Stockbroker Fraud News

Archive | Stockbroker Fraud News

Regulator Bar 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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UBS Financial Services Sued By Investors For Fruad

Michael Joseph Winn of Century City California a stockbroker formerly employed by UBS Financial Services Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $35,000.00 in damages founded on allegations that (1) the customer was sold a life insurance policy that was not suitable for the customer given […]

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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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MML Investors Services Accused Of Annuity Fraud

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

Peter Michael Terlecky III of Amherst New York a stockbroker formerly employed by MML Investors Services LLC is the subject of a customer initiated investment related written complaint which was settled on May 13, 2016 to resolve accusations that during the time Terlecky was associated with the firm he made misrepresentations to the customer concerning […]

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FINRA Bars AXA Broker For In Investigation

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

Michael Jason Nickoli of Birmingham Alabama a stockbroker formerly registered with AXA Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that Nickoli failed to cooperate with FINRA’s request for his information. Case No. 2018058622701 (Nov. 2, 2018). FINRA Public Disclosure confirms that […]

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JP Morgan Accused By Investors Of Investment Fraud

Bradley Scott Cooperman of San Diego California a stockbroker currently registered with J.P. Morgan Securities LLC is referenced in a customer initiated investment related written complaint on July 14, 2016 in which the customer sought $11,060.56 in damages based upon accusations that (1) unauthorized trades were executed in the customer’s managed investment account (2) misrepresentations […]

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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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Edward Jones Broker Caught Using Blank Forms

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

Danielle Jean McAniff of Albuquerque New Mexico a stockbroker formerly registered with Edward Jones has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that McAniff caused an Edward Jones representative to have customers provide signed blank forms so the firm could effect […]

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LPL Financial Broker Blamed For Forging REIT Disclosures

February 20, 2019  |   Posted by :   |   Forgery, Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Diane Marie Knight of Chico California a stockbroker formerly employed by LPL Financial LLC is referenced in a customer initiated investment related written complaint on January 26, 2017 where the customer sought $50,000.00 in damages supported by accusations that while Knight was associated with LPL Financial LLC unauthorized parties signed documents to effect real estate […]

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Investors Sue Morgan Stanley For Bond Fraud

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

Angel Edgardo Aquino-Velez of Miami Florida a stockbroker formerly employed by Morgan Stanley is referenced in a customer initiated investment related arbitration claim where the customer requested unspecified damages founded on accusations that between 2011 and 2017, closed-end fund and municipal debt transactions were executed in the customer’s account that were not suitable for the […]

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JJB Hillard WY Lyons Broker Admits to Unauthorized Trading

Christopher Duke Bennett of Louisville Kentucky a stockbroker formerly employed by J.J.B. Hillard, W.L. Lyons 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 Bennett effected unauthorized transactions in accounts of J.J.B. Hillard, W.L. Lyons LLC customers. Letter […]

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FINRA Charges Charles Schwab Broker With Stealing

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

Andrew Manual Garcia of Indianapolis Indiana a stockbroker formerly registered with Charles Schwab Co. Inc. has been charged by Financial industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Garcia converted a customer’s funds. Department of Enforcement v. Andrew Manual Garcia, Disciplinary Action No. 2017054899801 (Feb. 4, 2019). According to the Complaint, […]

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SA Stone Accused Of Investment Fraud

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

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

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Titan Securities Sued By Investors For Failure To Supervise

Brad Curtis Brooks of Addison Texas, a stockbroker and supervisor currently registered with Titan Securities, is referenced in a customer initiated investment related arbitration claim which was resolved for $9,850.00 in damages founded on allegations that Brooks failed to supervise a customer’s investments in limited partnership interest or direct participation program products. Financial Industry Regulatory […]

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Waddell Reed Broker Admits To Unauthorized Trading

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

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FINRA Nails WEG Principal For Failure To Supervise

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

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

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Investors Sue LPL Financial LLC For Unsuitable Investment Advice

