Reg BI

There are Recent Customer Complaints with Broker William Fochi in Firm Cambridge Investment Research, Inc.

February 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker William Fochi (Fochi), currently associated with Cambridge Investment Research, Inc., has at least one disclosable event. These events include one tax lien, alleging that Fochi recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 23, 2023.

As a result of the RR’s October 6, 2021 FINRA Consent Order, the State of Connecticut Insurance Department entered a Stipulation and Consent Order for the purpose of the RR maintaining his Connecticut resident producer license. The Order requires twelve months of probation and the completion of an online educational course.

Broker B. David Goldstein in Osaic Wealth, Inc. Firm Has Customer Complaint

February 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker B. David Goldstein (Goldstein), currently associated with Osaic Wealth, Inc., has at least 3 disclosable events. These events include 3 customer complaints, alleging that Goldstein 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 $230,000.00 on April 03, 2024.

Misrepresentation

Broker Richard Mccloskey in Cetera Advisor Networks LLC Firm Has Customer Complaint

February 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on November 27, 2023.

Client alleges unsuitable recommendation regarding variable life insurance policy.

Broker Christian Plaza in Vanguard Marketing Corporation Firm Has Customer Complaint

February 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christian Plaza (Plaza), previously associated with Vanguard Marketing Corporation, has at least one disclosable event. These events include one customer complaint, alleging that Plaza 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 $5,321.00 on June 01, 2023.

Client alleges that the registered representative did not follow instructions when processing a Qualified Charitable Donation resulting in a realized capital gain and additional IRS tax liabilities. The activity date leading to the allegation was August 2, 2022.

There are Recent Customer Complaints with Broker Christopher Gardella in Firm LPL Enterprise, LLC

February 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Gardella (Gardella), currently associated with LPL Enterprise, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Gardella 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 $6,042.57 on March 11, 2024.

The Customer alleged he was misled when he purchased a variable annuity in February 2022 and has requested a refund of the surrender charges incurred.

Broker Jonathon Frey in Nylife Securities LLC Firm Has Customer Complaint

February 8, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint on December 26, 2023.

The Customer alleges that he did not understand the consequences when he purchased a variable annuity in June 2019. The customer is disappointed that he cannot access his funds or close the annuity.

There are Recent Customer Complaints with Broker Stephen Rabinowitz in Firm Fidelity Brokerage Services LLC

February 8, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint with a damage request of $49,950.00 on March 14, 2024.

Customer alleges receiving incorrect information prior to agreeing to a managed account solution.

There are Recent Customer Complaints with Broker Darren Ofsink in Firm Primary Capital, LLC

February 8, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on April 04, 2023.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Darren L. Ofsink (‘Respondent’ or ‘Ofsink’) pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of Practice. The Commission finds that on March 31, 2023, a final judgment was entered by consent against Ofsink, permanently enjoining Ofsink him from future violations of Sections 5(a) and 5(c) of the Securities Act of 1933 thereunder, in the civil action entitled Securities and Exchange Commission v. DiScala, et al., 14-cv-4346 (ENV), in the United States District Court for the Eastern District of New York. The Commission’s complaint alleged that Ofsink helped execute the reverse merger of CodeSmart Holdings, Inc. (‘CodeSmart’) into a public shell company. The complaint further alleges that Ofsink helped restrict the supply of CodeSmart securities available for sale and obscure the holdings of other key individuals. The complaint further alleges Ofsink received and sold shares of CodeSmart, the offer and sale of which was not registered, for substantial proceeds. On January 31, 2023, a judgment of conviction was entered against Ofsink in United States v. DiScala, 14 cr. 399 in the United States District Court for the Eastern District of New York, finding him guilty of one count of conspiracy to commit securities fraud, in violation of Title 18, United States Code, Section 371. On January 20, 2023, Ofsink was sentenced to 21 months imprisonment, and ordered to pay joint and several restitution of over $12 million, and ordered to pay forfeiture of approximately $292,000.

Broker Timothy Hendricks in X-change Financial Access, LLC Firm Has Customer Complaint

February 8, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Timothy Hendricks (Hendricks), previously associated with X-change Financial Access, LLC, has at least one disclosable event. These events include one tax lien, alleging that Hendricks recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 24, 2024.

On April 24, 2024, NFA’s Committee issued a Complaint against X-Change Financial Access LLC (XFA), Timothy F. Hendricks (Hendricks), and Peter G. Scheffler (Scheffler). The complaint charges XFA with failing to keep full, complete, and systematic records of all transactions relating to the firm’s business of dealing in commodity interests and maintain all pre-trade communications. The complaint also alleges that XFA allowed unregistered individuals to act as Associated Persons without being registered in such capacity and as NFA associates. The complaint further alleges that the firm, Hendricks and Scheffler failed to supervise. Without a valid reason or seeking regulatory guidance, Scheffler participated in a decision with Hendricks to use order tickets that did not contain all the required information to satisfy regulatory relief provided by the CFTC during the COVID pandemic (COVID relief). This approach was also insufficient because, as previously alleged, XFA’s order tickets often lacked basic required information (e.g., full account number), making it difficult to use them to reconstruct trades. Similarly, Hendricks, who is a managing partner of XFA and Co-CEO of XFA’s Futures Execution Division (FED), failed to fulfill his supervisory obligations at the firm. Hendricks failed to ensure the firm maintained full, complete, and systematic records related to its order handling process. Additionally, Hendricks’ approval to use order tickets without all required information to comply with the COVID relief illustrates another significant supervisory shortcoming on his part.

There are Recent Customer Complaints with Broker Kalomira Zangoulos in Firm Sagepoint Financial, Inc.

February 8, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on June 28, 2024.

Without admitting or denying the findings, Zangoulos consented to the sanctions and to the entry of findings that she falsified a personal bank account statement she submitted to her member firm pursuant to a heightened supervision plan (HSP). The findings stated that when Zangoulos associated with the firm, it conditioned her continued association on compliance with an HSP requiring her to, among other things, periodically submit copies of her personal bank account statements to the firm. Pursuant to the HSP, Zangoulos provided the firm an account statement for her personal bank account that she had altered to remove certain transactions, including charges for insufficient funds and a cash withdrawal at a casino. Zangoulos never informed the firm that she had altered the statement.