Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ned Chatelain (Chatelain), currently associated with Prospera Financial Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Chatelain 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 $100,000.00 on May 13, 2024.

Client alleges underperformance and excessive account fees from 12/2021 to 4/2024.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gregory Hersch (Hersch), previously associated with Old City Securities LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Hersch recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $75,000.00 on May 07, 2024.

In response to Florence Capital Advisors, LLC’s (‘FCA’) claim for fees of approximately $6.9 million filed by FCA against the Linden West Trust (‘Client’), the Client asserted a counter claim against FCA and a third-party claim against FCA’s principal, Gregory Hersch. These claims, which had not been asserted prior to FCA’s filing suit, were for alleged breach of fiduciary duty, fraud, and breach of contract, among other allegations, stemming from the client’s investment in FF Fund I during the period from February 2016 to December 2020.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Hagan (Hagan), currently associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Hagan 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 May 07, 2024.

The complainant alleges that the registered representative, misrepresented a whole life policy, which was unsuitable for her investment time horizon in 2017, and made an unauthorized EIA Fixed Annuity purchase, on/or about September 13, 2018, by falsifying and signing the application, and never having the complainant sign an annuity disclosure form.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Philip George (George), previously associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that George 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 $185,802.83 on May 10, 2024.

The client alleges the variable life insurance policy underperformed and she was unaware of the risks associated with this product.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Roman Gadaskin (Gadaskin), currently associated with the Oak Ridge Financial Services Group, INC., has at least one disclosable event. These events include one customer complaint, alleging that Gadaskin 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 $5,000.00 on May 15, 2024.

Client alleges that he was never fully informed of how the Market Participation CD worked or the tax implications. Client contacted the BD on 4/15/24 and spoke to the CCO. At that time, he did not make any claims or mention a dollar amount. The CCO advised the client she would review the matter and call him back. The CCO called the client on 4/18 with additional information, including the fact that the client would be receiving his original investment back at maturity. The client was concerned about tax implications even though he was not receiving interest payments. The matter was referred to the CEO and EVP. Over the next few months, efforts were made to work with the client and his CPA by providing resources and reference materials addressing his tax filing issues. Ultimately, a mutual decision was reached to accept a settlement offer. The settlement was accepted on 8/21/2024.

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

FINRA BrokerCheck shows a pending customer complaint with a damage request of $14,075.00 on May 08, 2024.

Customer alleges RR forged her signature to complete an internal transfer of funds.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Edward Rudiger (Rudiger), currently associated with Reid & Rudiger LLC, has at least 3 disclosable events. These events include 3 customer complaints, alleging that Rudiger recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $597,483.97 on May 10, 2024.

Unsuitable recommendations and negligence.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lorraine Geiss (Geiss), previously associated with MML Investors Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Geiss 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 May 07, 2024.

The complainant alleges that the registered representative, misrepresented a whole life policy, which was unsuitable for her investment time horizon in 2017, and made an unauthorized EIA Fixed Annuity purchase, on/or about September 13, 2018, by falsifying and signing the application, and never having the complainant sign an annuity disclosure form.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stuart Spivak (Spivak), currently associated with Centaurus Financial, INC., has at least one disclosable event. These events include one customer complaint, alleging that Spivak 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 $150,000.00 on May 14, 2024.

Without specifically mentioning, calling out or identifying the Registered Representative, the customer alleges that he recommended unsuitable, high-risk, illiquid investments and breached his fiduciary duty. No specific dates for the alleged activity were identified in the Statement of Claim.

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

FINRA BrokerCheck shows a settled customer complaint on May 14, 2024.

Time Frame: October 01, 2021 to May 14, 2024\, \, What were the allegations against the individual? \, The client alleges the Financial Advisor assured that, through his management of the remaining funds in the account, he would generate more than sufficient funds to cover specific loan payments. The client further alleges the interest payable on the principal balance of the loan far exceeded the money being generated by investments selected by the Financial Advisor.

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