Financial Firms

Morgan Stanley Sued for Unsuitable Recommendations Over Harvest Volatility Strategy, MLPs and Other Complex Investments Made To A Texas Investor

Published on: May 18, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Brokerage Firm Made Unsuitable Investment Recommendations to An Inexperienced Investor

Our brokerage firm fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have filed a Financial Industry Regulatory Authority (FINRA) arbitration against Morgan Stanley on behalf of an elderly Dallas, Texas investor.

The investor in question sustained over $500K in losses due to the unsuitable recommendations of structured products, Master Limited Partnerships (MLPs), other oil and gas equities, and investments governed by Harvest Volatility Management’s Collateral Yield Enhancement Strategy (CYES).

Ex-Next Financial Broker Charles Doraine is Barred Following Puerto Rico Bond Fraud Allegations

Published on: May 4, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Doraine Refused To Cooperate In FINRA’s Investigation

The Financial Industry Regulatory Authority (FINRA) has barred former Next Financial broker, Charles Doraine after he refused to give testimony in the self-regulatory organization’s (SRO’s) probe into allegations that he unsuitably recommended Puerto Rico bonds to customers.

Already, Doraine has been the subject of investor claims accusing him of overconcentrating customer accounts with these municipal bonds and engaging in short-term trading.

David Lerner Associates May Have Sold Spirit of America Energy Fund, Energy Resources 12, and Energy 11 Investments to Conservative Investors and Retirees

Published on: May 1, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Broker-Dealer Comes Under Scrutiny Over Energy, Gas, and Oil Investment Recommendations

If you are a retail or conservative investor, a retiree, or any other investor unwilling or unable to take on too much risk and a David Lerner Associates broker sold you oil, gas, and energy investments, our investment fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to offer you a free, no-obligation case consultation.

Investors who recently invested in the following funds with David Lerner Associates may have been a victim of unsuitable sales practices and have grounds for a claim:

Shepherd Smith Edwards and Kantas Investigating Claims From LPL Financial Customers Who Invested in Nontraded REITS and Publicly Traded Property Interval Funds

Published on: April 20, 2020 | by Shepherd Smith Edwards & Kantas, LLP

LPL Blocks Sales of Nontraded Real Estate Investment Trusts and Publicly Traded Property Interval Funds

This week, LPL Financial (LPLA) announced that it had suspended its sales of several nontraded REITs, as well as a number of publicly traded property interval funds. This is because the novel coronavirus (COVID-19) was placing these investments at a higher risk of losses.

In an email to InvestmentNews, LPL EVP of Products and Platforms, Rob Pettman, wouldn’t offer the names of the funds but did note that the broker-dealer hoped to offer them to investors again once the markets had calmed.

Shepherd Smith Edwards and Kantas Investigates Customer Claims Involving Former LPL Financial Broker Mark Lamkin

Published on: April 8, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former LPL Financial Broker Borrowed $1.3M From Customer Without Notifying Firm

Mark Lamkin, an ex-LPL Financial representative, has been suspended by the FINRA for three months. Lamkin, who is now a Calton & Associates broker, is accused of borrowing $1.3M in total from an LPL Financial Services customer between 2011 and 2017 without getting written approval from or notifying the broker-dealer. This is not the first time he is accused of broker misconduct.

Shepherd Smith Edwards and Kantas (SSEK Law Firm) is investigating claims involving Mark Lamkin, who has been a registered representative for 28 years. Contact our stockbroker fraud attorneys today.

SSEK Investigates Investment Loss Claims Involving Wells Fargo Broker Jeffrey Eiler

Published on: March 13, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Wells Fargo Stockbroker Accused Of Overconcentration & Unsuitable Investments

Wells Fargo Clearing Services broker, Jeffrey Eiler, has been the subject of 12 customer investment loss disputes, most of which were settled and a few that were denied. If you are an investor who lost money while Eiler was your registered representative, our stockbroker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to offer you a free case assessment.

The customer disputes against Eiler go back more than twenty years. According to his BrokerCheck record, most of the settlements were paid by the firm where he was a registered representative.

Wells Fargo Settles Inadequate Supervision of Non-Traditional ETFs Claim for $35M

Published on: March 4, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Wells Fargo Sold Non-Traditional ETFs to Retail Investors

If you were an investor who suffered losses in non-traditional exchange-traded funds (ETFs) that you feel were unsuitable for you yet were recommended by a Wells Fargo investment advisor or broker, our ETF fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to offer you a free case consultation.

Wells Fargo Advisors Financial Network and Wells Fargo Clearing Services recently agreed to pay $35M to settle US Securities and Exchange Commission (SEC) claims. These claims accused the two Wells Fargo entities of lax supervision of their registered investment advisors (RIAs). As well as the brokers who recommended certain complex non-traditional ETFs to retirees and other retail advisory and brokerage customers.

Ex-Morgan Stanley Broker Elias Hafen Sentenced To Prison For Investment Fraud

Published on: February 13, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Morgan Stanley Broker Sentenced To 30 Months

Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) if Elias Herbert Hafen, a former Morgan Stanley (MS) and Wells Fargo (WFC) broker, was your financial representative when you suffered substantial investment losses that you think may be due to fraud. Hafen is sentenced to 30 months in prison for defrauding former clients of over $1.6M.

The prison term comes after Hafen pleaded guilty to investment advisor fraud. Prosecutors contend that Hafen sought to defraud 11 retail customers, between 2011 until 2018, by making them think he had access to a high-yield fund that would bring them guaranteed investment returns.

Shepherd Smith Edwards and Kantas Investigates Investor Claims Involving Non-Traditional ETFs

Published on: February 7, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Non-Traditional Exchange-Traded Funds Are Not Suitable For Every Investor

Our securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are looking into complaints by investors whose brokers may have inappropriately recommended that they invest in non-traditional exchange-traded funds (ETFs).

These types of ETFs are leveraged, inverse and inverse-leveraged exchange-traded funds and they are not for every investor. This is definitely the type of investment that a financial representative and its broker-dealer should assess for suitability on a customer-by-customer basis.

Shepherd Smith Edwards and Kantas Investigates Ex-Cetera Advisors Broker Roger Owens

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

Fired Cetera Advisors Broker Accused Of Unauthorized Securities Sales

Our stockbroker fraud attorneys are speaking to former clients of former Cetera Advisors LLC broker, Roger Lee Owens that sustained substantial investment losses while working with him. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today to schedule your free, no-obligation case consultation.

Cetera Advisors fired Roger Owens last year for allegedly taking part in unapproved private securities transactions. A few months later, the Financial Industry Regulatory Authority (FINRA) suspended Owens for a year, through August 2020, for the same reasons.