Articles Posted in Reg BI

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

FINRA BrokerCheck shows a final customer complaint on September 12, 2023.

Respondent Tzagarakis failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

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

FINRA BrokerCheck shows a final customer complaint on October 09, 2023.

Without admitting or denying the findings, Diamond consented to the sanctions and to the entry of findings that he made unsuitable recommendations in speculative alternative investments to two customers in their sixties that were inconsistent with the customers’ investment profiles. The findings stated that Diamond’s recommendations to purchase the limited partnership interests to the customers were unsuitable for the customers based on their age, income, net worth, risk tolerance, and because one customer was not an accredited investor as was required to invest in the limited partnership interests, and because his recommendations to the other customer resulted in the over-concentration of that customer’s net worth in alternative investments.

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

FINRA BrokerCheck shows a final customer complaint on October 26, 2023.

Representative did not disclose the administrative actions entered against him by FINRA on 2/13/2023 to the Texas Department of Insurance as required by Texas Insurance Code 4005.101(b)(2).

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

FINRA BrokerCheck shows a final customer complaint on September 05, 2023.

Without admitting or denying the findings, Takeda consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into potential rule violations stemming from a customer complaint and other potential violations. The findings stated that the customer complaint made to FINRA involved potential customer loans.

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

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

Claimants allege the Individual account that was set up for their mother in June 2022 through Allstate Financial Services, LLC was not set up properly as they were not named as beneficiaries like they were on the account held at the previous firm, prior to a transfer. Claimants also allege investments were unsuitable and claim misrepresentation (omission of material facts – omitting beneficiaries).

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kyle Steibel (Steibel), previously associated with Cuna Brokerage Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Steibel 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 $25,200.71 on November 28, 2023.

Customer claimed Mr. Steibel told them him it was not possible to open a retirement account at his credit union. Customer wanted an account that was more accessible.

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

FINRA BrokerCheck shows a final customer complaint on November 01, 2023.

The Securities and Exchange Commission (‘Commission’) deems it necessary and in the interest of the public to accept the Offer of Settlement (the ‘Offer’) submitted by Patrick N. Thayer (‘Respondent’ or ‘Thayer’), for the purpose of settlement of these proceedings instituted against Respondent. Respondent has submitted an Offer of Settlement (the ‘Offer’), which the Commission has determined to accept. The Commission finds that Thayer between November 2013 until August 2022, Thayer sold mutual funds in a brokerage customer’s account and transferred the funds to an account he established in the customer’s name which he then used for his personal benefit, all without the customer’s permission or knowledge. On June 13, 2023, the Commission filed a complaint against Thayer. Thayer agreed to a bifurcated settlement. On July 19, 2023, the court imposed permanent injunctive relief against Thayer, enjoining him from violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. In June 2023, Thayer was indicted by a state grand jury in a criminal proceeding styled State of Ohio v. Patrick Noel Thayer, Case No. 23CR40675 (Warren County, Ohio), which was based on the same underlying conduct as the Commission’s complaint. On August 4, 2023, Thayer pled guilty to three counts of the criminal indictment: unlawful securities practices (Count 2); aggravated theft (Count 3); and identity theft (Count 5). On October 2, 2023, Thayer was sentenced to a term of incarceration of 5-7 and a half years on Count 2, 5 years on Count 3 and 5 years on Count 5, with each period of incarceration to be served consecutively, for a total period of incarceration of 15 years minimum and 17 and a half years maximum. Thayer was also ordered to pay restitution of $1,310,605.81 to the brokerage customer, with a credit for $285,370.68 previously paid, leaving a balance of $1,025,235.13.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Benny Ongkobudidjojo (Ongkobudidjojo), currently associated with Transamerica Financial Advisors, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Ongkobudidjojo 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 $225,000.00 on November 27, 2023.

Client alleges rep failed to recommend investments or an investment strategy appropriate for the client.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Blaszyk (Blaszyk), currently associated with Wells Fargo Clearing Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Blaszyk 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 $400,000.00 on November 20, 2023.

In 2022, it is alleged unsuitable investment recommendations were made.

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

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

Without admitting or denying the findings, Golding consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA. The findings stated that this matter originated from a Form U5 filed by Golding’s member firm, which disclosed that he voluntarily resigned after allegations that he electronically submitted non-genuine client signatures on annuity applications, misdated a company form, and communicated via text outside the company’s monitoring platform.

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