Broker Fraud

Ex-SagePoint Financial Broker Troy Baily Sold Future Income Payments Securities to Investors

Published on: October 23, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Suspends Nebraska Stockbroker Who Marketed An Alleged $300M Ponzi Scam to Customers

Troy Robert Baily, a former SagePoint Financial broker, has been suspended by the Financial Industry Regulatory Authority (FINRA) for six months. Baily, who is also a previously registered investment advisor, is based in Nebraska.

The suspension comes in the wake of allegations that Baily took part in unapproved and undisclosed private transactions and persuaded customers to invest in Future Income Payments (FIP), which federal prosecutors now say was a $300M Ponzi scam.

Customers Accuse Ex-Fortune Financial Services Broker Jonathan Freeze of Alternative Investment Fraud

Published on: October 13, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former Canonsburg, Pennsylvania Stockbroker Faces Selling Away Allegations

Three years after the Financial Industry Regulatory Authority (FINRA) barred him, Jonathan Douglas Freeze remains the subject of eight pending customer disputes. Most of these investor claims accuse him of selling away and investing customers’ funds in Alternative Investment Holdings, a North Carolina real estate and investment holdings company, without Fortune Financial Services’ authorization.

Freeze worked 21 years in the industry. He also previously was a broker for Summit Brokerage Services, LPL Financial (LPLA), Lincoln Financial Advisors, and The Lincoln National Life Insurance Company.

Brokers Who Sold Vida Longevity Fund Investments May Have Made Misrepresentations and Omissions

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

Investors Lose Money After VLF Hedge Fund Loses Value

If you are someone who has suffered significant losses from investing in the Vida Longevity Fund, LP (VLF), you may have a reason for pursuing an investment fraud case against the broker or financial advisor that sold you this investment.

Unfortunately, this open-ended hedge fund, which is a Delaware limited partnership that invests primarily in longevity-contingent assets, including senior life settlements, has experienced a substantial decline in value. The market turbulence created by COVID-19 earlier this year didn’t help.

Former Benjamin & Jerrold Broker Rand Heckler Faces Elder Financial Fraud and Ponzi Scam Allegations

Published on: October 9, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Rand Heckler of Rand Heckler, Inc. is Now The Subject of SEC and Criminal Fraud Charges

Former stockbroker Rand Allan Heckler of Long Island, New York, is facing US Securities and Exchange Commission (SEC) charges accusing him of investor fraud. Heckler, who was barred by the Financial Industry Regulatory Authority (FINRA) last year, is also now facing criminal charges alleging that he ran an over $1M Ponzi scam.

Over his 22 years in the securities industry, Rand Heckler worked at 11 broker-dealers. Four of these firms were expelled by FINRA.

Widow Blames David Lerner Associates, Broker Gary Isler For Retirement Losses

Published on: October 7, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Retiree Alleges Overconcentration in Spirit of America Energy Fund

David Lerner Associates and its registered representative, Gary Walter Isler, are once again the subject of a Financial Industry Regulatory Authority (FINRA) arbitration claim. The claimant, an elderly widow, is accusing them of causing her to suffer significant retirement losses by unsuitably overconcentrating her portfolio in the Spirit of America Energy Fund.

This is not the first customer dispute naming Isler, who has been a David Lerner Associates stockbroker for almost 30 years.

SEC Says Fired LPL Financial Broker Stole $300K From 73-Year Old Retiree

Published on: October 6, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former LPL Financial Investment Advisor Was Also Was Let Go By Integrated Wealth Concepts

The Securities and Exchange Commission (SEC) has filed civil charges accusing former LPL Financial (LPLA) registered representative, Matthew O. Clason, of defrauding an older investor of over $300K.

In August, Clason, who worked out of Glastonbury, Connecticut, was let go by LPL Financial. He also was fired by Integrated Wealth Concepts, where he was an investment advisor. In September, the Financial Industry Regulatory Authority (FINRA) barred Clason.

Barred Securities America Broker Jaime Westenbarger Faces Securities Fraud Allegations

Published on: October 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

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 Authority (FINRA).

He worked 16 years in the securities industry. Our securities fraud lawyers at SSEK Law Firm are offering free case consultations to former customers of Jaime Westenbarger who’ve suffered significant investment losses. You may have grounds for a FINRA arbitration claim to recover damages.

Investor Filed $150K GPB Private Placement Case Naming Capital Wealth Management Advisor Lee Duckworth

Published on: October 2, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Three Pending FINRA Arbitration Claims Accuse Triad Advisors Broker of Unsuitability

Lee Duckworth, the CEO of investment advisory firm Capital Wealth Management and a Triad Advisors stockbroker, was recently named in three Financial Industry Regulatory Authority (FINRA) arbitration claims accusing him of making unsuitable investment recommendations to customers.

At least one of the disputes involves private placements from GPB Capital Holdings, an alternative asset firm accused of running a more than $1.5B Ponzi scam. Duckworth is a West Warwick, Rhode Island broker and investment advisor.

FINRA Suspends Fired First Southern Securities Broker Jaime Sanchez Rivera

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

New Customer Dispute Seeks $250K in Damages

Ex-Puerto Rico stockbroker, Jaime Isaac Sanchez Rivera, was recently fired by First Southern Securities. The termination came in the wake of allegations that he didn’t notify the broker-dealer about a customer complaint right away, as well as accusations of copying and modifying documents without permission. Sanchez Rivera also was recently named in a $250K customer complaint.

In June, the Financial Industry Regulatory Authority’s (FINRA) indefinite suspension of Sanchez Rivera went into effect. The suspended stockbroker also is a former registered investment advisor, most recently with SB Advisory and FSAM, LLC.

Investors Seek $455K In Damages Involving National Asset Management Adviser Willard Pugh

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

Boca Raton Stockbroker Recently Named in Two FINRA Arbitration Complaints

Willard Louis Pugh, a National Asset Management financial advisor in Florida, is currently under scrutiny in the wake of customer allegations alleging unsuitable investment recommendations. Pugh, who has been in the securities industry for 32 years, is also a National Securities Corporation broker. He was recently named in two customer disputes filed in Financial Industry Regulatory Authority (FINRA) arbitration.

The first investor claim, brought in June, seeks $300K in damages. William Pugh’s BrokerCheck record doesn’t specify what type of investment is involved. The second customer case, filed in July, names the United Development Funding V real estate investment trust (UDF V REIT). The claimant is seeking $155K.