68 Customers To Receive Restitution From NY-Based Broker-Dealer, Aegis Capital The Financial Industry Regulatory Authority (FINRA) has sanctioned Aegis Capital, which will pay about $2.8M for the excessive and unsuitable trading that allegedly took place in dozens of customers’ accounts. Of this amount, $1.7M in restitution will go to 68…
Financial Advisor May Have Unsuitably Recommended Off-Shore Annuities To Multiple Latin American Customers If you are an investor who lost money after you were sold Northstar Financial Services (Bermuda) products, seek legal advice today as you may have grounds for a FINRA arbitration case. Our seasoned Northstar Financial Services (Bermuda)…
Capstone Financial Investment Advisor Barred By FINRA David John Melilli, an ex-Cambridge Investment Research stockbroker, was barred by FINRA beginning November 8th, 2021. This came in the wake of allegations that he traded in multiple clients’ accounts without written authorization. This included trading in the account of one deceased person. …
More Bad News for The Non-Traded REIT’s Investors Publicly registered non-traded real estate investment trust, Moody National REIT II, announced in August 2021 that its Board had made the decision to postpone the valuation of its shares. Considering that the non-traded REIT has not updated its net asset value (NAV)…
Hospitality Investors Trust Was One of the REITs Marketed Cetera Advisors Network broker Jeffrey Gerard Meyers, an Overland Park, Kansas financial advisor, is named in two pending customer disputes. The claimants are accusing him of making unsuitable investment recommendations involving non-liquid real estate investment trusts (REIT). One of the products…
Former New Jersey Financial Advisor Allegedly Targeted Florida Doctors James Alan Seijas, an ex-Wells Fargo Clearing Services broker, was barred by the Financial Industry Regulatory Authority (FINRA) beginning November 2, 2021. The former New Jersey investment advisor did not provide information in the self-regulatory organization’s (SRO’s) investigation into his alleged…
FINRA Suspends New York-Based Financial Advisor for Nine Months John Sebastion Cangialosi, currently an SW Financial broker, was suspended by the Financial Industry Regulatory Authority (FINRA) in September 2021 for nine months. The broker was ordered to pay $271,622 in restitution for allegedly engaging in unsuitable trading in three customer…
Senior Citizens Were Among Former Fairfield, NJ Financial Advisor’s Alleged Victims Kenneth Andrews Welsh, an ex-Wells Fargo Clearing Services broker, is now facing Securities and Exchange Commission (SEC) charges accusing him of misappropriating at least $2.86 million from brokerage firm customers and advisory clients. Allegedly the financial advisor used victims’…
Couple’s FINRA Arbitration Claim Seeks Up to $500K in Damages A retired couple from Payson, Utah have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Woodbury Financial Services over losses they sustained while investing in GPB Capital Holdings LLC, CIM REIT, and other privately traded entities. Now, they…
FINRA Claims Former Financial Advisor Also Cost Investors Over Variable Annuities The Financial Industry Regulatory Authority (FINRA) has filed a complaint accusing ex-Western International Securities registered representative Megurditch Mike Patatian of unsuitably recommending to 59 customers that they purchase non-traded real estate investment trusts (non-traded REITs). According to the self-regulatory…