Financial Firms

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.

Northstar Financial Services (Bermuda) Investor Seeks Up to $5M in Damages from Hancock Whitney Investment Services

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

Central American Retiree Worked with Louisiana-based Financial Advisor Robin Platt

In his Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., a senior investor in Central America is seeking up to $5M in damages. The senior investor suffered losses when he invested $1.25M in Northstar Financial Services (Bermuda) at the recommendation of Hancock Whitney Investment Services broker, Robin Platt.

The claimant, a longtime Hancock Whitney Bank client, had mostly invested in bank products and kept his money in checking/savings accounts. In 2016, Platt recommended the Bermuda-based investment, which would go on to make up the majority of the retiree’s portfolio.

Retirees Seek Up to $500K in Northstar Financial Services (Bermuda) Claim Against J.P. Morgan Securities

Published on: April 26, 2021 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Arbitration Claim Was Brought by Mexican Investors Who Trusted US Broker-Dealer To Keep Their Assets Safe

A retired couple from Mexico is requesting up to $500K plus interest and costs from J.P. Morgan Securities, LLC over losses they suffered from investing in a Northstar Financial Services (Bermuda) variable annuity.

Because the carrier, Northstar Bermuda, is located off-shore in Bermuda, the policy that the investors purchased was not protected in the same way as those sold by US-based carriers. Now, the claimants are alleging the following:

Purshe Kaplan Pays $1.6M Settlement To 50 Investors

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

Boutique Broker-Dealer Pays Another 7-Figures to Resolve Customer Disputes

Independent brokerage firm Purshe Kaplan Sterling Investments, Inc. has agreed to settle another Financial Industry Regulatory Authority (FINRA) arbitration claim with investors. This time, 50 customers had pursued financial recovery from the firm.

According to the broker-dealer’s yearly audited financial statement that it recently submitted with the Securities and Exchange Commission (SEC), the settlement amount is $1.6M. Wentworth Management Services, which owns the firm, will pay $1.2M while its insurer will cover the rest.

Merger Folds KMS Financial, Investacorp, and Securities Services Under Securities America Banner

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

Integration Instigated After Advisor Group’s Acquisition of Ladenburg Thalman

Securities America, which is a broker-dealer of the Advisor Group network, has completed integrating brokerage firms Investacorp, KMS Financial Securities, and Securities Services Network into its fold. All four were Ladenburg Thalman broker-dealers until Advisor Group acquired Ladenburg and its firms last year for $1.3B.

Triad Advisors, another former Ladenburg Thalman broker-dealer, will stay a standalone firm. The other Advisor Group broker-dealers include Woodbury Financial Services, FSC Securities, SagePoint Financial, Royal Alliance Associates, and FSC Securities Corporation.

Northstar Financial Services (Bermuda) to Liquidate After Extension Request Denied

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

Investors Can Still Pursue Damages from Bankoh, Truist, and Ocean Financial Services

The Bermuda Supreme Court has turned down a request by Northstar Financial Services (Bermuda) Ltd.’s management asking for more time to pursue restructuring. Northstar had filed for Chapter 15 bankruptcy last year.

The Court’s ruling means that the company will be liquidated, with the proceeds going to creditors. Specifically, what this means for Northstar Financial Services (Bermuda) investors is that the Bermuda Supreme Court must approve such payments before they can be issued to them.