Broker Fraud

Investor Accuses Kestra Broker Stephen Curry in $7.7M FINRA Complaint

Published on: August 19, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Breach of Fiduciary Duty Involving Retirement Fund Alleged

Stephen Fergus Curry, a longtime Kestra Advisory Services registered representative, is named in a nearly $7.8M Financial Industry Regulatory Authority (FINRA) complaint accusing him of breach of fiduciary duty over services performed related to a retirement fund.

Curry has been with Kestra for 13 years. First, he was with Kestra Investment Services and now he’s with Kestra Advisory Services. He also is a registered investment adviser. Before he joined Kestra, Curry was a Waterstone Financial Group broker from 2006 to 2007. He also worked as an investment advisor with NFP Advisor Services from 2007 to 2016.

Concorde Investment Services Broker William Morrow Accused by Over A Dozen Investors of Stockbroker Fraud

Published on: August 12, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Morrow Allegedly Made Unsuitable Recommendations Involving Alternative Investments

In what is at least the thirteenth customer complaint naming him, Concorde Investment Services broker William Aubrey Morrow is once more accused of making unsuitable investment recommendations to an investor.

Morrow, who also operates under the name Financial Designs, LTD, has been involved in a number of broker fraud investor claims related to alternative investments including limited partnerships, real estate investment trusts (REITs) tenant-in-common (TIC) programs, and other investments.

BDC Scorecard Portfolio Series 18 Losses Potentially Caused by Broker Negligence

Published on: August 4, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Guggenheim Defined Portfolio Trust is Too Risky for Many Retail Investors

If you suffered losses after investing in the Guggenheim Defined Portfolio’s BDC Scorecard Portfolio Series 18 (CBDRX), our broker negligence and investment fraud attorneys at Shepherd Smith Edwards and Kantas would like to talk to you.

Unfortunately, this investment may have been recommended and/or sold to customers even when it was unsuitable for their portfolios. If this is the case, you may be able to recover your losses by filing a FINRA arbitration claim.

Fired Ameriprise Broker Bryant Cavaness is Accused of Stockbroker Fraud & Ethics Violation Allegations

Published on: July 30, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Bars Former Registered Representative Following Probe Into Accusations

Bryant Edwin Caveness, an ex-Ameriprise Financial Services stockbroker, has been barred by the Financial Industry Regulatory Authority (FINRA) after he stopped cooperating in the self-regulatory organization (SRO)’s probe into his firing by the firm.

According to his Form U5 termination letter, the broker-dealer let him go last month because he violated company policies involving “personal trade, ethics, and solicitation of exchange-traded products” resulting in stockbroker fraud and misconduct.

Aegis Capital Broker Accused by Investors of Negligence, Unsuitable Investments and Unauthorized Trading

Published on: July 29, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former National Securities Stockbroker Named in Over 12 Customer Disputes

Thomas Edison Kelly, Jr., an Aegis Capital broker, has been the subject of a number of customer complaints between 2013 and 2020, three of which are still pending.

Prior to working for Aegis Capital in 2018, Kelly was a National Securities broker for 10 years. Before that, he was with First Republic Group from 1998 to 2008. First Republic was expelled by the Financial Industry Regulatory Authority (FINRA) in 2019. According to a 2017 Reuters report analyzing FINRA data, National Securities is one of 48 firms that hire brokers with red flags on their record.

Northwestern Mutual Investment Services Fined $350K for Inadequate Supervision of Ex-Broker Sampson Pearson

Published on: July 16, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former Financial Representative Is Facing Criminal Trial for Annuity Fraud

The Financial Industry Regulatory Authority (FINRA) has fined Northwestern Mutual Investment Services $350K for failing to properly supervise former stockbroker, Sampson Pearson, which enabled him to defraud customers of $570K. Northwestern Mutual Investment Services is the brokerage arm of Northwestern Mutual Life Insurance Co.

Pearson, who was barred by the self-regulatory organization (SRO) in 2017, is charged in federal court with aggravated identity theft, mail fraud, and filing false tax returns. According to his BrokerCheck record, he is named in 13 disclosures, including 11 customer disputes.

Ex-Merrill Lynch Brokers Charles Kenahan & Dermod Cavanaugh Investigated for Alleged Churning After Over $200M in Losses

Published on: July 15, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Ex-New Hampshire Governor is Suing For Damages

The New Hampshire Bureau of Securities Regulation is looking into allegations brought by the state’s former governor, Craig Benson, who is accusing ex-Merrill Lynch brokers Dermod Cavanaugh and Charles Kenahan of churning his account and causing over $50M in damages that with market adjustments, he claims, is now over $100M. Benson filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against the broker-dealer and the two men.

Merrill Lynch is a Bank of America (BAC) subsidiary. Churning is when a broker makes excessive trades in a customer’s account in order to earn commissions.

Customers Blame Newbridge Securities Broker Kerri Jamison For Investment Losses

Published on: July 10, 2020 | by Shepherd Smith Edwards & Kantas, LLP

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 Kerri Lasegue and Kerri Romero, is one of several of the firm’s registered representatives to become the subject of stockbroker fraud claims in recent years. According to her BrokerCheck record, Jamison has been named in four customer disputes. One was settled, and three, which were filed this year, are still pending:

Investors Lose Money After Brokers Recommend FS KKR Capital Corp II Fund

Published on: July 3, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Business Development Company May Have Been Unsuitable For Some Investors

If you are an investor who suffered losses after your stockbroker recommended the Franklin Square KKR Capital II Fund (FSKR), also known as FS KKR Capital Corp II, you may have grounds for pursuing a broker fraud claim for damages.

This business development company (BDC), which is a merger of four non-traded BDCs, reportedly was unsuitably recommended to a number of customers and/or the risks were never fully disclosed to them.

$200K Investor Claim Against Arni Diamond, Of The Diamond Group, Alleges Unsuitable Alternative Investment Recommendations

Published on: June 18, 2020 | by Shepherd Smith Edwards & Kantas, LLP

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.

Diamond is one of a number of financial representatives currently or formerly associated with Kalos who has been accused of marketing securities products to investors even when they were inappropriate for them.