Stockbroker Fraud News

Archive | Stockbroker Fraud News

SEC Charges Portfolio Advisors Owner With Fraud

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

Howard Joseph Allen III of New York, New York, owner of Portfolio Advisors Alliance, LLC, has been charged by Securities and Exchange Commission (SEC) in a Complaint alleging that Allen, inter alia, made fraudulent misrepresentations to investors. Securities and Exchange Commission v. Howard J. Allen III, Civil Action No. 16-cv-00828 (S.D.N.Y. Feb. 3, 2016). According […]

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Hilltop Securities Sued By Customer For Churning

January 26, 2018  |   Posted by :   |   Excessive Markups, Excessive trading, Stockbroker Fraud News   |   0 Comments

Walter Roland Valenzuela, of Del Mar, California, a stockbroker currently registered with Hilltop Securities, Inc., is the subject of a customer initiated investment related arbitration claim, where the customer requested $9,500,000.00 in damages supported by allegations of elder abuse, misrepresentation, excessive trading, breach of fiduciary duty, excessive mark-downs and mark-ups, inappropriate margin use, suitability, and […]

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VALIC Financial Fires Stockbroker For Selling Away

January 26, 2018  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Richard Channing Hawkes, of Orange, California, a stockbroker employed with VALIC Financial Advisors, Inc., has been fired on May 4, 2016, founded on accusations that he effected investment transactions involving products that had not been approved for sale by the firm, violating the firm’s policies regarding selling away. This is not the first time that […]

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Customer Sues Ameritas For Fraud

January 26, 2018  |   Posted by :   |   Breach of Fiduciary Duty, Stockbroker Fraud News   |   0 Comments

Michael James Blake, of Ameritas Investment Corp., a stockbroker formerly employed with Ameritas Investment Corp., is the subject of a customer initiated investment related arbitration claim, in which the customer sought $50,000.00 in damages supported by accusations of breach of contract, breach of fiduciary duty, suitability, fraudulent concealment, misrepresentation, and violation of the Securities Act […]

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Sagepoint Fined By FINRA For Failure To Supervise

January 26, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Sagepoint Financial, Inc., a brokerage firm headquartered in Phoenix, Arizona, has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to apply sales charge waivers on customers’ purchases of mutual funds when customers were eligible, and failed to supervise the application of sales charge waivers. […]

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Oppenheimer Sued By Customer For Churning

January 26, 2018  |   Posted by :   |   Churning, Closed End Funds, Stockbroker Fraud News   |   0 Comments

Paul Ellias Colchamiro, of Melville, New York, a stockbroker currently registered with Oppenheimer & Co. Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer sought at least $2,000,000.00 in damages founded on allegations including: closed-end funds and equities were effected in the customer’s account that were not suitable […]

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FINRA Fines Lucia Securities For Failure To Supervise

January 26, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Lucia Securities, LLC, a brokerage firm headquartered in San Diego, California, has been censured and fined $35,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm failed to supervise and preserve consolidated reports which had been distributed to the firm’s customers. Letter of Acceptance, Waiver and Consent, No. 2017055425901 (Jan. 9, […]

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Customer Sues LPL Financial For Misrepresentation

January 26, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Kevin Douglas Houser, of Allentown, Pennsylvania, a stockbroker formerly employed with LPL Financial LLC, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $250,000.00 in damages based upon allegations that Houser made misrepresentations to the customer concerning annuities, and executed variable annuity transactions that were not suitable for […]

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Investors Capital Stockbroker Barred For Fraud

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

Patricia S. Miller, of McMurray, Pennsylvania, a stockbroker formerly employed with Investors Capital Corp., has been barred from associating with an investment advisory or brokerage firm in any capacity according to a Securities and Exchange Commission (SEC) Order containing findings that Miller committed securities fraud. In the Matter of Patricia S. Miller, Administrative Proceeding File […]

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Credit Suisse Accused Of Unsuitable ETF Trading

January 26, 2018  |   Posted by :   |   Inverse Leveraged ETF Funds, Stockbroker Fraud News   |   0 Comments

Anthony John O’Callaghan, of New York, New York, a stockbroker formerly employed with Credit Suisse Securities (USA) LLC, is the subject of a customer initiated investment related written complaint on February 23, 2017, in which the customer requested $57,298.00 in damages supported by allegations that an inappropriate inverse exchange traded fund transaction was effected in […]

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FINRA Fines Meyers Associates For Misleading Content

