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Mar 8, 2019

BB&T TO PAY $5 MILLION TO SETTLE CLAIMS THAT IT MISLED CLIENTS

By |March 8th, 2019|Legal Matters|

The Securities and Exchange Commission has entered an Order finding that Valley Forge Asset Management, as a division of BB&T Securities, made statements to clients which misled them into believing they were receiving full, in-house, brokerage services at a discount when in fact there were significantly less expensive options available. Valley Forge offered its advisory [...]

Mar 5, 2019

WILLIAM GENNITY BARRED BY SEC AFTER CHURNING ALLEGATIONS

By |March 5th, 2019|Legal Matters|

The Securities and Exchange Commission has entered an Order permanently barring Staten Island, New York-based broker William C. Gennity from the securities industry. The SEC’s Order includes findings that Mr. Gennity, while a registered representative of Alexander Capital, L.P., engaged in a pattern of high-cost in-and-out trading without any reasonable basis to believe that his [...]

Feb 22, 2019

BRUCE C. WORTHINGTON SUSPENDED AFTER MISAPPROPRIATION ALLEGATIONS

By |February 22nd, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has suspended Middleton, Massachusetts broker Bruce C. Worthington from the securities industry in all capacities following allegations that he misappropriated investor funds. The Massachusetts Securities Division filed an Administrative Complaint against Worthington on February 21, 2019, alleging that between 2006 and 2018 Worthington (while a registered representative at Commonwealth [...]

Feb 19, 2019

BROKER FLOYD POWELL BARRED FOR UNAPPROVED PRIVATE SECURITIES TRANSACTIONS

By |February 19th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Floyd Powell, of Albertville, Alabama, from the securities industry based on findings that he engaged in undisclosed and unapproved private securities transactions in violation of FINRA Rule 3280. FINRA found that from July 2016 through December 2017, Floyd, while registered through MetLife Securities, Inc. and MML [...]

Feb 15, 2019

KESTRA INVESTMENT SERVICES SANCTIONED BY FINRA FOR OVERCHARGING INVESTORS

By |February 15th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has made findings against Kestra Financial Services, LLC of Austin, Texas and censured and fined the firm for overcharging mutual fund investors and for its supervisory failures which allowed the overcharging to occur. FINRA found that from July 1, 2009 to February 22, 2018, Kestra overcharged certain retirement plan [...]

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 8, 2019

FINRA EXAMS TO INCLUDE COMPLIANCE WITH ELDER ABUSE RULES

By |February 8th, 2019|Legal Matters|

FINRA EXAMS TO INCLUDE COMPLIANCE WITH ELDER ABUSE RULES The Financial Industry Regulatory Authority (“FINRA”), the self-regulatory organization which enforces rules governing the activities of all registered stockbrokers and broker-dealer firms, has announced that it will look “more closely” at brokers’ compliance with new elderly abuse rules as part of its broker examination process. FINRA [...]

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 25, 2019

QUEST CAPITAL STRATEGIES CENSURED AND FINED BY FINRA FOR SUPERVISORY FAILURES

By |January 25th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has made findings against Quest Capital Strategies, Inc. of Lake Forest, California and censured and fined the firm for supervisory failures and lapses in compliance with regulations governing the encryption of customer information sent electronically. FINRA found that from at least April 12, 2012 to March 20, 2014, Quest [...]

Jan 22, 2019

MORGAN STANLEY FLAGGED WITH $4.2 MILLION FINRA ARBITRATION AWARD

By |January 22nd, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Morgan Stanley Smith Barney and entered an award against the firm exceeding $4.2 million in favor of  Morgan Stanley customers including former NFL star Asante Samuel. The award followed customers’ complaints of breaches of fiduciary duty, negligence and gross negligence, violations [...]

Jan 18, 2019

CRYSTAL BAY SECURITIES, INC. LOSES SIX-FIGURE FINRA ARBITRATION CASE

By |January 18th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Crystal Bay Securities, Inc. of Delray Beach, Florida and entered an award against the firm for $192,598.90: over $50,000 more than the total requested by the Claimant. The award followed a customer’s complaint involving allegations of breach of fiduciary duty, exploitation [...]

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 10, 2019

D.A. DAVIDSON & CO. HIT WITH OVER $1 MILLION ARBITRATION DECISION

By |January 10th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Great Falls, Montana-based D.A. Davidson & Co. and entered an award against the firm for over $1 million. The award follows D.A. Davidson customer complaints of fraud, negligence, breach of contract, breach of fiduciary duty, and violations of the Nebraska Securities [...]

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” [...]

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