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

Erick Andrew Bourbon of Salem Massachusetts a stockbroker formerly registered with LPL Financial LLC is referenced in a customer initiated investment related written arbitration claim which was settled for $23,000.00 in damages based upon accusations that between January 7, 2014 and June 30, 2016: (1) mutual fund and stock recommendations were not suitable for the […]

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Farmers Financial Broker Barred In Investigation

February 19, 2019  |   Posted by :   |   Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Casey Wayne Walker of Lake Lotawana Missouri a broker formerly registered with Farmers Financial Solutions LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Walker chose not to cooperate with FINRA in an investigation into Walker’s possible misconduct pertaining to premium […]

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Alexander Capital Broker Barred In Boilerroom Investigation

Michael Alejandro Castillero of New York New York a stockbroker formerly employed by Alexander Capital has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Castillero failed to testify in a FINRA investigation into accusations of (1) Castillero making unauthorized trades in a […]

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Investors Accuse Wells Fargo Of Misconduct

February 19, 2019  |   Posted by :   |   Failure to Execute, Stockbroker Fraud News   |   0 Comments

Kerry John Mangano of Irvine California a stockbroker formerly registered with Wells Fargo Clearing Services LLC is referenced in a customer initiated investment related written complaint on July 8, 2016 where the customer sought damages estimated to exceed $5,000.00 founded on allegations that Mangano failed to execute the customer’s over-the-counter equities trades according to the […]

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Wells Fargo Advisors Broker Barred By SEC For Fraud

Barbara Ann Endres of Grand Junction Colorado a stockbroker formerly registered with Wells Fargo Advisors LLC and investment adviser representative of Lifetime Wealth Advisors LLC has been barred by Securities and Exchange Commission (SEC) in all capacities according to an Order Instituting Administrative Proceedings Pursuant to Investment Advisers Act of 1940 Section 203(f) containing findings […]

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Investors Sue FSC Securities For Unauthorized Trading

February 19, 2019  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Barry George Hartman of Missoula, Montana a stockbroker formerly employed by FSC Securities Corporation is referenced in a customer initiated investment related arbitration claim where the customer sought damages estimated to exceed $5,000.00 based upon allegations that Hartman executed unauthorized sales of securities to customers of the firm. Financial Industry Regulatory Authority (FINRA) Arbitration No. […]

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Investors Accuse Wells Fargo Of Churning Customer Accounts

February 19, 2019  |   Posted by :   |   Excessive trading, Stockbroker Fraud News   |   0 Comments

Thomas Edward Morrow of New York New York a stockbroker currently registered with Wells Fargo Clearing Services LLC is the subject of a customer initiated investment related written complaint on August 5, 2016 in which the customer sought damages estimated to exceed $5,000.00 founded on accusations that stock trades were executed in the customer’s UGMA […]

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FINRA Bars Spartan Capital Broker In Investigation

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

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UBS Broker Fined By FINRA For Outside Investment Accounts

February 19, 2019  |   Posted by :   |   Elder Abuse, Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Guy Stanley Waltman of Princeton New Jersey a stockbroker currently employed by UBS Financial Services Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Waltman failed to disclose his trading of a customer’s accounts at an outside firm. […]

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Wells Fargo Pays Investors In Fraud Claim

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

Herbert Charles Buchbinder of Mission Woods Kansas a stockbroker formerly employed by Wells Fargo Advisors LLC is referenced in a customer initiated investment related written complaint which was resolved on October 25, 2016 for $24,999.00 in damages founded on accusations that the customer sustained losses from the equity investments the customer purchased as a result […]

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Wells Fargo Pays Victim of Annuity Fraud

Leonard Charles Kinsman of Staten Island New York a stockbroker currently registered with Wells Fargo Advisors Financial Networks LLC is the subject of a customer initiated investment related written complaint which was settled for $24,000.00 on February 22, 2017 founded on allegations that the customer was provided false or misleading information concerning the principal protection […]

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FINRA Fines Kestra For Overcharging Customers

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

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

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SEC Nails Newport Coast Director For Illegal Fees

February 19, 2019  |   Posted by :   |   Boilerroom, Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

