Independent Financial Group Tag Archives

Gana Weinstein Represents Victims of Financial Advisor Stewart Ginn

February 5, 2024 | by Staff Attorney

The attorneys at Gana Weinstein LLP are currently representing victims of financial advisor Stewart Ginn (Ginn), currently employed by Independent Financial Group, LLC (IFG). BrokerCheck records reports that Ginn has been subject to at least six customer complaints during the course of his career and one pending regulatory action. According to records kept by The Financial Industry Regulatory Authority (FINRA), Ginn’s customer complaint alleges that Gin engaged in excessive trading or churning of investor accounts among other allegations of misconduct relating to the handling of their accounts.

On October 17, 2023 FINRA named Ginn as a respondent in a complaint alleging that he churned and excessively traded customer accounts. FINRA alleges that none of the customers was an aggressive investor, one of the customers was in her late 80s and suffering from a cognitive disability; a second retired customer was in her late 70s; and a third retired customer was between 69 and 71 years old. FINRA found that Ginn engaged in frequent in-and-out trades in the customer accounts, while charging high commissions on both buys and sells. According to the complaint, Ginn’s trading caused the customers to incur realized losses of more than $2.22 million, while generating more than $2.24 million in commissions for Ginn and his member firm.

Kirk Badii Has Six Customer Complaints and Multiple Terminations

October 10, 2022 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Kirk Badii (Badii) has at least eight disclosable events. These events include six customer complaints alleging that Badii engaged in some form of investment related misconduct in the handling of the client’s accounts. In addition, Badii has been terminated for cause by two firms. Badii is currently employed by Independent Financial Group, LLC (Independent Financial). Badii’s customer complaints alleges that Kemp recommended unsuitable investments in different investment products including alternative investments among other allegations and complaints.

In December 2021 a customer complained that Badii violated the securities laws by alleging that Badii made unsuitable investment recommendations to an elderly homemaker, mismanaged her accounts by recommending alternative investments that were unsuitable. The Claimant states that credit lines were established to qualify the Claimant for those alternative investment purchases as well as using those credit lines to make distributions to Claimant’s family which family believed to be from income generated from investments. Additional accounts were alleged to be established that contained concentrated unsuitable investments and that trading was made in these accounts on a discretionary basis without being approved for discretionary trading specific to reverse convertible securities. The investor alleged damages of $3 million and the claim is currently pending.

In August 2018 UBS terminated Badii alleging that he was discharged after firm review found that FA: (i) violated firm’s social media policy and blocked management’s ability to monitor his social media and (ii) violated firm’s KYC/AML policy in connection with the onboarding of certain clients and prospects.

Broker Jerry Tuma Has Customer Suitability Complaints

October 6, 2022 | by Staff Attorney

Advisor Jerry Tuma (Tuma), currently employed by brokerage firm Independent Financial Group, LLC (Independent Financial) has been subject to at least five disclosures and customer complaints. According to a BrokerCheck report the customer complaints concern investment advisory activity and one complaint involves alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products and have recovered in excess of $50 million in investor losses.

In January 2022 a customer complained that Tuma violated the securities laws by alleging that Tuma made investment recommendations that were not suitable and was not in line with stated objectives. The claim is currently pending and the investor seeks $200,000 in damages.

In January 2022 a customer complained that Tuma violated the securities laws by alleging that the client engaged CFS in an advisory relationship beginning in 12/2017. The client also alleged her account was not managed in accordance with her best interests, that certain management and product fees were excessive, and in inappropriate products given her risk profile. The claim is currently settled for $14,906 in damages.

Advisor William Morrow Accused by Over a Dozen Investors of Selling Unsuitable Alternative Investments

August 4, 2020 | by Staff Attorney

Advisor William Morrow (Morrow), currently employed by Concorde Investment Services, LLC (Concorde Investment) and formerly employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least 14 customer complaints and one employment termination for cause during the course of his career. According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, tenant-in-common programs, and private placements. Morrow runs his securities business through a d/b/a called Financial Designs, LTD. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

In May 2020 a customer complained that Morrow violated the securities laws by alleging that Morrow engaged in sales practice violations related to engaging in investments were high risk and not in line with their stated objectives and risk tolerance. The claim alleges $100,000 in damages and is currently pending.

In February 2015 a customer complained that Morrow violated the securities laws by alleging that Morrow engaged in sales practice violations related to engaging in unsuitable investments, common law fraud, and other violations in the sale of a tenant in common investment purchased in 2006. The claim alleged $730,000 damages and settled for $100,000.

