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Mar 8, 2018

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST FORMER MADISON AVENUE SECURITIES BROKER DAVID L. BARBER

By |March 8th, 2018|FINRA|

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 [...]

Dec 28, 2017

FINRA BARS FORMER MML INVESTORS SERVICES BROKER BRIAN MICHAEL TRAVERS FOR REFUSING TO COOPERATE WITH FINRA INVESTIGATION

By |December 28th, 2017|FINRA|

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 [...]

Dec 12, 2017

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST FORMER WELLS FARGO BROKERS CHARLES FRIEDA AND CHARLES LYNCH

By |December 12th, 2017|FINRA|

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 [...]

Dec 11, 2017

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST MORGAN STANLEY FOR UNSUPERVISED SALES OF UNIT INVESTMENT TRUSTS

By |December 11th, 2017|FINRA|

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 [...]

Nov 9, 2017

FINRA WARNS ARBITRATION PARTICIPANTS REGARDING USE OF NON-LAWER REPRESENTATIVES

By |November 9th, 2017|FINRA|

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 [...]

Nov 7, 2017

FINRA CENSURES QUESTAR CAPITAL CORP. FOR OVERCHARGING INVESTORS, SUPERVISORY FAILURES

By |November 7th, 2017|FINRA|

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 [...]

Oct 17, 2017

FINRA Launches New Investment Protection to Combat Elder Abuse

By |October 17th, 2017|FINRA|

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  [...]

Sep 1, 2017

Why Members of Congress File Joint Statement of Disapproval Over Consumer Protection Measure

By |September 1st, 2017|FINRA|

Mandatory arbitration has been slowly taking the place of class action lawsuits, at the behest of major corporations and financial institutions. This makes sense: arbitration allows companies to address each individual complaint filed as a stand-alone incident, whereas in a class-action lawsuit, even consumers who cannot afford individual representation can seek recompense. Fewer consumers able [...]

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 [...]

Apr 13, 2017

Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft

By |April 13th, 2017|FINRA, Fraud, SEC, Securities Law Violations|

Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution. Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. [...]

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 16, 2017

Aegis Capital Investigated By FINRA, SEC, And FINCEN

By |March 16th, 2017|FINRA, SEC|

Aegis Capital Corp., which is a mid-sized brokerage firm out of New York City and has 415 registered representatives, is currently under investigation from three regulators, according to a document filed by the SEC. These regulators include the Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), and the Treasury Department's Financial Crimes Enforcement [...]

Mar 2, 2017

Craig David Dima Barred By FINRA

By |March 2nd, 2017|FINRA, FINRA News, Legal Matters, Press Releases & News, Securities Law Violations, Suitability, Unauthorized Trading|

Craig David Dima, an ex-registered representative with K.C. Ward Financial in Ronkonkoma, New York, was barred from the securities industry by FINRA for making unauthorized and unsuitable trades amounting to roughly $15 million in a seventy-three (73) year old retiree's account, as well as for misrepresenting the reasons for all the trades to the customer. [...]

Feb 8, 2017

How FINRA Plans on Protecting Investors This Year

By |February 8th, 2017|FINRA|

One of the most common claims our attorneys bring on behalf of clients is failure to supervise. Brokerages are responsible for the majority of their employees’ actions. When a broker or advisor is negligent, or guilty of fraud, an investor can seek compensation from the firm itself or from the supervisors for failure to supervise. [...]

Feb 1, 2017

Can FINRA’s CEO Create a New Era of Transparency?

By |February 1st, 2017|FINRA, Fraud|

Robert Cook, CEO of FINRA, embarked on a “listening tour” late last year. He spent months meeting with regulators, policymakers, investors and brokers (among others) to discover their primary concerns and to hear their ideas. What has emerged, it seems, is an agenda that prioritizes transparency at every level. One of the primary focuses of [...]

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