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shutterstock_123758422-300x200Gana LLP is investigating claims made by Financial Industry Regulatory Authority (FINRA) against broker David Menashe (Menashe). According to BrokerCheck records, Menashe was ordered to pay a restitution of $15,000 by the state of Montana for alleged excessive trading and unauthorized trading in June 2016.

Menashe entered the industry in 2009. He is currently registered and employed at Newbridge Securities, where he has been employed since January 2017. His past employment includes:

• Joseph Stone Capital LLC (February 2013 – January 2017)

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shutterstock_177792281-300x198Our law firm, Gana LLP, is investigating claims made by Financial Industry Regulatory Authority (FINRA) against broker Dan Droeg (Droeg). According to BrokerCheck, Droeg’s record contains two customer complaints filed against him regarding alleged unsuitability.

The most recent customer complaint was filed against Droeg in November 2016. During the period of July 2012 to November 2016, Droeg allegedly recommended over-concentrated and illiquid investments in variable annuities for numerous profit sharing plans. The client also claimed that the broker allegedly incorrectly reported the values and performances of the investments. The alleged damages are worth $250,067. The case is currently pending.

During January 2005, another customer complaint was filed against Droeg concerned alleged unsuitability. The broker allegedly recommended variable annuities, which were highly unsuitable for an elderly customer with low risk tolerance. The alleged damages were worth $6,000 and the case settled for $18,043.79.

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shutterstock_62862913-259x300The investment fraud lawyers of Gana LLP are examining multiple customer disputes filed with the Financial Industry Regulatory Authority (FINRA) against financial advisor Gregory Pease (Pease). According to BrokerCheck, Pease has a multitude of disclosures concerning: churning, excessive trading, unauthorized trading, unsuitability, and breach of fiduciary duty.

The most recent customer complaint filed against Pease was filed in November 2016. The complaint alleged that during the period between 1998 and 2015, Pease made unsuitable recommendations, misrepresentation, and omission of material facts regarding mutual funds. The alleged damages are unspecified and the case is still pending.

Another customer complaint against Pease was filed in March 2015 and alleged that Pease misrepresented the client’s financial objectives. According the customer, the amount of trades and fees that occurred in the accounts did not properly align with the client’s desires. The alleged damages were worth $13,266.81 and the case was later settled for $10,297.88.

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shutterstock_128655458-300x200The investment fraud lawyers of Gana LLP are examining multiple customer disputes filed with the Financial Industry Regulatory Authority (FINRA) against broker Gregory Tucker. According to BrokerCheck, Tucker has a multitude of customer complaints mostly pertaining to unsuitability and misrepresentation.

In November 2016, a customer complaint was filed against Tucker alleging that the broker mishandled his client’s account during his employment at D.A Davidson & Co. Tucker allegedly made unsuitable and heavily concentrated recommendations. In addition, Tucker allegedly engaged in excessive trading in regards to the client’s account. The case is pending.

Another currently pending case against Tucker was filed in February 2016 for allegedly misrepresenting an investment product to his client. During the period of March 2009 through January 2016, Tucker allegedly made material and false representations of the municipal bonds that his client then bought. Additionally, the customer claims that Tucker allegedly made recommendations that were unsuitable and lacked diversity, which resulted in substantial portfolio loss for the client.

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shutterstock_103610648-300x212The investment fraud lawyers of Gana LLP are examining multiple customer disputes filed with the Financial Industry Regulatory Authority (FINRA) against broker David Silberg (Silberg). According to BrokerCheck, Silberg has a multitude of disclosures concerning: churning, excessive trading, unauthorized trading, unsuitability, and breach of fiduciary duty. His BrokerCheck records also show 2 disclosures concerning an employment separation after allegations.

The most recent customer complaint filed against Silberg occured in August 2016. The customer alleged that Silberg made unsuitable recommendations to the client’s account. Additionally, the broker allegedly misrepresented and omitted material facts regarding an investment in a corporate debt security. The alleged damages were worth $100,000 and the case was settled for $29,750.00.

In November 2009, another customer complaint was filed against Silberg alleging that during his employment at Gunnallen Financial, the broker failed to supervise, engaged in unauthorized trading, and made unsuitable investments to their account. The alleged damages were worth $375,000 and the case was settled for $50,000.

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shutterstock_186180719-300x216The investment lawyers of Gana LLP are investigating the allegations made by The Financial Industry Regulatory Authority (FINRA) against barred broker Clay Hoffman. In June 2016, Hoffman was suspended by FINRA for his alleged failure to respond to FINRA’s request for information. Hoffman was later barred in November 2016 for his alleged failure to respond to multiple requests for documents and information related to an investigation.