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

Meyers Associates, L.P. (now known as Windsor Street Capital, L.P.) has been censured and fined $700,000.00 and its president, Bruce Meyers, fined $100,000.00 and barred in a supervisory capacity by Financial Industry Regulatory Authority (FINRA) according to a National Adjudicatory Council Decision confirming that Meyers, inter alia, had disseminated misleading and unbalanced investment related communications […]

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Customer Sues Laidlaw For Stock Trading Suitability

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

Lawrence Marc Lowe, of New York, New York, a stockbroker formerly employed with Laidlaw & Company (UK) Ltd., is the subject of a customer initiated investment related arbitration claim, which settled for $7,500.00 in damages supported by accusations that between 2015 and 2017, unsuitable stock and over-the-counter equities transactions were executed in the customer’s investment […]

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FINRA Suspends Berthel Stockbroker For Suitability

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Jeffrey Paul Dragon, of Burlington, Massachusetts, a stockbroker formerly registered with Berthel, Fisher & Co. Financial Services, Inc., has been fined $50,000.00 and suspended for twenty-one months 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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Corecap Investments Sued By Customer For Fraud

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

Wayne Thomas Boucher, of Southfield, Michigan, a stockbroker formerly registered with Corecap Investments, Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer requested $750,000.00 in damages supported by accusations that risky and unsuitable corporate bond purchases were executed in the customer’s account, and the customer was defrauded in […]

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Deutsche Bank Broker Fined For Unauthorized Trading

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Gregory Edward Barr, of Boca Raton, Florida, a stockbroker formerly employed with Deutsche Bank Securities Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on consenting to findings that he effected unauthorized transactions in customer accounts. Letter of Acceptance, Waiver and Consent, No. […]

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Customer Sues Janney Montgomery Scott For Suitability

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unauthorized Trading   |   0 Comments

Henry Benoit Scheuer, of New York, New York, a stockbroker formerly registered with Janney Montgomery Scott LLC, is the subject of a customer initiated investment related arbitration claim, which settled for $13,000.00 in damages founded on allegations that Scheuer effected equity trades in the customer’s account that were neither authorized nor suitable for the customer. […]

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Customer Accuses Securevest Of Failure To Execute

January 26, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

David Aron Dudkin, of Morristown, New Jersey, a stockbroker formerly registered with Securevest Financial Group, is the subject of a customer initiated investment related written complaint on June 23, 2015, in which the customer requested $260,000.00 in damages supported by allegations that Dudkin failed to liquidate the customer’s over-the-counter equity portfolio, causing the customer to […]

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Harbor Lights Stockbroker Fined For Business Activities

January 26, 2018  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Jennifer Lynn Steele, of Tampa, Florida, a stockbroker formerly registered with Harbor Light Securities, 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 she engaged in unapproved outside business activities. Letter of Acceptance, Waiver and Consent, No. 2014040343702 […]

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Merrill Lynch Accused Of Excessive Trading

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Ian Andrew Sharpe of Houston, Texas, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint on September 26, 2016, in which the customer sought $150,000.00 in damages founded on allegations that unit investment trust trades were placed in the customer’s account […]

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CUSO Accused Of Improper Variable Annuity Contract

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

Erin Olin Shanks, of Richardson, Texas, a stockbroker formerly employed with Cuso Financial Services, L.P., is the subject of a customer initiated investment related written complaint, which settled on June 2, 2017 for $24,731.97 in damages based upon allegations that the customer was issued a variable annuity that had been improperly structured, causing the customer […]

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H Beck Stockbroker Sanctioned For Misstatements

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

Steve Patrick Walsh, of Clive, Iowa, a stockbroker currently registered with H. Beck, Inc., is the subject of a Financial Office of Financial Regulation Order which denied his application for securities registration according to a Stipulation and Consent Agreement containing findings that Walsh made misstatements to Florida’s Office of Financial Regulation within his application for […]

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Sigma Financial Sued For Account Mismanagement

January 26, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Kathie Lee Foreman, of Maumee, Ohio, a stockbroker formerly employed with Sigma Financial Corporation, is the subject of a customer initiated investment related arbitration claim, which was settled to resolve accusations that the customer’s account was inappropriately managed, causing the customer to sustain investment losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-02219 (April 19, […]

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Wells Fargo Stockbroker Barred For Conversion

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

Jeffrey E. Krupnick, of Sarasota, Florida, a stockbroker formerly employed with Wells Fargo, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Extended Hearing Panel Decision containing findings that Krupnick converted a customer’s funds. Department of Enforcement v. Jeffrey E. Krupnick, Disciplinary Proceeding No. 2014043869901 […]

