Stockbroker Fraud News

Archive | Stockbroker Fraud News

Questar Capital Corp Censured For Excessive Fees

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

Questar Capital Corp., a brokerage firm headquartered in Minneapolis, Minnesota, has been censured by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it disadvantaged charitable organization and retirement account customers by overcharging them on mutual fund transactions. Letter of Acceptance, Waiver and Consent, No. 2016049977801 (Nov. 2, 2017). According to […]

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Financial West Group Stockbroker Barred By FINRA

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

Victor Michel of Reno, Nevada, a stockbroker formerly registered with Financial West Group, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to testify before FINRA staff in the course of an investigation into his sales practice violations. Letter of Acceptance, […]

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Wells Fargo Sued For Direct Investments

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

Regan Allen Rohl of Fargo, North Dakota, a stockbroker formerly registered with Wells Fargo Advisors Financial Network, LLC, is the subject of a customer initiated investment related arbitration claim, where the customer sought $75,000.00 in damages supported by allegations that Rohl made misrepresentations to the customer concerning direct investment products purchased by the customer between […]

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Regulator Sanctions Cetera Broker For Misrepresentation

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

Susan Lavon Welo of Mayville, North Dakota, a stockbroker formerly registered with Cetera Advisor Networks LLC, is subject of a Cease and Desist Order issued by the North Dakota Securities Department based upon findings that Welo sold insurance and securities to the public while not registered with a broker-dealer; advised the public while not registered […]

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Morgan Stanley Stockbroker Barred By Regulator

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

Peter Joseph Doyle of Washington, DC, a stockbroker formerly registered with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to cooperate in a FINRA investigation into allegations of his improper conduct as referenced in his termination from Morgan […]

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Alexander Capital Stockbrokers Charged With Fraud

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

William C. Gennity, of Staten Island, New York, and Rocco Roveccio, of Freehold, New Jersey, stockbrokers employed with Alexander Capital, have been charged by Securities and Exchange Commission (SEC) in a Complaint alleging that they made fraudulent investment recommendations to customers, misrepresentations, churned customer investment portfolios, and traded without authorization from 2012 to 2014. Securities […]

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Customer Sues Ameriprise Financial For Suitability

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

William Wesley Marshall of Plano, Texas, a stockbroker currently registered with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested $200,000.00 in damages based upon allegations of omissions and misrepresentations and unsuitable investment recommendations relating to the sales of unregistered corporate debt securities. FINRA […]

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Geneos Wealth Management Sued For Unsuitable REITS

November 21, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Joseph Harold Sterling of Phoenix, Arizona, a stockbroker registered with Geneos Wealth Management, Inc., is the subject of a customer initiated investment related arbitration claim, wherein the customer requested $290,000.00 in damages based upon allegations that Sterling made unsuitable investment recommendations to the customer concerning real estate securities. FINRA Arbitration No. 17-01906 (July 19, 2017). […]

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FINRA Fines PHX Stockbroker For Unauthorized Trading

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

Marc Augusta Reda of New York, New York, a stockbroker formerly registered with PHX Financial, Inc., 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 Reda, inter alia, traded in customer accounts without authorization. Letter of […]

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Customer Sues UBS Financial For Suitability

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

William John Paynter Jr. of Scottsdale, Arizona, a stockbroker formerly registered with UBS Financial Services Inc., is the subject of a customer initiated investment related arbitration claim on June 28, 2017, in which the customer requested $500,000.00 in damages based upon allegations of breach of contract, breach of fiduciary duty, negligence, and suitability regarding oil […]

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Berthel Fisher Sued By Customer For Omissions

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

Jonathan Todd Pyne of Minneapolis, Minnesota, a stockbroker currently registered with Berthel Fisher & Company Financial Services, Inc., is the subject of a customer initiated investment related written complaint on July 6, 2017, in which the customer requested more than $5,000.00 in damages based upon allegations that Pyne misled the customer by inducing the customer’s […]

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Corecap Investments Stockbroker Barred By FINRA

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

Ernest Julius Romer III, of Sterling Heights, Michigan, a stockbroker formerly registered with Corecap Investments, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to provide FINRA with a response to its request for information about Romer’s business activities. Case No. 2017053029101 […]

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Customer Sues JJB Hillard WL Lyons For Suitability

