Broker Alan Douglass Unsuitably Overconcentrated Investor’s Funds in Non-Publicly Traded Products An investor based in Lutz, Florida has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Securities America. This investor suffered losses in real estate investment trusts (REITs) and other non-publicly traded investments. The claimant, who is a…
Integration Instigated After Advisor Group’s Acquisition of Ladenburg Thalman Securities America, which is a broker-dealer of the Advisor Group network, has completed integrating brokerage firms Investacorp, KMS Financial Securities, and Securities Services Network into its fold. All four were Ladenburg Thalman broker-dealers until Advisor Group acquired Ladenburg and its firms…
Retail Investors Were Allegedly Told To Hold Exchange-Traded Products for Too Long In separate settlements reached with the US Securities and Exchange Commission (SEC), Royal Alliance Associates, Securities America Advisors, Summit Financial Group, Benjamin F. Edwards & Co., and American Portfolio Financial Services / American Portfolio Advisers will pay over…
Michigan Stockbroker Was Fired By Securities America Jaime Michael Westenbarger, a former Securities America registered representative in Michigan, is currently named in three pending customer complaints accusing him of negligence and stockbroker fraud. Westenbarger, who was fired by the broker-dealer last year, has been barred by the Financial Industry Regulatory…
Ex-Securities America Broker Investigated For Ponzi Scam Involvement The US Securities and Exchange Commission (SEC) announced that it has permanently barred ex-Securities America broker, Ronald Roach, in the wake of his involvement in a $909M Ponzi fraud. Ronald Roach pleaded guilty last month to criminal fraud charges and is facing…
Former Securities America Broker Is Accused of Unsuitable and Unauthorized Trades Michael Bastardi, an ex-Securities America broker, is barred by the Financial Industry Regulatory Authority (FINRA) after he failed to give the regulator the information it requested for an investigation into his alleged conduct. Bastardi was a registered representative with…
The Jamieson family has filed a broker-dealer fraud lawsuit against Securities America. They are seeking $18M in damages related to the actions of one of the firm’s former brokers, Hector A. May, who late last year pleaded guilty to operating an $11M Ponzi scheme that went on for years. May…
According to parent firm Ladenburg Thalmann Financial Services Inc. (LTS), the SEC is scrutinizing Securities America Advisors Inc., which is the registered investment adviser arm of independent broker-deal Securities America Inc., and Triad Advisors Inc., over allegations that the firms sold mutual funds that charged clients yearly marketing fees when there were…