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Customer Sues UBS For Over-Concentration In REITs

January 26, 2018  |   Posted by :   |   Non-traded REITs, Stockbroker Fraud News   |   0 Comments

Leonard Jay Suskind, of Aventura, Florida, a stockbroker currently employed with UBS Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, where the customer requested $220,000.00 in damages based upon accusations that between 2013 and 2016, Suskind failed to follow the customer’s instructions to sell a master limited partnership position, […]

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Salomon Whitney Broker Charged With Obstruction

Douglas Anthony Leone, of Melville, New York, a stockbroker formerly registered with Salomon Whitney Financial, has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he failed to provide testimony in a FINRA investigation into his potentially unsuitable investment recommendations. Department of Enforcement v. Douglas Anthony Leone, No. 2016052560002 (Jan. 9, […]

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UBS Stockbroker Suspended For Unauthorized Trading

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

James Dee Carlson, of Greensboro, North Carolina, a stockbroker formerly employed with UBS Financial Services, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by consenting to findings that he executed trades in customer accounts without authorization from the customers or firm. Letter of […]

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Customer Accuses Oppenheimer Of Misrepresentation

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

Eric Brian Rosenberg, of New York, New York, a stockbroker currently registered with Oppenheimer & Co. Inc., is the subject of a customer initiated investment related complaint, which settled on April 5, 2016 for $35,285.00 in damages founded on allegations that Rosenberg effected a Transocean corporate bond purchase in the customer’s account that was neither […]

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Customer Sues David A Noyes For Misrepresentation

January 26, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Scott Lindsay Reed, of Indianapolis, Indiana, a stockbroker formerly registered with David A. Noyes & Company, is the subject of a customer initiated investment related arbitration claim, where the customer requested $379,245.00 in damages based upon allegations that Reed made omissions and misrepresentations to the customer concerning Digonex and BRS alternative investments, and placed unsuitable […]

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FINRA Suspends Wells Fargo Broker For Failure To Comply

January 26, 2018  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

John Greg Schmidt, of Dayton, Ohio, a stockbroker formerly registered with Wells Fargo Advisors Financial Network, LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on Schmidt’s failure to provide FINRA with information relating to his business activities. Case No. 2017056103801 (Nov. 29, 2017). FINRA Public […]

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LPL Financial Stockbroker Fired For Short Term Trading

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

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

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Bancwest Stockbroker Fired For Unauthorized Trading

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

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

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Customer Accuses Raymond James Of Misrepresentation

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

Jeffrey Scott Ingros of Beaver, Pennsylvania, a former Raymond James Financial Services, Inc. stockbroker, is the subject of a customer initiated investment related written complaint on August 30, 2016, where the customer requested at least $5,000.00 in damages based upon accusations that Ingros made misrepresentations to the customer and executed unsuitable structure product transactions. Financial […]

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SEC Bars Ameritas Stockbroker For Securities Fraud

January 26, 2018  |   Posted by :   |   Stock manipulation, Stockbroker Fraud News   |   0 Comments

Abida Khan, also known as Sheik Firdosh Khan, of Passadena, California, a stockbroker formerly employed with Ameritas Investment Corp., has been permanently barred by the Securities and Exchange Commission (SEC) from acting as an investment adviser or broker, or associating with firms that provide investment advice or sell securities to the public, according to an […]

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JP Morgan Accused Of Making Unsuitable Recommendations

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Jeffrey Brewer McAleney, of Morristown, New Jersey, a stockbroker currently registered with J.P. Morgan Securities, LLC, is the subject of a customer initiated investment related written complaint on October 13, 2017, where the customer requested $20,271.50 in damages supported by allegations that between 2014 and 2016, McAleney made unsuitable investment recommendations to the customer regarding […]

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Morgan Stanley Broker Fined For Unauthorized Trading

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Colin Edward Hammer, of Akron, Ohio, a stockbroker registered with Morgan Stanley, has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he placed unauthorized trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016051154701 (Jan. 22, 2018). According […]

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Customer Accuses BB&T Of Unsuitable Annuity Purchase

January 26, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Matthew Aaron Turner, of Ponte Vedra Beach, Florida, a stockbroker currently employed with BB&T Securities, LLC, is the subject of a customer initiated investment related written complaint, which settled on December 27, 2017 for $14,999.00 in damages supported by allegations that Turner made unsuitable investment recommendations to the customer concerning a variable annuity, causing the […]