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

Michael B. Barnett of Marion, Illinois, a stockbroker currently registered with J.J.B. Hilliard, W.L. Lyons, LLC, is the subject of a customer initiated investment related civil action, in which the customer requested more than $5,000.00 in damages based on allegations that over-the-counter equities and stock transactions had been effected in the customer’s account which were neither […]

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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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Customer Sues Raymond James For Securities Fraud

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

Leon Paul Rehak, of Fort Lauderdale, Florida, a stockbroker formerly registered with Raymond James & Associates, Inc., is the subject of a customer initiated investment related arbitration claim on October 12, 2017, in which the customer requested $499,000.00 in damages founded on allegations that from May 3, 2011 to September 29, 2017, the customer’s account […]

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SEC Bars LPL Financial Stockbroker For Fraud

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

Danny S. Hood of Alpharetta, Georgia, a stockbroker formerly registered with LPL Financial LLC, has been barred from acting as an investment adviser or broker or associating with any investment advisories or brokerage firms in any capacity according to a Securities and Exchange Commission (SEC) Order containing findings that Hood effected unauthorized transactions in customer […]

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SEC Charges WealthCFO Manager With Misappropriation

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

Terry Dean Bahgat (also known as Tarek Dean Bahgat), of Amherst, New York, the managing member of WealthCFO, WealthCFO Advisors, LLC, and WealthCFO Partners, LLC, and stockbroker formerly employed with Gradient Securities, LLC, is the subject of a Complaint brought by Securities and Exchange Commission alleging Bahgat misappropriated customer funds. Securities and Exchange Commission v. […]

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Raymond James Broker Barred For Stealing

November 20, 2017  |   Posted by :   |   Forgery, Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Paul Anthony Steffany, of Westport, Connecticut, a stockbroker formerly registered with Raymond James & Associates, Inc., is the subject of an Order Issued by the Banking Commissioner of the State of Connecticut which permanently barred him from engaging in business as an investment advisor, broker-dealer, investment adviser agent, or broker-dealer agent. In the Matter of […]

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Park Avenue Securities Sued For Sale of Unregistered Securities

November 20, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News, Unregistered Securities   |   0 Comments

Lizabeth Gotuaco Ty of Houston, Texas, a stockbroker formerly registered with Park Avenue Securities LLC who is barred from the securities industry, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $175,000.00 in damages based upon allegations that Ty effected unauthorized transactions by selling the customer a promissory […]

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Hornor Townsend Fined For Supervisory Failures

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

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

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Morgan Stanley Broker Barred For Stealing $5 Million

November 20, 2017  |   Posted by :   |   Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Barry Franklin Connell, of Ridgewood, New Jersey, a former stockbroker registered with Morgan Stanley, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to provide information to FINRA about his “business activities.” Case No. 2016052354501. Although FINRA does not disclose why Connell was […]

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Morgan Stanley Sued For Closed End Funds

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

Edward Louis Barger, of Miami, Florida, a stockbroker formerly registered with Morgan Stanley, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $400,000.00 in damages based upon allegations that unsuitable closed-end fund, stock and over-the-counter equity transactions were effected in the customer’s account between January of 2010 and […]

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Legend Securities Stockbroker Barred Defrauding Blind Woman

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

Hank Mark Werner, of New York, a stockbroker formerly registered with Legend Securities, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Extended Hearing Panel Decision containing findings that Werner made unsuitable investment recommendations to a customer and engaged […]

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Merrill Lynch’s Glassman Accused Of Misrepresentation

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

Saly Ann Glassman of Blue Bell, Pennsylvania, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint on July 14, 2016, where the customer sought $5,000,000.00 in damages based upon allegations of unsuitable investment recommendations, misrepresentation, and excessive trading in the customer’s account […]

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FINRA Sanctions UBS Stockbroker For Third Party Trickery

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

Richard Eastburn, of Cleveland, Ohio, a stockbroker formerly registered with UBS Financial Services Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he made misrepresentations to customers about custody agreements. Letter of Acceptance, Waiver and Consent, […]

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First Allied Stockbroker Fined For Unauthorized Trading

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

Charles Terrence Lundell of Bellevue, Washington, a stockbroker formerly registered with First Allied Securities, Inc., has been fined $5,000.00 and suspended for a month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he effected unauthorized trades in customers’ investment accounts. Letter of Acceptance, Waiver and […]

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Morgan Stanley Sued For Structured Product Sales

