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Articles Posted in Current Investigations

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Nelson Partners’ Liquidation Plan That Would Pay $50M to Skyloft Austin Investors Gets Final Court Approval

Unfortunately, Property Management Firm May Not Be Able to Come Up with All the Funds  According to attorneys for Greg Milligan, the plan administrator for liquidation proceedings involving luxury high-rise student building Skyloft Austin, a court has approved on a final basis the liquidation plan that would require Nelson Partners…

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Moloney Securities Brokers Shane DeSherlia and Dale Timmerman Allegedly Unsuitably Recommended GWG L Bonds to Illinois Retirees

Brokerage Firm Allegedly Pursued Commissions over Customers’ Best Interests Three Illinois retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Moloney Securities, pursuing up to six figures in damages for bond losses sustained in GWG Holdings L Bonds. The two brokers, Shane Michael DeSherlia and Dale Erbin…

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SEC Fines Aegis Capital $2.3M Over Allegedly Unsuitable Variable Interest Rate Structured Product Sales

Aegis Brokers in Melville, NY and Boca Raton, FL Allegedly Unsuitably Recommended VRSPs to 48 Customers, Including Elderly Investors  In July 2022, the US Securities and Exchange Commission (SEC) filed civil charges against Aegis Capital Corp., former Managing Director Alan Zelig Appelbaum, and ex-broker Paul Francis Gallivan. They are charged…

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Customers of Ex-First Allied Securities Broker Chad Barancyk Are Requesting More Than $2.1M in Damages

FINRA suspends former Florida Financial Advisor The Financial Industry Regulatory Authority (FINRA) has indefinitely suspended ex-broker Chad Ryan Barancyk after he failed to respond to the self-regulatory organization’s probe. FINRA attorneys requested more information on the arbitration award/settlement agreement, which the former broker allegedly didn’t address.   Barancyk was fired by…

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Ex-Joseph Stone Capital Broker Joseph Ambrosole Faces Excessive and Unsuitable Trading Allegations

Customer of Former New York Financial Advisor Is Requesting Over $850K in Damages In July 2022, the Financial Industry Regulatory Authority (FINRA) permanently barred Joseph Albert Ambrosole after he refused to testify in the self-regulatory organization’s (SRO) probe. FINRA led this investigation concerning an amended Uniform Termination Notice by Joseph Stone…

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Spartan Capital Securities Broker James Pecoraro Suspended Following Excessive Trading Allegations

New York Broker Allegedly Cost Customers Six-Figure Losses, Trading Costs, and Commissions  The Financial Industry Regulatory Authority (FINRA) has suspended Spartan Capital Securities financial advisor James Robert Pecoraro for nine months. FINRA ordered him to pay a $10K penalty and nearly $69K restitution for allegedly excessively unauthorized trading in customers’ accounts. The…

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Investors Who Worked with NI Advisors Broker Shirley Ank Wong, also of AK Advisors in Daly City, CA, Suffer GWG L Bond Losses

Elderly couple alleges unsuitability and concentration in risky speculative junk bonds  Two San Francisco retirees have filed a $500k Financial Industry Regulatory Authority (FINRA) case against NI Advisors, its President Sui-hock Goy, and broker Shirley Ank Wong. Broker Ank Wong also operates locally as AK Advisors in Daly City, CA.…

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Marc Cline, formerly of CFG Capital, Allegedly Recommended GWG L bonds to Florida Retirees

Claimants file FINRA arbitration claim against National Securities Two Florida retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against National Securities Corp. They seek up to six figures in damages for the losses they sustained in GWG Holdings L bonds. The risky, illiquid junk bonds were allegedly…

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Texas Investors Awarded $2.57M in Second FINRA Arbitration Win Against LPL

Claimants also name former LPL Financial brokers Edward Miller and Antonio Reyna Two investors were awarded $2.57m in their Financial Industry Regulatory Authority (FINRA) arbitration case against LPL Financial and Financial Resources Group. Also named as respondents but who were not ordered to pay damages are two former ex-LPL financial…

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Following SEC Charges Related To GWG L Bonds, CFP Board Suspends Western International Securities Broker Patrick Egan

California investment advisor accused of best interest violations  The Certified Financial Board has suspended Western International Securities financial advisor Patrick Michael Egan from using his CFP designation. The decision comes after the US Securities and the Exchange Commission (SEC) charged him, the broker-dealer, and four other Western International brokers with…

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