Alternative Investment

Broker William Poulter in LPL Financial LLC Firm Has Customer Complaint

January 18, 2026 | by Staff Attorney

Currently financial advisor William Poulter (Poulter), currently employed by brokerage firm LPL Financial LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint on November 05, 2021.

The client alleges misrepresentation and suitability issues concerning the advisor’s advice to purchase illiquid REITs and a BDC. Client also alleges improper fees and commissions charged on his accounts. Activity period 2008-2022.

Broker Jason Garofalo in Ameriprise Financial Services, LLC Firm Has Customer Complaint

January 18, 2026 | by Staff Attorney

Currently financial advisor Jason Garofalo (Garofalo), currently employed by brokerage firm Ameriprise Financial Services, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on November 05, 2021.

Claimant alleges that she was recommended unsuitable investment positions including Inventrust and Hospitality Investor’s Trust REITs.

There are Recent Customer Complaints with Broker John Butler in Firm Investment Security Corporation

January 18, 2026 | by Staff Attorney

Currently financial advisor John Butler (Butler), currently employed by brokerage firm Investment Security Corporation has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on November 05, 2021.

A claim of failure to perform due diligence and unsuitability, failure to supervise, misrepresentation, unsuitability, negligence and breach of fiduciary duty, arising out of two (2) separate private placement investments purchased by the Claimants in February 2015 and June 2015.

There are Recent Customer Complaints with Broker Maureen Schulde in Firm Merrill Lynch, Pierce, Fenner & Smith Incorporated

January 18, 2026 | by Staff Attorney

Previously financial advisor Maureen Schulde (Schulde), previously employed by brokerage firm Merrill Lynch, Pierce, Fenner & Smith Incorporated has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $25,000.00 on November 08, 2021.

Client alleges breach of fiduciary duty related to unsuitable recommendation of non-traded REIT.

Broker Malcolm Mckay in J.w. Cole Financial, INC. Firm Has Customer Complaint

January 16, 2026 | by Staff Attorney

Currently financial advisor Malcolm Mckay (Mckay), currently employed by brokerage firm J.w. Cole Financial, INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on November 26, 2021.

Clients allege REITs purchased were unsutable.

There are Recent Customer Complaints with Broker James Kirchner in Firm Cabot Lodge Securities LLC

January 15, 2026 | by Staff Attorney

Previously financial advisor James Kirchner (Kirchner), previously employed by brokerage firm Cabot Lodge Securities LLC has been subject to at least 5 disclosable events. These events include 4 customer complaints, one regulatory event. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a final customer complaint on February 23, 2022.

Without admitting or denying the findings, Kirchner consented to the sanctions and to the entry of findings that he falsified a document used in connection with the purchase of a private placement. The findings stated that when Kirchner submitted the customer’s documentation to his member firm for approval, the firm rejected the proposed purchase because the customer had initialed the document incorrectly. Subsequently, Kirchner altered that document with the intention of submitting it to the firm to complete the customer’s private placement purchase. Kirchner used his personal email address to send the original document to a third party, a person Kirchner knew could electronically alter the document for him. This third party received the document from Kirchner, and then altered it by moving the customer\\u2019s initials to the location that the firm required in order to approve the purchase. The third party altered the document at Kirchner’s request and sent it back to Kirchner using Kirchner’s personal email address. Kirchner then used his personal email to send the falsified document back to his firm email account. Kirchner’s use of his personal email account to communicate with the third party violated the firm\\u2019s written policy requiring that all business-related communications be conducted with firm-issued email addresses, and Kirchner did so in order to circumvent his firm’s supervisory review of his conduct. Although Kirchner did not submit the altered document to the firm, it identified his use of his personal email address and the falsification, and terminated Kirchner’s registration with the firm.

There are Recent Customer Complaints with Broker David Sladek in Firm Ameriprise Financial Services, INC.

January 15, 2026 | by Staff Attorney

Previously financial advisor David Sladek (Sladek), previously employed by brokerage firm Ameriprise Financial Services, INC. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $263,000.00 on December 07, 2021.

