCheck, Santiago […]

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Customer Brings Arbitration Claim Against VFG Securities For Misrepresentation

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

Mark Trewitt, of Plano, Texas, a stockbroker with VFG Securities, Inc., has been named in a customer initated investment related dispute.  On June 29, 2016, a customer filed an arbitration claim before the Financial Industry Regulatory Authority requesting $130,000.00 in damages and alleging that Trewitt made misrepresentations concerning the safety of an investment program and […]

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Feltl Stockbroker Settles Unsuitable Investments Claim

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

Shawn M. McIntyre, of Minneapolis, Minnesota, a stockbroker for Feltl & Company, has settled a customer dispute for $300,000.00 in damages after the customer alleged that McIntyre made misrepresentations to the customer, engaged in excessive trading, and failed to properly disclose to the customer the risks associated with investing in low priced penny stocks. On […]

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Customer Sues Northland Securities For Fraud

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

Richard J. Reynolds, of Minneapolis, Minnesota, a stockbroker with Northland Securities, is currently subject to a pending customer dispute from August 22, 2014, in which the customer has requested $680,935.80 in damages in connection with allegations against Reynolds of committing securities fraud, breach of contract, and breach of his fiduciary duty to the customer pertaining […]

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Customers Seek to Kill Gill In Suitability Claim

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

Kirk J. Gill, of Tucson, Arizona, a stockbroker with Morgan Stanley, is subject to several pending customer disputes. Particularly, on August 3, 2016, a customer lodged a pending dispute against Gill, in which the customer requested $500,000.00 in damages after alleging that Gill made recommendations to the customer that were unsuitable. FINRA’s BrokerCheck reveals that […]

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MML Investors Services Broker Barred In FINRA Investigation

Paul E. Smyth, of Fairfield, Connecticut, a registered representative with MML Investors Services, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misappropriating a customer’s insurance payments. According to the AWC, MML Investors Services […]

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Customer Bring Suitability Claima Against UBS Financial Services

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

Robert M. Kuhn, of Plano, Texas, a stockbroker with UBS Financial Services Inc., is subject to a arbitration claim by a customer requesting $100,000.00 in damages because allegedly Kuhn misrepresented an annuity that the customer purchased, and made an unsuitable investment recommendations. FINRA Public Disclosure records show that on October 20, 2015, UBS Financial Services […]

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Customer Sues Southwest Securities For Investments Gone South

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

Things are headed south for Southlake, Texas, Southwest Securities stockbroker Richard M. Ohlhaber, after he and his firm have been named in another customer dispute, this one seeking 300,000.00 in damages in for securities fraud. This is not the first time things have gone south for Ohlhaber. FINRA’s BrokerCheck reveals that Ohlhaber is also subject […]

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H Beck Stockbroker Poston Sued By Customer For Sale of Unsuitable Investments

October 10, 2016  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud   |   0 Comments

Richard E. Poston, of Plano, Texas, a stockbroker with H. Beck, Inc., disclosed via FINRA’s BrokerCheck that he settled a customer dispute for $185,000.00 on March 28, 2016, after the customer alleged that Poston engaged in the unsuitable recommendation of non-traded real estate investment trusts. FINRA Public Disclosure records reveal that Poston has been recently […]

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Customer Arbitration Claim Filed Against Shrewsbury Morgan Stanley Stockbroker

September 28, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Ralph B. Marra, of Shrewsbury, New Jersey, a stockbroker formerly with Morgan Stanley, became subject to a pending customer dispute from August 23, 2016, in which the customer alleged that Marra made unsuitable recommendations of investments to the customer. In May 2015, Marra left Morgan Stanley and became registered with National Securities operating from a […]

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Wrecked Werbel Wobbled With Customer Fraud Claim

September 28, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Much to his chagrin, Larry S. Werbel, of Chagrin Falls, Ohio, a former stockbroker for Concorde Investment Services, LLC, whose career was wrecked when he was forever barred by FINRA earlier this year, is now subject to a pending customer dispute from August 3, 2016, in which the customer requested $778,119.36 in damages after alleging […]

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Customers Sue VSR Financial Services Stockbroker For Fraud

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

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Customers Able to Sue Aibel For Inability to Recommend Appropriate Investments

September 28, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Benjamin G. Aibel, of New York, New York, a stockbroker with Wunderlich Securities, Inc., is currently subject to a pending customer dispute from December 18, 2015, in which the customer has requested $5,000.00 amid allegations against Aibel for recommending unsuitable investments, and causing the customer to suffer from poor investment performance. Aibel is also subject […]

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Customers Allege The $3 Million Bloom is Off Wunderlich’s DeRose

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Ralph E. Derose, of Beachwood, Ohio, a stockbroker with Wunderlich Securities, Inc., is subject to a pending customer dispute from March 15, 2016, in which the customer has requested $3,000,000.00 in damages amid allegations against Derose of failing to follow the customer’s investment instructions and poor investment performance. Public Disclosure records reveal that in addition […]

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Misrepresentation Action Against Wunderlich’s Texas Roark

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Murray B. Roark, of Dallas, Texas, a stockbroker with Wunderlich Securities, Inc., is subject to a pending customer dispute from February 17, 2016, in which the customer requested $303,950.00 in damages after alleging that Roark failed to diversify the customer’s assets, over-concentrated the customer’s positions, and engaged in misrepresentation regarding investments. Public Disclosure Records show […]

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Customer Sues IFS Securities Stockbroker Mike Hebner for Unsuitability

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael J. Hebner, a stockbroker with IFS Securities, is subject to a pending customer dispute from May 3, 2014, in which customers have requested $500,000.00 in damages after alleging that Hebner made unsuitable investment recommendations, and engaged in unauthorized transactions in the customers’ accounts. Hebner has been the subject of five customer initiated investment related […]

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No Wonder Wunderlich Securities Stockbroker Sued For Unsuitability

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Bassam S. Salem, of Birmingham, Michigan, a stockbroker with Wunderlich Securities, Inc., is subject to a pending customer dispute from May 3, 2016, in which the customer has requested $281,000.00 in damages amid allegations against Salem of engaging in unauthorized trading, failing to supervise, breach of fiduciary duty, and making unsuitable investment recommendations in several […]

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VSR Financial Services Sued By Customers for Unsuitability

Charles Geraci, of The Woodlands, Texas, a stockbroker for VSR Financial Services, Inc., is subject to a pending customer dispute from July 25, 2016, in which the customer has requested $500,000.00 in damages after alleging that Geraci made unsuitable investment recommendations in alternative investments and private placement investments. According to FINRA Public Disclosure Records,  Geraci […]

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Customer Claims Mount Against Alexander Capital Stockbroker Castillero

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael A. Castillero, of New York, New York, a stockbroker with Alexander Capital, L.P., is subject to a pending customer dispute from July 19, 2016, in which the customer has requested $190,000.00 in damages after alleging that Castillero made negligent misrepresentations, effected unauthorized trades in the customer’s account, and engaged in unsuitable investment recommendations. On […]

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The Next Lawsuit Filed Against Next Financial Group For Mismanagement

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Joseph L. Cotter, of Wall, New Jersey, a stockbroker formerly with Next Financial Group, Inc., is subject to a pending customer dispute from June 22, 2016, in which a customer has requested $625,000.00 in damages in connection with allegations against Cotter of mismanaging the customer’s brokerage assets. Public Disclosure records also reveal that on March […]

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Concorde Broker Barry LeMay May Owe His Customers Almost $3 Million