November 20, 2017  |   Posted by :   |   Stockbroker Fraud News, Structured Notes, Unit Investment Trusts   |   0 Comments

Patrick Francis Walsh, of Westlake Village, California, a stockbroker currently registered with Morgan Stanley, is the subject of a customer initiated investment related arbitration claim, which settled for $156,000.00 in damages based upon allegations that between January of 2009 and November of 2015, Walsh effected trades in the customer’s account on an excessive basis relating […]

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HSBC Securities Accused Of Unauthorized Transactions

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

Luis Alberto Mendoza, of Washington, District of Columbia, a stockbroker formerly registered with HSBC Securities (USA) Inc., is the subject of a customer initiated investment related written complaint on July 20, 2015, where the customer sought $47,000.00 in damages supported by allegations that two variable universal life insurance policies were sold to the customers despite […]

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Customer Sues LPL Financial For Churning

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

Gregory Ray Powell of Birmingham, Alabama, a stockbroker formerly registered with LPL Financial LLC, is the subject of a customer initiated investment related arbitration claim, where customers have alleged that between 2006 to 2015, their investment accounts were improperly managed, misrepresentations were made relating to investments, fees were excessively charged, and their investment portfolios were churned. […]

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Triad Advisors Stockbroker Suspended For Selling Away

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

Robert Scott Wilder of Atlanta, Georgia, a stockbroker formerly registered with Sterne Agee Financial Services, Inc., 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 sold away from his firm. Letter of Acceptance, Waiver and Consent, […]

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Customer Sues Gentry Securities For Misrepresentation

November 07, 2017  |   Posted by :   |   Failure to Disclose, Stockbroker Fraud News   |   0 Comments

Larry Lee Aschebrook, of Chicago, Illinois, a former officer of Gentry Securities, LLC, is the subject of a customer initiated investment related civil action that settled for $140,000.00 in damages based upon allegations that misrepresentations were made to the customer regarding private placements. Civil Action No. 2015-CH-18129 (Oct. 25, 2016). The customer also alleged that […]

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JP Morgan Stockbroker Charged With Obstruction

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

Ricardo Rodriguez-Stern, of New York, New York, a stockbroker formerly registered with JP Morgan Securities LLC, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he failed to cooperate with FINRA’s investigation into customer disputes that JP Morgan customers filed against him. Department of Enforcement v. Ricardo Rodriguez-Stern, Disciplinary Proceeding […]

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New England Securities Accused Of Misrepresentation

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

Hossein Mohammad Yekani, of Woodland Hills, California, a stockbroker formerly registered with New England Securities, has been named in a customer initiated investment related written complaint on January 4, 2016, where the customer alleged that a variable life insurance policy purchased by the customer had been misrepresented. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Merrill Lynch Sued By Customer For Excessive Trading

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

Thomas Joseph Buck, of Indianapolis, Indiana, a former Merrill Lynch, Pierce, Fenner & Smith Incorporated stockbroker who has been barred by Financial Industry Regulatory Authority (FINRA) in all capacities, is the subject of five customer initiated investment related written complaints that have been settled on November 23, 2016, for a total of $465,000.00 in damages, […]

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FINRA Investigates Lincoln Stockbroker For Obstruction

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

Leslie George Markus Jr., of Center Valley, Pennsylvania, a stockbroker currently registered with Lincoln Investment, is the subject of a Financial Industry Regulatory Authority (FINRA) Investigation, which has been initiated on November 16, 2016, concerning Markus’ possible unauthorized trading in violation of FINRA Rule 2010; inaccurate entries in the firm’s records and books in violation […]

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Customer Sues Kalos Capital For Suitability

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

Daniel Ray Saur, of Dallas, Texas, a stockbroker currently registered with Kalos Capital, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested at least $500,000.00 in damages supported by allegations of the failure of due diligence to be conducted with respect to investments effected in the customer’s […]

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Calton And Associates Broker Suspended By Regulator

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

Gary Allen Graham, of Huntington Beach, California, a stockbroker currently registered with Calton & Associates, Inc., is the subject of a California Department of Insurance Order suspending Graham’s insurance licenses based upon findings that he failed to inform California about a fine and suspension imposed by Financial Industry Regulatory Authority (FINRA) for Graham’s improper conduct. […]

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Regulator Bars Wells Fargo Stockbroker For Fraud

