Broker Misconduct

Former Janney Montgomery Scott Broker Apostolos Pitsironis Arrested For Defrauding Investors

Published on: February 23, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-New York Stockbroker Named In Multiple Customer Disputes

Apostolos Nicolas Pitsironis, a former-Janney Montgomery Scott registered representative who was barred by the Financial Industry Regulatory Authority (FINRA) in 2019 for allegedly defrauding investors, was arrested on February 10 in Dix Hills, New York in a parallel criminal fraud case. Prosecutors contend that he used ex-customers’ funds to pay his expenses, including gambling debts and credit card charges.

According to the US Attorney’s Office for the Eastern District of New York, Pitsironis stole $411K out of one couple’s account. If convicted of wire fraud, Pitsironis could spend up to 20 years behind bars.

Investors Seek $600K in Negligence Claims Naming Money Concepts Capital Broker Ray Reese

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

Unsuitability, Misrepresentations and Omissions Are Among the Other Allegations

Ray Gene Reese, a Money Concepts Capital stockbroker and investment advisor based in Farmington, Missouri, is currently named in two pending Financial Industry Regulatory Authority (FINRA) arbitration claims seeking $600K in damages. Reese has been in the securities industry for 32 years.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), we represent investors with FINRA arbitration claims against the broker-dealers and registered representatives responsible for the financial harm they have suffered.

Former Customer of Ex-Raymond James Broker Paul Steffany Wins $320K Award

Published on: September 14, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Family Trust to Receive Compensatory Damages From Broker-Dealer

In its Financial Industry Regulatory Authority (FINRA) arbitration claim against Raymond James & Associates and former broker Paul Anthony Steffany, the Angelina J. Cuccaro Family Trusted was awarded $320K in compensatory damages.

The claimant contends that it was the victim of broker negligence and the firm’s failure to supervise. The former Connecticut broker was barred by the self-regulatory organization (SRO) in 2015.

Once Again, GPB Capital Holdings Reneges On Giving Key Tax Documents to Investors

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

K-1 Tax Documents Delayed Past Tax Deadline

In the latest GPB Capital news, the firm has notified investors of its GP Holdings II, LP fund that they won’t be getting their 2019 Schedule K-1 tax documents ahead of or by July 15, 2020, which is when US tax filings are due this year. The filing deadline was extended by the Internal Revenue Service (IRS) from its usual April 15 date as part of the US government’s COVID-19 relief.

This is the latest delay by the alternative asset firm, which has yet to provide key financial statements to investors and regulators for the past few years and is accused of operating a more than $1.5 B Ponzi scam.

Investors Accuse Purepath Wealth Management Investment Advisor & Crown Capital Securities Broker Dennis Haywood of Making Inappropriate Investment Recommendations

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

Crown Capital Securities Broker Was Recently Named in Four FINRA Arbitration Claims

Dennis Haywood, a Crown Capital Securities broker, is now named in four customer disputes, all of which were filed in the last two months with the Financial Industry Regulatory Authority (FINRA). Haywood is also a Purepath Wealth Management investment adviser.

The claimants are accusing him of making inappropriate investment recommendations of non-traded real estate investment trusts (non-traded REITs), non-traded business development companies (BDCs), alternative investments, and variable annuities (VA).

Moody National REIT II Investors May Have Grounds For Stockbroker Misconduct Claims

Published on: June 25, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Did Brokers Recommend This Unregistered Security Because of High Commissions?

Investors who backed Moody National REIT II, a nontraded real estate investment trust, are now grappling with losses sustained after this investment significantly plunged in value and the company’s public offering and distribution payments were suspended.

Nontraded REITs, which are very high risk, are not for every investor, and yet the 7% commission the REIT paid stockbrokers may have been incentive enough to recommend them to customers even when they weren’t in the latter’s best interests.

Elderly Retiree Claims Sheppard Mosher advisor Jason Mosher Overconcentrated His IRA With GPB Private Placements

Published on: June 11, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investor Sues Kalos Capital Over GPB Capital Losses

A widower retiree in his eighties is suing Kalos Capital for losses he suffered in GPB Capital Holdings’ private placements and other risky investments that were recommended to him by Kalos broker, Jason Mosher.

The claimant contends that Mosher, who operates his business under the name Sheppard Mosher but is an employee of Kalos, overconcentrated his IRA in GPB investments and other risky securities including private Real Estate Investment Trusts (REITs) and privately traded securities. Now, this elderly investor is seeking up to $500K in damages.

Retiree Couple’s UBS YES Strategy Lawsuit Seeks Up to $1M in Damages and Losses

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

Claimants Lose Retirement Funds in Complex Options Trading Strategy

A retired couple is suing UBS Financial Services (UBS) after they sustained at least $800,000 in losses from investing in the firm’s Yield Enhancement Strategy (YES).

The investors contend that their UBS broker made misrepresentations and omissions when recommending this unsuitable investment strategy to them and discouraged them from leaving the YES program even as their losses mounted. Now, the investors are seeking up to $1,000,000 in damages, losses, and other costs.

Shepherd Smith Edwards & Kantas Investigates Financial Advisors That Recommended AMLP and Other Oil & Gas Master Limited Partnerships

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

SSEK Investigating Financial Advisor That Recommended Unsuitable MLPs To Investors

Shepherd, Smith, Edwards & Kantas, a law firm specializing in representing wronged investors, is looking into allegations against financial advisors that concentrated their clients in Alerian MLP ETF (“AMLP”) and other oil & gas related master limited partnerships (“MLPs”) amid the significant downturn in oil prices since February.

What Is The AMLP Fund?

Did You Suffer Investment Losses? How a San Francisco Broker Fraud Lawyer Can Help

Published on: May 27, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Throughout the San Francisco Bay Area, investors are finding themselves hit with huge investment losses, especially over the last few months as COVID-19 has shut down the economy, rattled the markets, and caused an oil price war.

While the Coronavirus has negatively impacted many investments, you should know that some of these losses also may be due to broker fraud or negligence. Shepherd Smith Edwards and Kantas (SSEK Law Firm) can help you determine whether this is the case and if it means that you have grounds for an investor claim to recover your losses. Contact us today to request your free, no-obligation consultation.

Investment Losses Reasons That May Be Grounds for a San Francisco Broker Fraud Claim