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FINRA Bars Morgan Stanley Broker For Obstruction

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

Charles Albert Dixon, Junior, of Houston, Texas, a stockbroker formerly employed with Morgan Stanley Smith Barney, 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 Dixon’s alleged unauthorized trading in customer […]

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Customer Accuses LPL Financial Of Unauthorized Trading

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

James Ernest Joly, of East Greenwich, Rhode Island, a stockbroker formerly employed with LPL Financial, LLC, is the subject of a customer initiated investment related written complaint on September 22, 2017, in which the customer sought damages estimated at more than $5,000.00 supported by allegations that unauthorized and unsuitable non-traded real estate investment trust and […]

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LPL Financial Broker Fined For Misleading Investors

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

Sandeep Varma, of San Diego, California, a stockbroker registered with LPL Financial, LLC, has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he made misleading and unfair representations relating to an investment strategy which he promoted. Letter of Acceptance, Waiver […]

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Wedbush Securities Sued By Customer For Suitability

January 26, 2018  |   Posted by :   |   Direct Participation Programs, Stockbroker Fraud News   |   0 Comments

William Mark Heiden, of Newport Beach, California, a stockbroker currently employed with Wedbush Securities, is the subject of a customer initiated investment related arbitration claim, where the customer has requested $41,835.00 in damages founded on accusations that investment recommendations relating to Clearbridge American Energy master limited partnership interests were not suitable for the customer, fiduciary […]

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FINRA Suspends Cetera Stockbroker For Suitability

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

Richard Charles Foster, of Tulsa Oklahoma, a stockbroker formerly registered with Cetera Investment Services, LLC, 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 unsuitable investment recommendations to customers. Letter of Acceptance, Waiver and Consent, […]

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M Holdings Stockbroker Fined By FINRA For Selling Away

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

Mark Solomon, of Wynnewood, Pennsylvania, a stockbroker formerly employed with M Holdings Securities, Inc., has been fined $15,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for twelve months by consenting to findings of Solomon selling away from the firm. Letter of Acceptance, Waiver and Consent, No. 2015043333001 […]

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Morgan Stanley Broker Fined By FINRA For Suitability

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

Richard Alan Shotz, of Ormond Beach, Florida, a stockbroker formerly registered with Morgan Stanley, has been fined $7,500.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by consenting to findings that he placed short-term unit investment trust trades in customer accounts that were not […]

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Edward Jones Broker Barred For Hindering Investigation

January 26, 2018  |   Posted by :   |   Misappropriation of Funds, Stockbroker Fraud News   |   0 Comments

Matthew Kerby, of Paoli, Indiana, a stockbroker formerly registered with Edward Jones, 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 accusations that Kerby converted funds from a customer. Letter of Acceptance, Waiver and […]

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FINRA Bars Chardan Capital Stockbroker For Fraud

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

James Stewart Meagher, of New York, New York, a stockbroker formerly employed with Chardan Capital Markets, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision containing findings that Meagher engaged in manipulative and fraudulent trading, misappropriated funds of […]

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FINRA Bars Investors Capital Broker For Obstruction

Matthew Earl Peregoy, of Brick, New Jersey, a stockbroker formerly registered with Investors Capital Corp., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA in the course of an investigation into Peregoy’s alleged mishandling of funds. […]

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AXA Advisors Sued By Customer For Suitability

January 26, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

David Allan Cohen, of Rockville, Maryland, a stockbroker formerly registered with AXA Advisors, LLC, is the subject of a customer initiated investment related arbitration claim, in which the customer sought $80,000.00 in damages supported by accusations that Cohen made unsuitable investment recommendations to the customer concerning the customer’s purchase of an annuity and life insurance […]

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Western International Broker Barred For Obstruction

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

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

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Customer Accuses David Lerner Of Misrepresentation

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

Daniel Todd Lerner, of White Plains, New York, a stockbroker currently registered with David Lerner Associates, Inc., is the subject of a customer initiated investment related written complaint on August 22, 2016, in which the customer sought $16,756.00 in damages founded on accusations that between August of 2015 to August of 2016, misrepresentations had been […]

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Morgan Stanley Broker Barred For Impeding Investigation

January 26, 2018  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Guillermo William Valladolid, of La Jolla, California, a stockbroker formerly employed 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 comply with FINRA in an investigation into allegations of Valladolid selling away from Morgan Stanley. Letter of […]

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Customer Accuses Dawson James Of Misrepresentation