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

Barbara Ann Endres, of Grand Junction, Colorado, a stockbroker formerly registered with Wells Fargo Advisors, LLC and investment advisor representative with Lifetime Wealth Advisors, LLC, is the subject of an Order issued by Commonwealth of Massachusetts Securities Division suspending Endres’ investment advisor representative registration in the Commonwealth of Massachusetts based upon allegations of her improper […]

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Cadaret Grant Terminates Stockbroker For Selling Away

November 07, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Steven Pagartanis, of Setauket, New York, a stockbroker formerly registered with Cadaret, Grant & Co., Inc., has been terminated by the firm on March 20, 2017, based on allegations that the firm received a customer initiated investment related arbitration claim pertaining to Pagartanis’ conduct that contained accusations of conversion of the customer’s funds, securities fraud […]

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Independent Financial Broker Barred For Felony

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

Dale Franklin Norton Jr., of Newhall, California, a former registered representative with Independent Financial Group, LLC, is the subject of a California Department of Insurance Order issued on July 27, 2017, revoking Norton’s insurance licensure according to Sections 1669(a)(I) and 1738 of the California Insurance Code, based upon Norton having pled nolo contendere to a […]

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Regulator Sanctions Signator Stockbroker For Complaints

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

James Edmond Moniz of Brainless, Massachusetts, a stockbroker formerly registered with Signator Investors, Inc., has become the subject of heightened supervision requirements imposed by the Secretary of State of the Commonwealth of Massachusetts, Securities Division, according to a Consent Order containing findings that Moniz accumulated nine customer complaints, FINRA rule infractions and a civil judicial […]

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Wells Fargo Stockbroker Fired For FINRA Suspension

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

Dennis McNamara Jr. of Bogota, New Jersey, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, was fired on August 24, 2017, based upon McNamara’s failure to make regulatory disclosures to Financial Industry Regulatory Authority (FINRA) about judgments and liens placed against him. FINRA fined McNamara $5,000.00 and suspended him in all capacities as […]

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SA Stone Wealth Management Fires Broker For Selling Away

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

Christopher Todd Wendel of Celina, Ohio, a stockbroker formerly employed with SA Stone Wealth Management Inc., has been fired from the company on September 5, 2017, based upon allegations that Wendel sold away from the firm. Wendel’s termination comes after the firm launched an investigation into his alleged private securities transactions on April 21, 2017. […]

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LPL Stockbroker Barred By SEC in $40 Million Fraud

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

Brandon Preston Long of Alpharetta, Georgia, a stockbroker formerly registered with LPL Financial LLC, has been barred by Securities and Exchange Commission (SEC) from associating with any broker or investment adviser according to an SEC Order containing findings that Long misled investors in the course of selling annuity products. In the Matter of Brandon P. Long, […]

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FINRA Charges Glendale Securities With Securities Fraud

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

Glendale Securities, Inc., a brokerage firm headquartered in Sherman Oaks, California, as well as George Alberto Castillo, the firm’s president and primary trader, have been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm and Castillo, among others, engaged in a fraudulent stock trading scheme. Department of Enforcement v. Glendale […]

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Ameriprise Fires Stockbroker For Improper Solicitation

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

Joseph John Squillacioti, of Irvine, California, a stockbroker formerly registered with Ameriprise Financial, was fired on May 15, 2017, based upon having consistently violated the firm’s policies with respect to the solicitation of investments from customers. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Squillacioti has been identified in five customer initiated investment related […]

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FINRA Bars Summit Stockbroker For Failure To Testify

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

Kenneth Bostian Neuner, of Dallas, Texas, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member by consenting to findings that he failed to cooperate in a FINRA investigation into his unauthorized trading in Summit customers’ investment accounts. Letter […]

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Smith Moore Stockbroker Suspended For Selling Away

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

David Apted of Clayton, Missouri, a stockbroker formerly registered with Smith, Moore & Co., has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Apted, inter alia, sold away from his firm relating to customers’ investments in a venture-capital […]

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FINRA Bars JP Morgan Broker In Investigation

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

Deborah Elizabeth Greenlee-Keck, of Mishawaka, Indiana, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on allegations that Greenlee-Keck obstructed a FINRA investigation into allegations of her improper conduct concerning a financial transaction with a customer of the […]

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FINRA Fines Merrill Lynch Broker For Misrepresentation

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

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

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Newport Coast Named In Complaint Alleging Churning