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Barry W. Lemay, a stockbroker with Concorde Investment Services, LLC, is currently subject to a pending customer dispute from July 29, 2016, in which a customer has requested $2,822,797.02 in damages in connection with allegations against Lemay of breach of fiduciary duty, negligence, and unsuitable recommendations stemming from tenancy in common investments. FINRA Public Disclosure […]

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It Ain’t Over for Sterne Agee Broker Gary Glover

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Tenants in Common   |   0 Comments

Gary L. Glover, of John’s Creek, Georgia, a stockbroker with Sterne Agee Financial Services, Inc., is subject to a pending customer dispute from August 12, 2015, in which a customer has requested $800,000.00 in damages in connection with allegations against Glover of making unsuitable tenancy in common or TIC investment recommendations. Public Disclosure records reveal […]

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Customers Rush to Sue Newport Coast Securities Stockbroker Rushton Audrey

September 27, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Rushton L. Ardrey III, of Boston Massachusetts, a stockbroker with Newport Coast Securities, Inc., is currently subject to pending customer disputes. Particularly, on February 9, 2016, Ardrey became subject to a pending customer dispute in which he was alleged to have engaged in unauthorized and unsuitable trading. According to FINRA Public Disclosure Records, Ardrey has […]

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Steepeners Steep a Whole Bunch of Regulatory Troubles for Already Troubled Stockbroker

September 27, 2016  |   Posted by :   |   Steepeners, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert Estevez, of Greenwich, Connecticut, a stockbroker with Investors Capital Corporation, was fined $20,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2014040158902 (Sept. 16, 2016). According to […]

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FINRA Charges Broker with Eighteen Complaints with Making Unsuitable Recommendations

September 27, 2016  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Glen J. Rauch, of Syosset, New York, a stockbroker with Avenir Financial Group, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Rauch engaged in significant sales practice violations, including the effecting of unauthorized and unsuitable transactions in customer accounts. Department of Enforcement v. Glen Rauch, No. […]

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YieldQuest Chief Compliance Officer Barred For Lying Cheating and Stealing

September 27, 2016  |   Posted by :   |   Excessive Markups, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jay K. Chitnis, of Atlanta, Georgia, a stockbroker with YieldQuest Securities, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity in connection with a FINRA Office of Hearing Officers’ Order Accepting Offer of Settlement containing findings that Chitnis committed securities fraud, converted funds, engaged in unauthorized trading, […]

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Accelerated Capital Group Stockbroker Sue By Customer For Unsuitability

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Aaron P. Brodt, of Scottsdale, Arizona, a stockbroker with Accelerated Capital Group, is currently subject to two pending customer disputes. Particularly, on April 26, 2016, a customer lodged a dispute against Brodt, in which the customer requested damages of $200,000.00 in connection with allegations against Brodt of making unsuitable investment recommendations to the customers for […]

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Customers File Arbitration Claims Against Accelerated Capital Group

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jeffrey A. Smith, of Irvine, California, a stockbroker with Accelerated Capital Group, is subject to a customer dispute from May 25, 2016, in which four customers have requested $750,000.00 in connection with allegations against Smith for failure to supervise, negligence, breach of contract, excessively trading in customer accounts, breach of fiduciary duty, and fraud. Public […]

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Securities America Stockbroker With 39 Complaints Suspended For Unsuitable Recommendations

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Stuart Horowitz, of Coral Springs, Florida, a stockbroker with Securities America, Inc., was fined $100,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he made unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, No. 2013036692001 (Feb. […]

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Customer Fraud Case Filed Against Newport Coast Securities StockbrokerS

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

David M. Levy, of West Palm Beach, Florida, a stockbroker with Newport Coast Securities, is currently subject to a pending customer dispute. Particularly, on November 3, 2014, a customer requested $60,000.00 in damages in connection with allegations against Levy of churning the customer’s investment account. FINRA’s BrokerCheck reveals that Levy has been subject to thirteen […]

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Customers Sue Newport Coast Securities For Unsuitability

September 17, 2016  |   Posted by :   |   Excessive trading, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald A. Bartelt, of Cave Creek, Arizona, is currently subject to a pending customer dispute from May 28, 2013, in which the customer requested $113,000.00 in damages in connection with allegations against Bartelt of engaging in misconduct over several years in the customer’s investment account. Public Disclosure records reveal that Bartelt has previously settled a […]

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Customer Filed Unsuitability Arbitration Claim Against Salomon Whitney Financial

September 17, 2016  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

Emil Botvinnik, of Farmingdale, New York, a stockbroker for Salomon Whitney Financial, is subject to a pending customer dispute from April 29, 2016, in which a customer requested $99,000.00 in damages in connection with allegations against Botvinnik of churning the customer’s account, and making investment recommendations which were not suitable for the customer. FINRA’s BrokerCheck […]

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Meyers Associates Stockbroker Sued By Customers

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Lavolpe, of New York, New York, a stockbroker for Meyers Associates, L.P., is currently subject to four pending customer disputes. Particularly, on April 7, 2016, a customer lodged a dispute against Lavolpe, requesting $110,480.00 in damages in connection with allegations of unsuitability. On April 7, 2016, Lavolpe became subject to another customer dispute, in […]

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Customers File Arbitration Claims Against Barred FSC Securities Corporation Broker

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Barry Hartman, of Missoula, Montana, a stockbroker registered with FSC Securities Corporation, became subject to a pending customer dispute on October 19, 2015, in which a customer requested $45,000.00 in damages after alleging that Hartman engaged in unauthorized transactions in the customer’s account and selected investments which were not suitable. On the same day, Hartman […]

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Customers File Arbitration Claims Against Sterne Agee Financial

Thomas J. Dailey, of Youngstown, Ohio, a stockbroker with Sterne Agee Financial Services, Inc., is subject to a pending customer dispute from December 7, 2015, in which a customer requested $500,000.00 in damages in connection with allegations against Dailey of making misrepresentations to customers regarding Florida Capital Real Estate Partnerships. The customers alleged to have […]

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Customers Sue Worden Capital Management Stockbrokers

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Gregory Dean, of Garden City, New York, a stockbroker with Worden Capital Management LLC, is currently subject to four pending customer disputes. Particularly, on June 20, 2016, Dean became subject to a pending customer dispute in which the customer has requested $138,032.66 amid allegations against Dean of fraud, negligence, breach of fiduciary duty, breach of […]

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Customers File FINRA Arbitration Claims Against Worden Capital Management

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Donald J. Fowler, of Garden City, New York, a stockbroker with Worden Capital Management LLC, is currently subject to two pending customer disputes. Particularly, on June 6, 2016, a customer requested $812,000.00 in damages in connection with allegations against Fowler of securities fraud in violation of Securities Exchange Act of 1934 Section 10(b) and 20(a), […]

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Customer Arbitration Claims Against Worden Capital Management

September 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael A. Valdini, of Garden City, New York, a stockbroker with Worden Capital Management LLC, is subject to a pending customer dispute from April 2, 2015, in which the customer requested damages of $125,956.33 in connection with allegations against Valdini of negligent supervision, charging of excessive commissions, overconcentration of the customer’s assets, unsuitability, unauthorized trading […]

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Customer Arbitration Claims Against Aegis Capital Corporation

September 16, 2016  |   Posted by :   |   Boilerroom, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Nick Son, of New York, New York, a stockbroker with Aegis Capital Corp., was named in a pending customer dispute on April 19, 2016. Specifically, the customer requested $65,984.66 in damages after alleging that Son utilized high pressure sales tactics with the customer, and made misrepresentations and other misleading statements to the customer in connection […]

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Aegis Capital Corporation Sued For Unsuitability

