The Financial Industry Regulatory Authority (FINRA) recently barred broker Jason Muskey for failing to respond to the regulator’s requests for information. FINRA’s investigation appears to have been prompted by Muskey’s termination from Ameritas Investment Corp. (Ameritas) after the firm alleged that he failed to respond to the firm’s request for…
As we reported earlier, broker Ismail Elmas’ (Elmas) Financial Industry Regulatory Authority (FINRA) BrokerCheck records show that the representative was recently discharged from CUSO Financial Services, LP (CUSO Financial) concerning allegations that the broker “converted client funds for personal use as well as participated in an unauthorized outside business activity…
The Financial Industry Regulatory Authority (FINRA) brought a complaint against broker Toni Chen (Chen) concerning allegations that during the course of FINRA’s investigation into whether Chen was involved in a pyramid scheme that may also constitute “selling away” activities. Chen failed to respond to FINRA’s requests. On October 18, 2013,…
The attorneys at Gana Weinstein LLP are investigating claims that broker Michael Frew (Frew). Frew allegedly solicited millions of dollars from investors including his friends and family on claims that he said would use the money to invest in real estate to rehabilitate properties in areas hit by natural disasters.…
The law offices of Gana Weinstein LLP are investigating client claims regarding the Securities and Exchange Commission (SEC) complaint against Thomas Abdallah (a/k/a Tom Abraham), Kenneth Grant and their company KGTA Petroleum, Ltd. (“KGTA”) concerning a fraudulent investment scheme. Also named in the complaint are two registered representatives, Jerry Cicolani…
Over the last several years, we have seen the collapse of frauds and the capture of fraudsters, who have perpetuated a mind-numbing blow to the market and its participants. When we talk about Ponzi Schemes, the first name that springs to mind is, of course, Bernard Madoff. However, two years…
Financial Advisor Michael DeRosa (DeRosa) has been barred by the Financial Industry Regulatory Authority (FINRA) concerning allegations that he refused to provide testimony to the regulator concerning his involvement in Success Trade Securities, Inc.’s (Success Trade) sale of promissory notes (STI Notes). As we previously reported, FINRA filed a complaint…
The Financial Industry Regulatory Authority (FINRA) has permanently barred broker Mark Christopher Hotton (Hotton) alleging that the broker engaged in numerous and repeated frauds including forgery, falsification of documents, conversion, misuse of funds, manipulating account records, churning, unauthorized trading, false testimony, and providing false information and documents to FINRA. FINRA…
The Securities and Exchange Commission filed a complaint against Larry J. Dearman (Dearman), Sr. Marya Gray (Gray), Bartnet Wireless Internet Inc., The Property Shoppe, Inc., and Quench Buds Holding Company LLC. Dearman and Gray allegedly created an illegal scheme that fraudulently raised at least $4.7 million from thirty (30) of…
Robert Gist (Gist) was recently fined $5.4 million by the Securities and Exchange Commission (SEC) and barred from association with any broker-dealer by the Financial Industry Regulatory Authority (FINRA). Gist has been accused by both regulators of converting the funds of at least 30 customers in order to pay personal…