John Alexander Tarpinian of New York New York a former Newport Coast Securities Managing Director has been censured and fined $25,000.00 by Securities and Exchange Commission (SEC) according to an Order Instituting Administrative Cease and Desist Proceedings Pursuant to Securities Exchange Act of 1934 Section 15(b) and Investment Advisers Act of 1940 Section 203 containing […]

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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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Viewtrade Securities Fires Broker For Unsuitable Recommendations

Keith Scott Mency of Jersey City New Jersey a stockbroker formerly employed by Viewtrade Securities Inc. since September 30, 2015 has been discharged by the firm on June 2, 2016 founded on accusations that Mency effected unsuitable trades in customer accounts. This is not the first time that Mency has been terminated by a brokerage […]

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Investors Sue Ameriprise For REIT Sales

Carroll Thomas Clark Jr. (also known as Tom Clark) of Miami Florida a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $75,000.00 in damages supported by accusations that (1) investment recommendations concerning real estate securities were not suitable for the customer […]

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Investor Accuses JP Morgan Of Mutual Fund Misconduct

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

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

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Northwestern Broker Caught Selling Away

February 19, 2019  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Kejuan Yang of New York New York a former Northwestern Mutual Investment Services registered representative 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 Yang sold away from T3 Trading Group. Letter of Acceptance Waiver and Consent No. 2016050545001 […]

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FINRA Fines MetLife Broker For Outside Business Activities

February 19, 2019  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Dung Thanh Nguyen of Houston Texas a stockbroker formerly registered with MetLife Securities Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Nguyen engaged in undisclosed outside business activities while employed by the firm. Letter of Acceptance Waiver and Consent No. 2016050536901 (Apr. […]

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Arive Sued By Investors For Unsuitable Investments

Mirsad A. Muharemovic of Coram New York a stockbroker currently employed by Arive Capital Markets is referenced in a customer initiated investment related arbitration claim which was settled for $1,000,000.00 in damages founded on allegations that stock transactions executed in the customer’s account were not suitable for the customer given the customer’s objectives for investing. […]

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Investors Sue LPL Financial For REIT Misconduct

Jordan John Boyle of Saratoga Springs Utah a stockbroker formerly employed by LPL Financial LLC is the subject of a customer initiated investment related written complaint on January 23, 2019 in which the customer requested $10,000.00 in damages founded on accusations that between September 10, 2014 and January 18, 2019, the customer was provided unsuitable […]

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FINRA Catches MML Broker Selling Away Woodbridge Notes

Floyd Earl Powell of Albertville Alabama a stockbroker formerly employed by MML Investors Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Powell engaged in private securities transactions while associated with the firm. Letter of Acceptance Waiver and Consent No. […]

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H. Beck Sued By Investors REIT Misconduct

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

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Corinthian Partners Broker Caught Selling Promissory Notes

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

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Investors Sue Portfolio Advisors Alliance For Churning

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

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AXA Advisors Accused Of Insurance Fraud

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

Matthew Klein of New York New York a stockbroker currently employed by AXA Advisors LLC is the subject of a customer initiated investment related written complaint which was settled for $25,261.00 on September 13, 2016 based upon allegations that misrepresentations were made to the customer concerning a life insurance policy that the customer purchased. Financial […]

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Wilmington Capital Broker Fined For Outside Business Activities

Thomas John Lisa Jr. of New York New York a stockbroker currently employed by Wilmington Capital Securities LLC has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Lisa’s consent to findings that he engaged in an outside business activity without disclosing it to […]

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Cambridge Investment Research Sued By Investors For Fraud

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

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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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Morgan Stanley Fires Broker For Trading Dead Customer’s Account

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

Daniel Patrick Reilly of New York New York a stockbroker formerly employed by Morgan Stanley has been discharged by the firm on May 18, 2018 supported by allegations that Reilly executed trades in a deceased customer’s investment account. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Reilly is referenced in two customer initiated investment […]

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Lincoln Financial Advisors Sued For Misrepresentation

James Walter Barrett of Red Bank New Jersey a broker currently registered with Lincoln Financial Advisors Corporation is referenced in a customer initiated investment related arbitration claim which was resolved for $325,000.00 in damages founded on accusations that while Barrett was associated with the firm: (1) the costs and fees of investments purchased by the […]

