Reg BI

There are Recent Customer Complaints with Broker Doug Mckelvey in Firm Morgan Stanley

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Doug Mckelvey (Mckelvey), previously associated with Morgan Stanley, has at least one disclosable event. These events include one regulatory event, alleging that Mckelvey recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 22, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Douglas McKelvey (‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The Commission finds that on November 20, 2023, a judgment was entered by consent against McKelvey, permanently enjoining him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Douglas McKelvey, No. 4:23-CV-564, in the United States District Court for the Northern District of Texas. The Commission’s complaint alleged that, from approximately June 2013 through February 2022, McKelvey engaged in a fraudulent scheme through which he misappropriated more than $1.7 million from accounts of two elderly relatives who were brokerage customers while he served as their financial advisor at Financial Institution A. The complaint further alleged that McKelvey sold securities from the customers’ accounts to generate some of the funds he misappropriated and took steps attempting to conceal his misconduct. On June 6, 2023, McKelvey pled guilty to one count of money laundering before a United States Magistrate Judge in the United States District Court for the Eastern District of Texas, in United States v. McKelvey, Crim. No. 4:23-CR-75. The Court accepted McKelvey’s plea on July 8, 2023. In connection with that plea, Respondent admitted, inter alia, that beginning in approximately 2009, McKelvey began misappropriating investor funds held in brokerage accounts at Financial Institution A. Such funds were entrusted to Financial Institution A for the purpose of legitimate business investments but were instead redirected by McKelvey for personal, nonbusiness use. In total, McKelvey misappropriated at least $1.5 million in investor funds held at Financial Institution A.

Broker Lina Garcia in Insigneo Securities, LLC Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lina Garcia (Garcia), previously associated with Insigneo Securities, LLC, has at least one disclosable event. These events include one regulatory event, alleging that Garcia recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 29, 2024.

Violation of section 517.161(1)(k), Florida Statutes,\<char_lb_r>\, by being the subject of a Final Judgment and SEC order involving violations of federal securities law.

Broker John Cangialosi in Sw Financial Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Cangialosi (Cangialosi), previously associated with Sw Financial, has at least one disclosable event. These events include one regulatory event, alleging that Cangialosi recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 06, 2024.

Without admitting or denying the findings, Cangialosi consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its examination of Cangialosi’s outside business activities.

Broker James Tighe in Morgan Stanley Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Tighe (Tighe), previously associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Tighe recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $16,000,000.00 on March 18, 2024.

Clients alleged, among other things, that their FA processed withdrawals and other disbursements made by their agent without proper authorization.

Broker Roger Dailey in Osaic Wealth, INC. Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Roger Dailey (Dailey), currently associated with Osaic Wealth, INC., has at least one disclosable event. These events include one customer complaint, alleging that Dailey recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $120,000.00 on May 14, 2024.

Customers allege financial professional made a poor recommendation to sell a variable annuity in 2024 because it generated an unanticipated tax liability.

Broker Charles Wodrich in Hornor, Townsend & Kent, LLC Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Charles Wodrich (Wodrich), previously associated with Hornor, Townsend & Kent, LLC, has at least one disclosable event. These events include one regulatory event, alleging that Wodrich recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 30, 2024.

Wodrich was named a respondent in a FINRA complaint alleging that he failed to produce documents and information requested by FINRA in connection with its investigation into whether he had made unsuitable recommendations and provided misleading information to a senior customer, whether he engaged in discretion without written authorization in that customer’s account, and whether he had communicated with customers using a personal email address that was not monitored or retained by his member firm. The complaint alleges that Wodrich’s failure to provide the requested information and documents impeded FINRA’s investigation. The complaint also alleges that Wodrich failed to appear for on-the-record testimony requested by FINRA. Wodrich’s testimony was material to FINRA’s investigation. Wodrich’s failure to provide on-the-record testimony impeded FINRA’s investigation.

There are Recent Customer Complaints with Broker John Butler in Firm Pruco Securities, LLC.

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Butler (Butler), previously associated with Pruco Securities, LLC., has at least one disclosable event. These events include one regulatory event, alleging that Butler recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 19, 2024.

Without admitting or denying the findings, Butler consented to the sanctions and to the entry of findings that he failed to provide prior written notice of his consulting services-related OBAs to his member firm. The findings stated that in addition to engaging in an approved insurance business, Butler also engaged in a consulting services business whereby he assisted a firm customer in selling portions of the customer’s civil money judgment awarded to him in a litigation to a third party. The customer paid over $538,000 to Butler for these unapproved consulting services. Butler also falsely affirmed on annual compliance questionnaires that he had completely and accurately disclosed his outside business activities to the firm.

There are Recent Customer Complaints with Broker Michael Rosalia in Firm Sw Financial

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Rosalia (Rosalia), previously associated with Sw Financial, has at least one disclosable event. These events include one regulatory event, alleging that Rosalia recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 20, 2024.

Rosalia was named a respondent in a FINRA complaint alleging that he failed to appear and provide on-the-record testimony requested by FINRA in connection with its investigation into whether he engaged in excessive and unsuitable trading in his customers’ accounts.

Broker Michael Fahsholtz in Stifel, Nicolaus & Company, Incorporated Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Fahsholtz (Fahsholtz), previously associated with Stifel, Nicolaus & Company, Incorporated, has at least one disclosable event. These events include one regulatory event, alleging that Fahsholtz recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 26, 2024.

Suitability violations in recommending high concentrations of junk bonds to clients

There are Recent Customer Complaints with Broker Robert Gleason in Firm Ifp Securities, LLC

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Robert Gleason (Gleason), previously associated with Ifp Securities, LLC, has at least one disclosable event. These events include one regulatory event, alleging that Gleason recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 05, 2024.

Without admitting or denying the findings, Gleason consented to the sanctions and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 by recommending a series of transactions in the account of a retail customer that was excessive in light of the customer’s investment profile and, therefore, was not in the customer’s best interest. The findings stated that in recommending these transactions, Gleason placed his interests ahead of the interests of the customer. At the time of the trading, the customer was in her early sixties, and had an investment profile reflecting an income of $50,000 and a liquid net worth of $700,000. Gleason’s recommendations for the customer involved a pattern of in-and-out, short-term trading, and he failed to consider the cumulative costs of his trading. As a result, the customer paid more than $28,000 in commissions and trade costs during an 11-month period.