Articles Posted in Churning (Excessive Trading)

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Robert Devito (Devito), currently associated with Nylife Securities LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Devito  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $9,798.59 on March 16, 2022.

Time Frame: Unspecified. The matter is comprised of 61 individual claimants with the same alleged allegations of unsuitable investments, excessive trading, and failure to supervise. RR covered services for 1 claimant in this matter.

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Peter Malone (Malone), currently associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Malone  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,303,704.71 on March 21, 2022.

Churning, excessive commissions, unauthorized trading, unsuitability, negligence, breach of contract, fraud

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker William Brown (Brown), currently associated with Richard James & Associates, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Brown  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $20,609.34 on April 22, 2022.

Brown was named in a customer complaint that asserted the following causes of action: churning for commissions and quantitative unsuitability (Fraud) Rules 2111 and Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5; unauthorized transactions (Rule 2010); qualitative and quantitative unsuitability (Rule 2111); failure to supervise and negligent supervision (Rule 3010); control person liability; breach of fiduciary contract and implied covenant of good faith and fair dealing; negligent misrepresentation and omissions; standards of commercial honor and principles of trade (Rule 2010).

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Petyak (Petyak), currently associated with Calton & Associates, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Petyak  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint on April 18, 2022.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker John Williams (Williams), previously associated with Cambridge Investment Research, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Williams  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint on April 18, 2022.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Giovannelli (Giovannelli), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Giovannelli  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $20,609.34 on April 22, 2022.

Giovanelli was named in a customer complaint that asserted the following causes of action: churning for commissions and quantitative unsuitability (Fraud) Rules 2111 and Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5; unauthorized transactions (Rule 2010); qualitative and quantitative unsuitability (Rule 2111); failure to supervise and negligent supervision (Rule 3010); control person liability; breach of fiduciary contract and implied covenant of good faith and fair dealing; negligent misrepresentation and omissions; standards of commercial honor and principles of trade (Rule 2010).

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Richard Maas (Maas), currently associated with LPL Financial LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Maas  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint on May 13, 2022.

Statement of claim alleges an investment recommendation was made for the purpose of generating high commissions and fees that Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Clifton Higgs (Higgs), currently associated with Securities Management & Research, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Higgs  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint on May 13, 2022.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that the Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Brian Clark (Clark), currently associated with LPL Financial LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Clark  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $815,157.00 on May 25, 2022.

Alleged excessive trading and inappropriate investments between 2008 and 2021.

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According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Clifford Reid (Reid), currently associated with Reid & Rudiger LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Reid  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint on October 02, 2025.

Breach of fiduciary, negligence, and excessive trading.

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