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Aug 31, 2017

Frankowski Firm Investigating Broker Bob Wamhoff

By |August 31st, 2017|Broker Check, Broker Negligence, Legal Matters, Ponzi Scheme, REIT|

The Frankowski Firm is investigating potential claims against stockbroker Robert Edward “Bob” Wamhoff. Mr. Wamhoff is currently with the firm of Calton & Associates, Inc. off Saint Charles, Missouri and previously was with VSR Financial Services, Inc. which is also in the Saint Louis, Missouri area. According to Financial Industry Regulatory Authority (“FINRA”) data, eight [...]

Apr 11, 2017

FINRA Arbitrators Explaining Expungement Decisions More Thoroughly

By |April 11th, 2017|Broker Check, FINRA, Securities Arbitration|

FINRA arbitrators are starting to explain expungement decisions more thoroughly, getting rid of some of the mystery associated with removing customer disputes from brokers' records. This can certainly be seen in recent awards. According to the Securities Arbitration Commentator, the number of explained decisions in cases where the parties reached a settlement has increased to [...]

Mar 30, 2017

Corrine Mittag Faces Sanctions From FINRA Over Alleged Email Fraud

By |March 30th, 2017|Broker Check, FINRA News|

Corrine Mittag, formerly a broker with BancWest Investment Services, is looking at sanctions from FINRA for allegedly wiring $34,000 from a client's account without approval and as requested by a fraudulent email, according to the regulator. FINRA ordered that at least one sanction be levied against Mittag, who is now with COR Clearing. In January [...]

Mar 15, 2017

Paul Stanley Of Waddell & Reed Barred By FINRA

By |March 15th, 2017|Broker Check, FINRA News|

FINRA announced that it barred former Waddell & Reed Inc. broker Paul Stanley, who was dismissed by Wadell & Reed in January 2016 for failing to comply with the company's professional conduct, supervisory, and compensation policies. Stanley failed to show up for on-the-record testimony sought by the regulator. He, however, reached a settlement with FINRA, [...]

Jan 24, 2017

FINRA January 2017 Disciplinary Actions

By |January 24th, 2017|Alabama, Bonds, Broker Check, Churning, Conflict of Interest, Conspiracy, Failure To Supervise, Fiduciary Duties, FINRA, FINRA News, Fraud, Georgia, Hedge, Bond & Mutual Funds, Legal Matters, Master Limited Partnership, Misappropriated Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, Private Placements, Pump-And-Dump, REIT, SEC, Securities Law Violations, Selling Away, Suitability, Variable Annuity|

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may [...]

Jan 19, 2017

Henry Al Dean Watson Barred By FINRA

By |January 19th, 2017|Broker Check, Churning, FINRA, FINRA News, Press Releases & News, Unauthorized Trading|

FINRA announced that it barred an ex-Hilliard Lyons broker, Henry Al Dean Watson, who recently settled a customer complaint accusing him of excessive trading and commissions, unauthorized trades, and portfolio mismanagement. Watson broke FINRA rules by failing to appear to give testimony before the regulator. Watson began in the securities business in 1984. He was registered [...]

Jan 17, 2017

Registered Investment Advisors vs. Brokers: Who Do You Need?

By |January 17th, 2017|Banking Fraud, Broker Check, Fraud|

Whether you are just beginning to build an investment portfolio, or have been investing for years, chances are you will need the guidance of a finance professional to ensure that your investments are sound and protected. Depending on your needs, risk tolerance and interests, you may find yourself working with a registered investment advisor (RIA) [...]

Jan 11, 2017

Gregory Dean And Donald Fowler Charged By SEC

By |January 11th, 2017|Broker Check, Churning, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

The SEC charged two brokers, Gregory Dean and Donald Fowler, with violations of securities laws for a fraudulent excessive-trading scheme designed to profit themselves at the expense of their clients. The SEC accused Dean and Fowler of using a “high-cost trading strategy consisting of the excessive buying and selling of stocks” that led to “enormous losses” for [...]

Dec 29, 2016

Phil Fiore Jr. Fired By UBS For Multiple Violations

By |December 29th, 2016|Broker Check, Failure To Disclose, FINRA, Press Releases & News, UBS|

UBS Financial Services Inc. fired Phil Fiore Jr., one of its top brokers based in Stamford, Connecticut, for failing to keep the firm informed of outside business activities, even while he was under heightened supervision. Fiore was terminated at the close of November for violating firm policies, including not disclosing an unpaid directorship at a not-for profit [...]

