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So far Robert Norton has created 184 blog entries.
Feb 12, 2019

CAPITOL SECURITIES MANAGEMENT, INC. HIT WITH $2.38 MILLION DECISION BASED ON FRAUD, UNAUTHORIZED TRADING

By |February 12th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) awarded two retired schoolteachers a combined $2.38 million in an arbitration based on the teachers’ claims of excessive trading, unauthorized transfers and withdrawals, and fraud in their Capitol Securities Management accounts. According to the Award, Claimant Beryl Patin is a retired schoolteacher and in her [...]

Feb 5, 2019

CUSTOMER WINS $276,000 AWARD AGAINST QUEST CAPITAL OVER WOODBRIDGE FUNDS

By |February 5th, 2019|Legal Matters|

A Financial Industry Regulatory Authority (“FINRA”) arbitration panel has entered an award of over $276,000 against Quest Capital Strategies, Inc., of Lake Forest, California. The case centered around a customer’s complaint that Quest Capital violated federal securities laws; Virginia securities laws; the Florida Securities and Investor Protection Act; breached its customer contract; breached its fiduciary [...]

Jan 29, 2019

JOSEPH A. MEYER, STATIM HOLDINGS, CHARGED WITH FRAUD BY SEC

By |January 29th, 2019|Legal Matters|

The Securities and Exchange Commission (“SEC”) has charged Atlanta, Georgia based investment advisor Joseph A. Meyer, Jr. and his company, Statim Holdings, with investment fraud of a private fund they manage. According to the SEC allegations, between August 2009 and at least June 2018, Statim Holdings, Inc. and Meyer defrauded Arjun, L.P., a private fund [...]

Jan 14, 2019

FINRA BARS FORMER MORGAN STANLEY BROKER DANIEL TODD LEVINE FOR FAILURE TO COOPERATE WITH INVESTIGATION

By |January 14th, 2019|Legal Matters|

The Frankowski Firm is investigating potential claims against Financial Industry Regulatory Authority (“FINRA”)-expelled broker Daniel Todd Levine, of Greenwood Village, Colorado, following Mr. Levine’s permanent bar from the securities industry based on Mr. Levine’s failure to cooperate and provide information connected to FINRA’s investigation into alleged undisclosed outside business activities and unauthorized trading. According to [...]

Jan 4, 2019

SEC CHARGES 13 UNREGISTERED BROKERS FOR SALES OF WOODBRIDGE SECURITIES

By |January 4th, 2019|Legal Matters|

The Securities and Exchange Commission brought charges last month against thirteen individuals and ten companies for unlawfully selling securities of Woodbridge Group of Companies, LLC to retail investors. The thirteen individual defendants were among Woodbridge’s top revenue producers, selling more than $350 million of unregistered securities to more than 4,400 investors. Making matters worse, the [...]

Dec 27, 2018

MERRILL LYNCH FINED $6 MILLION FOR SELLING IPOs TO INDUSTRY INSIDERS

By |December 27th, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Merrill Lynch $6 million for selling shares in initial public offerings  (IPOs) to industry insiders, including employees’ immediate family members and customers who were brokers at other brokerage firms. FINRA found that from 2010 through March 2018, Merrill Lynch made at least 1,462 prohibited sales of IPO [...]

Dec 21, 2018

CETERA ADVISORS FINED $1.4 MILLION FOR EXCESSIVE TRADING

By |December 21st, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has fined Cetera Advisor Networks $1.4 million related to short-term mutual fund purchases of a former broker. FINRA fined Cetera $700,000 in penalties and ordered $691,000 in customer restitution for the excessive trading activity. According to the FINRA findings, the former Cetera broker made hundreds of short-term purchases and [...]

Dec 20, 2018

FUTURE INCOME PAYMENTS INVESTOR LOSSES

By |December 20th, 2018|Legal Matters|

Investors have filed lawsuits against intermediaries and advisory firms – including stockbrokers, financial advisers, financial planners, and insurance agents, for their losses estimated to be at least $100 million in an alleged investment fraud related to Future Income Payments (“FIP”). According to the InvestmentNews article, the claims relate to the sale of “structured cash flows” [...]

Dec 3, 2018

UDF REIT INVESTORS MAY BRING INDIVIDUAL CLAIMS

By |December 3rd, 2018|Legal Matters|

Investors in United Development Funding (UDF) Real Estate Investment Trusts (REITs) have lost approximately $1 billion since the FBI raided the UDF offices and the REITs began to collapse in early 2016. A REIT is a type of investment vehicle that functions as a company which owns real estate investments, typically large scale real estate [...]

Nov 23, 2018

UBS ORDERED TO PAY CUSTOMER OVER $564,000 FOR SALES OF PUERTO RICO MUNICIPAL BONDS AND BOND FUNDS

By |November 23rd, 2018|Legal Matters|

An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”), has entered an Award of over $564,000, plus interest, against UBS Financial Services, Inc. and UBS Financial Services, Inc. of Puerto Rico following a customer arbitration against the firms.  The customer’s claims included allegations of violations of federal and Puerto Rican securities acts, breach of [...]