Prior to the most recent suspension, Hoffman’s license as a broker was revoked and suspended, according to BrokerCheck. During May 2016, Hoffman alleged failed to pay a $5,000 fine for a previous case, which resulted in the revocation of his license. Additionally, Hoffman’s broker license was suspended during February 2016 due to the findings that allege that Hoffman engaged unauthorized business practices. Allegedly, Hoffman executed discretionary transactions in a customer’s account without any written authorization from the customer or firm.

In April 2015, a customer complaint was filed against Hoffman for alleged misrepresentation, unsuitability, and unauthorized trading. During his employment at SunTrust Investment and Summit Brokerage Services, Hoffman allegedly caused a loss for his client due to the misrepresentation of Mutual Funds. The alleged damages were $234,697.00 and the case settled at $90,000.

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shutterstock_183554579-300x200Our law firm, Gana LLP, is investigating claims made by Financial Industry Regulatory Authority (FINRA) against broker Alan Rose. The customer complaints allege that Rose engaged in securities law violations, including making unsuitable investments in clients’ accounts. The most recent customer complaint against the broker was filed in January 2017. The customer alleges during the period of 2013 – 2016, Rose over-concentrated their portfolio in unsuitable investments. The alleged damages are worth over $100,000. The case is currently pending.

Another complaint was filed against Rose in May 2015 alleging that the broker made unsuitable recommendations to their account. During the period of November 2011 through January 2013, Rose allegedly misrepresented and recommended unsuitable purchases of Puerto Rico municipal bond funds and New York State bonds. The alleged damages were worth $500,000 and the case was settled at $84,500.

Rose entered the industry in 1983. He is currently employed at Wells Fargo Clearing Services, LLC and has been employed there since January 2013. His previous employment includes: UBS Financial Services (October 2007 – February 2013), Morgan Stanley Inc. (April 2007 – October 2007), and Morgan Stanley DW Inc. (July 1983 – April 2007).

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shutterstock_168326705-199x300Our law firm, Gana LLP, is investigating claims made by Financial Industry Regulatory Authority (FINRA) against advisor Gary Rasmussen. Rasmussen’s BrokerCheck records show customer complaints that allege that Rasmussen engaged in securities law violations, including making unsuitable investments in clients’ accounts.

The most recent customer complaint filed against Rasmussen was filed in October 2016. Allegedly, Rasmussen recommended investment products that were unsuitable and highly risky. The alleged damages are worth $178,892.00. The case is still pending.

In September 2012, a customer filed a complaint against Rasmussen alleging that the financial advisor recommended highly unsuitable investment products. Allegedly, Rasmussen also violated state and federal securities laws such as: failure to properly supervise, breach of his fiduciary duty, and lack of due diligence in the investment. The customer alleges that there was $475,000 in damages and the case is still pending.

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shutterstock_102242143-300x169The securities lawyers of Gana LLP are investigating the customer complaints against Sean Mcelduff (Mcelduff). Mcelduff has been subject to two customer complaints – both of which pertain to suitability concerns over recommendations for investment products. Mcelduff’s BrokerCheck records from the Financial Industry Regulatory Authority (FINRA) shows that the most recent customer complaint against Mcelduff was filed in December 2016. The customer alleged that Mcelduff made unsuitable recommendations of Puerto Rican municipal bonds. The alleged damages are worth $260,000. The case is still pending.

In January 2016, another customer complaint was filed against Mcelduff claiming that the broker allegedly purchased unsuitable bonds for the client. The alleged damages were priced at $21,000 and the case was settled for $12,000.

Brokers have a responsibility to treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

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shutterstock_180341738-200x300According to BrokerCheck records Terry Brodt (Brodt) has been sanctioned by The Financial Industry Regulatory Authority (FINRA) over allegations that, while associated with Garden State Securities, Inc. (Garden State) the broker exercised discretion in a customer’s account without obtaining written authorization or written approval of the account as discretionary from his brokerage firm.  FINRA found that Brodt exercised discretion in accounts maintained by customers without written authorization and without approval from Garden State to treat those customer accounts as discretionary. FINRA also found that Brodt provided inaccurate responses about his use of discretion in connection with his firm’s annual compliance questionnaires.

In addition, to the FINRA sanctions Brodt has been subject to five customer complaints, two financial disclosures including a bankruptcy filing in July 2016, and ten judgment or tax liens.  Some of the complaints against Brodt allege securities law violations including that the broker engaged in churning (excessive trading) and unauthorized trading among other claims.

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