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

Peter George Ruggiere, of Boca Raton, Florida, a stockbroker currently registered with Dawson James Securities, Inc., is the subject of a customer initiated investment related written complaint on November 7, 2017, in which the customer sought $34,869.00 in damages based upon allegations that between May of 2016 and November of 2017, misrepresentations had been made […]

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SEC Charges Cetera Stockbroker With Fraud

Daniel Benjamin Vazquez, Senior, of Irvine, California, a stockbroker formerly employed with Cetera Advisors LLC, and founder and chief executive officer of Hoplon Financial Group and New Economic Opportunities Fund I, LLC, has been charged by the Securities and Exchange Commission (SEC) in a Complaint alleging that he engaged in a fraudulent real estate offering. […]

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GMS Group Sued By Customer For Misrepresentation

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

Paul David Mante of Boca Raton, Florida, a stockbroker currently registered with The GMS Group, LLC, is the subject of a customer initiated investment related arbitration claim, in which the customer sought $1,000,000.00 in damages supported by accusations that between May of 2014 and December of 2017, misrepresentations had been made to the customer in […]

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Ameriprise Sued By Customer For Negligence

January 26, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Andrew Joseph Hall, of Portland, Oregon, a stockbroker currently employed with Ameriprise Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, wherein the customer was awarded $191,772.00 in damages supported by findings that from May of 2014 to December of 2015, Hall negligently handled the customer’s investment account, breached his […]

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FINRA Suspends Royal Alliance Broker For Obstruction

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

Kimberly Pine Kitts, of Palmer, Massachusetts, a stockbroker formerly employed with Royal Alliance Associates, Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that she failed to abide by FINRA’s request of furnishing information relating to Kitt’s business activities. Case No. 2017056380201 (Jan. 2, […]

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Customer Accuses UBS Of Charging Excessive Fees

January 10, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

James Lebaron Springer of Sarasota, Florida, a stockbroker formerly registered with UBS Financial Services Inc., is the subject of a customer initiated investment related written complaint on December 12, 2016, in which the customer sought at least $5,000.00 in damages supported by allegations that between 2011 and 2016, Springer sold the customer’s blue-chip stocks and […]

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Raymond James Fires Broker For Mismarking Order Tickets

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

John Stephen Macgowan of New York, New York, a stockbroker formerly registered with Raymond James Financial Services, Inc., was fired on October 2, 2017, based upon accusations that he failed to mark order tickets in accordance with Raymond James procedures. This is not the first time that Macgowan has been terminated from employment based upon allegations […]

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SEC Bars Enviso Capital Principal For Misstatements

January 10, 2018  |   Posted by :   |   Hedge Funds, Stockbroker Fraud News   |   0 Comments

Ryan Neel Bowers, of San Diego, California, the chief compliance officer and managing principal with Enviso Capital and former stockbroker with WFG Investments, Inc., has been fined $50,000.00 and barred from associating with, inter alia, any investment adviser, broker or dealer according to a Securities and Exchange Commission (SEC) Order containing findings that Bowers made […]

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Customer Accuses Securities America Of Suitability

January 10, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Joseph Rawley Stowell Jr, of Peoria Heights, a stockbroker formerly registered with Securities America, Inc., is the subject of a customer initiated investment related written complaint on November 9, 2016, in which the customer sought $77,000.00 in damages founded on accusations that Stowell poorly advised the customer about investing in mutual funds and stocks, causing […]

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Davenport Fined By FINRA For Failure To Supervise

January 10, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Davenport & Company, LLC, a broker-dealer headquartered in Richmond, Virginia, was censured and fined $115,000.00 by Financial Industry Regulatory Authority (FINRA) by consenting to findings that the firm, inter alia, failed to supervise consolidated reports distributed to customers regarding their investment accounts. Letter of Acceptance, Waiver and Consent, No. 2016051515201 (Dec. 27, 2017). According to […]

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ON Equity Sales Company Sued For Account Mismanagement

James Craig Chesser II, of Champaign, Illinois, a stockbroker formerly registered with the O.N. Equity Sales Company, is the subject of a customer initiated investment related arbitration claim, where the customer requested $6,900,000.00 in damages supported by accusations that Chesser inappropriately managed the customer’s investment portfolio of mutual funds, insurance products, equities and variable annuities. […]

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Newport Coast Securities Sued For Misrepresentation

January 10, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Robert Edward Schultz, of New Smyrna Beach, Florida, a stockbroker formerly registered with Newport Coast Securities, Inc., is the subject of a customer initiated investment related arbitration claim, which settled for 20,000.00 in damages based upon allegations that Schultz breached his fiduciary duties to the customer, made misrepresentations and omissions, and executed unsuitable transactions regarding […]