Independent Financial Advisor Morgan Arford Has Customer Complaints

February 18, 2020 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Morgan Arford (Arford), currently employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least four customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Arford’s customer complaints alleges that Arford recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In September 2016 a customer complained that Arford violated the securities laws by alleging that Arford in mid-2012 participated in the sale of unapproved and unsuitable investments in oil and gas and a penny stock. The claim alleged $140,760 in damages and settled for $95,000.

In August 2016 a customer complained that Arford violated the securities laws by alleging that Arford in 2012 and 2013 participated in the sale of unapproved and unsuitable investments in oil and gas and a penny stock. The claim alleged $335,300 in damages and settled for $192,500.

Advisor Brian Lockett Suspended By Regulator; Subject to Multiple Client Complaints

December 27, 2019 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Brian Lockett (Lockett), formerly employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least nine customer complaints and one regulatory action during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Lockett’s customer complaint alleges that Lockett recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2019 FINRA brought a regulatory action against Lockett that he settled consenting to findings that he participated in a private securities transaction without providing prior written notice to his member firm. FINRA found that one of Lockett’s customers invested a total of $50,000 in a private placement offering and that Lockett participated in the transaction by introducing the transaction to the customer, summarizing the reasons he liked the investment, meeting with the customer to review and sign the paperwork and causing the paperwork to be submitted. FINRA found that Lockett did not receive compensation for his participation in the transaction and that Lockett attempted to conceal his role in the transaction by suggesting to the customer that the customer communicate about the transaction with Lockett in the future via Lockett’s personal email address. According to FINRA, after the customer complained to the firm, it entered into a settlement to resolve the complaint.

Advisor Herbert Shiraishi Has Several Variable Annuity Sales Practice Complaints

October 1, 2019 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP are investigating advisor Herbert Shiraishi (Shiraishi), currently registered with Independent Financial Group, LLC (Independent Financial) out of Honolulu, Hawaii and Hilo, Hawaii. According to a BrokerCheck report, Shiraishi has been subject to at least four customer complaints and one employment termination for cause during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Shiraishi concern allegations of variable annuity sales practices.

In May 2018 a customer filed a complaint alleging that Shiraishi’s investments in variable annuities were unsuitable to the customer’s needs. The customer requested $25,500 in damages. The claim was closed.

In January 2017 a customer alleged that Shiraishi failed to disclose his purchase of a variable annuity to the customer causing $7,708 in damages. The claim was denied.

Advisor Shimshon Plotkin Has Complaints Over Alternative Investments

June 28, 2019 | by Staff Attorney

Advisor Shimshon Plotkin (Plotkin), currently employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least seven customer complaints during the course of his career. According to a BrokerCheck report the customer complaints mostly concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In June 2016 a customer complained that Plotkin violated the securities laws by alleging that the financial advisor breached their fiduciary duty, negligence, misrepresentations, and breach of contract among other allegations associated non-traded REITs and other DPPs causing $1,000,000 in damages. The claim was settled for $250,000.

In January 2016 a customer complained that Plotkin violated the securities laws by alleging that the financial advisor breached their fiduciary duty among other allegations associated with alternative investments causing. The claim was denied by the brokerage firm.

Advisor Robert Jamison Sanctioned Over Unapproved Securities Sales

January 23, 2019 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Robert Jamison (Jamison), formerly associated with PNC Investments, in December 2018, was sanctioned and barred from the securities industry by FINRA over accusations of potentially selling unapproved products.

In December 2018 FINRA alleged that Jamison consented to the sanction and to the entry of findings that he refused to provide testimony to FINRA related to allegations that he, in connection with private securities transactions, referred customers to an individual who was not registered and who may have recommended or sold unsuitable securities to those customers.

The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

At this time it is unclear the nature and scope of Jamison’s activities. Jamison’s disclosures include any outside business activities (OBAs) disclosures. The only disclosure is an involvement with Crump Life Insurance.

Wenjinn Chang Subject to Complaints Over REITs and Alternative Investments

January 14, 2019 | by Staff Attorney

Advisor Wenjinn Chang (Chang), currently employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least two customer complaints. According to a BrokerCheck report the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In October 2018 a customer filed a complaint alleging that Chang violated the securities laws by alleging over-concentration of non-traded REITs that were not suitable and that resulted in losses. The claim alleged $50,000 in damages and the claim is currently pending.

In September 2018 a customer filed a complaint alleging that Chang violated the securities laws by Alleging that the broker failed to advise of the risks of the investments made and that the Claimant has suffered losses as a result of the investments made. The claim alleged $75,000 in damages and the claim settled for $10,000.