Dec 2, 2016

Dominic Thomas DeBruin Banned By FINRA

By |December 2nd, 2016|Broker Check, FINRA, FINRA News, Press Releases & News|

FINRA barred LPL Financial broker Dominic Thomas DeBruin for depositing client funds into his personal bank account. The money was "related to potential private securities transaction" that was not disclosed to LPL, a settlement notice issued by FINRA's Department of Enforcement said. In October 2016, FINRA reached out to DeBruin for documents, asking him to [...]

Dec 2, 2016

FINRA Files Complaint Against Dawn Bennett

By |December 2nd, 2016|Broker Check, FINRA, FINRA News, Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

FINRA filed a complaint against Dawn Bennett for failing to testify in its investigation of possible fraud related to her clothing company. Bennett did not appear for testimony on four different occasions between April and September of this year, violating FINRA's rules, according to FINRA's complaint. The charges come roughly a year after the regulator [...]

Nov 28, 2016

Levi David Lindemann Receives 6-Year Sentence For Ponzi Scheme

By |November 28th, 2016|Broker Check, Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations|

Levi David Lindemann, a Minnesota investment advisor, received a six-year prison sentence for stealing from clients and operating a Ponzi scheme, according to the Minnesota Department of Commerce. Lindemann was sentenced to 74 months imprisonment by a U.S. District Court, having pleaded guilty earlier this year to federal mail fraud and money-laundering charges. He was the [...]

Oct 21, 2016

Mark Tauzin Suspended For Unsuitable Trading

By |October 21st, 2016|Broker Check, FINRA, FINRA News, Press Releases & News, Securities Law Violations, Suitability|

FINRA suspended former LPL Financial broker Mark Tauzin for engaging in unsuitable short-term trading of unit investment trusts as well as maintaining blank, signed forms in customer files. He was suspended for eight months from any FINRA registered broker-dealer, fined $20,000 and required to pay $205,000 plus interest to 14 sets of clients. That sum represents the [...]

Oct 20, 2016

PIABA Issues Report On BrokerCheck’s Shortcomings

By |October 20th, 2016|Broker Check, FINRA, FINRA News, PIABA|

PIABA, the Public Investors Arbitration Bar Association, issued a new report stating that FINRA's BrokerCheck, the primary resource the public uses to learn about brokers and their firms, fails to include vital information, including the reasons a financial professional's employment was terminated and other details investors should have before deciding whether to invest with them. The [...]

Oct 18, 2016

Debra Ferrara Suspended For Fraudulent Wire Transfer

By |October 18th, 2016|Broker Check, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News|

Debra Ferrara, a former client administrator at Morgan Stanley, was fined and suspended by FINRA for fraudulently transferring a total of $108,680 out of a client's account to third party bank accounts and for falsifying records. Morgan Stanley terminated Ferrara in December 2011 for falsifying information recorded in its books. Ferrara agreed to be fined [...]

Oct 14, 2016

Jeffrey Howell Barred From Securities Industry

By |October 14th, 2016|Broker Check, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, UBS|

Jeffrey Howell, formerly a broker with UBS Group AG's wealth management unit was barred from the securities industry for giving a client faux weekly account statements over a period of six years, according to FINRA. Howell sent these reports from September 2008 to November 2014, overvaluing the account by as much as $3 [...]

Oct 11, 2016

FINRA Bars Jay Jules Gruenebaum

By |October 11th, 2016|Broker Check, FINRA, FINRA News, Press Releases & News, Suitability|

FINRA has permanently banned former broker Jay Jules Gruenebaum, who was terminated by his most recent employer, Stifel Nicolaus, for making unauthorized payments to clients. FINRA began its investigation of Gruenebaum after his June 16 termination and two customer complaints about mishandled accounts and particular representations he made to them, in addition to the unauthorized payments. [...]

Sep 22, 2016

FINRA Bars Broker Douglas Wayne Studer

By |September 22nd, 2016|Broker Check, FINRA, FINRA News, Press Releases & News|

FINRA has barred former broker Douglas Wayne Studer, who was named in estate documents to inherit his 91-year-old customer's waterfront condominium in Fort Lauderdale, Florida. FINRA investigated Studer for potentially violating his former employer's firm policy by being named in his customer's estate documents, according to a settlement notice accepted by FINRA's department of [...]

Aug 5, 2016

Brian James Egan Barred by FINRA

By |August 5th, 2016|Broker Check, Failure To Disclose, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News|

FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading [...]

Jul 14, 2016

Broker To Pay $331k For Unsuitable Investments

By |July 14th, 2016|Broker Check, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Arbitration, Suitability|

A FINRA Arbitration panel ordered Frederick Baerenz, president and CEO of AOG Wealth Management, to pay $331,000 in compensatory damages after finding him liable of unsuitable trading. Baerenz allegedly misled his investors, Barbara and Roger Bond, regarding the risks of their direct private placements while investing in them between 2006 and 2008. Of the $1.3 [...]

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