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

John Robert Openshaw, of Irvine, California, a stockbroker formerly registered with Newport Coast Securities, Inc., has been named in a customer initiated investment related written complaint on February 8, 2017, in which the customer requested $70,000.00 in damages based upon allegations that from 2014 to 2017, Openshaw churned the customer’s investment portfolio and effected mutual […]

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Customer Sues JP Morgan For Unauthorized Trading

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

Andrew Martz, of Hollywood, California, a stockbroker formerly registered with J.P. Morgan Securities LLC, has been named in a customer initiated investment related arbitration claim, wherein the customer requested $200,000.00 in damages based upon allegations that between January 17, 2014, and March 2, 2017, Martz sold the customer an investment that was not authorized to […]

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FINRA Suspends Woodbury Broker For Customer Loans

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

David Albert Ross, of Murfreesboro, Tennessee, a stockbroker formerly registered with Woodbury Financial Services, Inc., has been suspended for ten months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he entered into unauthorized loan arrangements with customers of the firm, and engaged in outside business […]

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LPL Stockbroker Suspended By FINRA For Selling Away

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

Thomas Joseph Breslin Jr., of San Diego, California, a stockbroker formerly associated with LPL Financial LLC, has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon allegations that he sold away from LPL Financial. Letter of Acceptance, Waiver and Consent, […]

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MetLife Broker Charged With Impeding Investigation

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

Jasper E. Boykin, Jr., of Atlanta, Georgia, a registered representative formerly registered with MetLife Securities Inc., has been charged by FINRA Department of Enforcement in a Complaint alleging that he obstructed a FINRA investigation into allegations of his unapproved outside business activities. Department of Enforcement v. Jasper E. Boykin, Jr., No. 2016049508602 (Oct. 16, 2017). […]

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FINRA Bars Hornor Townsend Broker For Stealing

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

Sam Peter Paolini, of New York, New York, a stockbroker formerly registered with Hornor, Townsend, & Kent, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he converted a prospective customer’s funds. Letter of Acceptance, Waiver and Consent, No. 2017055696501 (Oct. 13, […]

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LPL Financial Stockbroker Fined For Selling Away

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

Terrence Jeffrey Diehl, of Boston, Massachusetts, a stockbroker formerly registered with LPL Financial, LLC, has been fined $10,000.00 and handed a nine-month suspension from associating with any FINRA member in any capacity by consenting to findings that he sold away from his firm and lied about it when LPL Financial, LLC questioned him. Letter of […]

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Regulator Bars Legend Stockbroker For Churning

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

Steven John Meyer, of Staten Island, New York, a stockbroker formerly registered with Legend Securities, has been barred from associating with any FINRA member in all capacities based upon consenting to findings that he excessively traded and churned the firm’s customer accounts, and placed trades without authorization. Letter of Acceptance, Waiver and Consent, No. 2017052709201 […]

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Next Financial Stockbroker Fined For Excessive Trading

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

Joseph Leigh Cotter, of Charlotte, North Carolina, a stockbroker with Next Financial Group, Inc., has been fined $15,000.00, disgorged of $100,549.42 in commissions, and suspended for nine months from having any association with a FINRA member by consenting to findings that he effected transactions in an investor’s accounts on an unsuitable and excessive basis. Letter […]

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Ameriprise Stockbroker Fined For Misleading Customer

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

Jack B. McBride, of Farmington Hills, Michigan, a stockbroker formerly registered with Ameriprise Financial Services, Inc., was fined $12,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he mismarked order tickets, engaged in misleading communications with a customer, and settled a customer dispute […]

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Regulator Suspends Legend Securities Broker For Churning

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

Marlin O. Cole, of New York, New York, a stockbroker registered with Legend Securities, Inc., has been fined $5,000.00 and suspended for sixteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he effected trades on an excessive and unsuitable basis in customer accounts. Letter […]

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Herbert J Sims Stockbroker Barred For Obstruction

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

Robert Baldwin Del Guercio, a stockbroker formerly registered with Herbert J. Sims & Co. Inc., has been barred from associating with any FINRA member in any and all capacities based upon allegations that he failed to cooperate in a FINRA investigation into allegations of his improper conduct. Letter of Acceptance, Waiver and Consent, No. 2016051166301 […]

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Noble Capital Markets President Censured

