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shutterstock_185582-300x225According to BrokerCheck records financial advisor George Puliafico (Puliafico), employed by Raymond James Financial Services, Inc. (Raymond James), has been subject to one customer complaint.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Puliafico has been accused by a customer of unsuitable investment advice concerning various investment products including energy stocks most likely including master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The claim was filed in April 2018 and alleges breach of fiduciary duty, negligent supervision, and breach of contract.  The customer claimed $2,000,000 in damages and the claim is currently pending.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_180342155-300x200Worden Capital Management LLC (Worden Capital) advisor Mark Kolta (Kolta) has been subject to at least 14 customer complaints and one employment termination for cause.  According to a BrokerCheck report many of 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 addition, in November 2011 Kolta was discharged by Chase Investment Services Corp. (Chase) for recommending that customers of another brokerage firm trade options.

The most recent complaint was filed in July 2018 alleging breach of fiduciary duty, negligence, misrepresentations and unsuitable recommendations leading to $120,000 in damages.  The claim is currently pending.  Anther complaint filed in June 2018 contained allegations by a customer that misrepresentations and unsuitable recommendations were made leading to $450,000 in damages.  The claim is currently pending.

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shutterstock_112866430-300x199According to BrokerCheck records financial advisor Alan Siegel (Siegel), currently employed by G.A. Repple & Company (GA Repple) has been subject to four customer complaints, one regulatory complaint, and one criminal matter.  According to records kept by The Financial Industry Regulatory Authority (FINRA), in July 2018 Siegel was subject to a regulatory complaint by the Massachusetts Securities Division alleging that Siegel published false information on his website and failed to update this information for at least seven years.  Siegel drew a $10,000 fine and agreed to submit to heightened supervision.

In July 2018 a customer filed complaint alleging unsuitability, over concentration, and material omissions with respect to a bond purchase and a limited partnership investment in 2007 and a 2015 variable annuity transaction that was not suitable.  The claim is currently pending.

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shutterstock_160350752-300x200According to BrokerCheck records financial advisor Farrukh Kazmi (Kazmi), currently employed by Berthel, Fisher & Company Financial Services, Inc. (Berthel Fisher) has been subject to one customer complaint, two terminations for cause, one financial disclosures, and one regulatory complaint.  According to records kept by The Financial Industry Regulatory Authority (FINRA), in August 2018 Kazmi was subject to a regulatory complaint by FINRA alleging a number of securities laws violations.

The FINRA complaint alleged that Kazmi regularly used instant messaging and text messaging to communicate with his member firm’s customers to conduct securities business and ignored Berthel Fisher’s explicit instruction that he discontinue using instant messaging to communicate with his customers. FINRA also claims that Kazmi did not inform his firm that he used text messaging or instant messaging to conduct securities business, nor did he provide copies of these communications to the firm. The complaint further alleges that Kazmi repeatedly made false statements to Berthel Fisher and to FINRA about using instant messaging to conduct securities business.

FINRA is also claiming that Kazmi exercised discretion on hundreds of occasions when placing trades in the accounts of customers, without prior written authorization from the customers or written approval from his firm. FINRA also alleges that Kazmi is falsely denying exercising discretion in customer accounts in statements to both Berthel Fisher and FINRA.

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shutterstock_188631644-300x225According to BrokerCheck records financial advisor Michael Barnett (Barnett), employed by J.J.B. Hilliard, W.L. Lyons, LLC (JJB Hilliard), has been subject to six customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Barnett has been accused by a customer of unsuitable investment advice concerning various investment products including energy stocks most likely including master limited partnerships (MLPs).  The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.

The most recent claim was filed in June 2018 and alleges breach of contract, breach of fiduciary duty, violation of the Kentucky Consumer Protection Act, violation of Kentucky’s blue sky laws, and violation of the Illinois Consumer Fraud Act with respect to an over-concentration and losses in Breitburn Energy (BBEP) and that BBEP was unsuitable.  The claim alleges $42,791.95 in damages and is currently pending.

Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.

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shutterstock_24531604-200x300According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker William Brunner (Brunner) has been subject to five customer complaints, one bankruptcy, two regulatory actions, and one termination for cause.  Brunner was formerly registered with Investment Planners, Inc. (Investment Planners) until May 2017.  Many of the customer complaints against Brunner concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, and unsuitable investments.

In April 2018 FINRA barred Brunner from the industry stating that Brunner consented to the sanction and declined to appear for on-the-record testimony requested by FINRA in connection with an investigation into excessive trading and use of discretion without written authorization in customers’ accounts.  In May 2017 Investment Planners terminated Brunner claiming that allegations were made by a client concerning unauthorized trading.

In June 2017 a customer filed a complaint claiming that Brunner engaged in negligence, breach of fiduciary duty, churning, unauthorized trading, and unsuitable investments claiming $1,000,000 in damages.  The claim was settled.

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shutterstock_175835072-300x199According to BrokerCheck records financial advisor Walter Valenzuela (Valenzuela), currently employed by Hilltop Securities Inc. (Hilltop Securities) has been subject to at least seven customer complaint.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Valenzuela concern excessive trading of unit investment trust (UITs) securities.

In July 2018 a customer complained that Valenzuela engaged in unsuitable recommendations, misrepresentation, and excessive trading involving UITs causing $3 million in damages.  The claim is currently pending.

In August 2017 a customer complained of unsuitable recommendations, unsuitable use of margin, churning, financial exploitation, elder abuse and excessive mark-up/mark-down with respect to municipal bond and UIT trades executed in the account.  The complaint also alleged that the representative failed to obtain proper breakpoint discounts for UIT purchases. The customer alleges $9.5 million in damages and the claim is currently pending

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shutterstock_146470052-300x205According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Erik Pica (Pica) has been subject to three customer complaints.  Pica is currently registered with Joseph Stone Capital L.L.C. (Joseph Stone).  Many of the customer complaints against Pica concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, unsuitable investments, and speculative investment strategies.

The last customer complaint occurred in May 2018 when a customer alleged unauthorized trading in Rite Aid and Valeant Pharmaceutical leading to $7,613 in damages.  The claim is currently pending.

Also in May 2018 another customer alleged negligent supervision, overconcentration, and unsuitable investments causing $293,000 in damages.  The claim is currently pending.

In March 2018 another customer alleged $500,000 after claiming that Pica engaged in unsuitable investments, churning, and other claims.  The claim is currently pending.

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Acshutterstock_123758422-300x200cording to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Dana Davis (Davis) has been subject to seven customer complaints and one termination for cause.  Davis is currently employed by Newbridge Securities Corporation (Newbridge Securities).  Many of the customer complaints against Davis concern allegations of high frequency trading activity also referred to as churning, unauthorized trading, and unsuitable investments.

In January 2018 a customer filed a complaint alleging misrepresentation, unsuitable and excessive trading, negligent supervision, and breach of fiduciary duty.  The claim alleges $250,000 in damages and is currently pending.

In October 2011 a customer filed a complaint alleging excessive transactions claiming $9,078 in damages.  The complaint was closed.

In September 2006 Davis was terminated from First Montauk Securities Corp. after allegations were made that Davis failed to follow procedures concerning unauthorized trading.

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shutterstock_12144202-300x200According to BrokerCheck records financial advisor Robert Cavanagh (Cavanagh), currently employed by David Lerner Associates, Inc. (David Lerner) has been subject to at least five customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Cavanagh concern allegations of unsuitable investments, breach of fiduciary duty, and fraud.

In July 2018 a customer complained that Cavanagh engaged in unsuitable investments, made misrepresentations, breached his fiduciary duty, was negligent, and committed fraud in connection with Puerto Rico and Rochester Bond Fund.  The customer alleged $100,000 in damages and the claim is currently pending.

In July 2017 a customer alleged unsuitable investments and misrepresentations and omissions of information causing $160,000 in damages.  The claim is currently pending.

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