September 16, 2016  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

Kenneth L. Jones, of Tampa, Florida, a stockbroker with Aegis Capital Corp., was named in a pending customer dispute on March 28, 2016. The customer specifically requested $190,910.00 in damages in connection with allegations against Jones of making recommendations of investments that were not suitable for the customer, and breaching his fiduciary duty to the […]

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Customers Arbitration Claim Filed Against Aegis Capital Corporation

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

Paul Falcon, of Boca Raton, Florida, a stockbroker with Aegis Capital Corp., was named in a customer dispute on April 25, 2016. Particularly, the customer requested $190,672.12 in damages after alleging that Falcon made investment recommendations that were unsuitable for the customer, and alleged that the customer’s investment performance was poor. Public Disclosure records reveal […]

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Aegis Capital Corporation Stockbroker Luftschein Sued By Customers

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

Steven R. Luftschein, of Melville, New York, a stockbroker with Aegis Capital Corp., is currently subject to a pending customer dispute from June 3, 2016, in which a customer has requested $2,000,000.00 in damages in connection with allegations that Luftschein made investment recommendations that were unsuitable to customers, and mishandled the customers’ accounts. Disclosure records […]

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Customers File Suitability Claim Against Meyers Associates Stockbroker

September 16, 2016  |   Posted by :   |   Stockbroker Fraud   |   0 Comments

David Sheppard, of New York, New York, a stockbroker with Meyers Associates, L.P., is currently subject to a pending customer dispute. Specifically, on December 2, 2015, a customer requested $86,088.44 after alleging that Sheppard made unsuitable investment recommendations, engaged in unauthorized trades in the customer’s account, engaged in the improper use of margin, and breached […]

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PFS Investments Registered Representative Suspended For Misappropriation Of Funds

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

Gerard F. Cipolla, of Rego Park, New York, a registered representative with PFS Investments Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of Cipolla’s unsuitable investment recommendations. Letter of Acceptance, Waiver and Consent, […]

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Capital Securities Management Stockbroker Named in Alleged Unsuitability Claim

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

James B. Moran, of Florham Park, New Jersey, is subject to a pending customer dispute from May 11, 2016, in which a customer requested $167,640.35 in connection with allegations against Moran of effecting transactions in the customer’s account that were not suitable. According to FINRA records, Moran has been subject to six additional disclosure incidents. […]

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Capital Securities Management Named In Fraud Claim

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

Andrew B. Kramer, of Brooklyn, New York, a stockbroker registered with Capital Securities Management, Inc., is subject to two pending customer disputes. Particularly, on November 16, 2015, customers lodged a complaint against Kramer, in which $27,000.00 in damages were requested in connection with allegations that Kramer’s lack of attentiveness to the customers’ accounts resulted in […]

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Aegis Capital Corporation Stockbroker Pazmino Named in Arbitration Claim

September 16, 2016  |   Posted by :   |   Churning, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Joe M. Pazmino, of New York, New York, a stockbroker for Aegis Capital Corp., is subject to two pending customer disputes. Particularly, on February 17, 2016, customers lodged a complaint against Pazmino, requesting $500,000.00 in damages per allegations that Pazmino engaged in excessive trading in the customers’ accounts, and made unsuitable investment recommendations. Public Disclosure […]

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Aegis Capital Corporation Stockbroker Named in Unsuitability Arbitration Claim

September 16, 2016  |   Posted by :   |   Churning, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Rick J. Sande, of Melville, New York, is subject to a pending customer dispute from March 8, 2016, in which the customer requested $80,000.00 in damages after alleging that Sande engaged in unsuitable trading and churning in the customer’s account, and committed a breach of fiduciary duty. According to Public Disclosure Records, Sande was also […]

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NBC Securities Named in Unsuitability Claim

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

Marcello Lattuca, of Massapequa, New York, a stockbroker with NBC Securities, Inc., is subject to a pending customer dispute from March 15, 2016, in which the customer requested $109,078.00 after alleging that Lattuca did not fully disclose investment risks to the customer. The customer further alleged that given the customer’s risk objectives and investment objectives, […]

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KC Ward Financial Stockbroker Named in Fraud Claim

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

Thomas J. Briguccia, Jr., of Ronkonkoma, New York, a stockbroker with K.C. Ward Financial, is subject to a pending customer dispute from May 13, 2016, in which a customer requested $100,000.00 in damages in connection with trading losses attributable to Briguccia’s misconduct. According to FINRA’s BrokerCheck, Briguccia has been subject to thirteen other disclosure incidents, […]

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Meyers Associates Stockbroker Lanaia Named In Regulatory Action

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

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

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First Standard Financial Company Stockbroker Gennity Named In Fraud Arbitration

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

William C. Gennity, from Staten Island, New York, a stockbroker with First Standard Financial Company LLC, and previously registered with Alexander Capital, L.P., was named in regulatory action from Montana’s Securities Division, in which Gennity was alleged to have engaged in unauthorized and excessive trading, unsuitable investment recommendations, charging of excess fees, unauthorized use of […]

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Caldwell International Securities Group Sanctioned

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

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Melvin Securities Registered Representative Barred For Conversion

Conversion is a fancy name for stealing. James Michael Griegel, of Chicago, Illinois, a registered principal with Melvin Securities, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he converted pension funds for his own personal use. Letter of Acceptance, Waiver and Consent, […]

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Allstate Financial Services Stockbroker Fined For Forgery

September 09, 2016  |   Posted by :   |   Annuity Schemes, Forgery, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

William Fredrick Kerschbaumer, Jr., of Carrollton, Ohio, was fined $12,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he forged his firm customer’s signatures and made misrepresentations to customers and his firm concerning annuity terms. Letter of Acceptance, Waiver and Consent, No. […]

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KC Ward Financial Stockbroker Charged With Fraud

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

Craig D. Dima, of Ronkonkoma, New York, a stockbroker registered with K.C. Ward Financial, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Dima made unauthorized trades in a customer’s account and fraudulent representations in connection with such. Department of Enforcement v. Craig David Dima, No. 2015046440701 (Aug. 18, 2016). According […]

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Source Capital Group Broker Barred For Forgery

September 08, 2016  |   Posted by :   |   Forgery, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Joey Cless Broussard, of Allen, Texas, a registered representative with Source Capital Group, Inc., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per a FINRA Office of Hearing Officers Default Decision containing findings that Broussard forged and falsified a document in connection with a customer’s investment. Department […]

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Adirondack Trading Group Stockbroker Barred In Investigation

September 08, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Timothy N. Payne, of New Woodstock, New York, a stockbroker with Adirondack Trading Group LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed an investigation into allegations of Payne’s unsuitable investment recommendations. Letter of Acceptance, Waiver and Consent, No. 2014040289802 (Sept. […]

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Marlton New Jersey Stockbroker Barred In Misappropriation Investigation

Leonard V. Fox, Jr., of Marlton, New Jersey, a stockbroker with FSC Securities Corporation, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his misappropriation of customer funds. Letter of Acceptance, Waiver and Consent, No. […]

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Arjent Stockbroker Barred In Fraud Investigation

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

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

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J.P. Morgan Securities Broker Suspended For Unauthorized Trading

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

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FCG Advisors LLC Fined For Unregistered Securities Sales

FCG Advisors LLC, headquartered in Chatham, New Jersey, was censured and fined $50,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm sold securities that were not registered. Letter of Acceptance, Waiver and Consent, No. 2012030676501 (June 28, 2016). According to the AWC, from August 2011 through October 2011, the […]

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NEXT Financial Group Registered Representative Barred Selling Fake Investments

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

Douglas Simanski, of Altoona, Pennsylvania, a registered representative with NEXT Financial Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016049621301 […]