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

Noble Financial Capital Markets, located in Boca Raton, Florida, and firm’s president, Nicolaas Petrus Pronk, have been censured and fined by Financial Industry Regulatory Authority (FINRA) according to an Office of Hearing Officers Order Accepting Offer of Settlement containing findings that Noble Financial Captial Markets and Pronk made omissions regarding securities recommended to customers. Department […]

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Independent Financial Group Sued For Elder Abuse

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

Kyusun Kim, of San Diego, California, a stockbroker registered with Independent Financial Group, LLC, has been named in a customer initiated investment related arbitration claim, in which the customer alleged that Kim committed elder financial abuse, breached his contractual obligations, breached his fiduciary duties, and violated federal and state securities laws relating to structured products, […]

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Customer Sues Berthel Fisher For Misrepresentation

November 01, 2017  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Jerry Dewayne Mccutchen Sr., of Mobile, Alabama, a stockbroker formerly registered with Berthel, Fisher & Company Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, in which several customers jointly alleged that Mccutchen made misrepresentations to the customers about real estate securities, oil and gas products, and equipment leading investments, […]

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Meyers Associates Broker Charged With Excessive Trading

October 16, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Craig Gary Langweiler, of Philadelphia, Pennsylvania, a stockbroker formerly registered with Windsor Street Capital, L.P. (formerly known as Meyers Associates, L.P.), was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Langweiler effected excessive and unsuitable trades in a customer’s account, and exercised discretion without authorization. Department of Enforcement […]

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Customer Sues Triad Advisors for Suitability

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Christopher Thomas Tolmacs of Portage, Michigan, a stockbroker formerly registered with Triad Advisors, Inc., is the subject of a customer initiated investment related arbitration claim, which settled for $51,000.00 in damages based upon allegations that Tolmacs made unsuitable investment recommendations to the customer concerning business development corporations, exchange traded funds and fixed annuities. FINRA Arbitration Case […]

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Customer Sues Purshe Kaplan For Suitability

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jason Scott Tinklenberg, of Sioux Falls, South Dakota, a registered representative currently associated with Purshe Kaplan Sterling Investments, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $256,527.00 in damages founded on allegations that fixed annuities and whole life insurance contracts were inappropriately sold to the customer. Case […]

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Brookstone Stockbroker Suspended By Regulator

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David William Locy, of Lakeland, Florida, a stockbroker formerly registered with Brookstone Securities, Inc., was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he did not provide FINRA with information concerning his compliance with obligations to pay compensatory damages to a customer pursuant […]

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FINRA Fines Ameriprise Broker For Unauthorized Trading

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Cheryle Anne Brady, of Hingham, Massachusetts, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been fined $7,500.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that she effected securities trades in Ameriprise customer investment accounts without authorization from customers. […]

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Western International Broker Barred For Obstruction

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Clement Lancelot Chichester, of Westlake Village, a stockbroker formerly registered with Western International 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 his improper handling of a customer’s money. […]

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Regulator Suspends Leaders Group Broker For Misconduct

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Lawrence Michael Korseko, of Littleton, Colorado, a stockbroker formerly registered with The Leaders Group, Inc., has been fined $10,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Koresko’s consent to FINRA’s findings that he failed to disclose customer complaints against him for committing […]

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Regulator Suspends Dalton Strategic Stockbroker

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Erick J. Arnett, of Spring Hill, Florida, a stockbroker formerly registered with Dalton Strategic Investment Services Inc., has been fined $7,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in unapproved outside business activities. Department of Enforcement […]

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Regulator Fines Growth Capital For Failure To Supervise

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Growth Capital Services, Inc., a brokerage firm headquartered in San Francisco, California, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that, inter alia, Growth Capital Services failed to supervise private securities transactions effected by five of the firm’s stockbrokers. Letter of Acceptance, Waiver and Consent, No. […]

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Regulator Affirms Success Trade Securities Sanctions

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Success Trade Securities, Inc., a broker-dealer headquartered in District of Columbia, as well as its president and chief compliance officer, Fuad Ahmed, were subject of a Securities and Exchange Commission (SEC) Opinion holding that the firm and Ahmed committed fraud and effected unregistered securities offers and sales. In the Matter of the Application of Fuad […]

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Regulator Charges Sandlapper With Securities Fraud

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Sandlapper Securities, LLC, a broker-dealer located in Greenville, South Carolina, as well as its majority owner and founder, Trevor Lee Gordon, and vice president, Jack Charles Bixler, have been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that they defrauded the firm’s customers through its sales of saltwater disposal wells investments. Department […]

