The fiduciary rule passed during the Obama administration is being reviewed by the Department of Labor (DOL), leaving plenty of uncertainty for advisers and investors. As Barry Tempkin reports, “During this period, advisers who do not receive level-fee compensation are held to the DOL impartial conduct standard for retirement accounts,…
The investment lawyers of Gana Weinstein LLP are investigating regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Christopher Stephen Jorgensen (Jorgensen). Jorgensen allegedly refused to appear for on-the-record testimony requested by FINRA resulting in a ban from the securities industry. In April 2017, Jorgensen was terminated from…
The investment lawyers of Gana Weinstein LLP are investigating claims against Dennis Rasmusson (Rasmusson). According to BrokerCheck records, Rasmusson has been subject to two customer disputes and regulatory action. In 2014, a customer alleged that Rasmusson failed to follow instructions, traded excessively and breached his fiduciary duty. The damage amount…
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Patrick Hudson (Hudson), in June 2015, was terminated by his then employer RBC Capital Markets (RBC). RBC stated that Hudson was terminated due to undisclosed outside business activities and the sale of unapproved products. Thereafter, in August…
Former Newbridge Securities Corporation (Newbridge) broker Austin Dutton (Dutton) has been subject to two complaints and a recent sanction citing dishonest or unethical practices in the securities business by the Pennsylvania Department of Banking and Securities and fining Dutton $200,000. According to a BrokerCheck report Dutton recommended the purchase of…
In February 2017, broker James Geake (Geake) was subject to a customer complaint alleging $347,083 in damages concerning equity indexed annuities. The customer alleges that he was sold equity indexed annuities that gave the broker a bonus for signing clients and that it was a bait and switch scheme. The…
The investment lawyers of Gana Weinstein LLP are investigating allegations made by The Financial Industry Regulatory Authority (FINRA) against former First Allied broker John Kai (Kai), working out of Hilo, Hawaii. According to Kai’s file on FINRA’s BrokerCheck, he was suspended in June 2017 for failing “to respond to FINRA…
According to BrokerCheck records Todd Ryman (Ryman), now associated with SunTrust Investment Services, Inc. (SunTrust), has been subject to six customer complaints and one regulatory action in his career. According to records kept by The Financial Industry Regulatory Authority (FINRA) Ryman has been accused by customers of unsuitable investment advice…
The investment lawyers of Gana Weinstein LLP are investigating allegations by the Securities and Exchange Commission (SEC) claiming that financial advisor Leon Vaccarelli (Vaccarelli) defrauded his elderly clients out of more than $1 million. According to FinancialPlanning, the SEC filed a complaint in federal court in New Haven alleging Vaccarelli…
Ameriprise Financial Services, Inc. (Ameriprise) financial advisor Jonathan Mirer (Mirer) has subject to seven customer complaints according to BrokerCheck records. Mirer has been employed with Ameriprise since July 2016. According to BrokerCheck the most recent customer complaints allege unsuitable investments and unauthorized trading among other claims. The most recent complaint…