LPL Blocks Sales of Nontraded Real Estate Investment Trusts and Publicly Traded Property Interval Funds This week, LPL Financial (LPLA) announced that it had suspended its sales of several nontraded REITs, as well as a number of publicly traded property interval funds. This is because the novel coronavirus (COVID-19) was…
Elderly Investor Claims $250K in GPB Fraud Losses In yet another GPB private placement fraud case, our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have filed a claim on behalf of an investor. This time, the respondents are Pruco Securities and Kalos Capital, which the…
Broker-Dealers Accused of Not Properly Supervising Custodial Accounts The Financial Industry Regulatory Authority (FINRA) announced that it has fined five major firms $1.4M in total for not reasonably supervising custodial accounts. The broker-dealers are: Citigroup (C), which will pay $300K. Morgan Stanley Smith Barney (MS), which will pay $300K. JP…
Merrill Lynch Fined For Involvement In Puerto Rico Bond Fraud Case In a recent award, a Financial Industry Regulatory Authority (FINRA) arbitration panel has decided that Merrill Lynch must pay a former professional baseball player and his wife $1.7 million in compensatory damages, plus $88,758 in costs, for losses they…
National Planning Ordered to pay $2.6M to Older Investor A Financial Industry Regulatory Authority (FINRA) panel is ordering National Planning Corp. to pay a customer, who is in her eighties, $2.6M after her former stockbroker, William August Glaser, sold her unsuitable investments. The investments including fraudulent promissory notes and non-traded…
Collateral Yield Enhancement Strategy (CYES) Damages: SSEK Investigating Merrill Lynch Financial Advisor Shepherd Smith Edwards & Kantas (SSEK), a law firm specializing in representing wronged investors is looking into allegations against Gordon Harper, a financial advisor with Merrill Lynch out of Upper Montclair, New Jersey. Prior to that, he worked…
Michael Sievert is Now an Arkadios Capital Broker If you were an investor who suffered losses from GPB Capital Holdings investments that were sold to you by broker Michael Sievert, please contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. Sievert is currently an Arkadios Capital broker. Already,…
SSEK Investigating Ladenburg Thalmann & Triad Advisors Over GPB Capital Investor Claims In its quarterly report to the US Securities and Exchange Commission (SEC), Ladenburg Thalmann Financial Services notes that one of its brokerage firms, Triad Advisors, is the subject of six Financial Industry Regulatory Advisory (FINRA) arbitration complaints by…
New Class Action Offers Details Into Alleged GPB Ponzi Scam This week in Austin, Texas, another proposed class securities case was filed on behalf of investors of GPB Capital Holdings and its many funds. This latest investor lawsuit directly accuses the alternative asset firm and its executives of running an…
Cetera Advisors Fraud Case Rises To $21M Two months after suing Cetera Advisors for more than $10M for allegedly defrauding retail clients, the US Securities and Exchange Commission (SEC) has amended its complaint, adding another Cetera Financial Group firm as a defendant. The regulator is now seeking $21M. According to…