The Latest Customer Claim Accuses Investment Advisor of Excessive Trading Once again, an investor is blaming former Morgan Stanley stockbroker, Michael Frank Paesano, for their investment losses. These latest allegations involve excessive trading. Although Paesano is no longer a registered broker, he is still a registered investment advisor and he…
Morgan Stanley Settlement Includes FINRA Fine and Investor Restitution According to the Financial Industry Regulatory Authority (FINRA), Morgan Stanley Wealth Management has consented to pay a $175K fine and more than $774K in restitution for allegedly failing to supervise its former broker Kevin Gunnip. The Texas-based financial representative is accused…
Ex-Morgan Stanley Broker Admits To Criminal Investment Fraud, Faces SEC Charges Michael Barry Carter, a former Morgan Stanley (MS) broker, has pleaded guilty to federal investment fraud and wire fraud charges involving a scam in which he defrauded five customers. This included at least one elderly client, of more than…
Galvin’s Office Files Civil Lawsuit Alleging Overconcentration, Unsuitable Investments William Galvin, the Secretary of the Commonwealth of Massachusetts, has filed civil charges against former NEXT Financial Group broker, Charles Chester Kulch. The state is accusing him of selling real estate investment trusts (REITs) and variable annuities (VA) to customers for…
Dually Registered Rep. Faces Multiple FINRA Arbitration Claims by Investors Kerri Suzanne Jamison, a Newbridge Securities Corp. and Newbridge Financial Services Group stockbroker, is currently the subject of pending complaints by customers who claim they lost money because of investment recommendations she made. Jamison, who has worked under the names…
FINRA Says SagePoint Financial Brokers Unsuitably Recommended Early UIT Rollovers The Financial Industry Regulatory Authority (FINRA) is ordering SagePoint Financial to pay over $1.6M in fines and restitution after it executed over $895 million in unit investment trust (UIT) transactions that resulted in more than $17.2 million in sales charges. …
Diamond and Other Kalos Capital Brokers Are Accused of Broker Fraud Arni Diamond, who is now a registered representative with Dempsey Lord Smith, is currently the subject of a pending $200K broker fraud claim accusing him of making unsuitable alternative investment recommendations reportedly while he was a Kalos Capital broker. …
Accused of Defrauding Plant Workers, Including Retirees Centaurus Financial advisor Ricky Mantei (Mantei Group), formerly a JP Turner stockbroker, is alleged to have been the mastermind behind a large enterprise that spanned four offices in two states and resulted in the retirement savings of many unsuspecting investors being lost. Mantei…
Investor Sues Kalos Capital Over GPB Capital Losses A widower retiree in his eighties is suing Kalos Capital for losses he suffered in GPB Capital Holdings’ private placements and other risky investments that were recommended to him by Kalos broker, Jason Mosher. The claimant contends that Mosher, who operates his…
Fired Wells Fargo Representative is Barred by FINRA The Financial Industry Regulatory Authority (FINRA) announced this month that it is barring former Wells Fargo Advisors Financial Network broker, Leonard Charles Kinsman, from the industry. The ban comes after Kinsman refused to testify in the self-regulatory organization’s (SRO’s) probe into his…