Customer allegations include Violation of Federal Securities Laws, Violation of Minnesota Securities Laws, Violation of the Minnesota Consumer Fraud Act, Uniform Deceptive Trade Practices Act, Fales Statement in Advertisement Act and Unlawful Trade Practices Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty, Negligence and Gross Negligence resulting from the purchase of three Non-Traded REITs in 2014-15.

Broker Ronald Bailey in Mutual of America Securities LLC Firm Has Customer Complaint

January 12, 2026 | by Staff Attorney

Previously financial advisor Ronald Bailey (Bailey), previously employed by brokerage firm Mutual of America Securities LLC has been subject to at least 5 disclosable events. These events include 4 customer complaints, one regulatory event. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a final customer complaint on September 09, 2022.

Without admitting or denying the findings, Bailey consented to the sanctions and to the entry of findings that he participated in an undisclosed private securities transaction. The findings stated that Bailey entered into an investment marketing agreement with a limited liability company (LLC) to sell and market LLC membership interests in a seafood processing company and affiliate of the LLC, for compensation of up to a 0.5 percent membership interest in the LLC. In connection with these activities, Bailey distributed the LLC’s financial projections and other marketing materials to the potential investors and arranged investor meetings for the potential investors with the seafood processing company’s and the LLC’s management. Bailey solicited a customer at his member firm to invest $588,000 in an LLC membership interest in the seafood processing company and was given a 0.5 percent membership interest in the LLC as compensation for the successful solicitation. Bailey did not notify or receive prior written approval from his firm to participate in this private securities transaction. In addition, Bailey attested during an annual compliance interview that he had not solicited any persons to make any investments other than in products offered by or through the firm. The findings also stated that Bailey engaged in undisclosed and unapproved outside business activities (OBAs). Bailey introduced the LLC’s management to contacts who could provide it with transportation services. In an effort to market the company, Bailey also contacted an Alaskan official regarding the company’s expansion into China. Bailey did not disclose his OBAs with the LLC to the firm until one year later. Bailey also engaged in undisclosed and unapproved OBAs with a human resources consulting and payroll administration company. Bailey and two partners registered the company’s name and marketed the company to the public. Bailey submitted an OBA approval request too the firm to own and operate the company, but the firm denied the request. Despite the firm’s denial, Bailey continued his business activities with the company. The findings also included that Bailey did not submit any communications regarding investments in the seafood processing company to the firm for internal review prior to their distribution. In the course of soliciting potential investors, Bailey’s communications did not provide the key assumptions underlying the seafood processing facility’s yearly profit projections, and did not identify the key limitations, impediments and restrictions that could impede the achievement of the profit projections. The communications also did not disclose the risks of the investment, including the general risks associated with private placements that they are speculative in nature, illiquid, and the possibility of the entire loss of the investment. As a result, the communications did not provide the investor with the required sound basis to evaluate all the relevant facts with respect to the potential investment. Baily also emailed a prospective investor a communication from the LLC’s management and a financial statement that contained promissory, unwarranted, and misleading statements.

Broker Michael Lancaster in Ifp Securities, LLC Firm Has Customer Complaint

January 12, 2026 | by Staff Attorney

Previously financial advisor Michael Lancaster (Lancaster), previously employed by brokerage firm Ifp Securities, LLC has been subject to at least 2 disclosable events. These events include one customer complaint, one regulatory event. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a final customer complaint on November 11, 2022.