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Investor Sues Hennion Walsh For Muncipal Bond Fraud

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

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United Planners Broker Caught In Promissory Note Scheme

Dexter Leroy Thomas of Dallas Texas a stockbroker formerly employed by United Planners’ Financial Services of America A Limited Partner has been discharged from employment on August 2, 2018 supported by allegations that (1) Thomas maintained a number of private investments and loans with customers of United Planners’ Financial Services of America wherein those investments […]

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Crown Capital Broker Caught In Alternative Investment Scheme

February 19, 2019  |   Posted by :   |   Alternative Investments, Hedge Funds, Stockbroker Fraud News   |   0 Comments

Thomas Edward Burns III of Orange California a stockbroker currently registered with Crown Capital Securities LP has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he was negligent in his confirmation of customer assets on customers’ alternative investment account […]

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Investors Accuse Capital One Of Misconduct In Connection With Bond Sales

Anthony N. Macaluso of Floral Park New York a stockbroker formerly employed by Capital One Investing LLC is referenced in a customer initiated investment related written complaint on January 4, 2017 in which the customer requested unspecified damages supported by accusations that the customer’s managed wrap account held investments that were not suitable for the […]

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Sigma Financial Sued For Failure To Conduct Due Diligence

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

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Lombard Terminates Broker For Unauthorized Churning Of Customer Accounts

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

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Stifel Nicolaus Sued By Investors For Securities Fraud

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

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Merrill Lynch Broker Barred For Mutual Fund Fraud

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

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Windsor Street Caught Engaging In Outside Business Activities

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

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Investors Catch MML Twisting Annuity Policies

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

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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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State Farm Broker Fired For Misuse Of Investor Funds

Perry Davis Stalvey of Bloomington Illinois a stockbroker formerly registered with State Farm VP Management Corp. was discharged on February 6, 2018 based upon the firm’s allegations that Stalvey misused money that was provided to him by a customer of the firm pertaining to an investment transaction. FINRA Public Disclosure reveals that Stalvey is also […]

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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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Ameriprise Broker Admits To Unauthorized Trading of Customer Accounts

Timothy John Knutson of Saint James Minnesota a stockbroker formerly employed by Ameriprise Financial Services Inc. has been fined $5,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized transactions in Ameriprise Financial Services’ customer accounts. Letter […]

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Pruco Securities Broker Barred In Customer Loan Investigation

February 05, 2019  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Denise Marie Peskar of Mayfield Heights Ohio a broker formerly registered with Pruco Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that she failed to respond to a FINRA information request. Letter of Acceptance Waiver and Consent No. 2018059051901 (Dec. 21, 2018). […]

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LPL Financial Broker Barred In Investigation

February 05, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Keith Allen Haynes Jr. of Winchester Kentucky a stockbroker formerly registered with LPL Financial LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that he did not cooperate with a FINRA inquiry into his activities likely concerning the allegations cited in his termination from […]

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LPL Financial Fires Brokers For Sales Practice Violations

February 05, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that LPL Financial LLC, a FINRA member brokerage firm headquartered in Boston, Massachusetts, terminated broker Joe Percy Medrano for allegedly engaging in discretionary trading, and Jason Reed Nelson based on accusations of misrepresentation. Joe Percy Medrano Terminated For Exercising Discretion In Customer Accounts Joe Percy Medrano of […]

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MML Broker Caught Selling Away

February 05, 2019  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Matthew Leon White of Little Rock Arizona a broker formerly employed by MML Investors Services LLC has been fined $5,000.00 by Arkansas based upon consenting to the Arkansas Securities Department’s findings that White sold away from his firm. Case No. S-18-0105 (Oct. 17, 2018). According to the Order, prior to White having become registered with […]

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Wells Fargo Broker Barred For Lying About Prior Misconduct

February 05, 2019  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Alfredo Caba of New York New York a stockbroker formerly employed by Wells Fargo Advisors LLC has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Caba lied to Wells Fargo about being terminated for cause from J.P. Morgan Securities, […]

