Financial Firms

David Lerner Associates Unsuitably Recommended Energy Resources 12 and Energy 11 To Disabled Widower

Published on: July 13, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Family of Senior Investor Pursues Up to $500K in Damages on His Behalf

The family of a Connecticut widower has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against David Lerner Associates after the older investor suffered a six-figure loss in Energy 11 and Energy Resources 12, which are sold exclusively by the brokerage firm to its customers.

The claimant, who suffers from diminished capacity and is not fluent in English, is an unsophisticated investor who should never have been invested in these oil and gas-related investments. Yet for whatever reason, a David Lerner Associates broker unsuitably recommended both of these financial products.

Japanese Investor Says Bancwest Investment Services Recommendation Northstar Financial Services (Bermuda) Caused Six-Figure Loss

Published on: July 12, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Northstar (Bermuda) Investor is Seeking Up to $500K in Damages

An investor in Nagoya, Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against Bancwest Investment Services after she suffered six-figure losses in Northstar Financial Services (Bermuda).

The claimant, who is an inexperienced investor, was referred to her Bancwest Investment Services broker by Bank of the West, which was her bank at the time. Now, she is requesting up to $500K in damages.

FINRA Bars Worden Capital Management Broker Salvatore Pizzimenti Following Churning Allegations

Published on: July 8, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SRO Was Investigating Trading Activity in Customers’ Accounts

The Financial Industry Regulatory Authority (FINRA) has barred Salvatore Pizzimenti from the industry. The ex-Worden Capital Management broker was under investigation for trades made in customers’ accounts. The industry bar came after Pizzimenti refused to give testimony in the self-regulatory organization’s (SRO’s) probe into the allegations.

Salvatore Pizzimenti, a former New York broker, has six disclosures on his BrokerCheck record. Aside from the bar, the other five are customer disputes.

Sigma Financial is Facing $4.5M in Possible Damages from Customer Claims Arbitration

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

Recent Report to SEC Notes Four Pending Disputes Against Sigma Financial

InvestmentNews reports that according to Sigma Financial Corp.’s recent Focus Report to the Securities and Exchange Commission (SEC), the firm is contending with four pending Financial Industry Regulatory Authority (FINRA) arbitration claims from customers alleging damages of approximately $4.5M. The broker-dealer noted that it has put aside nearly $652K should these claims result in settlements or awards.

Our broker-dealer negligence lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing clients who have suffered losses because of the negligence or fraudulent actions of a Sigma Financial broker. Call us at (800) 259-9010 today.

Lion Street Financial Broker Richard Baer Named in Disputes Seeking $1.85M in Damages

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

Customers of Lion Street Financial Broker Richard Baer Suffered Over $1.8m in Investment Losses

Lion Street Financial stockbroker, Richard Evan Baer, who is also a registered investment advisor with both React Investment Solutions, LLC and Legacy Capital California, has been named by investors in two pending complaints seeking $1.8M in damages for investment losses they suffered. Three other customer disputes have resulted in settlements.

Our California securities law firm is looking into other claims of losses by customers of Richard Baer. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyer.com) today to request your free, no-obligation consultation at (619) 550-4847.

SSEK Law Firm Continues to Investigate Broker-Dealers That Sold Northstar Financial Services (Bermuda) Products

Published on: June 16, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Northstar (Bermuda) Investors Likely to Only Recover Losses By Filing FINRA Arbitration Claims

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is continuing to speak with investors of Northstar Financial Services (Bermuda) who suffered significant losses because their broker failed to conduct the proper due diligence when they recommended these products.

Already, we have filed a number of Financial Industry Regulatory Arbitration (FINRA) claims against many of the broker-dealers whose registered representatives sold these offshore investments.

Truist Investment Services Broker Stephen Berrocal Recommended Northstar Financial Services (Bermuda)

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

Truist Investment Services Financial Advisor Named in $1.5M of Pending Customer Disputes

Stephen Berrocal, a Truist Investment Services broker and investment advisor based out of Coral Gables, Florida, is named in three active customer disputes. At least one of them appears to involve the allegedly unsuitable recommendation of Northstar Financial Services (Bermuda). The claimant in that case is seeking $500K in damages.

Truist Investment Services registered representatives sold Northstar Financial Services (Bermuda) products to customers, many of whom have now lost money in the wake of the company going bankrupt and into liquidation. Its owner, Greg Lindberg, is in prison. He is suspected of having funneled funds from Northstar Financial Services (Bermuda) to his other companies.

Former Cetera Advisors Network Broker David Rockwell Sentenced To Prison For Fraud

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

Ex-Fort Meyers, Florida Financial Advisor Misappropriated $1.02M From Investors

A former Cetera Advisors Network registered representative, David Aaron Rockwell, has been sentenced to 63 months in federal prison for multiple counts of bank fraud and wire fraud. According to the US Justice Department, Rockwell defrauded investors of over $1.02M and used their money to pay his credit card debt and purchase a house.

Court documents state that while overseeing retirement and investment clients for customers, Rockwell began to take investors’ funds in 2017. He allegedly defrauded a federally insured bank by applying for $700K in credit lines under a client’s name without that person’s knowledge or consent. Rockwell is also accused of convincing another client to invest $400K in low-income housing and instead, using the money to cover his debt and buy the home.

Japanese Customers of Bankoh Investment Services Broker Yoko Farias Suffer Six-Figure Northstar Financial Services (Bermuda) Losses

Published on: June 7, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Japanese Couple Seeks Up To $500K in Northstar (Bermuda) Damages

A Japanese couple has filed an investor claim against Bank of Hawaii subsidiary, Bankoh Investment Services, Inc. for losses they suffered in Northstar Financial Services (Bermuda). The off-shore investment was recommended to them by broker Yoko Farias, who has been under scrutiny for some time for selling Northstar Financial Services (Bermuda) investment products to clients.

The claimants are an older couple who live in Japan where they set up a basic checking account at Bank of Hawaii’s branch in Tokyo. These inexperienced investors were introduced to Farias, who recommended that they invest their money differently.

Ex-Cetera Advisors Broker Mark Barrand Accused of Making Unsuitable Investment Recommendations

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

Denver Financial Advisor Mark Barrand Named in Pending Customer Disputes

Mark Allen Barrand, an Ameriprise Financial broker based in Denver, has nine customer claims on his BrokerCheck record. The most recent one, brought in February 2021, was from his time as a Cetera Advisors registered representative.

Barrand has worked 14 years in the industry, and he is also an investment adviser. Other firms where he used to be registered include Legacy Advisor Services and Legacy Financial Services.