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FINRA Fines FSC Securities For Excessive Charges

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

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

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Customer Sues Titan Securities For Misrepresentation

January 10, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Clyde Darrel Jones of Whitesboro, Texas, a stockbroker currently registered with Titan Securities, is the subject of a customer initiated investment related arbitration claim, which settled for $22,500.00 in damages supported by allegations that Jones made misrepresentations to the customer and unsuitable investment recommendations regarding a viatical settlement. FINRA Arbitration No. 16-01068 (May 18, 2017). […]

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Merrill Lynch Stockbroker Fired For Selling Away

January 10, 2018  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

James Anthony Merkel of Frederick, Maryland, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fired on August 21, 2017, based upon allegations that he sold away from his firm and that his private securities transactions were violative of the firm’s policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that […]

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Merrimac Corporate Securities Accused Of Suitability

Stephen Douglas Pizzuti, of Altamonte Springs, Florida, a stockbroker formerly registered with Merrimac Corporate Securities, Inc., is the subject of a customer initiated investment related written complaint, in which the customer sought $90,000.00 in damages based upon allegations that inappropriate equity and direct investment products were effected in the customer’s account. Financial Industry Regulatory Authority […]

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SEC Bars Cambridge Broker For Market Manipulation

January 10, 2018  |   Posted by :   |   Stock manipulation, Stockbroker Fraud News   |   0 Comments

James David Goodland, of Plymouth, Indiana, a stockbroker formerly registered with Cambridge Investment Research, as well as president and chief compliance officer of Securus Wealth Management, LLC, has been fined $30,000.00 and barred by the Securities and Exchange Commission (SEC) from working in a compliance or supervisory capacity with any brokerage firm or investment advisory […]

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Kestra Sued For Real Estate Security Suitability

January 10, 2018  |   Posted by :   |   Alternative Investments, Stockbroker Fraud News   |   0 Comments

Michael Brian Walk of Longwood, Florida, a stockbroker currently registered with Kestra Investment Services, LLC, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $72,000.00 in damages founded on accusations that Walk made unsuitable investment recommendations to the customer in regard to real estate security and direct investment […]

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Pruco Broker Terminated For Reusing Customer Signatures

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

Kwimin Ahn of New York, New York, a stockbroker formerly registered with Pruco Securities, LLC, has been terminated from employment on May 25, 2017, based upon accusations that he violated the firm’s policies by reusing customer signatures on an annuity application and transfer documents in order to effect transactions. Financial Industry Regulatory Authority (FINRA) Public Disclosure […]

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VOYA Financial Sued By Customer For Misrepresentation

January 10, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Michael Todd Hogan of Plymouth, Minnesota, a stockbroker formerly registered with Voya Financial Advisors, Inc., is the subject of a customer initiated investment related written complaint on July 7, 2017, where the customer sought $350,000.00 in damages based upon accusations that Hogan made misrepresentations about variable annuity products, and made unsuitable investment recommendations to the customer. […]

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BB&T Stockbroker Suspended For Customer Complaint

Ashley Elmo Arnsdorff of Charleston, South Carolina, a stockbroker formerly registered with BB&T Investment Services, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he attempted to settle a customer’s complaint away from the firm. Letter of Acceptance, Waiver […]

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Customer Sues National Securities Corp For Suitability

January 10, 2018  |   Posted by :   |   Breach of Fiduciary Duty, Stockbroker Fraud News   |   0 Comments

Kevin A. Bostory of Edison, New Jersey, a stockbroker formerly registered with National Securities Corp., is the subject of a customer initiated investment related arbitration claim, where the customer requested $36,509.00 in damages based upon accusations that Bostory breached his fiduciary duties to the customer and effected unsuitable equity transactions in the customer’s account. Financial […]

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Merrill Lynch Broker Fined For Discretionary Trading

January 10, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News, Suitability   |   0 Comments

Todd Kimm of Syracuse, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in customer accounts without authority, and placed […]

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Customer Accuses L&M Financial Of Suitability

January 10, 2018  |   Posted by :   |   Failure to Diversify, Stockbroker Fraud News   |   0 Comments

Lauren Anne Ferrante, of Parma, Ohio, a stockbroker formerly registered with L&M Financial Services, is the subject of a customer initiated investment related written complaint on May 9, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Ferrante effected unsuitable equity transactions in the customer’s account and failed to diversify the […]

