broker misconduct

Former LPL Broker Paul McGonigle is Accused of Defrauding Investors

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

Ex-Middleboro, Massachusetts LPL Financial Advisor Could Be Sentenced to 20 Years in Prison

Paul Richard McGonigle, a former LPL Financial broker, has been arrested for allegedly stealing clients’ retirement assets, including older investors. He is charged with aggravated identity theft, mail fraud, and multiple counts of wire fraud. McGonigle could spend 20 years behind bars if convicted.

According to prosecutors, starting in July 2018, McGonigle caused unauthorized withdrawals from clients’ annuities and persuaded some of them to allow him to invest their funds. Instead, the broker allegedly used their money to pay for his expenses. He is accused of posing as his victims during calls with annuity companies and signing as them on forms asking for the annuity withdrawals.

Barred Securities America Broker Jaime Westenbarger Faces Securities Fraud Allegations

Published on: October 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Michigan Stockbroker Was Fired By Securities America

Jaime Michael Westenbarger, a former Securities America registered representative in Michigan, is currently named in three pending customer complaints accusing him of negligence and stockbroker fraud. Westenbarger, who was fired by the broker-dealer last year, has been barred by the Financial Industry Regulatory Authority (FINRA).

He worked 16 years in the securities industry. Our securities fraud lawyers at SSEK Law Firm are offering free case consultations to former customers of Jaime Westenbarger who’ve suffered significant investment losses. You may have grounds for a FINRA arbitration claim to recover damages.

Investors Lose Money After Brokers Recommend FS KKR Capital Corp II Fund

Published on: July 3, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Business Development Company May Have Been Unsuitable For Some Investors

If you are an investor who suffered losses after your stockbroker recommended the Franklin Square KKR Capital II Fund (FSKR), also known as FS KKR Capital Corp II, you may have grounds for pursuing a broker fraud claim for damages.

This business development company (BDC), which is a merger of four non-traded BDCs, reportedly was unsuitably recommended to a number of customers and/or the risks were never fully disclosed to them.

Investors of Preferred Stocks Suffer Losses As Market Undergoes Nearly 5% Drop

Published on: May 22, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Unsuitability & Overconcentration May Lead to Unnecessary Investor Losses in Preferred Stocks

If you are an investor in preferred stocks or preferred stock funds, you may have suffered losses as the preferred-stock market had dropped almost 5% since its mid-Feb peak.

These stocks do carry some risk with them and they are not suitable for every investor. If you are wondering whether your investments were inappropriately recommended to you or your broker overconcentrated your portfolio with too many of them, contact our investor attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) today.

Top Warning Signs of Senior Investor Fraud that You Need to Be Aware of

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

Many Older Investors Remain Vulnerable to Securities Fraud

As a retiree or a senior investor living in the San Francisco Bay Area, there are red flags to look out for that may indicate that you’ve become the victim of senior investor fraud.

Unfortunately, older investors remain a favorite target of fraudsters eager to take advantage of an elderly customer’s inexperience or health issues while availing themselves of the latter’s retirement funds and other savings.

Structured Products Are Not For Everyone In San Francisco. Here’s Why

Published on: May 15, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Our San Francisco structured product fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) work with investors throughout the San Francisco Bay Area in helping them to recoup their losses.

Structured products are not for everyone, although investors find them very attractive because they can provide the opportunity to earn the high yield not likely to happen with more traditional types of investments.

Unfortunately, even though these market-linked investments should only be marketed to sophisticated investors that can handle a certain level of risk, brokers lured by the healthy commissions have been recommending them to retail investors, including senior investors and retirees, for years.

Securities Fraud In San Francisco: How You Can Protect Yourself

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

Becoming the victim of securities fraud in San Francisco can lead to devastating financial losses and there are steps that you can take to prevent that from happening. Even if your broker is registered with a known brokerage firm, there are questions you should ask and due diligence you can do to protect yourself and your investments.

How To Protect Yourself Against Securities Fraud

Below, we discuss the steps you need to put in place to ensure that you are fully protected when dealing with a broker or brokerage firm based in San Francisco.

First Allied Securities Broker William Fox Accused of Making Unsuitable Alternative Investments Recommendations

Published on: April 29, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Texas Stockbroker Purportedly Earned High Commissions From Illiquid Alternative Investments

If you are an investor who was sold alternative investments by First Allied Securities broker William Fox, you may have grounds for an investor claim. Fox, an Austin, TX-based registered representative, has been accused by at least one customer, who already filed a Financial Industry Reguinveslatory Authority (FINRA) claim, of not performing the proper due diligence before recommending that the claimant invest over $2M in retirement funds in illiquid, poor quality alternative investments.

This included nontraded real estate investment trusts (nontraded REITs), annuities, private placements, equipment leasing, and oil and gas investments. The sale of these investments to the claimant resulted in Fox earning $140K in commissions and an investment advisory fee.

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.

Shepherd Smith Edwards and Kantas Investigates Investor Claims Involving Ex- Broker Ma Rosa Linan Abrego and Merrill Lynch

Published on: February 19, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Fired Merrill Lynch Broker Barred By FINRA Indefinitely

If you were an investor who sustained losses while working with Ma Rosa Linan Abrego, contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. Our brokerage firm misconduct lawyers work with clients who have suffered financial losses due to the negligent, fraudulent or other wrongful actions of their financial representatives.

Ma Rosa Linan Abrego, based out of McAllen, Texas, was terminated by Merrill Lynch and recently barred indefinitely by the Financial Industry Regulatory Authority (FINRA) from working as a financial advisor/stockbroker.