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Apr 20, 2017

Adrienne Mennemeyer Wins $1.8M Against PNC For Wrongful Firing And Defamation

By |April 20th, 2017|Defamation, Securities Arbitration, Wrongful Termination|

Adrienne Mennemeyer won $1.8 million in an arbitration against PNC Investments over a dispute over her termination from the company. On April 18, a FINRA arbitration panel issued an award, ordering PNC to pay her $1.5 million in punitive damages and $300,000 in compensatory damages arsing from her termination in December of 2013. On her [...]

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 [...]

Nov 18, 2016

Oppenheimer & Co. Fined By FINRA

By |November 18th, 2016|FINRA, FINRA News, Hedge, Bond & Mutual Funds, Press Releases & News, Securities Arbitration, Securities Law Violations|

FINRA fined Oppenheimer & Co. $3.4 Million for failures in reporting internal discipline, giving information in arbitration cases, and offering sales discounts to customers. Between 2008 and 2016, the firm was on average four years late making 365 filings with FINRA, pertaining to disciplinary actions it took against its own brokers and arbitration [...]

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 [...]

May 27, 2016

Alabama Man Sentenced For Securities Fraud

By |May 27th, 2016|Alabama, Alabama Securities Commission, Broker Check, FINRA, Fraud, Huntsville, Madison County, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability, Unregistered Securities|

Keith Michael Rogers of Huntsville, Alabama was sentenced by Madison County Circuit Court Judge Alison Austin to three years in prison for securities fraud. He received a ten year split sentence and will serve three years and has seven suspended. Judge Austin also ordered Rogers to pay $1.7 million in restitution. The sentencing follows [...]

May 24, 2016

NBA/NFL Players Win $819k FINRA Award

By |May 24th, 2016|Broker Check, Failure To Supervise, FINRA, FINRA News, Press Releases & News, Securities Arbitration|

Two former professional athletes, one from the National Basketball Association (NBA) and one from the National Football League (NFL), won an $819,000 arbitration award against Morgan Stanley Smith Barney in a case that revolved around the broker-dealer's negligent supervision of a former broker. The arbitration was brought by Keyon Dooling, who played guard in [...]

Apr 28, 2016

Complaints Against Merrill Lynch Broker For Unsuitable Recommendations

By |April 28th, 2016|Broker Check, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability|

According to FINRA's BrokerCheck, Merrill Lynch broker Heather Weber has been the subject of at least seven customer complaints. The complaints claim that Weber violated securities laws, including soliciting unsuitable investments and making misrepresentations of materials facts. In January 2016 a customer filed a complaint alleging $200,000 in damage stemming from unsuitable investment recommendations [...]

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, [...]

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 [...]

Mar 2, 2016

Frankowski Firm Investigating UDF REITs

By |March 2nd, 2016|FINRA, Fraud, Legal Matters, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, Securities Arbitration, Securities Law Violations, Suitability|

The Frankowski Firm is continuing its investigation into United Development Funding III and IV (UDF) on behalf of investors in the company's real estate investment trusts (REITs). The FBI recently raided the company's offices in Texas, and immediately afterward UDF IV's price dropped to $3.20 per share, more than 81% lower than its December 2015 [...]

Feb 25, 2016

PIABA: Investors Owed Millions In Arbitration Awards Unable To Collect

By |February 25th, 2016|FINRA, FINRA News, PIABA, Press Releases & News, Securities Arbitration|

According to the Public Investors Arbitration Bar Association (PIABA), FINRA is failing to help investors collect arbitration awards for damages from the brokers. Seventy-five FINRA arbitration awards, about a third of the 2013 total, are unpaid according to a report released by PIABA. That is $62 million in award money or about 25% of the [...]

Jan 7, 2016

FINRA Restitution To Investors Tripled To $96.2M Last Year

By |January 7th, 2016|FINRA, FINRA News, Press Releases & News, SEC, Securities Arbitration, Securities Law Violations|

In 2015, FINRA secured $96.2 million in restitution, nearly triple the $32.3 million it did in 2014, evidencing the regulator's push to be more aggressive in returning money to investors ripped off by brokerages over the past year. “They are clearly exercising more of their ability to aggressively seek the range of sanctions,” said attorney [...]

Sep 21, 2015

Adviser Loses Job Following Weekend Client Raid

By |September 21st, 2015|Conspiracy, FINRA, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration|

An arbitration has been filed accusing Oppenheimer & Co. of overstepping its bounds during a three day weekend earlier in the summer during which it mounted a massive client raid. Industry experts claim that this is fairly common. However, details of the raids rarely become public, at least in part because of an industry agreement designed [...]

Aug 17, 2015

FSC Securities To Pay $1.28M In Ponzi Case

By |August 17th, 2015|Atlanta, Banking Fraud, Broker Check, Failure To Supervise, FINRA, FINRA News, Fraud, Georgia, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations, Selling Away, Suitability|

FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number [...]

Aug 14, 2015

Alabama Man Sentenced For Ponzi Scheme

By |August 14th, 2015|Alabama, Alabama Securities Commission, Failure To Supervise, Fraud, Joseph Borg, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations|

Bryan Anderson, a former broker from Hoover, Alabama, was sentenced yesterday to seven years and three months in federal prison after pleading guilty to operating a Ponzi scheme that defrauded investors out of over $3 million. U.S. District Court Judge Virginia Hopkins also ordered Anderson to pay restitution of $3,068,614 plus interest to his victims. [...]

May 14, 2015

UBS Loses Arbitration, Forced To Pay $200k

By |May 14th, 2015|Failure To Supervise, Fiduciary Duties, FINRA News, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability, UBS|

UBS lost an arbitration case this week pertaining to the offer and sale of a number of Puerto Rico Fixed Income and Bond funds. The Claimant in the arbitration asserted causes of action for violation of the Puerto Rico Uniform Securities Act, securities fraud, constructive fraud, breach of contract, negligence, negligent supervision, failure to supervise, [...]

Mar 30, 2015

Alabama Man Pleads Guilty In Ponzi Scheme Case

By |March 30th, 2015|Failure To Supervise, FINRA News, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations, Selling Away, Unauthorized Trading|

Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown Birmingham plead guilty to operating a Ponzi scheme [...]

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