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Freedom Investors Corporation Stockbroker Barred For Outside Business Activities

June 30, 2016  |   Posted by :   |   Selling Away, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Arthur Espinoza, of Vero Beach, FL, a stockbroker with Freedom Investors Corporation, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in outside business activities, misrepresented documents to his firm, and failed to cooperate in a FINRA investigation into his misconduct. […]

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Constellation Wealth Advisors LLC Stockbroker Barred For Selling Away

June 30, 2016  |   Posted by :   |   Selling Away, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Brandon D. Gioffre, of New York, New York, a stockbroker with Constellation Wealth Advisors LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2015046448701 (June 22, 2016). […]

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Craig Scott Capital Stockbroker Barred For Securities Fraud

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

David C. Cannata, of Uniondale, New York, a stockbroker with Craig Scott Capital, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per a Default Decision containing findings that he engaged in excessive trading and churning, and failed to cooperate in a FINRA investigation into his misconduct. Department […]

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Park Avenue Securities Stockbroker Barred In Investigation

Lizabeth Gotuaco Ty of Houston, Texas, a stockbroker with Park Avenue Securities LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she obstructed a FINRA investigation into allegations of her involvement in unregistered securities sales. Letter of Acceptance, Waiver and Consent, No. […]

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World Equity Group Stockbroker Suspended For Unauthorized Trading

Paul Frederick Valencia, of Temecula, California, a stockbroker with World Equity Group, Inc., was fined $5,000.00 and suspended for ten business days from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and […]

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Rockwell Global Capital Broker Barred In Investigation

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

Jonothon M. Lieberman, of Farmingdale, New York, a stockbroker with Rockwell Global Capital, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he obstructed a FINRA investigation into Lieberman’s alleged sales practice violations. Letter of Acceptance, Waiver and Consent, No. Jonothon […]

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Wells Fargo Advisors Stockbroker Barred For Stealing

Jorge Gonzalez, of Closter, New Jersey, a stockbroker with Wells Fargo Advisors, LLC and branch-manager for Wells Fargo Advisor’s affiliate banking company, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. […]

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SWS Financial Services Broker Charged With Unsuitable Trading

David Randall Lockey, of Dallas, Texas, a stockbroker with SWS Financial Services, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Lockey prompted unsuitable switching and trading of investments; while also falsifying forms pertaining to customer accounts. Department of Enforcement v. Lockey, No. 2013034954001  (Mar. 30, 2016). […]

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Craig Scott Capital Broker Charged With Fraud

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

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Triad Advisors Tolmacs Barred In Investigation

Christopher Thomas Tolmacs of Portage Michigan, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation into allegations that Tolmacs engaged in unauthorized transactions with customers, made misleading statements in connection with such, and potentially converted customer […]

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UnionBanc Investment Services Stockbroker Barred for Suspected Conversion

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

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Gilford Securities Broker Suspended For Selling Away

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

Robert Kevin Connors, of New York, New York, a stockbroker with Gilford Securities Incorporated, was fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized private securities transactions or selling away and unauthorized borrowing from a […]

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Pruco Securities Stockbroker Charged With Fraud

March 17, 2016  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Winston Wade Turner, of Sarasota, Florida, a registered representative with Pruco Securities, LLC, and MetLife Securities, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Tuner committed fraud in connection with customers’ variable annuity purchases, participated in unauthorized private securities transactions, and failed to cooperate with a […]

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Center Street Securities Broker Barred for Securities Fraud

March 17, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

David Joseph Escarcega, of Phoenix, Arizona, a stockbroker with Center Street Securities, Inc., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with a FINRA Office of Hearing Officers Extended Hearing Panel Decision containing findings that Escarcega communicated misleading and materially false statements to customers, and […]

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Accelerated Capital Group Stockbroker Barred For Fraud

Bahram Mirhashemi, of Irvine, California, a stockbroker registered with Accelerated Capital Group, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had engaged in unauthorized and excessive trading, churning, and unsuitable recommendations. Letter of Acceptance, Waiver and Consent, No. 2012033566201 (Feb. […]

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National Securities Corporation Stockbroker Barred in Investigation

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

John Joseph Labarca, of Edison, New Jersey, a stockbroker for National Securities Corporation, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had not cooperated in a FINRA investigation regarding a customer complaint lodged against him. Letter of Acceptance, Waiver and Consent, […]

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Mid Atlantic Capital Corporation Stockbroker Barred for Defrauding Investors

Timothy Steven Dembski of Buffalo, New York, a stockbroker for Mid Atlantic Capital Corporation, was barred by Financial Industry Regulatory Authority (FINRA) in connection with an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that Dembski made fraudulent omissions and misrepresentations to investors, engaged in improper loans from customers, and falsified testimony […]

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NYLIFE Securities Broker Barred for Forgery

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

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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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LPL Financial Stockbroker Charged with Obstructing

Eric W. Kuchel of Brea, California, a stockbroker with LPL Financial LLC, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Kuchel repeatedly delayed and failured to provide requested testimony in connection with a FINRA investigation into Kuchel’s alleged mutual fund transactions and private securities transactions. Department of […]

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Another Waddell Reed Broker Suspended for Unauthorized Trading

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

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Wells Fargo Advisors Stockbroker Charged with Obstruction

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

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American Portfolio Financial Services Broker Suspended for Mutual Fund Switching

January 21, 2016  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jeffrey Davidson of Stuart, Florida, a stockbroker with American Portfolio Financial Services, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities for three months and fined $10,000 after consenting to findings that he engaged in unsuitable mutual fund switching in customer accounts. Letter of Acceptance, Waiver […]

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Stifel Nicolaus Fined for Misleading Reports

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

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Argentus Securities Stock Broker Barred

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

Jose A. Zapata of San Antonio, Texas, a stockbroker with formerly registered with Argentus Securites, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he made misrepresentations to one of his customers in order to conceal information from a customer regarding her account […]

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Oppenheimer Fined for Failure to Supervise

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

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Sigma Financial Corporation Stockbroker Suspended for Lying

January 21, 2016  |   Posted by :   |   Customer Loans, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Richard Marvin Muhlberg of Cherry Hill, New Jersey, a stockbroker with Sigma Financial Corporation, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for a period of three months and fined $10,000 after consenting to findings that he had borrowed money in violation of his firm’s procedures […]

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International Financial Solutions Stockbroker Barred

John Vincent Ballard of Memphis, Tennessee, a stockbroker with International Finance Solutions, Inc., was barred by Financial Industry Regulatory Authority (FINRA) per a National Adjudicatory Council Decision affirming findings that Ballard had engaged in undisclosed outside business activities, failed to provide documents in response to FINRA’s request for documents, and failed to appear for on-the-record […]

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Keystone Equities Group Brokers Barred

William B. Fretz, Jr., and John P. Freeman, both of Oaks, Pennsylvania, were found by the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to have engaged in business-related conduct that is inconsistent with just and equitable principles of trade as a consequence of providing misleading information to FINRA and filing a false Form U4. […]

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American Portfolio Financial Services Broker Suspended for Failure to Supervise

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

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WFG Financial Supervisor Suspended for Failure to Supervise

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

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Next Financial Group Broker Suspended for Unsuitable Recommendations

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

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Craig Scott Capital Principals Charged with Fraud

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

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J.P. Morgan Securities Suspended for Unauthorized Trading

William W. Brown of Beverly Hills, California, a stockbroker with J.P. Morgan Securities LLC, was fined $10,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in all capacities for fifteen business days, and ordered to pay a customer restitution in the amount of $1,473.88 pus prejudgment interest after consenting to […]