Nov 21, 2018

FORMER LPL BROKER CHERYL ANN STALLINGS BARRED BY FINRA FOR MISAPPROPRIATION OF CUSTOMER FUNDS

By |November 21st, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has entered an Acceptance Waiver and Consent letter against Cheryl Ann Stallings, formerly of LPL Financial, LLC. According to FINRA’s factual findings, Ms. Stallings inappropriately became power of attorney for and LPL customer, took control of two customers’ bank accounts, became a successor trustee and beneficiary a of customer’s [...]

Nov 16, 2018

ROBERT LEE BASILE ARRESTED AND BARRED FROM SECURITIES INDUSTRY FOR TAKING $130,000 FROM HIS ELDERLY MOTHER

By |November 16th, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) entered an Acceptance, Waiver, and Consent (“AWC”) letter today against former Waddell & Reed broker Robert Lee Basile, who worked in Waddell and Reed’s Riverside, California branch office. Basile was arrested earlier this year for “theft by caretaker” related to an elder abuse investigation into charges that he stole [...]

Nov 13, 2018

WELLS FARGO ORDERED TO PAY PUNITIVE DAMAGES AND CUSTOMER ATTORNEYS’ FEES BASED ON FRAUD AND SECURITIES ACT VIOLATIONS

By |November 13th, 2018|Legal Matters|

An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”), has entered an Award of over $360,000, plus interest, against Wells Fargo Advisors, LLC following a customer arbitration against the firm.  The customer’s claims included allegations of violations of federal and state securities and business practices acts, breach of contract, fraud, breach of fiduciary duty, [...]

Nov 9, 2018

MOLONEY SECURITIES HIT WITH $300,000 ARBITRATION JUDGMENT

By |November 9th, 2018|Legal Matters|

A Financial Industry Regulatory Authority (FINRA) arbitration panel has entered a $300,000 award against Moloney Securities, Inc. and Moloney Securities Asset Management, LLC, of St. Louis, Missouri. The claimants in the arbitration claimed that the Moloney firms breached fiduciary duty, committed fraud, made unsuitable investment recommendations, misrepresentations, were neglectful, failed to supervise their broker(s), breached [...]

Nov 6, 2018

DOUGLAS SIMANSKI, FORMER NEXT FINANCIAL BROKER, TO PAY $3.9 MILLION FOR FRAUD SCHEME

By |November 6th, 2018|Legal Matters|

Former NEXT Financial advisor Douglas Simanski, of Johnstown, Pennsylvania, will pay $3.9 million to settle SEC charges against him and will plead guilty to criminal charges filed against him in the Western District of Pennsylvania. The SEC complaint and criminal proceedings stem from allegations that Simanski violated antifraud provisions of federal securities laws by raising [...]

Nov 2, 2018

WOODBRIDGE CEO ROBERT SHAPIRO TO PAY SEC FINE OF $120 MILLION IN PONZI SCHEME

By |November 2nd, 2018|Legal Matters|

According to court documents, Robert Shapiro, the former CEO of Woodbridge Group of Companies, has agreed to pay $120 million to the Securities and Exchange Commission to settle allegations that he defrauded investors in a $1.2 billion Ponzi scheme. According to the allegations, Woodbridge and Shapiro defrauded more than 8,400 investors in unregistered Woodbridge funds, [...]

Nov 1, 2018

AMI FORTE OUT AT PINNACLE INVESTMENTS AFTER FINRA WIDENS ITS NET

By |November 1st, 2018|Legal Matters|

Ami Forte, once a star Morgan Stanley advisor with over $2 billion in assets under management, is out at Pinnacle Investments as of October 17, according to her FINRA BrokerCheck report. Forte’s departure comes two weeks after FINRA’s announced expansion of its January Wells Notice, which informed Forte of FINRA’s preliminary decision to discipline her [...]

Oct 18, 2018

CETERA ADVISORS, LLC ORDERED TO REPAY CLIENT LOSSES IN RISKY REIT INVESTMENTS

By |October 18th, 2018|Legal Matters|

A Financial Industry Regulatory Authority (“FINRA”) arbitrator issued an Award yesterday in a simplified (paperwork-only) arbitration ordering Cetera Advisors, LLC to repay a claimant $43,500 out of his $50,000 arbitration claim, based on his losses suffered in unsuitably risky and illiquid real estate investment trust (“REIT”) investments. The winning claimant was represented by the Frankowski [...]

Oct 2, 2018

LJMIX Investors May Bring Individual Claims

By |October 2nd, 2018|Legal Matters|

LJM Partners, out of Chicago, Illinois, saw massive losses to its LJM Preservation and Growth Fund (“LJMIX”) in February, losing over 82 percent of the Fund’s value in a single week. The Fund held risky positions based on the CBOE Volatility Index, or VIX, which rose to near seven-year highs. The fund was overexposed to [...]

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