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Morgan Stanley Sued For Excessive Trading

January 10, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Neil Stanley Kaplan of Bethesda, Maryland, a stockbroker formerly registered with Morgan Stanley, is the subject of a customer initiated investment related civil action brought in the Circuit Court of Montgomery County, Maryland on December 29, 2016, in which the customer sought $435,000.00 in damages founded on accusations that in 2015, stock trades were executed in […]

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Chaplin Davis Stockbroker Suspended For Suitability

January 10, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability, Unit Investment Trusts   |   0 Comments

Keven J. Jedlicka, of Baltimore, Maryland, a stockbroker formerly registered with Chaplin Davis, has been suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he traded in customer accounts on an unsuitable basis. Letter of Acceptance, Waiver and Consent, No. 2016047659701 […]

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FINRA Fines AXA Broker For Outside Business Activities

January 10, 2018  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Douglas E. Keller, of Woodbridge, New Jersey, a stockbroker formerly registered with AXA Advisors LLC, 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 engaged in undisclosed outside business activities. Letter of Acceptance, Waiver and […]

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Sigma Terminates Stockbroker For Unauthorized Trading

January 10, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Gregory Joseph Rusnak of Saint Charles, Illinois, a stockbroker formerly registered with Sigma Financial Corporation, has been terminated from employment on December 13, 2017, based upon accusations that Rusnak violated Sigma’s policies by executing trades in a customer’s account on a discretionary basis. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on March 28, 2008, […]

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Raymond James Sued For Breach Of Fiduciary Duty

January 10, 2018  |   Posted by :   |   Breach of Fiduciary Duty, Stockbroker Fraud News   |   0 Comments

Alan Robert Rosenberg of Garden City, New York, a stockbroker currently registered with Raymond James & Associates, Inc., is the subject of a customer initiated investment related arbitration claim, where the customer sought $150,000.00 in damages founded on accusations of suitability, negligence, and breach of fiduciary duty with respect to sector-specific stock transactions effected in the […]

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Edward Jones Terminates Stockbroker For Suitability

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

John Joseph Maloney III, of Morristown, Tennessee, a stockbroker formerly registered with Edward Jones, has been terminated from employment on May 10, 2016, based upon accusations that he failed to conform with the firm’s policies relating to the suitability of investment recommendations. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Maloney has been identified […]

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Kovack Securities Sued By Customer For Fraud

January 10, 2018  |   Posted by :   |   Breach of Fiduciary Duty, Stockbroker Fraud News   |   0 Comments

Michael Corbett Milne of Ocala, Florida, a stockbroker formerly registered with Kovack Securities, is the subject of a customer initiated investment related arbitration claim, which settled for $13,000.00 in damages supported by accusations that Milne breached his fiduciary duties, negligently handled the customer’s investment account, breached his contractual duties, made misrepresentations, effected unauthorized options and […]

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Customer Sues Edward Jones For Failure To Supervise

January 10, 2018  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Robert Owen Kincaid of Sandpoint, Idaho, a stockbroker formerly registered with Edward Jones, is the subject of a customer initiated investment related arbitration claim, in which the customer requested $1,053,664.00 in damages based upon allegations that the customer’s assets were over-concentrated in mutual funds products. The customer additionally alleged that investment losses were caused by Edward […]

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Ameriprise Stockbroker Barred For Excessive Trading

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

Larry Martin Boggs of Dallas, Texas, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he improperly exercised discretion in a customer’s account, and placed unsuitable and excessive trades in the customer’s account. Letter […]

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Northwestern Broker Terminated For Misusing Signatures

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

Judie Marie Borden of Kalamazoo, Michigan, a stockbroker registered with Northwestern Mutual Investment Services, LLC, was terminated on September 7, 2017, based upon a customer’s allegations that Borden inappropriately placed the customer’s signature on account distribution documents. Particularly, Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on August 28, 2017, a customer filed an investment […]

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Customer Accuses Oppenheimer Of Churning

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

Derrick Timothy Watts of Saint Charles, Illinois, a stockbroker currently registered with Oppenheimer & Co., is the subject of a customer initiated investment related written complaint, in which the customer requested over $5,000.00 in damages founded on accusations that Watts churned the customer’s equity portfolio between January of 2010 and November of 2015. Financial Industry Regulatory […]

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Worden Broker Sanctioned For Failure To Pay Fine

