According to news sources, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are investigating how the hedge fund Canarsie Capital lost nearly all of the $60 million capital in just three weeks of trading. The fund was run by Owen Li (Li), and Ken deRegt (deRegt).…
The Financial Industry Regulatory Authority (FINRA) brought and enforcement action against broker Leonard Goldberg (Goldberg) (FINRA No. 2011026098504) alleging during the seven year period from August 2007 through August 2014, while he was registered with FINRA through J.P. Turner & Company, LLP (JP Turner) and Newport Coast Securities Inc. (Newport…
The Financial Industry Regulatory Authority (FINRA) sanctioned (FINRA AWC No. 2013039506601) broker Gregory Gassoso (Gassoso) on allegations that in April 2013, Gassoso effected three unauthorized transactions in a customer’s account, resulting in a loss of approximately $1,500. In addition to FINRA’s recent action Gassoso has been the subject of at…
The Financial Industry Regulatory Authority (FINRA) barred (FINRA AWC No. 20150454876-01) former PFS Investments, Inc. (PFS Investments) broker Malcolm Babin (Babin) after the broker failed to respond to a letter from the regulator requesting information. While BrokerCheck records kept by FINRA do not disclose the nature of the regulatory inquiry,…
The Financial Industry Regulatory Authority (FINRA) sanctioned and barred broker Kenneth Hornyak (Hornyak) (Case No. 2013038511901) alleging that the broker failed to respond the regulator’s requests for documents and information. FINRA’s investigation appeared to focus on claims that Hornyak engaged in potential discretionary trading, unauthorized trading, and unsuitable short-term trading…
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Patrick Teutonico (Teutonico) has been the subject of at least nine customer complaints and one regulatory action over the course of his career. Customers have filed complaints against Persaud alleging a litany of securities law violations including…
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Dennis Lee (Lee) has been the subject of one customer complaint, four financial disclosures, and one employment separation. The customer complaint against Lee alleges that the broker made unsuitable investments, transferred funds to a new account without…
The Financial Industry Regulatory Authority (FINRA) barred former Cetera Advisors LLC (Cetera) broker Bruce Sabourin (Sabourin) after the broker failed to respond to a letter from the regulator requesting information. While the BrokerCheck records kept by FINRA do not disclose the nature of the regulatory inquiry, in May 2014, Sabourin…
The Financial Industry Regulatory Authority (FINRA) barred (Case No. 201303930510) broker Kai Cheng (Cheng) concerning the broker’s failure to respond to requests for information concerning the regulators investigation into claims that Cheng engaged in conduct including entering into personal financial transactions with a customer, using a personal email address to…
According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Leonard McAbee (McAbee) has been the subject of at least three customer complaints, one regulatory action, one judgment and/or lien, and one employment separation. The customer complaints against McAbee allege a number of securities law violations including…