Without admitting or denying the findings, Lancaster consented to the sanctions and to the entry of findings that he recommended that a customer, who was 72 years old at the time, invest $70,000 in shares of a commercial equipment leasing and finance fund, which was an alternative investment, even though the investment was inconsistent with the customer’s investment profile and financial situation. The findings stated that the liquid net worth required for the customer’s investment amount, as stated in the investment prospectus, exceeded the customer’s liquid net worth. In addition, the high-risk and illiquid nature of the investment was not consistent with the customer’s moderate risk tolerance. Yet, the customer used funds from his retirement account to make the investment. Even though the investment subsequently declined in value, the customer continued to hold the investment based on Lancaster’s recommendation that he do so. The investment continued to decline in value until the customer liquidated the investment nearly 10 years later. The customer sustained losses and was compensated by Lancaster’s member firm. The findings also stated that after the customer complained to Lancaster about the performance of the investment, Lancaster made payments to the customer totaling $14,460.40 to attempt to settle the complaint without the knowledge or approval of his firm. The findings also included that Lancaster submitted compliance questionnaires to his firm falsely stating that he had not made any private settlement of claims or reimbursed customers for losses. Subsequently, the customer, through his attorney, sent a written complaint to the firm regarding Lancaster, including Lancaster’s attempt to settle his complaint.

Broker Mark Martino in the Benchmark Company, LLC Firm Has Customer Complaint

January 12, 2026 | by Staff Attorney

Currently financial advisor Mark Martino (Martino), currently employed by brokerage firm the Benchmark Company, LLC has been subject to at least 3 disclosable events. These events include one customer complaint, 2 regulatory events. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a final customer complaint on August 15, 2022.

Without admitting or denying the findings, Martino consented to the sanctions and to the entry of findings that he failed to conduct reasonable ongoing due diligence for a private placement offering by a Canadian start-up company. The findings stated that Martino learned that the United States Federal Trade Commission (FTC) had sued the company’s founder for fraud in connection with a different company that he had previously founded. Martino also learned that the FTC had obtained a court order freezing the founder’s assets as well as the assets of any companies he owned or controlled. Before the start of the offering’s selling period, Martino recognized the FTC’s lawsuit against the founder to be a red flag given his role with the company. After selling began, the FTC sought to freeze all of the company’s assets and to hold the company’s chief executive officer (CEO) in contempt for funneling the company’s assets to the founder for his personal use. Martino was unaware of these developments during the three-month offering period because he unreasonably relied on the issuer to keep him apprised of developments in the lawsuit, even though some prospective investors were reluctant to invest due to concerns with the lawsuit and one investor demanded his money back after learning of the lawsuit. Shortly after the end of the selling period, the court held the CEO in contempt and issued an order requiring the company to transfer $1.205 million to a court-appointed receiver. The company subsequently failed to repay the investors in the offering when the debenture units matured. Martino personally received $61,248 in placement agent fees from sales of the offering subsequent to the developments in the FTC lawsuit. The findings also stated that Martino recommended the offering to his member firm’s customers without a reasonable basis. Martino did not request a written explanation of the FTC lawsuit from the issuer, did not take steps to verify oral representations regarding developments in the lawsuit, did not review the lawsuit’s public docket, and took no steps to otherwise track developments in the lawsuit. By failing to conduct reasonable ongoing due diligence of an acknowledged red flag, Martino failed to timely learn of material developments in the FTC lawsuit and thus did not have a reasonable understanding of the potential risks of the offering. As such, Martino lacked a reasonable basis to continue to recommend the offering to customers. The findings also included that Martino failed to reasonably supervise the firm’s due diligence of the offering. Martino was the representative at the firm who conducted the due diligence of the offering, and was also the firm’s designated supervisor for diligence of private placements. In addition, Martino was the firm’s CEO and the designated supervisor for its main office. Given his roles, Martino was responsible for implementing the firm’s supervisory system including as it related to private placements. The firm’s written supervisory procedures (WSPs) required the firm to conduct due diligence of each private placement offered by the firm and to update its due diligence as needed until effectiveness of the offering. Martino and his firm, however, did not implement a reasonable process for conducting ongoing due diligence. While the firm’s WSPs also required it to review any red flags and not simply rely on representations by the issuer’s management, the procedures did not specifically address continuing monitoring of identified red flags as part of the firm’s ongoing due diligence. FINRA found that Martino used text messaging applications on his personal cell phone to communicate with the company’s founder, CEO, and prospective investors regarding the offering. Those communications, which concerned the firm’s securities business, were not preserved by the firm. As a result, Martino caused his firm to fail to preserve required books and records.