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UBS Broker Fired For Hiding Customer Complaints

February 05, 2019  |   Posted by :   |   FINRA Securities Arbitration, Forgery, Stockbroker Fraud News   |   0 Comments

Tami Lynne Aloisa of Norfolk Virginia a stockbroker formerly registered with UBS Financial Services has been discharged by the firm on August 17, 2017 supported by allegations that (1) Aloisa failed to abide by the firm’s policies concerning customer complaints (2) Aloisa used unauthorized communication channels and (3) Aloisa provided unapproved documentation to a person […]

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Investors Accuse Raymond James Of Churning

Ryan Davis Wold of Edina Minnesota a stockbroker formerly employed by Raymond James Associates Inc. is the subject of a customer initiated investment related written complaint which was settled for $27,000.00 on June 28, 2018 supported by accusations that between 2014 and 2017: (1) transactions were effected in the customer’s account that were not suitable […]

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USA Financial Broker Fined For Outside Business Activities

February 05, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Lorraine Annette Conaway (also known as Lorraine Annette Espinoza) of Tustin California a stockbroker formerly employed by USA Financial Securities Corporation has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to FINRA’s findings that Conaway engaged in undisclosed outside business activities and […]

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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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Lincoln Financial Sued For Bad Investment Advice

Imran Nazir Razvi (also known as Raz Razvi) of Frederick Maryland a stockbroker formerly employed by Lincoln Financial Securities Corporation is referenced in a customer initiated investment related arbitration claim where the customer requested damages estimated to exceed $5,000.00 based upon accusations that Razvi or another broker made unsuitable investment recommendations to the customer concerning […]

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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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UBS Fires Broker For Outside Business Activities

February 05, 2019  |   Posted by :   |   Bond Fraud, Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Gregory Jackson Baxter of Fresno California a stockbroker formerly registered with UBS Financial Services Inc. has been discharged by the firm on November 29, 2017 based upon allegations that he engaged in outside business activities in 2017 after his requests for engaging in those activities had already been denied by the firm. Financial Industry Regulatory […]

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Allstate Broker Barred For Failure To Comply With Inquiry

February 05, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Benham Halali of San Jose California a stockbroker formerly registered with Allstate Financial Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Halali failed to cooperate with FINRA’s inquiry into his activities. Case No. 2015047264301 (Sept. 1, 2016). FINRA Public Disclosure additionally […]

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Meyers Associates Supervisor Barred For Failure To Supervise

February 05, 2019  |   Posted by :   |   Boilerroom, FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Bruce Meyers of New York New York a broker formerly registered with Meyers Associates L.P. (now known as Windsor Street Capital L.P.) has been fined $20,000.00, barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any principal capacity, and suspended from associating with any FINRA member for six months according to a […]

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Deutsche Bank Broker Accused By Investor Of Forgery

February 05, 2019  |   Posted by :   |   Forgery, Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Paul P. Ruane of New York New York a stockbroker formerly employed by Deutsche Bank Securities Inc. is referenced in a customer initiated investment related written complaint on June 19, 2015 where the customer sought damages estimated to exceed $5,000.00 supported by accusations that Ruane executed transactions in a customer’s account with knowledge that the […]

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Raymond James Broker Charged With Hindering Investigation

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

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Bankers Securities Blamed For Buying Wrong Security

February 05, 2019  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Mohsen Babaeian of Northridge California a stockbroker currently employed by Bankers Life Securities Inc. is the subject of a customer initiated investment related written complaint on June 27, 2018 where the customer sought $12,750.00 in damages based upon allegations that (1) Babaeian placed the customer in an Allianz Variable Indexed Linked Annuity contrary to the […]

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FINRA Suspends Wells Fargo Broker For Dodging Inquiry

February 05, 2019  |   Posted by :   |   Selling Away, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Herbert H. Hafen of New York New York a stockbroker formerly employed by Wells Fargo Clearing Services LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Hafen failed to provide a response to FINRA after an inquiry was made into his activities possibly […]

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Edward Jones Brokers Terminated For Misconduct

