Broker Misconduct

McNally Financial Services Broker Mark Kemp Has Been Named in 11 Customer Disputes

Published on: January 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Corpus Christi Financial Advisor is Accused of Negligence, Misrepresentations

Our Texas broker misconduct lawyers are looking into claims of losses by customers of Mark Alan Kemp, who is currently a McNally Financial Services registered representative. Mark Kemp, who has been in the industry for 30 years, has been named in nearly a dozen customer disputes, three of which are still pending.

If you are one of these investors, please contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today. We can determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages.

MML Investors Services Broker Daniel Lauletta Named in $1M Customer Dispute

Published on: December 2, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ohio Financial Advisor is Accused of Negligence and Unsuitability

Daniel James Lauletta, an MML Investors Services stockbroker and investment advisor, is currently named in three pending customer disputes, including one in which the claimant is requesting $1M in damages. The Broadview, Ohio financial advisor has worked in the industry for 25 years.

Our broker misconduct attorneys are looking into further claims of losses by current and former customers of Daniel Lauletta. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) so that we can help you determine whether you have grounds for a FINRA arbitration case to recover damages.

Ex-Worden Capital Management John Cangialosi Ordered to Pay $271,622 in Customer Restitution

Published on: November 3, 2021 | by Shepherd Smith Edwards & Kantas, LLP

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 accounts during his time as a Worden Capital broker.

The New York-based financial advisor has consented to the sanctions but without denying or admitting to the findings. Cangialosi also must pay a civil/administrative fee of $7,500.

SEC Accuses Fired Wells Fargo Broker Kenneth Welsh of Stealing Nearly $3M From Customers

Published on: November 1, 2021 | by Shepherd Smith Edwards & Kantas, LLP

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’ money (including senior citizens) to pay credit card bills and buy precious metals, including gold coins.

SEC Files Fraud Charges Against Barred Broker Michael Shillin Who Is Named In 37 Disputes

Published on: October 11, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Wisconsin Financial Advisor is Accused of Defrauding at Least 100 Advisory Clients

Michael Francis Shillin, who was barred by the Financial Industry Regulatory Authority (FINRA) and Wisconsin’s Officer of the Commissioner of Insurance (OCI) in January 2021, is now facing Securities and Exchange Commission (SEC) charges.

The regulator is accusing the previously registered broker and investment advisor of defrauding at least 100 investment advisory clients, including many elderly investors. The SEC brought its case in September 2021.

Investors Accuse Ex-Forta Financial Group Broker Gregory Williams of Broker Misconduct

Published on: October 5, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Pending Customer Disputes Seek Nearly $2.6M in Broker Misconduct Damages

If you suffered losses while working with ex-Forta Financial Group stockbroker Gregory Jon Williams, you may want to consider filing a FINRA arbitration claim to pursue damages.

Williams, who is named in several pending customer disputes, is no longer a registered representative. He appears to still be affiliated with Presidential Wealth Management in Colorado Springs.

Customers of Ex-Aegis Capital Broker Scott Hananel Claim Investment Losses

Published on: August 19, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Melville, NJ Financial Advisor Has Been Named in Six Disputes

If you have suffered investment losses while working with ex-Aegis Capital stockbroker Scott Neil Hananel, contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) so that we can help you explore your legal options.

Hananel, who is no longer a registered financial advisor, has been named in six customer disputes over the years. A few of them are still pending. BrokerCheck notes the disputes on Hananel’s record:

Inappropriate COVID-19 Loan Applications Led To FINRA Sanctions for Brokers From Wells Fargo, J.P. Morgan Securities, and Merrill Lynch

Published on: August 9, 2021 | by Shepherd Smith Edwards & Kantas, LLP

COVID Relief Loans Involved Undisclosed Business Outside Their Brokerage Firms

According to InvestmentNews, ex-J.P. Morgan Securities broker Gloria Willis, former Merrill Lynch stockbroker Evelyn Batista, and ex-Wells Fargo financial advisor Kenric Sexton have either been barred or suspended from the securities industry.

These Financial Industry Regulatory Authority (FINRA) sanctions were imposed after the self-regulatory organization (SRO) found that all three of them either inappropriately or incorrectly applied for federal COVID-relief loan programs geared towards small businesses in the wake of the coronavirus pandemic.

Former LPL Broker Paul McGonigle is Accused of Defrauding Investors

Published on: July 21, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Middleboro, Massachusetts LPL Financial Advisor Could Be Sentenced to 20 Years in Prison

Paul Richard McGonigle, a former LPL Financial broker, has been arrested for allegedly stealing clients’ retirement assets, including older investors. He is charged with aggravated identity theft, mail fraud, and multiple counts of wire fraud. McGonigle could spend 20 years behind bars if convicted.

According to prosecutors, starting in July 2018, McGonigle caused unauthorized withdrawals from clients’ annuities and persuaded some of them to allow him to invest their funds. Instead, the broker allegedly used their money to pay for his expenses. He is accused of posing as his victims during calls with annuity companies and signing as them on forms asking for the annuity withdrawals.

Securities America Advisors Fined $1.75M For Allegedly Failing to Protect Customers From Ex-Broker Hector May Who Stole $8M

Published on: July 15, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SEC Said Firm Didn’t Implement Proper Safeguards To Prevent Misappropriation

The Securities and Exchange Commission (SEC) has fined Securities America Advisors $1.75M for allegedly not doing enough to protect customers from having their money stolen by a former registered representative who misappropriated $8M from at least 15 client accounts. Hector May has pleaded guilty to investment advisor fraud.

Securities America Advisors is the RIA arm of Securities America, Inc., which is owned by Advisor Group Holdings Inc.’s Securities America Financial Corporation. Securities America has been the introducing broker for Securities America Advisors customers.