Misrepresentations and omissions Tag Archives

Ingram Financial Group’s Donna Seymour in Winter Haven Accused of Unsuitably Selling GWG L Bonds To Florida Retirees

Published on: August 2, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Claimants File FINRA Arbitration Claim Against Centaurus Financial

A Florida couple who suffered losses in GWG Holdings L bonds has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Centaurus Financial. In the claim, they are seeking up to six figures in damages for their losses. The investors are retirees and worked with Centaurus broker Donna Maria Seymour, who presents herself as part of IngramFinancial Group in Winter Haven, FL.

The claimants say that they made it clear from the start that they needed to make conservative investments because they were no longer working, had a family history of health issues, and wanted to preserve their finances to support themselves. Instead, Seymour allegedly recommended that they invest in L Bonds, which are risky, speculative, and illiquid.

Goldman Sachs Under Investigation by SEC Over ESG Funds

Published on: July 1, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Did The Firm Misrepresent Environmental, Social, and Governance Qualifications in Marketing Materials?

According to The Wall Street Journal, sources say that The US Securities and Exchange Commission (SEC) is investigating Goldman Sachs Group Inc. The investigation includes certain funds that utilize environmental, social, and governance (ESG) criteria. ESG investing considers these three factors when assessing an investment’s overall impact and financial returns.

Goldman Sachs’s mutual fund business oversees at least four funds with ESG or clean energy in their names. The SEC is reportedly examining these investments in terms of their environmental, social, and governance criteria and metrics that marketing materials tout them to have.

Fired Berthel Fisher Broker Steve Cummings’ Customers Report Investment Losses

Published on: June 10, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Alabama Financial Advisor Has Been Accused of Misrepresentations and Unsuitability

Our knowledgeable broker misconduct attorneys are investigating claims of losses by customers of ex-Berthel Fisher & Co. registered representative Steve Jeffrey Cummings. In July 2021, claimants filed a Financial Industry Regulatory Authority (FINRA) arbitration claim for $250K in damages.

The customers contend that they were sold unsuitable investments between 2010 and 2015 and that Cummings allegedly made misrepresentations to them. They believe brokerage firm Berthel Fisher failed to supervise its Alabama broker and did not conduct proper due diligence. In 2017, Berthel Fisher fired Cummings over allegations that he did not disclose tax liens in a timely fashion.

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.

American Trust Investment Services Broker Austin Dutton Named in 26 Investor Disputes

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

Pennsylvania Financial Advisor is Accused of Making Unsuitable Recommendations

Austin Richard Dutton, Jr., an American Trust Investment Services stockbroker, is currently the subject of a Financial Industry Regulatory Authority (FINRA) arbitration case. The self-regulatory organization (SRO) has made a preliminary determination to recommend disciplinary action against him. The Doylestown, PA financial advisor is accused of violating FINRA Rules 2111, 2010, and 4511.

FINRA announced its preliminary determination involving Dutton in March 2021. FINRA Rule 2111 has to do with suitability and requires broker-dealers and their registered representatives to only make recommendations that are suitable for each customer. Rule 2010 mandates that members abide by high standards of commercial honor and fair and equitable principles of trade. Rule 4511 requires FINRA members to make records and books and preserve them for at least six years.

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.

Investors Seek $600K in Negligence Claims Naming Money Concepts Capital Broker Ray Reese

Published on: February 9, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Unsuitability, Misrepresentations and Omissions Are Among the Other Allegations

Ray Gene Reese, a Money Concepts Capital stockbroker and investment advisor based in Farmington, Missouri, is currently named in two pending Financial Industry Regulatory Authority (FINRA) arbitration claims seeking $600K in damages. Reese has been in the securities industry for 32 years.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), we represent investors with FINRA arbitration claims against the broker-dealers and registered representatives responsible for the financial harm they have suffered.

Customers Seeking $1.8M Over Investments Recommended By Western International Securities’ David Bibo

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

California Stockbroker Accused Of Unsuitability & Misrepresentations

David Omori Bibo, a Western International Securities, Inc. registered representative is named in two pending customer disputes collectively seeking $1.8M in damages. The San Jose broker has been part of the industry for 25 years. He has seven disclosures on his BrokerCheck record.

Our California securities fraud lawyers are looking into investor claims involving Western International Securities broker, David Bibo, or any other registered representative from the firm. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today so that we can help you determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration case to recover your losses.

SunTrust Brokers May Have Unsuitably Recommended Northstar Financial Services (Bermuda) to Investors

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

Customers Claim That Northstar Financial Services Products Were Touted As Low Risk & Safe

If you are an investor who suffered losses while investing in Northstar Financial Services products that were recommended to you by a SunTrust Investment Services stockbroker, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm investorlawyers.com) today so that we can help you explore your legal options.

Unfortunately, there are financial advisors who may have marketed Northstar Financial Services’ investments as stable, safe, low risk, and liquid – like a CD or a money market account – even when that has proven to be far from the case. Now, Northstar Financial Services is in bankruptcy and undergoing liquidation proceedings. It is very likely that investors have lost most of, if not their entire, investment.

Sierra Income Investors are Losing Money

Published on: November 17, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Risky, Illiquid Business Development Company Was Not Suitable for Many Investors

If you are someone who invested in the Sierra Income Corporation, you may have lost money. This business development company (BDC) is a non-traded investment.

Earlier this year, Sierra Income suffered losses after its announced merger with Medley Capital Corp. and Medley Management Inc. was terminated because of the economic uncertainty caused by COVID-19. Not long after that, the company announced that it was suspending monthly distributions.