Financial Firms

Former LPL Financial Broker James Couture Rejects Plea Deal Over Misappropriation Allegations

Published on: October 22, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Massachusetts Broker Accused of Defrauding Customers of $3M

James Kenneth Couture, an ex-LPL Financial registered representative, was arrested in July 2021 after turning down a plea deal related to criminal charges that accused him of stealing $3M from investors. Following his decision not to accept the deal, a grand jury added additional criminal counts to the charges of wire fraud and aggravated identity theft, as well as an investment advisor fraud charge. Couture has pleaded not guilty to all criminal charges and was released without bond.

At the time, Couture was an LPL Financial broker until that broker-dealer fired him in June 2020. He was also a Massachusetts-based investment advisor who ran the Private Wealth Management Group and shell company Legacy Financial Group.

UBS to Pay More Than $1.1M in Two Yield Enhancement Strategy Cases

Published on: October 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Arbitration Panels Award Damages To UBS YES Claimants

Two Financial Industry Regulatory Authority (FINRA) panels have ordered UBS Wealth Management (UBS) to pay investors over $1.1 million for losses they sustained from the firm’s Yield Enhancement Strategy (YES).

This complex options trading strategy that promised investors stable, incremental returns has cost wealthy UBS customers significant losses. Many of them are now contending that misrepresentations and omissions were made about the degree of risk involved. Additionally, these investments were unsuitable for their investment accounts.

Customer of Ex-Raymond James Broker Alberto Valdes Claims Northstar Global Advantage Select Losses

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

Miami Financial Advisor Accused of Making Unsuitable Recommendation in Northstar Global Advantage Select Products

A customer of ex-Raymond James Financial Services stockbroker Alberto Valdes has filed a six-figure FINRA claim seeking damages for investment losses sustained in Northstar Financial Services (Bermuda), an off-shore entity that is now in liquidation.

Valdes, who is currently a Citigroup registered representative, was with Raymond James as both a broker and investment advisor from 2016 to 2018.

Mexico Investors File $500K Northstar Financial Services (Bermuda) Claim Against Wells Fargo Clearing Services

Published on: September 30, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Northstar Bermuda FINRA Arbitration Hearing to Take Place in Houston, Texas

A couple who live in Mexico has filed a FINRA arbitration claim against Wells Fargo Clearing Services for the six-figure loss they sustained from investing in Northstar Financial Services (Bermuda).

The claimants were longtime Wells Fargo Bank clients and they were referred to a financial advisor at the broker-dealer. They would go on to work with other Wells Fargo Securities brokers as time passed.

SSEK Law Firm Files FINRA Arbitration Claims Against J.P. Morgan For Customers of Fired Broker Ed Turley

Published on: September 28, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former San Francisco Financial Advisor Costs Investors Over $62 million

Our FINRA arbitration lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are continuing to investigate investors’ claims of losses sustained while working with ex-J.P. Morgan Securities LLC broker, Edward Lawrence Turley.

Already, SSEK Law Firm has filed a number of FINRA arbitration cases on behalf of customers requesting damages from Turley’s former broker-dealer. To date, investors who worked with Turley have filed FINRA claims alleging more than $62 million in losses.

Central American Retiree Suffers Six-Figure Loss After Truist Investment Services Unsuitably Recommends Northstar Financial Services (Bermuda)

Published on: September 27, 2021 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Arbitration Hearing Will Take Place in Boca Raton, Florida

An elderly Venezuelan investor is seeking six figures in damages from Truist Investment Services (aka SunTrust Investment Services) over losses he suffered in Northstar Financial Services (Bermuda). The claimant contends that the firm overconcentrated his account by heavily investing his life savings in this off-shore entity, which is now undergoing liquidations proceedings after filing for bankruptcy.

This is one of a number of FINRA arbitration claims that our Northstar Financial Services (Bermuda) attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have filed against Truist Investment Services and other US-based brokerage firms for unsuitably marketing Northstar (Bermuda).

Elderly Chinese Retiree Files Six-Figure PB Investment Holdings Case Against Cetera Investment Services

Published on: September 24, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Customer’s FINRA Arbitration Hearing Seeking Up to $500K Will Take Place in Los Angeles

Our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have filed a FINRA arbitration claim against Cetera Investment Services. A very elderly Chinese widow who entrusted the firm to keep her money safe suffered considerable losses in PB Investment Holdings.

The claimant, who is from Shanghai, is requesting up to $500K in damages for the losses she sustained in PB Investment Holdings (formerly Beechwood), a now failed off-shore entity owned by imprisoned billionaire Greg Lindberg.

Ex-Oppenheimer Broker John Woods Accused of Running $110M Horizon Private Equity III Ponzi Scam

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

Former Georgia Financial Advisor Allegedly Ran Ponzi Scheme Through Southport Capital

On August 20, 2021, the Securities and Exchange Commission (SEC) filed an emergency action seeking to stop a $110 million Ponzi scheme allegedly operated by ex-Oppenheimer stockbroker, John Justin Woods.

The fraud, involving Horizon Private Equity III, LLC was run through Woods’ registered investment advisor Livingston Group Asset Management Company, (doing business as Southport Capital). On August 24, 2021, the United States District Court for the Northern District of Georgia issued a temporary restraining order and asset freeze against Woods and Horizon.

Former CFD Investments Broker Dana Vietor Facing Over $3M in Customer Complaints

Published on: September 20, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Financial Independence President & Ex-Dallas, Texas Financial Advisor Was Barred by FINRA

Dana Bruce Vietor, a former CFD Investment Services registered representative is under scrutiny following multiple allegations of broker misconduct that have led to customer losses. The latest still pending claims were brought by investors seeking to collectively recover more than $3M in damages.

According to his LinkedIn, Vietor is the President of Financial Independence Corp. in Dallas, Texas. He also is a manager of SRS Management, LLC.

Representatives To Be Appointed For Each Investor Class in Northstar Financial Services (Bermuda) Liquidation Proceedings

Published on: September 10, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Similar Determination Made in Wind Up Proceedings for Old Mutual (Bermuda)

Bermuda’s Chief Justice Narinder Hargun and Joint Provisional Liquidators (JPLs) are in agreement that representatives will be appointed for every creditor class in the liquidation proceedings for both Northstar Financial Services (Bermuda), Ltd. and Omnia, Ltd., which was formerly Old Mutual (Bermuda).

The Supreme Court of Bermuda also provided direction to the JPLs, after the latter determined that issues related to the assessment of asset segregation among the different kinds of investors could impact how much they all stood to recover.