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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 23, 2017

Charles Schwab Sued Over Own 401(k) Plan

By |January 23rd, 2017|401(k), Fiduciary Duties, Legal Matters, Press Releases & News|

A participant in the Charles Schwab Corp. 401(k) plan has sued the plan and corporate executives, claiming they violated their duties under the Employee Retirement Income Security Act (ERISA) by offering Schwab funds that were “more expensive than comparable alternatives available in the marketplace.” The suit was filed in United States District Court in [...]

Oct 7, 2016

Morgan Stanley Charged with Unethical Sales Contest

By |October 7th, 2016|Fiduciary Duties, Securities Law Violations|

Massachusetts is seeking a censure, cease and desist and equitable relief for customers after charging Morgan Stanley with conducting an unethical sales contest, according to a recent Investment News article.  The sales contest, which ran from January 2014 to April 2015, encouraged advisorsto get their clients to take out Morgan Stanley loans against their Morgan [...]

Oct 7, 2016

Texas Broker-Dealer Fined Over Variable Annuities

By |October 7th, 2016|Failure To Supervise, Fiduciary Duties, FINRA News, REIT, Variable Annuity|

An annuity exchange allows brokers to transfer an investor's funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 by FINRA for failing to supervise their brokers who used the annuity exchange to benefit themselves, according to a recent Investment News article. The brokers at IMS were [...]

Sep 30, 2016

Broker Fined for Siphoning from Octogenarians

By |September 30th, 2016|Fiduciary Duties|

According to a recent Investment News article, First Heartland Capital broker Jerome Scott Krause must pay $600,000 in damages to an elderly Wisconsin couple. The couple alleged Krause abused his position as their broker to help himself to loans of their money without their consent. First Heartland Capital fired Krause in 2012 for allegedly borrowing money [...]

Jul 21, 2016

Dez Bryant Sues Former Advisor

By |July 21st, 2016|Fiduciary Duties, Fraud, Misrepresentation and Fraud, Press Releases & News|

NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his "professional and fiduciary duty." West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. [...]

Jun 29, 2016

Transamerica To Pay $3.8M For Excessive Fees

By |June 29th, 2016|Bonds, Fiduciary Duties, Press Releases & News|

Transamerica has agreed to settle an excessive-fee lawsuit with its employees who participated in its 401(k) plan for $3.8 million. The Plaintiffs in the case allege that Transamerica and its affiliates breached their fiduciary duty under the Employee Retirement Income Security Act of 1974 for charging excessive administrative and investment management fees. Transamerica [...]

May 17, 2016

Leavitt Sanders’ Clients May Have Legal Rights

By |May 17th, 2016|Alabama, Broker Check, Fiduciary Duties, FINRA, Fraud, Georgia, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations|

The Frankowski Firm, LLC has filed several lawsuits alleging that Leavitt Sanders and the entities he traded through committed investment fraud. These entities include Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors allegedly defrauded, many of [...]

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 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 [...]

Mar 14, 2016

Morgan Stanley Subject Of Arbitration Filed By NC Couple

By |March 14th, 2016|Failure To Disclose, Fiduciary Duties, FINRA, FINRA News, Fraud, Master Limited Partnership, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability|

Two North Carolina investors have filed an arbitration claim with FINRA against Morgan Stanley  over unsuitable investments involving the firm’s Cushing MLP High Income Exchange Traded Note. The married couple, who are retirees in their sixties, are accusing the brokerage firm of common law fraud, negligence, breach of fiduciary duty, negligent supervision, and failure to [...]

Feb 29, 2016

Most Common Investment Adviser Violations

By |February 29th, 2016|Failure To Disclose, Failure To Supervise, Fiduciary Duties, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC|

Six investment adviser violations make up roughly 60% of all deficiencies the SEC's staff find when they investigate adviser offices, according to Renee Esfandiary, assistant director of the SEC's Office of Compliance, Inspections and Examinations. The investment adviser violations include: Compliance Rule Violations include not have written policies and procedures to ensure firm operations adhere to [...]

Feb 5, 2016

Frankowski Firm Investigating UBS Broker

By |February 5th, 2016|Broker Check, Failure To Supervise, Fiduciary Duties, FINRA, Press Releases & News, SEC, Securities Law Violations, Suitability, UBS, Unauthorized Trading|

The Frankowski Firm is currently investigating the possible wrongdoing of current UBS Financial Services broker Bradley Ross of Fort Lauderdale, Florida. According to FINRA's BrokerCheck, Ross has been the subject of a number of customer complaints. In 2015, a customer alleged Ross, while employed at UBS, recommended investments not consistent with their risk tolerance. The [...]

Jan 8, 2016

Massachusetts Regulator Charges Securities Firm With Unsuitable Sale To Elderly Client

By |January 8th, 2016|Failure To Disclose, Fiduciary Duties, Press Releases & News, Securities Law Violations, Suitability|

William Galvin, secretary of the commonwealth of Massachusetts, has charged a securities firm operating at Citizens Bank locations with "dishonest and unethical conduct" for selling an elderly woman funds that were riskier than her stated investment tolerance. Galvin seeks restitution from Citizens Securities for the anonymous investor, who lost roughly $7,000 when she got out [...]

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