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

Abed William Lulu, of Melville, New York, a stockbroker formerly registered with Worden Capital Management, was subject of the revocation of Lulu’s securities registration by Financial Industry Regulatory Authority (FINRA) based upon his failure to pay FINRA a $5,000.00 fine relating to a FINRA enforcement action in which Lulu was sanctioned for failing to make […]

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SEC Bars Oppenheimer Broker For Fraud

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

William D. Bucci of King of Prussia, a stockbroker formerly registered with Oppenheimer & Co., Inc., has been barred from the securities industry by the Securities and Exchange Commission (SEC) according to an Initial Decision Making Findings and Imposing Sanction by Default containing findings that Bucci, inter alia, had been convicted of securities fraud in violation […]

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FINRA Fines Wells Fargo Broker For Unauthorized Trading

January 09, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Gary Raymond Gray of Las Vegas, Nevada, a stockbroker associated with Wells Fargo Clearing Services, has been fined $10,000.00 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 effected unauthorized trades in customer accounts and mismarked trading tickets. Letter […]

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Customer Accuses Merrill Lynch Of Omissions

January 09, 2018  |   Posted by :   |   Stockbroker Fraud News, Structured Notes   |   0 Comments

Ronald Lee Johnston of Daytona Beach, Florida, a stockbroker currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint, which settled on November 7, 2017 for $230,000.00 in damages based upon accusations of omissions and misrepresentations between August of 2016 and June of 2017 […]

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UBS Sued By Customer For Breach Of Fiduciary Duty

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

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

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FINRA Fines Woodbury Financial For Failure To Supervise

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

Woodbury Financial Services Inc., a brokerage firm headquartered in Oakdale, Minnesota, has been censured and fined $75,000.00 by Financial Industry Regulatory Authority (FINRA) based upon allegations that the firm failed to appropriately apply sales charge discounts for customers when the customers were eligible to receive them, overcharging them as a result. Letter of Acceptance, Waiver […]

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Laidlaw Sued By Customer For Misrepresentation

January 09, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Stephen Carey Hamilton of New York, New York, a stockbroker currently registered with Laidlaw & Company (UK) Ltd., is the subject of a customer initiated investment related arbitration claim, in which the customer sought $21,704.00 in damages based upon allegations that Hamilton made misrepresentations to the customer and failed to execute the customer’s investment orders […]

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Wells Fargo Sued For Unauthorized Trading

January 09, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Howard Barry Steinman of Coral Springs, Florida, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, is the subject of a customer initiated investment related civil action brought in the Circuit Court of Broward, Florida, in which the customer requested more than $5,000.00 in damages supported by accusations that Steinman effected unauthorized transactions in […]

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Salomon Whitney Broker Suspended For Suitability

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

Lawrence John Fawcett Jr., of Farmingdale, New York, a stockbroker registered with Salomon Whitney Financial, has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he made an unsuitable investment recommendation to a customer. Letter of Acceptance, Waiver and Consent, No. […]

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Customer Accuses Merrill Lynch Of Misrepresentation

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

Patrick Richard McNamara of Florham Park, New Jersey, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint that settled on November 20, 2017 for $16,063.98 in damages supported by accusations that between September of 2011 and July of 2017, McNamara made […]

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Investment Planners Broker Terminated For Trading

January 09, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

William George Brunner of Huntington, New York, a stockbroker registered with Investment Planners, Inc., has been terminated from employment on May 12, 2017, based upon a customer’s allegations that Brunner exercised discretion in the customer’s account. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Brunner has been identified in five customer initiated investment related […]

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State Farm Broker Fined For Unauthorized Transactions

January 09, 2018  |   Posted by :   |   Selling away, Stockbroker Fraud News   |   0 Comments

Shannon Lynn Lewis of Muscatine, Iowa, a registered representative with State Farm VP Management Company, 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 he engaged in unapproved securities transactions. Letter of Acceptance, Waiver and Consent, No. […]

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State Farm Broker Barred For Obstructing Investigation

January 09, 2018  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Kim Dung Le of Bloomington, Illinois, a registered representative associated with State Farm VP Management Corp., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by way of Le’s consent to findings that he failed to cooperate in an investigation into allegations of his outside business activities. Letter […]

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Girard Securities Sued For Life Insurance Suitability

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

Richard Williamson of McKinney, Texas, a stockbroker registered with Girard Securities, Inc., is the subject of a customer initiated investment related civil action brought in the District Court of Dallas Texas, in which the customer sought $1,000,000.00 in damages based upon accusations that life insurance policies had been inappropriately sold to the customer from April […]

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