Financial Firms

Florida Retiree Pursues Six-Figure Energy 11 Investor Fraud Claim Against David Lerner Associates

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

Florida Energy 11 Investor Alleges Unsuitability, Misrepresentations and Omissions

A senior investor says that a David Lerner Associates broker unsuitably recommended that she invest in Energy 11, LP. This non-public limited partnership has been exclusively marketed and sold by the broker-dealer to its clients, costing many of them significant investment losses. Many of these customers should never have been advised to purchase this oil and natural gas private placement.

Our Energy 11 investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this retiree in her Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages. If you are an investor who suffered losses in Energy 11 LP, contact SSEK Law Firm at (813) 560-2992 in Florida or, throughout the US, call (800) 259-9010 today.

FINRA Suspends Ex-MML Investors Services Broker Adam Belardino

Published on: May 31, 2021 | by Shepherd Smith Edwards & Kantas, LLP

New York Financial Adviser Has Multiple Customer Disputes on Record

The Financial Industry Regulatory Authority (FINRA) has suspended ex-MML Investors Services LLC broker Adam Gerard Belardino. The suspension runs from February 2021 until Belardino either provides the information that the self-regulatory organization (SRO) has requested or the suspension becomes a permanent bar.

Belardino, who is also a former registered investment advisor, has several disclosures on his BrokerCheck, including six customer disputes. MML Investors Services fired Belardino in 2019. The firm, in its Form U5, said that this was in connection to a customer complaint accusing the then-broker of excessive trading, making misrepresentations, and other negligence and broker misconduct.

Northstar Financial Services (Bermuda) Investors Seek Up to $500K in Damages from SunTrust Bank Division, Truist Investment Services

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

Colombian Claimants Allege Negligence, Misrepresentations, and Failure to Supervise

Two investors from Bogota, Colombia are pursuing a Financial Industry Regulatory Authority (FINRA) arbitration claim against Truist Investment Services for the losses they suffered in Northstar Financial Services (Bermuda). The claimants, who are from the same family, had looked to the brokerage firm, which is affiliated with SunTrust Bank, to keep their assets safe.

As longtime SunTrust Bank clients with an account in Florida, the investors were not interested in taking on any undue risk and were mostly invested in bank products, including money markets. Yet, Truist Investment Services recommended that the claimants invest more than $125K in Northstar Financial Services (Bermuda).

Ex-Wells Fargo Broker Ramon Herrera is Sentenced For Defrauding 40 Investors

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

New Jersey Financial Advisor’s Victims Included Older Investors Who Spoke Spanish

Ramon Arturo Herrera, a former Wells Fargo (WFC) registered representative, is sentenced to 27 months in prison and three years of supervised release. The former New Jersey financial advisor pleaded guilty to wire fraud for bilking approximately 40 clients of $450K.

Herrera worked five years in the industry. The entire time, he was a Wells Fargo broker until 2018. That is the same year that Financial Industry Regulatory Authority (FINRA) barred him from the industry. The following year, Herrera was expelled by the New Jersey Bureau of Securities.

Latin American Investor Files Six-Figure Northstar (Bermuda) Fraud Claim Against Truist Investment Services

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

Former SunTrust Advisory Services Investment Adviser Luisa Gonzales Unsuitably Recommended Northstar Bermuda Products

A senior investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim seeking up to $500K in damages against Truist Investment Services for losses he suffered in Northstar Financial Services (Bermuda). The claimant is a retired Catholic Priest who lives in Bogota, Colombia, and was a longtime client of SunTrust Bank.

Truist Investment Services is SunTrust’s brokerage arm and is based in the United States. Ex-SunTrust Advisory Services investment adviser, Luisa Gonzales, was this investor’s financial representative.

Ex-Customer Of Unionbanc Investment Services Broker Asako Thompson Files $500K Northstar Financial Services (Bermuda) Fraud Claim

Published on: May 18, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Japanese Investor’s Savings Were Overconcentrated in Offshore CD

An investor who lives in Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Unionbanc Investment Services and its California-based broker, Asako Kanekiyo Thompson.

The claimant suffered losses in an offshore certificate of deposit (CD) from Northstar Financial Services (Bermuda) that was recommended to him by Thompson. BrokerCheck reports that Thompson has been a Unionbanc Investment Services investment advisor and broker for 16 years.

Ex-Cetera Investment Services Broker May Have Unsuitably Recommended Northstar Financial Services (Bermuda) to Customers

Published on: May 17, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former California Registered Representative is Named in Pending $2.3M Northstar Bermuda Claim

Ching-Yun Linda Fang, also known as Linda Fang, is an ex-Cetera Investment Services stockbroker and investment advisor who may have unsuitably recommended to customers that they invest in Northstar Financial Services (Bermuda) investment products. The Bermuda-based company, which is no longer solvent, filed for bankruptcy protection last year and now must liquidate.

Our investment fraud lawyers are investigating customer claims of losses involving Linda Fang or any other Cetera Investment Services financial advisor. You may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover damages.

Ex-LPL Financial Broker Matthew Clason Pleads Guilty To Defrauding Elderly Investor of $600K

Published on: May 14, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Barred Connecticut Financial Advisor Faces Pleads Guilty to Wire Fraud

Matthew O. Clason, a former LPL Financial broker, has pleaded guilty to wire transfer fraud related to his misappropriation of $600K from a 73-year-old Connecticut retiree. Now he could be sentenced to up to 20 years behind bars. The theft is from when Clason worked with the senior investor as a registered representative with LPL Financial and before that with Lincoln Financial Advisors.

The Financial Industry Regulatory Authority (FINRA) barred Clason in September 2020 right after the Securities and Exchange Commission (SEC) filed parallel charges against him. The brokerage firm had fired Clason the month before, as did Integrated Wealth Concepts where he was a registered investment adviser.

Retiree Who Worked With Ex-Kestra Investment Services Broker James Daughtry Seeks Up To $500K in Damages

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

Alabama Investor Contends The Daughtry Group Owner Unsuitably Invested His Retirement Funds

Another investor has stepped forward to file a Financial Industry Regulatory Authority (FINRA) arbitration claim against Kestra Investment Services over financial losses sustained while working with the firm’s former broker, James Blake Daughtry. The latter ran a local office in Dothan, Alabama known as The Daughtry Group. FINRA barred Daughtry and Kestra fired him last year.

The claimant, a senior investor, contends that Kestra failed to properly supervise Daughtry, whom he accuses of making fraudulent and unauthorized transactions in his account. As a result, this retiree lost $232K. He is seeking up to $500K in damages.

Customer Says David Lerner Associates Broker Lawrence Merl Unsuitably Recommended Energy 11, LP

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

Claimant Suffered Significant Losses in Non-Traded Oil and Gas Investment

An investor recently filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against the brokerage firm, David Lerner Associates for losses he sustained in the Energy 11, LP, an oil and gas private placement that many of the firm’s brokers have sold exclusively to customers.

This claimant worked, specifically, with David Lerner Associates broker Lawrence Merl, whom he says that the broker-dealer failed to properly supervise.