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So far Robert Norton has created 224 blog entries.
Feb 19, 2020

CHELSEA FINANCIAL SERVICES FINED, CENSURED BY FINRA FOR FAILING TO SUPERVISE UNSUITABLE AND EXCESSIVE TRADING

By |February 19th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has fined and censured Chelsea Financial Services, of Staten Island, New York.  FINRA found that, from January 2016 through July 2018, Chelsea Financial failed to establish and maintain a supervisory system and written supervisory procedures reasonably designed to achieve compliance with FINRA’s rules related to suitability and excessive trading. [...]

Feb 17, 2020

DENNIS NAKAMURA BARRED FOR REFUSING TO TESTIFY

By |February 17th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has permanently barred McNally Financial Services Corporation representative Dennis Masaaki Nakamura from the securities industry based on his refusal to give testimony during FINRA’s investigation into allegations that he made unsuitable investment recommendations to his customers. The ban follows a customer’s allegation in November 2019 that Nakamura caused financial [...]

Feb 14, 2020

CAPITAL CITY SECURITIES REP BARRED FOR REFUSING TO TESTIFY

By |February 14th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has permanently barred Capital City Securities representative Clint H. Keneer from the securities industry based on his refusal to give testimony during FINRA’s investigation into allegations that he made unsuitable investment recommendations to his customers. Keneer was previously sanctioned in 2010 for recommending unsuitable investments of below investment grade [...]

Feb 13, 2020

NYLIFE SECURITIES FINED FOR FAILING TO SUPERVISE SALES OF HIGH-RISK MUTUAL FUNDS

By |February 13th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has fined and sanctioned NYLife Securities, LLC for supervisory failures related to sales of higher-risk mutual funds that were subject to significant volatility. FINRA found that, from September 2014 to December 2016, NYLife adjusted its customers’ risk tolerances and investment objectives to accommodate sales of higher-risk mutual funds without [...]

Jan 30, 2020

ROBERT NORTON RECOGNIZED BY SUPER LAWYERS AS A RISING STAR SECURITIES LITIGATOR

By |January 30th, 2020|Legal Matters|

For the sixth consecutive year, Frankowski Firm attorney Robert Norton has been recognized by Super Lawyers magazine as a Rising Star in securities litigation in the Mid-South region. The Rising Star designation is awarded to only 2.5% of attorneys in the Mid-South under age 40.  The annual selections for Super Lawyers, an independent lawyer rating [...]

Jan 9, 2020

JOHN JOSEPH CAHILL BARRED FOLLOWING INVESTIGATION INTO TAKING MONEY FROM ELDERLY INVESTOR

By |January 9th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred former Janney Montgomery Scott and Morgan Stanley broker John Joseph Cahill based on FINRA’s findings that Cahill refused to cooperate with FINRA’s investigation into allegations that Cahill comingled and/or took money belonging to his elderly client. According to Mr. Cahill’s FINRA BrokerCheck report, Cahill was fired by [...]

Jan 6, 2020

OPPENHEIMER FINED FOR FAILING TO SUPERVISE SHORT-TERM TRADING OF UNIT INVESTMENT TRUSTS

By |January 6th, 2020|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has fined and sanctioned Oppenheimer & Co., Inc. for failing to supervise short-term trading in Unit Investment Trusts (“UITs”). A Unit Investment Trust ("UIT") is an SEC-registered investment company that offers investors shares or "units" in a fixed portfolio of securities in a one-time public offering. A UIT terminates [...]

Dec 30, 2019

CRISTINA SABENGSY BARRED BY FINRA OVER FORGED AUTHORIZATIONS

By |December 30th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred former NYLIFE Securities broker Cristina Sabengsy based on FINRA’s findings that Sabengsy forged the signatures of two of her customers to facilitate unauthorized insurance transactions and obtain the commissions on those transactions. The forgeries occurred in 2017, while Sabengsy was employed in NYLIFE Securities’ Deerfield, Illinois branch [...]

Dec 18, 2019

BENEFIT STREET PARTNERS INVESTORS MAY HAVE A RIGHT TO RECOVERY

By |December 18th, 2019|Legal Matters|

Investors in Benefit Street Partners Realty Trust, Inc., formerly known as Realty Finance Trust, may have a right to recover their investment losses if their Benefit Street investment was recommended to them by a financial adviser who misrepresented the investment or made a recommendation that did not suit the investors’ risk tolerance. Benefit Street is [...]

Dec 13, 2019

SEC ENTERS PERMANENT BAR AGAINST SECURITIES AMERICA ADVISORS REPRESENTATIVE

By |December 13th, 2019|Legal Matters|

The Securities and Exchange Commission (“SEC”) has imposed a permanent ban against Securities America Advisors, Inc. representative Ronald James Roach, of Securities America Advisors’ Walnut Creek, California office. The SEC’s ban follows a court action in which the SEC alleged that Roach and co-conspirator Joseph Bayliss engaged in fraudulent securities offerings and a massive Ponzi [...]