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Securities Equity Group Broker Charged in Private Securities Transactions

Randall Gladden of El Cajon, California, a stockbroker with Securities Equity Group, was just charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Gladden had engaged in unauthorized private securities transactions; undisclosed outside business activities; and made material misrepresentations and omissions. Department of Enforcement v. J. Randall Gladden, No. […]

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Craig Scott Capital Stockbroker Charged with Churning

David C. Cannata of Uniondale, New York, a stockbroker with Craig Scott Capital, LLC, was charged by the Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Cannata excessively traded and churned customer accounts; and also failed to comply with a FINRA investigation into his alleged misconduct. Department of Enforcement v. […]

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Cantor Fitzgerald Fined $7.2 Million for Failure to Supervise

January 04, 2016  |   Posted by :   |   Penny Stock Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Cantor Fitzgerald & Co., headquartered in New York, New York, was censured, fined $6,000,000 and disgorged of $1,285,561 plus interest after consenting to findings that the firm had failed to adequately supervise sales of microcap securities pertaining to due diligence and identifying red flags with unlawful distributions of unregistered securities. The firm’s executive managing director […]

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New England Securities Stockbroker Suspended for Customer Loans

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

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Finance 500 Stockbroker for Misleading Customers

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

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

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Morgan Stanley Stockbroker Barred In Stealing Investigation

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

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Wesbanco Securities Stockbroker Fined for Lying About Fees

Thomas M. Phillips II of Columbus Ohio, a registered representative with Wesbanco Securities, Inc., was censured and fined $10,000 after consenting to findings that he misstated fees associated with variable annuity transaction switch forms. Letter of Acceptance, Waiver and Consent, No. 2014039231201 (Dec. 4, 2015). According to the AWC, from November 2013 – September 2014, […]

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Edward Jones Stockbroker Suspended for Private Securities Transactions

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

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Global Arena Capital Expelled for Fleecing Customers

December 24, 2015  |   Posted by :   |   Bond Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Global Arena Capital Corp., headquartered in New York, New York, was fined $1,000,000 and expelled by the Financial Industry Regulatory Authority (FINRA) per the terms of a Default Decision by the Office of Hearing Officers which contained findings that the firm charged customers unfair and unreasonable prices and excessive markups, along with failing to establish, […]

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J.P. Turner & Company Fined for Overcharging Customers

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

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PIN Financial Broker Barred in Ponzi Scheme

Jeffrey B. Risinger of Carmel, Indiana, a registered representative with PIN Financial, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations of Risinger’s participation in a Ponzi scheme. Letter of Acceptance, Waiver […]

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Brickell Global Markets Fined for Supervisory Failures

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

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J.P. Morgan Securities Broker Suspended For Unauthorized Trading

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

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The Investment Center Broker Suspended for Unauthorized Transactions

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

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Global Arena Capital Corporation Owner Token Suspension for Private Securities Transactions

John S. Matthews of New York, New York, the former owner of Global Arena Capital Corporation, was fined $25,000 and suspended for six months from association with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he engaged in unauthorized private securities transactions. Letter of Acceptance, Waiver and Consent, No. 2013037235012 (Dec. […]

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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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Cantone Research President Charged with Fraud

December 09, 2015  |   Posted by :   |   Securities Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Cantone Research Inc., located Tinton Falls, New Jersey, along with its President and majority owner, Anthony J. Cantone, and Christine L. Cantone have been named by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging fraudulent misrepresentations and omissions of material fact in connection with the sales and subsequent extensions of over […]

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Huntington Investment Company Broker Charged for Unsuitable Recommendations

David Michael Miller of Columbus, Ohio, a registered representative with Huntington Investment Company, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Miller did not have reasonable grounds for believing his recommendations were suitable in purchases of unit investment trusts in one hundred and twenty-nine customer accounts. Department […]

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U.S. Bancorp Broker Suspended for Misrepresentations

November 25, 2015  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

David Levorchick of Sidney, Ohio, a registered representative with U.S. Bancorp, Inc., was fined $7,500 and suspended for thirty days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he negligently misrepresented to a customer that the liquidation of a variable annuity would not result in […]

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Investment Planners Broker Suspended for Unsuitable Recommendations

November 25, 2015  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael Jump of Somonauk, Illinois, a registered representative with Investment Planners, Inc., was fined $10,000 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities after consenting to findings that he negligently misrepresented information pertaining to fees associated with variable annuities, while also failing to […]

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Buckman Buckman Reid Broker Charged for Fraud

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

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ProEquities Fined for Failure to Supervise

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

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Another John Thomas Financial Broker Charged with Defrauding Investors

November 25, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Miguel Ortiz, a registered representative with John Thomas Financial, was barred from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities in a Hearing Panel Decision containing findings that Ortiz willfully defrauded customers in violation of Section 10(b) of the Securities Exchange Act of 1934, along with willfully failing to disclose a […]

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Arete Wealth Management Stockbroker Barred for Fraud

November 25, 2015  |   Posted by :   |   Bond Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jonathan Greenfield of Woodland Hills, California, a stockbroker with Arete Wealth Management, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Order Accepting Offer of Settlement containing findings that Greenfield made fraudulent misrepresentations and omissions of material facts in connection with the sale of secured […]

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Former Cambridge Investment Research Broker Barred Obstructing Investigation

Glenn A. Moffitt of Henderson, NV, a former general securities representative with Cambridge Investment Research, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after failing to appear for on-the-record testimony in connection with FINRA’s investigation into allegations that Moffitt converted $370,000 from a customer. FINRA Letter of Acceptance, Waiver, and […]

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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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Monex Securities Fined for Unfair Commissions

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

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FSC Securities Corporation Broker Barred for Obstructing Investigation

November 15, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Alan Cashaw, Jr., of Philadelphia, Pennsylvania, a registered representative with FSC Securities Corporation, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Cashaw failed to respond to FINRA’s requests to provide information in connection with a FINRA investigation into Cashaw’s alleged misconduct. Department of Enforcement v. Alan Cashaw, […]

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Western and Southern Broker Prokay Barred In Investigation

November 15, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Mark S. Prokay of New Castle, Pennsylvania, a registered representative with W&S Brokerage Services, Inc. and affiliated with Western Southern Life, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to findings that he failed to cooperate with a FINRA investigation into allegations […]

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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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GMS Group Stockbroker Barred for Unsuitable and Unauthorized Trading

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

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Investors Capital Corp Broker Suspended for Issuing Misleading Customer Statements

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

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

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Wunderlich Securities Fined for Failure to Supervise

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

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

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Newport Coast Securities Broker Suspended for Churning

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

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GBS Financial Stockbroker Suspended Fraudulent Trading

November 03, 2015  |   Posted by :   |   Stock manipulation, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Scott Neal Glazer of Calabasas, CA, a stockbroker with GBS Financial Corp., was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities for six months and fined $50,000 in connection with an Order Accepting Offer of Settlement containing findings that Glazer engaged in manipulative trading and caused the publication of […]

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HSBC Securities Stockbroker Barred In Stealing Investigation

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

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Network 1 Financial Securities Stockbroker Barred for Obstruction

Jeffrey David Snyder, a Stockbroker with Network 1 Financial Securities, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm in any and all capacities after consenting to findings that he failed to fully cooperate with a FINRA investigation into allegations of Snyder’s covering of a customer’s losses. Letter of Acceptance, […]

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UBS Paying $19.5 for Fraud in Connection with Sale of Structured Notes

October 13, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Structured Notes   |   0 Comments

