Unauthorized Trading and Abuse of Fiduciary Duty By Older Investor’s Grandsons A Financial Industry Regulatory Authority (FINRA) arbitration panel has ruled that JP Morgan Securities (JPM) and its ex-brokers, Avi Elliot Schottenstein and Evan A. Schottenstein, must pay a senior investor $19M in her investment fraud claim over losses sustained…
Settlement in FINRA Case Involves Repaying Nearly $44K to Affected Customers The Financial Industry Regulatory Authority (FINRA) has ordered Triad Advisors to pay a $150K fine for not adequately supervising both short-term trades involving Class A shares of mutual funds and variable annuity exchanges. The self-regulatory organization (SRO) also accused…
FINRA Arbitration Claim Seeks Up to $100K in Damages for Investor’s Losses A New York widow is pursuing damages from David Lerner Associates after she suffered losses from investments she purchased at broker Michael Joseph Norton’s recommendation, including the firm’s proprietary Energy 11, LP private placement. Norton, a Syosset, NY…
Wallingford, Connecticut Investment Advisor Named in Four Pending FINRA Arbitration Cases If you suffered investment losses while working with Woodbury Financial Services broker, Robert Scott Ginsberg, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com). The Woodbury Financial investment advisor, who is based in Wallingford, Connecticut, is…
FINRA Bars Former Charlotte, North Carolina Financial Advisor The Financial Industry Regulatory Authority (FINRA) arbitration has permanently barred Gary Wayne Hammond, an ex-North Carolina broker, following allegations that he took part in more than $1.6M in private securities transactions without having given written notice to his then-firm. The transactions appear…
Pending Customer Disputes Involving David Lerner Associates Broker Rafael Klein Seek $300K in Damages Rafael Scott Klein, a David Lerner Associates broker and Spirit of America Management Corp. investment advisor, may have unsuitably sold investments in Energy 11, LP to customers. Energy 11 is a non-traded limited partnership set up…
San Diego-Based Brokerage Firm Under Scrutiny Over Sierra Income Sales LPL Financial Holdings (LPLA), the largest independent brokerage firm in the United States, has finalized its acquisition of Lucia Securities, a San Diego-based broker-dealer and registered investment advisor. With over $1.5B in assets, Lucia Securities and its advisors will operate…
Lax Oversight Purportedly Allowed An LPL Broker to Continue Defrauding Customers in Ponzi Scam The Financial Industry Regulatory Authority (FINRA) has fined LPL Financial Holdings (LPLA) $6.5M due to purported supervisory inadequacies related to recordkeeping, fingerprinting employees that were non-registered representatives, and its financial advisers’ consolidated reports. The self-regulatory organization…
FINRA Settlement Includes Restitution to More than 2,400 Customers In an agreement reached with the Financial Industry Regulatory Authority (FINRA), Transamerica Financial Advisors consented to pay $8.8M over the unsuitable sales of mutual funds, variable annuities (VAs) and 529 savings plans to customers. $4.4M of this is a fine and…
New FINRA Arbitration Claim Seeks $260K in Damages Former Wells Fargo Clearing Services (WRET) broker Herbert Lee Weith IV is named in yet another customer dispute in which the claimant is seeking damages for losses involving variable annuities. Weith, who was a Wells Fargo broker from 2012 to 2019 in…