Investor Lawyers Blog

McNally Financial Services Broker Mark Kemp Has Been Named in 11 Customer Disputes

Published on: January 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Corpus Christi Financial Advisor is Accused of Negligence, Misrepresentations

Our Texas broker misconduct lawyers are looking into claims of losses by customers of Mark Alan Kemp, who is currently a McNally Financial Services registered representative. Mark Kemp, who has been in the industry for 30 years, has been named in nearly a dozen customer disputes, three of which are still pending.

If you are one of these investors, please contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today. We can determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages.

Former GPB Capital Holdings CEO David Gentile Sues The Alternative Asset Firm

Published on: January 4, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Founder Faces Charges Over $1.8B Ponzi Scam and Wants GPB Capital to Pay His Legal Fees

Beleaguered private equity firm GPB Capital Holdings is back in the news. This time its founder and former CEO, David Gentile, is suing the company in Delaware Chancery Court.

Gentile, who is facing criminal, civil fraud, and conspiracy charges related to the over $1.8B Ponzi scam that GPB is accused of perpetuating, wants his legal defense fees paid for and not out of his own pocket.

Ex-Worden Capital Markets Broker Mark Kolta Has Been Named in 26 Customer Disputes

Published on: January 3, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Investors Are Seeking Six- to Seven-Figures in Damages

If you suffered investment losses while working with former Worden Capital Markets broker Mark Sam Kolta, you may want to explore your legal options with a seasoned securities law firm.

Kolta, who worked for 13 years in the industry, has 27 disclosures in his BrokerCheck record, 26 of which are customer disputes. A number of these are still pending, with some claimants requesting damages in the six and seven figures.

RBC Capital Markets to Pay $1M Over Unsuitable High-Yield Bond Concentration in Customer Accounts

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

RBC Capital Markets Settlement With FINRA Includes a Fine and Restitution

RBC Capital Markets has reached an agreement with FINRA in which the broker-dealer will pay $1M to resolve allegations of overconcentration in customers’ accounts involving high-yield bonds. Without denying or admitting to the self-regulatory organization’s (SRO’s) findings, RBC consented to a censure, a $550K fine, and more than $456K in restitution.

According to FINRA, the brokerage firm did not identify over 100 client accounts with conservative profiles that should have been reviewed for a possible unsuitable concentration of high-yield bonds.

J.P. Morgan Fined $200M by SEC & CFTC Over Messaging and Communications Violations

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

J.P. Morgan Securities Will Pay $125M to the Commission

J.P. Morgan has arrived at two settlements over recordkeeping and communication violations. These violations included using unapproved channels, such as WhatsApp and personal texts messages. One settlement is with the US Securities and Exchange Commission (SEC) and the other with the Commodity Futures Trading Commission (CFTC). The firm has admitted to the violations.

The settlement with the SEC is with J.P. Morgan brokerage firm subsidiary, J.P. Morgan Securities, LLC for failures by the company and its employees to maintain and preserve written communications. In addition, the broker-dealer will pay a $125M penalty and enhance its compliance policies and procedures to resolve the issue.

Ex-Parkland Securities Broker Keith Ashley, Who Is Accused of Murder, Faces FINRA Charges

Published on: December 21, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Texas Financial Advisor Allegedly Killed An Investor While Operating a Ponzi Scam

Keith Todd Ashley, who was fired by Parkland Securities in October 2020 and is charged with murder, is now also facing Financial Industry Regulatory Authority (FINRA) charges.

FINRA filed its complaint in December 2021 and is alleging that Ashley took part in undisclosed business activities, misappropriation, and engaged in private securities transactions from February through October 2020. During this entire time, Ashley was a registered representative with Parkland Securities.

Two Wells Fargo Broker-Dealers to Pay $3.1M in FINRA’s UIT Investigation

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

Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers

Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA).

The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization’s (SRO’s) rules involving early unit investment trust (UIT) rollover trading. FINRA’s action is its final one in its targeted probe into the sale of UITs.

Ex-Ameriprise Broker James Dunn is Accused of Unsuitability, Unauthorized Trading

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

Former Ameriprise Financial Advisor is Named in Five Pending Customer Disputes

James William Dunn, an ex-stockbroker and investment advisor in Vienna, VA with Ameriprise Financial Services, is under scrutiny over losses suffered by customers. He is currently named in five customer disputes in which the damages sought range from six- to seven figures.

All of the Financial Industry Regulatory Authority (FINRA) arbitration claims involving Dunn were brought in 2021. The misconduct alleged was said to have occurred during this same year.

SSEK Law Firm Investigates Losses Involving NorthStar Real Estate Investment Trust (Now N1 Liquidating Trust)

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

Investors Who Weren’t Advised to Exit Before Merger Have Suffered Losses

If you are an investor who sustained losses in NorthStar Real Estate Investment Trust (REIT), now called N1 Liquidating Trust, you may want to explore your legal options to find out whether your financial advisor gave you improper advice or failed to apprise you of all of the risks involving your investment.

Our non-traded REIT investment lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are speaking to NorthStar REIT investors to determine whether they have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim against their broker and/or broker-dealer.

SSEK Law Firm Client of Fired J.P. Morgan Securities Broker Ed Turley Wins $4 Million FINRA Arbitration Award

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

SSEK Law Firm Represented Client of Fired J.P. Morgan Securities Broker, Ed Turley, and Wins $4 Million FINRA Arbitration Award

A Financial Industry Regulatory Authority (FINRA) arbitration panel in Houston, Texas has awarded a client of Shepherd, Smith, Edwards & Kantas (SSEK Law Firm at investorlawyers.com) $4 million in compensatory damages over losses she sustained while working with ex-J.P. Morgan Securities stockbroker, Edward Turley.

Not only did this ex-San Francisco-based financial advisor unsuitably invest her in products that were too risky, but he and the firm also used a complex strategy that involved borrowing on margin without her knowledge. Tragically, the client lost millions of dollars while Ed Turley and J.P. Morgan profited significantly from her account.