A former customer of Scott Reed, an ex-Wells Fargo Clearing Services broker, has filed a FINRA arbitration claim. The investor claims Reed made them invest more than $2M in unapproved investments. This resulted in the broker making hundreds of thousands of dollars in undisclosed commissions. FINRA barred Scott Reed in…
Florida Financial Advisor Sold Tuscan Gardens Growth and Income Fund Securities Did you lose money while working with Delta Securities Company registered representative, Sean Donovan Casterline? If so, you may have grounds for pursuing damages. The longtime Florida financial advisor was suspended by FINRA in December 2021. In FINRA’s action,…
UBS Financial Services is Also a Defendant in New Class Action Lawsuit If you are a UBS Financial Services customer who invested in the firm’s Yield Enhancement Strategy (UBS YES) at the recommendation of New York financial advisor, William Montgomery Cerf, you are not alone. According to BrokerCheck, William Cerf…
Atlanta Financial Advisor Accused of Using an Unsuitable Options Investment Strategy Michael John Wagner, a longtime Morgan Stanley broker, is currently under scrutiny in the wake of recent customer disputes in which the claimants are requesting over $20M in damages. Based out of Atlanta, Georgia, Wagner has worked in the…
FINRA Said Triad Brokers Unsuitably Recommended LJM Preservation and Growth Fund In December 2021, the Financial Industry Regulatory Authority (FINRA) censured and fined Triad Advisors $195K for allegedly failing to supervise its registered representatives that unsuitably recommended the LJM Preservation and Growth Fund (LJM) to customers. The self-regulatory organization (SRO)…
Claimants Are Seeking Over $4M in Damages Over UBS YES Strategy If you suffered investment losses while working with UBS Financial Services broker and investment advisor Roderick K. Von Lipsey, you may have grounds for filing a FINRA arbitration claim to recover damages. In the last 2.5 years, between September…
Investors Are Seeking Six- to Seven-Figures in Damages If you suffered investment losses while working with former Worden Capital Markets broker Mark Sam Kolta, you may want to explore your legal options with a seasoned securities law firm. Kolta, who worked for 13 years in the industry, has 27 disclosures…
RBC Capital Markets Settlement With FINRA Includes a Fine and Restitution RBC Capital Markets has reached an agreement with FINRA in which the broker-dealer will pay $1M to resolve allegations of overconcentration in customers’ accounts involving high-yield bonds. Without denying or admitting to the self-regulatory organization’s (SRO’s) findings, RBC consented…
J.P. Morgan Securities Will Pay $125M to the Commission J.P. Morgan has arrived at two settlements over recordkeeping and communication violations. These violations included using unapproved channels, such as WhatsApp and personal texts messages. One settlement is with the US Securities and Exchange Commission (SEC) and the other with the…
Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA). The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory…