Investment Attorney

Broker Brian Roth Has Alternative Investment Customer Complaints

October 10, 2022 | by Staff Attorney

Advisor Brian Roth (Roth), currently employed by brokerage firm Newbridge Securities Corporation (Newbridge Securities) has been subject to at least nine disclosures including four customer complaints, one regulatory action, and four judgement or liens. According to a BrokerCheck report some of the customer complaints concern 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 and have recovered in excess of $50 million in investor losses.

In June 2022 a customer complained that Roth violated the securities laws by alleging that Roth made recommendations that violated rules such as suitability, negligence, fraud, failure to supervise, violation FINRA rule 2010, and breach of contract. The claim is currently pending and the investor seeks $1,500,000 in damages.

In April 2020 a customer complained that Roth violated the securities laws by alleging that Roth made recommendations that violated rules such as breach of fiduciary duty, negligence, failure to supervise, violation FINRA rules, and breach of contract. The claim is currently settled for $100,000.

Eduardo Da Cruz Has a Complaint Over Complex Options Trading

October 4, 2022 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Eduardo Da Cruz (Da Cruz) has at least one disclosable event. This event is a customer complaint alleging that Da Cruz engaged in some form of investment related misconduct in the handling of the client’s accounts. Da Cruz is currently employed by EFG Capital International (EFG). Da Cruz’s customer complaints alleges that Da Cruz recommended unsuitable investments in a complex options trading strategy among other allegations and complaints.

In November 2021 a customer complained that Da Cruz violated the securities laws by alleging that Da Cruz during the course of 2019 and 2020, EFG, failed to provide the expected and agreed upon level of service specifically with regards to complex option trading causing losses. The investor alleged damages of $4.1 million and the claim is currently pending.

An option is a contract that allows an investor to buy or sell an underlying security at a predetermined price over a certain period of time. Buying an option that allows you to buy shares at a later time is called a “call option,” and buying an option that allows you to sell shares at a later time is called a “put option.” Options are considered derivative securities because their price is derived from the value of the securities or other underlying instruments. The value change in options as they approach expiration is what is called time decay – meaning their value decays over time as expiration nears. Accordingly, an options trading strategy involving many options trades needs to be managed closely. Due to the risks of trading options FINRA has special rules and requirements related to their trading and to qualify investors for options trading.

Advisor Thomas Martin Has Unsuitable Investment Complaints

October 2, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Thomas S. Martin (Martin), currently employed by Brighton Securities Corp. (Brighton Securities) has been subject to at least two customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Martin’s customer complaints alleges that Mr. Martin recommended unsuitable investments in various investments securities, among other allegations of misconduct relating to the handling of their accounts.

In January 2020, Mr. Martin was the subject of a regulatory action initiated by FINRA. Mr. Martin consented to the findings and sanctions, of $5,000 in civil and administrative penalties. Mr. Martin neither admitted or denied the findings. Mr. Martin allegedly exercised discretion in customers’ accounts, without prior written authorization from the customers. Additionally, Mr. Martin received written reprimands from his firm, for engaging in such conduct.

In August 2017, a customer complained that Mr. Martin violated the securities laws by alleging that Mr. Martin engaged in unauthorized trading between February 2017 and July 2017. The claim settled in the amount of $8,252.75.

In August 2011, a customer complained that Mr. Martin violated the securities laws by alleging that Mr. Martin engaged in unsuitable investment advice, with regards to the customer’s IRA. Client claimed she deposited money into her IRA with instructions to be placed in the safest account. The IRA is alleged to have lost approximately $7,000, resulting in this customer dispute. The claim settled in the amount of $22,407.33.

Newbridge Advisor Dean Norwalk Subject to Customer Disputes

September 25, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Dean Robert Nowak (Nowak), currently employed by Newbridge Securities Corporation (Newbridge), has been subject to at least three customer complaints in his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Nowak’s customer complaint alleges that Nowak made misrepresentations with respect to securities transactions to customers.

In April 2020, a customer complained that Nowak violated the securities laws by alleging that Nowak engaged in unsuitable investment practices and made misrepresentations and omissions regarding the features and risks of a fixed annuity and a real estate trust, including restrictions on liquidity and the applicable time horizon. The claim alleges $100,000 in damages and is currently pending.

Broker Frederick Atiyeh Accused of Selling Unsuitable Alternative Investments

September 19, 2022 | by Staff Attorney

Advisor Frederick Atiyeh (Atiyeh), currently employed by brokerage firm Crown Capital Securities, L.P. (Crown Capital) has been subject to at least four disclosures and customer complaints. According to a BrokerCheck report the customer complaints concern 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 and have recovered in excess of $50 million in investor losses.

In August 2021 a customer complained that Atiyeh violated the securities laws by alleging that Atiyeh made misrepresentation of the risk factors in regards to the purchase of several alternative investments. The claim is currently pending and the investor seeks $50,000 in damages.

In February 2021 a customer complained that Atiyeh violated the securities laws by alleging that Atiyeh engaged in a lack of proper due diligence, lack of suitability and over concentration in regards to investments in alternative and variable annuity products. The claim is currently pending.

Advisor Frank Avallone Has Suitability Complaints

September 16, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Frank Louis Avallone (Avallone), currently employed by Ceros Financial Services, Inc (Ceros) and formerly registered with National Securities Corporation (NSC) has been subject to at least four customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Avallone’s customer complaints alleges that Mr. Avallone recommended unsuitable investments.

In February 2020, a customer complained that Mr. Avallone violated the securities laws by alleging that Mr. Avallone engaged in unsuitable investment advice. The claim alleges $140,000 in damages and is currently pending.

In November 2019, a customer complained that Mr. Avallone violated the securities laws by alleging that Mr. Avallone engaged in unsuitable investment advice. The claim alleged $209,200 in damages and was later closed-no action.

In December 2013, a customer complained that Mr. Avallone violated the securities laws by alleging that Mr. Avallone engaged in unsuitable investment advice, breach of fiduciary duty, churning, negligence, and breach of contract. The claim settled in the amount of $6,100.

Broker Robert Mann Has Suitability Disputes

September 8, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Robert Allan Mann (Mann), currently employed by B. Riley Wealth Management after the firm acquired National Securities Corporation (NSC) has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mann’s customer complaints alleges that Mann recommended unsuitable investments in various investments including allegations involving debt-corporate securities, mutual funds, real estate securities and common and preferred stock, among other allegations of misconduct relating to the handling of their accounts.

In January 2020, a customer complained that Mann violated the securities laws by alleging that Mann engaged in unsuitable investment advice. The damage amount requested was $175,000. The claim settled in the amount of $57,500.

In October 2014, a customer complained that Mann violated the securities laws by alleging that Mann engaged in unsuitable investment advice, and charged excessive commissions. The damage amount requested was $29,000. The claim settled in the amount of $12,500.

In June 2001, a customer complained that Mann violated the securities laws by alleging that Mann engaged in unsuitable investment advice, misrepresentation, breach of contract, breach of fiduciary duty, unauthorized trading, fraud, inappropriate use of margin, and churning in the customer’s account. The damage amount requested was $185,000. The claim settled in the amount of $61,000.

Rodrigue Lors Has Multiple Customer Complaints

August 30, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Rodrigue Lors (Lors), currently employed by Wilmington Capital Securities, LLC (Wilmington Capital Securities) has been subject to at least seven customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Lors’ customer complaints alleges that Lors recommended unsuitable investments in various investments including allegations involving private placement securities among other allegations of misconduct relating to the handling of their accounts.

In September 2021, a customer complained that Lors violated the securities laws by alleging that Lors engaged in unsuitability. The claim alleges $200,000 in damages and is currently pending.

In April 2021, a customer complained that Lors violated the securities laws by alleging that Lors engaged in unsuitable investment advice, common law fraud, breach of contract, and breach of fiduciary duty. The claim is currently pending.

In July 2020, a customer complained that Lors violated the securities laws by alleging that Lors engaged in unsuitability. The damage amount requested was $100,000. The claim settled in the amount of $20,000.

Gary Saccaro Has Had 16 Investor Complaints During His Career

October 25, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Gary Saccaro (Saccaro), currently employed by Paulson Investment Company LLC (Paulson Investment) has been subject to at least 16 customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Saccaro’s customer complaints alleges that Mr. Saccaro recommended unsuitable investments in various investments including allegations involving various securities, among other allegations of misconduct relating to the handling of their accounts.

In January 2012, a customer complained that Mr. Saccaro violated the securities laws by alleging that Mr. Saccaro engaged in unsuitable investment advice. The claim settled in the amount of $115,000.

In April 2004, a customer complained that Mr. Saccaro violated the securities laws by alleging that Mr. Saccaro engaged in unsuitable investment advice, breach of fiduciary duty, unauthorized trading, churning, and breach of contract. The claim settled in the amount of $50,000.

In September 2002, a customer complained that Mr. Saccaro violated both state and federal securities laws. The claim settled in the amount of $175,000.

In July 2002, a customer complained that Mr. Saccaro violated the securities laws by alleging that Mr. Saccaro engaged in unsuitable investment advice, unauthorized trading, churning, and violation of margin requirements. The claim settled in the amount of $745,000.

Broker Peter Steege Has 21 Disclosable Events – Investor Recovery

September 14, 2021 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Peter Steege (Steege) has at least 21 disclosable events. Such events include one criminal matter, four regulatory disclosures, two employment terminations for cause, and 14 customer complaints alleging that Steege engaged in some form of investment related misconduct in the handling of the client’s accounts. Steege is currently employed by Western International Securities, Inc. (Western International). Steege’s customer complaints alleges that Steege recommended unsuitable investments, made misrepresentations, and overconcentrated investments relating to the handling of client accounts.

In January 2021 a customer complained that Steege violated the securities laws by alleging that Steege made unsuitable investments resulting in losses in the amount of $163,000 in the account. The claim is currently pending.

In November 2020 a customer complained that Steege violated the securities laws by alleging that Steege made unsuitable investments and overconcentrated the account resulting in losses in the amount of $5,000 in the account. The claim is currently pending.

In November 2020 a customer complained that Steege violated the securities laws by alleging that Steege made unsuitable investments resulting in losses in the amount of $50,000 in the account. The claim is currently pending.