UBS is a Swiss corporation, and the owner of UBS Financial, which conducts business in the United States and is a member of the Financial Industry Regulatory Authority. In 2014, UBS, one of the largest issuers of structured notes in the world, issued and sold 2.7 billion in structured notes. Structured notes are securities issued […]

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Westpark Capital Broker Suspended for Fraud

October 05, 2015  |   Posted by :   |   Securities Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Michael S. Bell, a Stockbroker with Westpark Capital, was suspended from association with all Financial Industry Regulatory Authority (FINRA) member firms after consenting to findings that he violated his firm’s written supervisory procedures in sending e-mails that were unbalanced, promissory, and misleading. Letter of Acceptance, Waiver, and Consent No. 2014041848801 (Apr. 30, 2015). Westpark Capital […]

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Country Capital Management Stockbroker Barred Falsifying Documents

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

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LPL Financial Stockbroker Barred In Customer Loan Investigation

October 05, 2015  |   Posted by :   |   Customer Loans, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Robert Charles Mangold, a Stockbrokerwith LPL Financial LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) registered firm after consenting to findings that he failed to cooperate with FINRA in their investigation into allegations that Mangold borrowed funds from a customer in violation of his firm’s policy. Letter of Acceptance, Waiver, […]

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Cape Securities Stockbroker Suspended for Supervisory Failures

Michael A. Lovett, a compliance officer with Cape Securities, Inc., was suspended from association in a principal capacity with any Financial Industry Regulatory Authority (FINRA) member firm and fined $5,000 after consenting to findings that he failed to adequately supervise the establishment of the firm’s supervisory system to detect and prevent conversion of customer funds. […]

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Northwestern Mutual Stockbroker Suspended for Customer Misconduct

Michael DeMaria, a Stockbroker with Northwestern Mutual, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in all capacities for twenty months and fined $15,000 after consenting to findings that he caused a transfer of a firm client’s funds without her knowledge or consent, in violation of FINRA Rule 2010. Letter of […]

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Blue Capital Securities Failure to Supervise Advertising Violations

October 05, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Blue Capital Securities, a broker dealer with its primary office in New York, New York, was censured and fined $50,000 after accepting and consenting to Financial Industry Regulatory Authority (FINRA) findings that the firm provided misleading marketing materials by failing to disclose risks and failed to educate staff on collateralized mortgage obligations (CMO) prior to […]

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MetLife Broker Barred in Customer Loan Investigation

Andre Paul Young, a registered representative with MetLife Securities, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he improperly borrowed $208,000 in funds from customers in violation of his firm’s policies, and failed to cooperate with a FINRA investigation into allegations of […]

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Edward Jones Broker Barred In Unauthorized Trading Investigation

Daniel Gregory Retzke, a registered representative with Edward D. Jones & Co., L.P., was permanently bared from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after failing to provide information and documentation requested by FINRA in connection with an investigation into Retzke’s alleged private securities offerings. Letter of Acceptance, Waiver, […]

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Another John Thomas Financial Broker Charged with Fraud

September 30, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Miguel Ortiz, a registered representative with John Thomas Financial, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Ortiz willfully defrauded customers in violation of Section 10(b) of the Securities Exchange Act of 1934, along with willfully failing to disclose a $4,983,606.23 judgment against him on his Uniform Application for Securities […]

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Dawson James Securities Broker Barred for Obstructing Investigation

Aldo Comuzzi, a registered representative with Dawson James Securities Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to cooperate with a FINRA investigation in connection with allegations that Comuzzi improperly utilized discretion without written approval in certain of […]

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Oppenheimer & Co. Broker Suspended For Outside Business Activities

Royce O. Simpson, a registered representative with Oppenheimer & Co. Inc., was suspended from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity and faced a $15,000.00 fine after consenting to findings that he engaged in outside business activities without approval of his firm, while also failing to timely respond to […]

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Wall Street Strategies Broker Suspended for False Advertising

September 28, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Louis Karl Kittlaus, a registered representative with Wall Street Strategies, Inc., was suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity, fined $25,000, and ordered to requalify by examination in order to become registered in any capacity in the securities industry according to an Extended Hearing […]

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Ladenburg Thalman Broker Barred for Obstructing Investigation

September 28, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Edmond J. Harris, a registered representative with Ladenburg Thalman & Co. Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that Harris failed to cooperate with an investigation into allegations that Harris engaged in improper discretionary trading in client accounts. Letter of Acceptance, Waiver, and […]

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WFG Principal Barred for Failure to Supervise

Willard L. Golightly, a principal with WFG Investments, Inc., was permanently barred from association with a Financial Industry Regulatory Authority (FINRA) member firm in all principal capacities and barred from associating with a FINRA firm in all capacities for three months after consenting to findings that Golightly had failed to properly supervise sales practices of […]

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Dynasty Capital PartnersPrincipal Barred for Obstructing Investigation

Raymond Clark, a principal with Dynasty Capital Partners, Inc., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities in accordance with an Order Accepting Offer of Settlement containing findings that Clark failed to provide on-the-record testimony in connection with an investigation into allegations that he had executed unauthorized and […]

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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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Rogue Broker Barred for Obstructing Investigation

Christopher Frederic Veale, a registered representative who worked at eighteen brokerage firms in 18 years, 7 of which were expelled by FINRA, was charged by the Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Veal failed to provide written documentation, information, and on-the-record testimony concerning an investigation into potential violations of securities laws. […]

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Bedrok Securities Broker Barred for Fraud

Simon Xi, a registered representative with Bedrok Securities was permanently barred from associating with a Financial Industry Regulatory Authority member in any capacity after consenting to Financial Industry Regulatory Authority’s findings that he had recklessly or knowingly made false statements of material facts to customers purchasing or selling fixed-income securities. Letter of Acceptance, Waiver, and […]

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Goldman Sachs Internation Fixed Income Trader International Barred for Fraud

September 16, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Lee W. Walker, a fixed income trader with Goldman Sachs International, was permanently barred from association with the Financial Industry Regulatory Association in any capacity based upon a finding that Walker mislead his firm regarding an investigation into unlawful trading. Department of Enforcement v. Lee W. Walker, No. 2013038196601 (May 4, 2015). According to the […]

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North Atlantic Broker Bared for Obstruction

Michael John Dell’ Olio, a broker with North Atlantic Securities was permanently barred from association with Financial Industry Regulatory Association finding that Dell `Olio failed to cooperate with an investigation into potential violations of federal securities laws. Department of Enforcement v. Michael John Dell’ Olio, No. 2012034939302 (May 4, 2015). FINRA’s Department of Enforcement had […]

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Wells Fargo Advisors Broker In Unautorized Trading Probe

Nicholas Harper, a registered representative with Wells Fargo Advisors, LLC, was permanently barred from the securities industry for life after consenting to findings that he failed to cooperate with an investigation into discretionary trading activities. Letter of Acceptance, Waiver, and Consent No. 2013038203401 (May 13, 2015). According to the AWC, Harper was employed with Wells […]

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Avenir Financial Group Charged for Defrauding Elderly Investors

September 11, 2015  |   Posted by :   |   Promissory Notes, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Avenir Financial Group, a brokerage firm headquartered in New York with approximately two dozen brokers operating from eight branch offices. The firm, along with Michael Clements and Karim Ahmed Ibrahim, were named in a FINRA Complaint where the Department of Enforcement has alleged that they have committed fraud via sale of promissory or equity notes, […]

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Carolina Financial Securities CEO Vindicated of Securities Fraud Charge