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FINRA Fines JP Morgan Stockbroker For Selling Away

October 16, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Ryan Nicholas Paugh, of Independence, Ohio, a stockbroker registered with J.P. Morgan Securities LLC, has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on allegations against Paugh of selling away from J.P. Morgan. Letter of Acceptance, Waiver and Consent, No. 2015046604801 […]

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Morgan Stanley Stockbroker Barred In Investigation

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

Barbara Jean Waters, of New York, New York, a stockbroker formerly registered with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by consenting to findings that she failed to testify in a FINRA investigation concerning allegations that she provided false accounting documents to her […]

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Sigma Financial Fires Stockbroker for Misconduct

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

Louis Frederick Scherschel, of Sleepy Hollow, Illinois, a stockbroker formerly registered with Sigma Financial Corporation, was fired on September 11, 2015, supported by allegations that he failed to abide by the policies of Sigma Financial Corporation regarding correspondence. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Scherschel has been subject of a customer initiated […]

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PTI Securities Sanctioned For Unauthorized Transactions

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

PTI Securities & Futures L.P., of Chicago, Illinois, was subject of sanctions sought by the State of Illinois Secretary of State Securities Division, alleging that the firm’s chief compliance officer, Daniel John Haugh, effected an unauthorized transfer of a customer’s funds, causing the customer to sustain $90,000.00 in losses. Case No. 1500161 (Jan. 29, 2016). […]

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Insight Securities Settles Misrepresentation Claim

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

Edward Alan Horwitz of Riverwoods, Illinois, a stockbroker and principal formerly registered with Insight Securities, Inc., is the subject of a customer initiated investment related arbitration claim, which settled for $150,000.00 on August 12, 2016, supported by allegations including breach of contract, unjust enrichment, misrepresentation, negligence and breach of fiduciary duty pertaining to stock and options […]

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Joseph Stone Stockbroker Sanctioned By Regulator

October 05, 2017  |   Posted by :   |   Excessive trading, Stockbroker Fraud News   |   0 Comments

David Gene Menashe of Mineola, New York, a stockbroker formerly registered with Joseph Stone Capital, L.L.C., is the subject of an Order issued by the State of Montana Commissioner of Securities & Insurance obligating $15,000.00 in restitution to a customer based on allegations that Menashe effected unauthorized trades in the customer’s account, and effected trades on […]

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Raymond James Sued For Fake Authorizations

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

Gregory Perrone, of Hernando, Florida, a stockbroker currently registered with Raymond James Financial Services, Inc., is the subject of a customer initiated investment related written complaint on May 8, 2017, in which the customer sought $42,179.00 in damages supported by allegations that Perrone caused the customer to furnish account transfer forms that he knew contained […]

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Customer Sues Wells Fargo For Failure To Execute

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

Patrick Claude Robert Guinet, of Irvine, California, a stockbroker formerly registered with Wells Fargo Clearing Services, is the subject of a customer initiated investment related arbitration claim, which settled on June 5, 2017, for $4,954.14 in damages supported by allegations that the customer’s wrap account fund reallocation instructions were not executed between January 1, 2017, […]

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JJP Hillard Sued For Fraud

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

J.J.B. Hillard, W.L. Lyons, LLC, an investment adviser firm and FINRA member brokerage firm, is subject of a customer initiated investment related arbitration claim, in which customers were awarded $450,000.00 in compensatory damages and $100,000.00 in punitive damages pertaining to allegations of negligent supervision, fraud, breach of contract, omissions and misrepresentations, breach of fiduciary duty, […]

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Pruco Securities Stockbroker Barred By Regulator

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

Yilih Choong, of Newark, New Jersey, a stockbroker formerly registered with Pruco Securities, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into accusations that he communicated false information to his employer […]

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Investors Capital Corp Sued By Customer For Suitability

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

James A. Franklin, of Dallas, Texas, a stockbroker formerly registered with Investors Capital Corp., is the subject of a customer initiated investment related complaint on March 15, 2017, in which the customer requested $50,000.00 in damages founded upon accusations that in March of 2015, Franklin placed real estate security transactions in the customer’s account that […]

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Customer Sues First Dallas Securities For Suitability

