The Financial Industry Regulatory Authority (FINRA) recently sanctioned and barred broker Daniel Retzke (Retzke) concerning allegations Retzke refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into possible private securities transactions and the soliciting of a loan (also referred to as “selling away”). According to…
The Financial Industry Regulatory Authority (FINRA) recently barred broker Raymond Schmidt (Schmidt) due to Schmidt’s refusal to respond to requests made by the agency. FINRA found that from approximately May 2009, through November 2012, Schmidt borrowed approximately $2.25 million from seven customers of LPL Financial LLC (LPL) and also engaged…
The Financial Industry Regulatory Authority (FINRA) recently sanctioned and barred broker Brian Exford (Exford) concerning allegations Exford refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into possible private securities transactions (also referred to as “selling away”). According to FINRA BrokerCheck records Exford was disclosed…
The Financial Industry Regulatory Authority (FINRA) recently sanctioned and barred broker Michael Korson (Korson) concerning allegations that from February 2011 through August 2012, Korson failed to disclose to PFS Investments, Inc. (PFS) his involvement with an outside business (also referred to as “selling away”) called My Coupon Genie, Inc. (My…
The law offices of Gana Weinstein LLP are investigating customer complaints concerning Patric Baccam (Baccam) (a/k/a Khanh Sengpraseuth) sale of promissory notes in securities transactions that appear to have been away from the firm (also referred to as “selling away”). According to The Financial Industry Regulatory Authority (FINRA) BrokerCheck records…
Please note: This article does NOT relate to Scott D. Smith – a current Ameriprise Advisor. The Financial Industry Regulatory Authority (FINRA) sanctioned broker Scott Smith (Smith) concerning allegations that between October 2009 and January 2013, Smith mismarked as unsolicited order tickets for thousands of trades that were actually solicited…
The Financial Industry Regulatory Authority (FINRA) sanctioned brokerage firm EDI Financial, Inc. (EDI Financial) alleging that the firm’s business involved the sales of private placement offerings. From approximately January 2008 through November 2014, FINRA alleged that a substantial portion of EDI Financial’s revenue came from sales of private placements. But…
The Financial Industry Regulatory Authority (FINRA) recently sanctioned brokerage firm Foothill Securities, Inc. (Foothill) alleging between May 17, 2010, and September 16, 2012, Foothill did not have an adequate supervisory system and written procedures to monitor its securities business, failed to follow the supervisory system, and failed to establish and…
The Financial Industry Regulatory Authority (FINRA) sanctioned and barred broker Jerry Chancy (Chancy) concerning allegations that Chancy potentially engage in outside business activities and/or the sales of private securities. When a broker’s outside business activities also include the recommendation of investments the activity is referred to in the industry as…
The attorneys at Gana Weinstein LLP have been following the collapse of the MainStay Cushing Royalty Energy Income Fund (CURAX), (CURNX), (CURCX), and (CURZX). The fund describes its investment strategy as investing primarily in securities of energy-related U.S. royalty trusts, Canadian royalty trusts, and Canadian exploration and production (E&P), E&P…