September 11, 2015  |   Posted by :   |   Securities Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Carolina Financial Services, a FINRA member since 1997 headquartered in Brevard, North Carolina, engages in private placement offerings via 15 registered reps operating out of 4 locations. The firm and Bruce Victor Roberts (the firm’s founder, CEO, and COO) were charged by FINRA’s Department of Enforcement in a Complaint alleging fraudulent misrepresentations and omissions in […]

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Meyers Associates Charged With Securities Fraud

September 11, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Meyers Associates, L.P., a FINRA member since 1994 headquartered in New York, NY, engages in general securities business via 70 registered reps operating out of 12 branch offices. The firm, along with George Johnson (investment banking representative), Christopher Wynne (general securities principal), and Mahalick (general securities and investment banking representative), were charged by FINRA’s Department […]

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Wells Fargo Advisors Broker Barred For Lying

Aaron R. Parthemer, a former financial advisor with Wells Fargo Advisors, LLC, was permanently barred from association with any FINRA member in any capacity after consenting to FINRA findings that he engaged in unapproved outside business activities, unlawful loans to customers, private securities transactions, false written responses to FINRA pursuant to 8210 requests, and false […]

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Edward Jones Broker Barred for Conversion

Adam Robert Bollinger from Chandler, Arizona, a former general securities representative with Edward Jones, was permanently barred from association with any FINRA member firm in any capacity after consenting to FINRA findings that Bollinger converted $17,525 from 7 individuals (6 of whom were his firm customers). FINRA Letter of Acceptance, Waiver, and Consent, No. 2015044164801 […]

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Allstate Financial Services Broker Barred for Defrauding Customers

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

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Transamerica Securities Broker Barred for Outside Business Activities

Bradley Claus of Greenwood Village, CO, a former securities broker with Transamerica Financial Advisors, Inc., was permanently barred from association with any FINRA-registered firm in all capacities after FINRA found that Claus had made material misrepresentations via his securities sales efforts, along with participating in private securities transactions not approved by his former firm, in […]

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IBN Financial Services Planner Barred For Defrauding Customers

Anthony Diaz of Scotrun, PA, formerly a financial planner with IBN Financial Services, was permanently barred from association with any FINRA registered firms after consenting to FINRA allegations that Diaz engaged in unsuitable variable annuity exchanges, deceptively used falsified financial information and dates, committed fraud in connection with alternative investments, falsified books and records, engaged […]

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LPL Financial Principal Suspended for Lying to FINRA

Walter Chao of San Mateo, CA, a former general securities principal with LPL Financial, was dealt a 2 year suspension from associating with any FINRA member in any capacity, a $30,000 fine, and lost his FINRA certifications after accepting and consenting to FINRA findings alleging that Chao had sold away from LPL, provided misleading and […]

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Newport Coast Securities, Inc. Fined for Supervisory Failures

Roman Tyler Luckey of Irvine CA, a former registered principal with Newport Coast Securities, Inc., was fined $15,000 and suspended for practicing for 14 months by FINRA’s National Adjudicatory Council after consenting to FINRA sanctions and findings concerning Luckey’s failure to properly supervise his staff which led to his subordinates excessively trading and churning 24 […]

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J.H. Darbie & Co, Inc. Fined for Sale of Unregistered Securities

August 26, 2015  |   Posted by :   |   Microcap Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

J.H. Darbie & Co, Inc. (“Darbie”), a FINRA member since 1998 headquartered in New York City, offers securities business via 59 registered reps between its NY and NJ locations. Wolf A. Popper, Inc. (“Popper”), a FINRA member since 1998 located in NY, is an affiliate of Darbie which share Darbie’s ownership and control. On August […]

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Edward Jones On the Hook for $20M After Fleecing Customers in Municipal Bonds Sales

Edward Jones, a FINRA member brokerage firm and SEC investment advisor headquartered in St. Louis, MO, settled with the SEC for north of $20M after the firm was alleged by the SEC to have overcharged customers within their municipal bond business along with failing to supervise the review of municipal bonds trading in the secondary […]

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FSC Securities Corp. To Pay $1.28M to Investors

August 26, 2015  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

FSC Securities Corp. of Atlanta, Georgia, a FINRA member brokerage firm and investment advisor firm registered with the SEC, is responsible for paying eight investors an award collectively totaling more than $1.2M via a FINRA’s arbitration panel decision after claimants alleged violations of FINRA Conduct Rule 3010, respondent superior/agency by estoppel, and violations of the […]

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Barclays Capital Broker Barred by FINRA

Louis Anthony Tinoco Jr. formerly associated with Barclays Capital was barred from the securities industry for life as a result of his failure to cooperate with an investigation by the Financial Industry Regulatory Authority. FINRA’s Findings FINRA found that Tinoco during his association with Barclays Capital engaged in fraud by providing at least one customer […]

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Wells Fargo Advisors Fined for Sale of Structured Products

Between August 2005 and July 2012, Wells Fargo Advisors, together with its predecessor, Wachovia Securities sold more than $12 million of Structured Repackaged Asset-Backed Trust Securities or “STRATS” to its retail customer. Structured Repackaged Asset-Backed Trust Securities Structured Repackaged Asset-Backed Trust Securities are a complex structured product who return is based upon a floating rate based […]

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Wells Fargo Broker Barred for False Promises

Jack Allen Scherbert of Sparks Nevada was barred by the Financial Industry Regulatory Authority or for life following his failure to cooperate, as required by FINRA Rules, in connection with its investigation that Scherbert made false guaranties regarding return of interest and principal to Wells Fargo Advisors customers in connection with the recommendation and sale […]

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H.D. Vest Stockbroker Barred for Obstructing Investigation

August 17, 2015  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Richard Eugene Whitley, a former H.D. Vest general securities representative, was barred from association with any FINRA registered firm in all capacities after Whitley failed to cooperate with a FINRA investigation into allegations of that Whitley, while employed at his former firm, engaged in unsuitable trading in customer accounts. Letter of Acceptance, Waiver and Consent […]

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Massachusetts Financial Advisor and Firm Charged In Connection with Deceptive Advertising Scheme

August 10, 2015  |   Posted by :   |   Securities Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Barry Graham Armstrong from Needham Heights, MA, a financial advisor with Securities America, Inc. and Armstrong Advisory Group, were charged by the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth in a Complaint alleging Armstrong had engaged in a misleading and dishonest advertising campaign in violation of […]

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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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Philadelphia Area Stockbroker Indicted in $15.5 Million Ponzi Scheme

July 06, 2015  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Malcolm Segal of Langhorne Pennsylvania, a former registered representative of Aegis Capital Corp. was indicted by a federal grand jury in Philadelphia for nine counts of mail fraud and wire fraud in connection with operating a $15.5 million Ponzi Scheme. United States v. Malcolm Segal (E.D. Pa. June 25, 2015). Following the release of his indictment, […]

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FINRA Arbitration Has Serious Flaws & The Forum Is Unfair To Investors

What practitioners have known for a long time: The Financial Industry Regulatory Authority’s Arbitration forum is unfair to investors. However, at least this time, there is empirical evidence to back up these claims of unfairness. Some History of Investor Unfairness By way of background, since 1987 and the Supreme Court’s holding in Shearson v. McMahon, […]

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Securities Fraudsters: You have a friend in Pennsylvania

July 25, 2014  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Each year in Pennsylvania investors conservatively lose $3 billion as the result of securities fraud, Ponzi schemes and the sale of unregistered securities. Among the 50 states that are part of the North American Securities Administration Association, Pennsylvania is and always has been lowest on the list in terms of enforcement actions. Notwithstanding three lawyers, […]

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Former Edward Jones Broker Suspended for Unauthorized Trading