February 05, 2019  |   Posted by :   |   Failure to Diversify, Forgery, Stockbroker Fraud News, Suitability   |   0 Comments

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that registered representatives of Edward Jones including Bruce Stanley Jakiel, Derek Strubel, John Burton Enoch Cestia II, Leslie Greenman and Tahnee Allman have been terminated by the firm founded on Edward Jones’ allegations of their violative conduct while they were employed by the firm. Bruce Stanley Jakiel […]

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Ameriprise Broker Suspended For Failure To Pay Customer Settlement

Frederick Michael Miller of Flint Michigan a stockbroker formerly registered with Ameriprise Financial Services has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Miller failed to report to FINRA whether he complied with a settlement agreement or an arbitration award. Case No. […]

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LPL Financial Broker Targeted In Unauthorized Trading Action

February 05, 2019  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Louis Mark Miller of Jericho New York a stockbroker formerly employed by LPL Financial LLC is referenced in a Financial Industry Regulatory Authority (“FINRA”) Wells Notice in which FINRA has made an initial determination to suggest that FINRA Department of Enforcement bring a disciplinary action against Miller for obstructing an investigation and making unauthorized trades […]

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Ameriprise Financial Sued For Risky Investments

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

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Portfolio Advisors Alliance Sued By Investors For Churning

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

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Lovett Advisors Terminates Advisor Over Investment Contracts

January 29, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Deborah Ann Deckman (also known as Deborah Ann Capak) of Wilmington Delaware a stockbroker formerly employed by Spire Securities LLC and former investment adviser representative of Lovett Advisors LLC has been terminated by Lovett Advisors LLC on January 12, 2018 supported by accusations that Deckman engaged in misconduct with regard to investment contracts. Financial Industry […]

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FINRA Sanctions Ditto Trade CEO For Failure to Pay Arbitration Award

Yosef Yehuda Fox (also known as Joseph J. Fox) of Chicago Illinois the Chief Executive Officer and Chief Compliance Officer employed by Ditto Trade Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on allegations that Fox failed to pay an Arbitration Award after having been […]

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Investors Sue Wells Fargo For Mutual Fund Fraud

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

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Regulator Seeks Denial Of LPL Financial Broker Registration

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

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Hennion Walsh Fined For Failure To Supervise UITs

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

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FINRA Bars Ameritas Broker In Theft Investigation

Kristian M. Gaudet of Cut Off Louisiana a stockbroker formerly registered with Ameritas Investment Corp has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Gaudet failed to cooperate with a FINRA investigation into allegations of Gaudet’s misuse of customer funds during the […]

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David Lerner Associates Accused Of Unauthorized Trading

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

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Bolton Global Broker Admits to Unauthorized Trading

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

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Oppenheimer Sued By Investors For Misconduct

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

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J.P Morgan Broker Caught Mismarking Trades Unsolicited

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

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UBS Fires Broker For Unapproved Customer Correspondence

January 29, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Kimberly Rae Nelson of Century City California a stockbroker formerly registered with UBS Financial Services Inc. has been discharged by the firm on August 18, 2016 supported by accusations that Nelson failed to conform to the firm’s policies by (1) creating and disseminating unauthorized investment information to customers and (2) corresponding with customers in a […]

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Boenning Scattergood Pays Back Excessive Commissions

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

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RP Capital Pays $5.8 Million In Alternative Investments Lawsuit

Aaron Douglas Maurer of Aliso Viejo California a stockbroker formerly registered with RP Capital LLC is referenced in a customer initiated investment related written action brought in the District Court of Portland Oregon which was resolved for $5,795,000.00 on October 18, 2017 founded on allegations that (1) Maurer made misrepresentations to the customer concerning promissory […]

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MML Accused By Investors Of Annuity Fraud

Curt Giacobbe a stockbroker currently registered with MML Investors Services LLC is referenced in a customer initiated investment related written complaint on August 25, 2016 in which the customer requested damages estimated to exceed $5,000.00 founded on allegations that Giacobbe misrepresented information about a variable annuity that had been purchased by the customer and the […]

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