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

Gary Mack Bradshaw, a stockbroker currently registered with First Dallas Securities Incorporated, is the subject of a customer initiated investment related arbitration claim, which settled on January 10, 2017 for $11,500.00 in damages founded upon accusations that Bradshaw placed unsuitable over-the-counter equities trades in the customer’s account. Arbitration Case No. 16-03036 (Jan. 10, 2017). Financial […]

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Ameriprise Financial Sued For Unauthorized Transactions

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

Ameriprise Financial Services, Inc., a Financial Industry Regulatory Authority (FINRA) member brokerage firm located in Minneapolis, Minnesota, was orderd by a FINRA Arbitration Panel to pay $418,000.00 in damages in connection with a customer initiated investment related arbitration claim founded upon accusations including breach of contract, omissions of facts and breach of fiduciary duty relating […]

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NPC Stockbroker Suspended For Outside Business Activities

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

Sharon Melinda Kwan, of Arcadia, California, a stockbroker formerly registered with National Planning Corporation, has been fined $15,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she engaged in outside business activities and established unapproved customer bank accounts. Letter […]

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BancWest Stockbroker Suspended For Unauthorized Trading

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

Corinne Renae Mittag, of Omaha, Nebraska, a stockbroker formerly registered with Bancwest Investment Services, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she effected unauthorized trades, falsely represented her trading activities to her firm, and led her firm’s records and […]

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Regulator Bars Ameritas Broker For Unauthorized Loan

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

Thomas Lawrence, of Chapel Hill, Tennessee, a stockbroker formerly registered with Ameritas Investment Corp., has been fined $5,000.00, required to provide $41,332.65 in restitution, and was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Offer Accepting Offer of Settlement containing findings that Lawrence entered into an […]

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Ziv Investment Company Fined For Failure To Supervise

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

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

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Regulator Charges Forefront Officer With Obstruction

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

Bradley Carl Reifler, of New York, New York, a founder of Forefront Capital Markets LLC, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he failed to provide testimony to FINRA during an investigation into accusations of Reifler’s improper conduct and mishandling of money from investors. Department of Enforcement v. Bradley […]

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LPL Financial Stockbroker Suspended For Selling Away

October 03, 2017  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Kenneth Dominic Savino, of West Hartford, Connecticut, a stockbroker formerly registered with LPL Financial LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from LPL Financial LLC. Letter of Acceptance, Waiver and Consent, No. 2015047946801 […]

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Capital Investment Group Sued For Fraud

September 22, 2017  |   Posted by :   |   Breach of Fiduciary Duty, Stockbroker Fraud News   |   0 Comments

Kelly Gene Richards, of Phoenix, Arizona, a stockbroker formerly registered with Capital Investment Group, Inc., has been named in a customer initiated investment related arbitration claim on June 27, 2016, in which customers collectively requested $650,000.00 in damages based upon allegations that Richards breached his fiduciary duties to the customers, negligently managed the customers’ investment […]

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Regulator Fines JP Morgan Broker For Unauthorized Trading

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

Todd Jones of Seattle, Washington, a stockbroker formerly registered with J.P. Morgan Securities, LLC, has been fined $15,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in customer accounts without their consent and falsified information regarding […]

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Customer Sues Janney Montgomery Scott For Suitability

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

Christopher David Sinkula, of Stuart, Florida, a stockbroker currently registered with Janney Montgomery Scott LLC, has been named in a customer initiated investment related arbitration claim on July 11, 2017, in which the customer requested $100,000.00 in damages based upon allegations that Sinkula over-concentrated the customer’s funds in energy sector stocks, and effected unsuitable equity […]

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Customer Sues Cambridge Investment For Negligence

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

Dale Edward Wright, of Henrico, Virginia, a stockbroker currently registered with Cambridge Investment Research, Inc., has been named in a customer initiated investment related arbitration claim on March 15, 2017, in which the customer requested $130,000.00 in damages based upon allegations that Wright breached his contractual duties to the customer, negligently handled the customer’s insurance […]

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KCD Financial Broker Fined For Unauthorized Loans

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

Christopher Matthew Parr, of Overland, Kansas, a stockbroker formerly registered with KCD Financial, Inc., was subject of a Notice of Intent to Impose Administrative Sanctions by the State of Kansas, based upon allegations that Parr committed Kansas Uniform Securities Act violations by engaging in unauthorized loan transactions with customers away from his firm. Case No. […]

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