Aug 13, 2019

STEVE BAPTIST FINED AND SUSPENDED BY FINRA FOR TRADING IN ACCOUNTS OF DECEASED CLIENTS

By |August 13th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Steve Baptist for 30 days and imposed a monetary sanction against him based on FINRA’s findings that Baptist placed six trades in the accounts of two customers who were deceased at the time of the trades. The trading activity occurred in March, November, and December 2017, while [...]

Aug 8, 2019

ROBERT H. SHAPIRO PLEADS GUILTY OF ROLE IN PONZI SCHEME

By |August 8th, 2019|Legal Matters|

Robert H. Shapiro, the former CEO of the Woodbridge Group of Companies, pleaded guilty to running a $1.3 billion Ponzi scheme that defrauded over 7,000 investors. The Woodbridge Group of Companies has appeared frequently in this blog space related to the ongoing investigations and penalties involving its vast Ponzi scheme operation. Earlier this year, a [...]

Aug 2, 2019

HECTOR MAY, HEAD OF NEW YORK RIA, SENTENCED TO 13 YEARS FOR $11.5 MILLION PONZI SCHEME

By |August 2nd, 2019|Legal Matters|

Hector May, the head of suburban New York registered investment advisory firm Executive Compensation Planners, has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution following a plea of guilty in an $11.5 million Ponzi scheme case. May, of Orangeburg, NY, pleaded guilty last December to allegations that he [...]

Jul 30, 2019

FINRA PERMANENTLY BANS FORMER MORGAN STANLEY, WELLS FARGO BROKER FOR FAILURE TO COOPERATE WITH ELDERLY FRAUD INVESTIGATION

By |July 30th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has imposed a permanent ban against former Morgan Stanley and Wells Fargo broker Robert Frederico Montes, who most recently worked in Morgan Stanley’s Palm Harbor, Florida branch office. According to FINRA’s Acceptance, Waiver and Consent letter, FINRA received a tip in early 2019 that Montes may have misused the [...]

Jul 26, 2019

FINRA SUSPENDS, FINES FORMER WELLS FARGO REP FOR TRADING IN DECEASED CLIENT’S ACCOUNT

By |July 26th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has imposed a regulatory fine and a one year suspension against former  Wells Fargo broker Michael David Garris, formerly of Wells Fargo’s Los Angeles, California branch office. According to FINRA’s Acceptance, Waiver and Consent letter, Garris executed twenty-six (26) unauthorized transactions in a deceased customer’s account, over eight months [...]

Jul 23, 2019

FORMER MERRILL LYNCH BROKER CHARLES E. KENAHAN HIT WITH $83 MILLION IN CLAIMS FROM THREE CUSTOMERS

By |July 23rd, 2019|Legal Matters|

Charles Kenahan Former New Hampshire governor Craig Benson has filed a $42.2 million claim against his Merrill Lynch broker, Charles Ernest Kenahan, of Newport, Rhode Island, according to Investment News reporting and Mr. Kenahan’s FINRA BrokerCheck Report. The former governor’s allegations include claims that Kenahan made unsuitable investments, engaged in unauthorized trading and excessive [...]

Jul 21, 2019

GPB CAPITAL HOLDINGS UNDER REGULATORY SCRUTINY, FORMER PARTNER ALLEGES PONZI SCHEME

By |July 21st, 2019|Legal Matters|

GPB CAPITAL HOLDINGS The Frankowski Firm is investigating claims related to the GPB Capital Holdings family of investment funds. Last month, GPB Capital reported “significant losses” in its funds with its two largest funds seeing declines of 25.4% and 39%. Investment News reported in March that GPB Capital Holdings is under investigation by [...]

Jun 20, 2019

WEDBUSH HIT WITH $8.1 MILLION FINE BY SEC

By |June 20th, 2019|Legal Matters|

Wedbush Securities Inc. will pay $8.1 million to settle SEC charges that it mishandled “pre-released” American Depository Receipts (ADRs), according to an SEC press release. ADRs are U.S. securities that represent shares of a foreign company and require a corresponding number of foreign shares to be held in custody at a depositary bank. Pre-release allows [...]

May 20, 2019

MORGAN STANLEY ORDERED TO PAY OVER $500,000 IN CUSTOMER ARBITRATION

By |May 20th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Morgan Stanley Smith Barney, LLC and entered an award against the firm of over $500,000 in favor of a couple who filed claims against the firm alleging that Morgan Stanley sold them unsuitable investments. The couple alleged that their Morgan Stanley [...]

May 9, 2019

PERSHING, LLC MUST PAY $1.4 MILLION TO SIX CUSTOMERS WHO WERE VICTIMS OF R. ALLEN STANFORD PONZI SCHEME

By |May 9th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has entered a $1.4 million award against Pershing, LLC for its role as a custodian and clearing firm in the R. Allen Stanford Ponzi Scheme, the second-largest investor fraud in US history. The claim was filed by a group of investors who invested in CDs [...]

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