The Frankowski Firm is investigating potential claims against FINRA-expelled broker David L. Barber, of San Diego, California, following Mr. Barber’s expulsion from the securities industry due to his failure to cooperate with a FINRA investigation into allegations that he engaged in unauthorized trading in to the accounts of Madison Avenue customers, exercised discretion in customer [...]
The Frankowski Firm is investigating potential claims against terminated Wells Fargo broker Jeffrey Palish, of Woodcliff Lake, New Jersey, following Mr. Palish’s arrest and termination from the securities industry on charges that he stole at least $600,000 from elderly clients over four years. According to the story published at northjersey.com, Mr. Palish is believed to [...]
The Frankowski Firm is investigating potential claims against Aequitas Capital Management of Lake Oswego, Oregon. The Securities and Exchange Commission has brought charges against Aequitas and three of its top executives for allegedly running a $350 million Ponzi scheme. The SEC allegations claim that, since 2014, Aequitas defrauded investors into thinking they were investing in [...]
The Frankowski Firm is investigating potential claims against MML Investors Services, Inc., of Springfield, Massachusetts. The firm has been the subject of ten regulatory actions within the past ten years, not including this month’s FINRA permanent bar of former MML broker Brian Michael Travers of Long Island, New York for failing to cooperate with FINRA’s [...]
Did you lose money investing with the Woodbridge Group? The Frankowski Firm can help The Securities and Exchange Commission (“SEC”) announced yesterday that it was bringing charges and freezing the assets of a group of unregistered funds and their owner based on allegations that the Woodbridge Group and its founder, Robert Shapiro, bilked investors (many [...]
The Frankowski Firm is investigating potential claims against LPL Financial, LLC and its former broker Charles Fackrell, of Yadkinville, North Carolina, following a Financial Industry Regulatory Authority (“FINRA”) arbitration award of $462,000 against the firm based on Mr. Fackrell’s fraudulent Ponzi scheme and unsuitable trading in LPL customers’ accounts. Mr. Fackrell accepted a permanent bar [...]
The Securities and Exchange Commission (“SEC”) has censured and fined Ameriprise Financial for its continued use of F-Squared AlphaSector strategies in its marketing to clients, even after learning that the AlphaSector strategies were based on flawed calculations. The F-Squared AlphaSector strategies were a mathematical algorithm which purported to calculate an appropriate buy or sell “signal” [...]
The Frankowski Firm is investigating potential claims against Wells Fargo Securities and its former brokers Charles Frieda and Charles Lynch, of Irvine, California, following a Financial Industry Regulatory Authority (“FINRA”) action banning them from the securities industry. According to the FINRA sanctions, the two brokers recommended to a majority of their customers an unsuitable and [...]
The Frankowski Firm is investigating potential claims against Morgan Stanley Smith Barney LLC, based on a $3.25 million fine and $9.78 million in customer restitution ordered by the Financial Industry Regulatory Authority (“FINRA”) against the firm for its supervisory failures related to short-term trades of unit investment trusts (UITs). A UIT is a company that [...]
The Frankowski Firm is investigating potential claims against former Morgan Stanley Smith Barney broker Timothy Thomas Gibbons of New Orleans, based on allegations that in 2014 he made unsuitable recommendations to elderly investors, advising them to place high percentages of their accounts (in one instance 79% of a customer’s portfolio) in a single high-risk energy [...]
The Frankowski Firm is investigating potential claims against Wedbush Securities broker Mark Augusta for unsuitable and misrepresented sales of Puerto Rican municipal bonds and/or municipal bond funds to Wedbush customers. These bonds have declined precipitously in value, brought on by economic instability within the Commonwealth and worsened by the devastation of Hurricane Maria. Because of [...]
Municipal bonds are a commonly-used source of revenue for governments: they are relatively stable, tax-free investments, and in times of rising interest rates, their value increases. Puerto Rico’s municipal bonds have been declining in value since 2013, and the recent declaration of municipal bankruptcy, along with devastating hurricanes like Maria, have led to an even [...]
The Financial Industry Regulatory Authority (“FINRA”) conducts more than 99% of the securities-related legal disputes in the United States, pursuant to FINRA’s code of arbitration procedures. Participants in FINRA arbitration may represent themselves, may have an attorney representative, and (subject to certain exceptions) may even hire a non-attorney representative. FINRA’s New York-based director of dispute [...]
According to a subpoena enforcement action filed in federal court in Miami by the Securities and Exchange Commission, the SEC is investigating whether the Woodbridge Group of Companies, LLC of Sherman Oaks, California, has violated, or is violating, the antifraud, broker-dealer and securities registration provisions of federal securities laws. Woodbridge has received over $1 billion [...]
The Financial Industry Regulatory Authority (“FINRA”) has accepted a letter of Acceptance, Waiver, and Consent from Questar Capital Corporation, of Minneapolis, Minnesota, for its failure to identify and apply sales charge waivers to eligible retirement accounts and charitable organizations. Without admitting or denying any findings made against it, Questar accepted a censure from FINRA and [...]
The New Jersey Bureau of Securities has entered an Administrative Consent Order making findings against LPL Financial and assessing a civil penalty of $950,000 for LPL’s unsuitable sales of alternative investments including non-traded real estate investment trusts (REITs), non-traded business development companies (BDCs), and other non-traded (and therefore illiquid) investments. The Bureau found that LPL [...]
The Securities and Exchange Commission filed a Complaint yesterday against former RBC Capital Markets and Merrill Lynch broker Thomas J. Buck, who was employed in the Indianapolis, Indiana area. According to the allegations, Buck made false representations and omissions to certain clients regarding fees and commissions charged in their accounts and by making unauthorized trades [...]
Last week, the Financial Industry Regulatory Authority (“FINRA”) ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to investors based on Wells Fargo’s unsuitable recommendation of volatility-linked exchange-traded products (ETPs) and related supervisory failures. FINRA found that between July 2010 and May 2012, [...]
An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”) has ordered Morgan Stanley to pay $200,000 plus interest to one if its customers while also rescinding her investment in a variable annuity, with a waiver of any surrender fees. The panel found that although the Morgan Stanley broker, Helen Holmes Timpe (formerly of the [...]
Financial abuse of senior citizens is a growing trend as more and more Americans are living longer. All the wise steps financial advisors recommend to working adults saving for retirement can backfire spectacularly when retirees become the target of financial predators. To combat this, FINRA has drafted a new rule to target the financial exploitation [...]
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Disclaimer: Mr. Frankowski is licensed in Alabama and Florida. He is not licensed in any other state, including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico, New York, North Carolina, Tennessee, Texas.