Churning

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Jul 20, 2017

Frankowski Firm Investigating Westpark Capital for Potential Broker Fraud and Negligence

By |July 20th, 2017|Churning, FINRA, Suitability|

The law offices of The Frankowski Firm, LLC are investigating customer complaints concerning Westpark Capital, Inc. for the potential sale of unsuitable investments to their customers and failure to diversify these customers' accounts. The firm has its headquarters in Los Angeles, California, and FINRA records show it has been registered with both the SEC and [...]

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 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 [...]

Oct 19, 2016

Paul Lebel Barred By SEC For Churning

By |October 19th, 2016|Churning, Hedge, Bond & Mutual Funds, Press Releases & News, SEC, Securities Law Violations|

Paul Lebel, a broker formerly with LPL Financial from 2008 to 2014, was barred by the SEC for churning and excessively trading mutual funds in customer accounts and generating excess fees. According to the SEC administrative proceeding, Lebel "defrauded four customers by churning several of their accounts. In particular, Lebel exercised de facto control [...]

Sep 1, 2016

Caldwell International Securities To Pay $2M

By |September 1st, 2016|Churning, FINRA, Press Releases & News, Securities Law Violations|

Caldwell International Securities Corp. will pay roughly $2 million to settle charges that it hurt its investors. Further, the company's founder, Greg Caldwell, has agreed to be banned from the industry. According to FINRA, Caldwell International will pay a fine of $1 million and an additional $1 million in restitution to investors who lost money [...]

Apr 27, 2016

Broker Faces Numerous Complaints Of Misrepresentations

By |April 27th, 2016|Broker Check, Churning, Fiduciary Duties, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Unauthorized Trading|

According to FINRA's BrokerCheck, New York-based Worden Capital Management broker Allan Montalbano is facing numerous customer complaints for making misrepresentations, among other allegations. Montalbano has spent 13 years in the securities industry and has been registered with Worden Capital Management in Westbury, New York since June 2015. Previous registrations include Four Points Capital Partners in [...]

Apr 12, 2016

Investors File Churning Complaints Against John Prinzivalli

By |April 12th, 2016|Broker Check, Churning, Fiduciary Duties, FINRA, FINRA News, Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability|

According to FINRA's BrokerCheck, broker John Prinzivalli has been the subject of two churning complaints since 2010. Other complaints against Prinzivalli have alleged a number of securities law violations including that the broker made unsuitable investments and breached his fiduciary duty. One complaint filed in October 2014 alleges $130,000 in damages due to unsuitable recommendations, [...]

Apr 8, 2016

Investors File Complaints Against James Hayne

By |April 8th, 2016|Alabama, Broker Check, Churning, Failure To Supervise, Fiduciary Duties, FINRA, Fraud, Misrepresentation and Fraud, Press Releases & News, Suitability, Unauthorized Trading|

The Frankowski Firm is investigating complaints regarding Texas-based Cetera Advisors broker James Hayne (CRD# 3257845). He has spent sixteen years in the securities industry and has been registered with Cetera Advisors in Mansfield, Texas since 2014. Previous registrations include Questar Capital Corporation in Glendora, California (2013-2014); First Allied Securities in Glendora, California (2008-2013); Edward Jones in Pomona, [...]

Mar 17, 2016

Broker Took $1.7M By Churning Accounts

By |March 17th, 2016|Broker Check, Churning, FINRA, FINRA News, Press Releases & News, Securities Law Violations|

Broker Edward Beyn allegedly received over $1.7 million in commissions and fees by excessively trading his clients' accounts, or "churning," while he was a registered representative with Craig Scott Capital, according to FINRA's Enforcement Department. FINRA claims Beyn churned nine accounts of six of his customers, all of whom are over 60 years old, [...]

Mar 15, 2016

Laidlaw Broker Facing Eight Complaints

By |March 15th, 2016|Broker Check, Churning, Fiduciary Duties, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability, Unauthorized Trading|

The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware's clients who lost money investing with him may be able to recover their losses. Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York [...]

Feb 12, 2016

Craig Scott Capital Subject Of FINRA Complaint

By |February 12th, 2016|Churning, Failure To Supervise, FINRA, FINRA News, Press Releases & News|

FINRA recently filed an amended complaint against Craig Scott Capital, LLC and its co-founders, Craig Scott Taddonio and Brent Morgan Porges, alleging, among other things, excessive trading, churning, failure to supervise. Churning and Excessive Trading According to the complaint, Respondents churned and excessively traded Craig Scott Capital customer accounts. They encouraged their sales team to [...]

Dec 11, 2015

Woman Receives Over $1M Award In Churning Case Against Former Morgan Stanley Broker

By |December 11th, 2015|Churning, FINRA, FINRA News, Press Releases & News, Securities Law Violations|

A FINRA arbitration panel awarded over $1 million to an elderly woman who claim to be ripped off by an ex-Morgan Stanley broker. Arbitrators recently found for Genevieve Lenehan, giving her punitive and compensatory damages, attorneys' fees, and other costs that amounted to $1.06 million. Lenehan claimed that the broker, Justin Amaral, both churned and [...]

Oct 8, 2015

FINRA Expels Halcyon Cabot Partners And Bars CEO And CCO

By |October 8th, 2015|Churning, Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Law Violations|

FINRA expelled New York-based Halcyon Cabot Partners, Ltd., and barred Chief Executive Officer Michael Morris and Chief Compliance Officer Ronald Heineman from the securities industry, for fraud, sales practice abuses, and widespread supervisory and anti-money laundering failures. FINRA found that Halcyon, Morris and Heineman engaged in a scheme to conceal a kickback of private placement fees. [...]

Sep 23, 2015

FINRA Sanctions Ten Former Global Arena Representatives

By |September 23rd, 2015|Churning, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Suitability|

During a 2014 onsite exam, FINRA found numerous securities violations at Global Arena Capital Corp., including misleading sales pitches, customer account churning, as well as other business misconduct. The regulatory authority has banned seven former registered representatives from the industry, suspended an eighth, and barred two former branch managers from serving in a principal capacity. [...]

May 12, 2015

FINRA Investigating National Securities Broker

By |May 12th, 2015|Broker Check, Churning, Fiduciary Duties, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Selling Away, Suitability, Unauthorized Trading|

FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was "selling away" ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with [...]

Mar 19, 2015

FINRA’s March 2015 Disciplinary Actions Part I

By |March 19th, 2015|Churning, Failure To Supervise, FINRA News, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Suitability, Unauthorized Trading|

Bulltick, LLC of Miami, Florida submitted an AWC in which the firm was censured and fined $20,000. Despite not admitting or denying FINRA's findings, Bulltick consented to the sanctions and to the entry of findings that it failed to adequately implement and enforce its written supervisory procedures on reporting TRACE-eligible securities, pursuant to a Uniform [...]

Mar 6, 2015

Georgia Financial Adviser Accused Of Defrauding Elderly Couple

By |March 6th, 2015|Churning, Failure To Supervise, Fiduciary Duties, FINRA News, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability|

The Frankowski Firm is continuing its investigation of Leavitt Sanders and the firms with which he has been associated as further allegations surface against them. John D. and Maxine S. Bankston of Lilburn, Georgia have accused financial adviser Leavitt Sanders of fraud and numerous securities violations. The couple, who are in their eighties, filed their [...]

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