May 09, 2012  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Scott B. Hostutler, formerly a broker with Edward Jones, was suspended for 10 days by the Financial Industry Regulatory Authority (FINRA) for trading in a customer’s account without authorization. Hostutler was fined $5,000 in addition to his suspension from association with any FINRA member in any capacity. The sanctions were set out in a Letter […]

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Former First Allied Broker Fined for Outside Business Activities

April 21, 2012  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Thomas R. Fortino, a former broker with First Allied Securities Inc., was fined and suspended by the Financial Industry Regulatory Authority (FINRA) after he engaged in business outside his firm, often called selling away, and misled his firm about these activities. Fortino submitted a Letter of Acceptance, Waiver and Consent (AWC) that resolved the FINRA […]

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Broker Sanctioned for Selling Securities without Firm’s Permission or Proper License

March 23, 2012  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Jimmy Wayne Freeman, a broker with Texas-based PlanMember Securities Corp., was ordered by the Texas Securities Board to pay more than $500,000 in restitution to investors after he sold them securities issued by an outside firm without his firm’s permission and without holding the appropriate securities license. Freeman was also suspended for 12 months from […]

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Principal of Cantone Research Fined & Suspended for Failure to Supervise

The Financial Industry Regulatory Authority (FINRA) has sanctioned Christine L. Cantone and her firm for their failure to supervise a broker who sold fictitious investments to customers through which he misappropriated over $1.6 million. Cantone & Cantone Research Inc. Censored & Fined Pursuant to an FINRA order dated Feb. 22 that accepted an offer of […]

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World Group Securities Stockbroker Ordered to Pay Restitution to Customers for Unpaid Loans

March 15, 2012  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Anthony L. Semadeni, a former stockbroker with World Group Securities, has been barred from the financial industry for two years and ordered to pay up to $60,000 in restitution plus interest to customers for borrowing money from them and never fully paying it back. Semadeni also lied to World Group about the loans he received […]

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On Fraud Spree, Broker Lies to Firms, Customers and Regulators

February 29, 2012  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Over five years, former broker James Scott McKee defrauded the customers of the brokerage firms where he worked out of nearly $1 million, using lies and omissions to induce them to invest in various real estate ventures in which he had a direct or indirect financial interest, according to a complaint filed by the Financial […]

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Stockbroker Fined $10,000 for Trading in Account of Deceased Customer

February 27, 2012  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Evidently, it slipped the mind of one New York stockbroker that dead men can’t trade. Eric Anthony Foster, a stockbroker with Halcyon Cabot Partners Ltd., has been fined $10,000 by the Financial Industry Regulatory Authority (FINRA) and suspended for three months for unauthorized trading in the account of a deceased customer while he worked for […]

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Brokers Failed to Fess Up About Debts – Fined & Suspended

September 23, 2011  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

The Financial Industry Regulatory Authority, or FINRA does not take kindly to stockbrokers who fail to disclose tax liens, perhaps because such behavior can signal un-trustworthiness, the last thing you want to see in a stockbroker. If you are a stockbroker who fails to timely disclose such liens per FINRA rules, you are likely to […]

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The Guiliano Law Group Announces Filing of Securities Arbitration Claims Before FINRA

April 27, 2011  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

The Guiliano Law Group. P.C. has announced the filing of securities arbitration claims before the Financial Industry Regulatory Authority (FINRA) on behalf of investors suffering losses in Inverse and Leveraged Exchange Traded Funds or ETFs. Many investors were sold these securities based upon the notion that they could be a long term hedge. Most ETFs track […]

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Broker Charles Winitch Guilty of Fraud Managing Accounts of Children Medical Malpractice Victims

December 14, 2010  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Just when you thought that you heard it all. The New York Stock Exchange disciplined former Morgan Stanley stockbroker Charles Winitch of Scarsdale, New York, for unauthorized trading, churning or excessive activity, and breach of fiduciary duty with respect to the accounts of his customers. Mr. Winitch’s fraudulent conduct, however, relates to the accounts of […]

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

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

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

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You & The Law: Claims Against Your Financial Advisor (Part 1)

November 27, 2008  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

If your stockbroker sold you improper, excessively risky investments, or — failed to disclose the riskiness of what appeared as an otherwise conservative investment, and as a result you lost your shirt — then today’s story will be especially relevant. For my readers who are stockbrokers, I’ll tell you right now that I’m going to […]

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You & The Law: Claims Against Your Financial Advisor (Part 2)

November 27, 2008  |   Posted by :   |   Securities Fraud, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Last week I told you about what happened to Hal and his wife, both 67, retired, and long time readers. From more than a million dollars in their 401K account as of January, 2006, their investments have lost close to $750,000. Why? What Went Wrong? “In our final preparations for retirement, in early 2006 even […]

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Guiliano Law Launches Securities Fraud Investigation Against Wall Street Firms

November 06, 2008  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Philadelphia, PA (MarketWire) November 6, 2008 –The Guiliano Law Group, P.C., a leading securities lawyer firm in Philadelphia, Pennsylvania announced today it is actively investigating and pursuing securities fraud claims against certain securities broker-dealers resulting from the risky or unsuitable recommendation of securities. Investment trusts, labor unions, pension funds, local municipalities, school boards and charitable […]

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LPL Sued for Financial Fraud In A Case Involving Local Church Members

October 21, 2008  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

LPL Financial was sued last week in Phoenix for its role in an affinity fraud case involving members of a local church and an ex-broker who allegedly stole $5 million from at least 40 victims. The lawsuit alleges that the broker, James Buchanan, was able to steal $382,376 from an elderly married couple because LPL […]

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Claims From the Risky Recommendation of Wachovia, Fannie Mae, Freddie Mac, Bear Stearns, & Lehman Brothers

October 08, 2008  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

PHILADELPHIA – PA Nicholas J. Guiliano of the Guiliano Law Group, P.C., in Philadelphia, Pennsylvania announced today he is actively investigating and pursuing fraud claims against certain securities broker-dealers resulting from the risky or unsuitable recommendation of the securities of certain financial institutions. Tens of Billions Lost in Securities Investment Trusts, Labor Unions, Pension Funds, […]

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Broker Gary J. Gross Charged For Defrauding Senior Citizens & Other Customers

The Securities and Exchange Commission today charged a former broker in South Florida, Gary J. Gross, who allegedly defrauded senior citizens and other customers through a variety of abusive sales practices, garnering him more than $700,000 in commissions and fees while causing more than $2.7 million in investor losses. SEC Chairman Christopher Cox announced the […]

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Busted Brokers Continue Bilking Clients At New Firms

September 03, 2008  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Despite intense pressure from regulators to tighten recruiting standards for brokers with marks on their records, these bad apples are still being hired by new firms, recent cases illustrate. The problem is compounded by an industry practice that condones silence from broker-dealers when a registered representative leaves under a cloud, attorneys and regulators said. It’s […]

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Description of Merrill Lynch’s Auction Rate Securities Practices & Procedures

General Description of Auction Rate Securities Auction rate securities were first offered for sale in U.S. financial markets in the early 1980s. As of the end of 2005, there were approximately $263 billion of auction rate securities outstanding. Many different types of issuers have issued auction rate securities for example, closed-end funds, corporations, municipal authorities […]

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Citigroup Global Markets Fined $2.5M For Failure To Deliver Prospectus

NYSE HEARING BOARD DECISION 07-143 September 7, 2007 Citigroup Global Markets Inc. Violated NYSE Rule 401(a) by failing to ensure delivery of prospectuses in connection with sales of registered securities in violation of Section 5(b)(2) of Securities Act of 1933 and to deliver trade confirmations to certain customers; violated NYSE Rule 1100(b) by failing to […]

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