Blog

Home » Blog
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” [...]

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 [...]

Free Case Evaluation

Call 888-741-7503 now or fill out the form above
to receive a free confidential consultation.
disclaimer
disclaimer-mob
TEXT US888.741.7503