Articles Posted in Reg BI

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

FINRA BrokerCheck shows a settled customer complaint on August 12, 2023.

Client alleges the financial advisor did not advise of tax implications resulting from a variable annuity distribution.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Nikolaos Paloumbis (Paloumbis), previously associated with Alexander Capital, L.p., has at least one disclosable event. These events include one customer complaint, alleging that Paloumbis 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 $23,214.89 on June 23, 2023.

Suitability, Failure to Supervise, Negligence

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

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

Without admitting or denying the findings, Hemingway consented to the sanctions and to the entry of findings that he recommended a trading strategy to certain of his customers without fully understanding the features and risks of the strategy or the exchange-traded note (ETN) that the strategy primarily invested in, and he did not have a reasonable basis to recommend the strategy to any customer. The findings stated that prior to recommending customers invest in the strategy, Hemingway did not conduct his own due diligence on the strategy or the ETN it primarily invested in. Hemingway did not fully understand how the trading strategy worked or the potential risks and rewards associated with it. For example, he did not understand the risk/reward profile of the ETN or the conditions under which the ETN could lose all its value. The affected customers are being provided partial restitution pursuant to a separate settlement with Hemingway’s member firm.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Edward Kasperavich (Kasperavich), currently associated with Stonecrest Capital Markets, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Kasperavich 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 $390,000.00 on February 28, 2024.

Stonecrest Capital Markets, Inc. (the ‘Firm’) received a FINRA arbitration notice on February 28, 2024, from Mr. [REDACTED], directed against Registered Representatives Edward Kasperavich (CRD#4970038) and Deborah Stackpole (CRD#4969850). The complaint lodged allegations of Poor Recommendation/Poor Advice concerning an investment made by Mr. [REDACTED] in GWG Holdings, LLC L-Bonds and in Northstar Healthcare Income, Inc . The complaint highlights concerns regarding the quality of the recommendations and advice provided by the aforementioned registered representatives in relation to Mr. [REDACTED]’s investment of $300,000.00 in GWG Holdings L-Bonds and $90,000 loss in his investment in Northstar Healthcare Income, Inc. from 2019 to 2023.

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

FINRA BrokerCheck shows a settled customer complaint on July 13, 2023.

Customer alleges unsuitable investment recommendations and unauthorized trading in March 2020.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Seth Nannini (Nannini), currently associated with Capital Investment Group, Inc., has at least 4 disclosable events. These events include 4 customer complaints, alleging that Nannini 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 $100,000.00 on May 21, 2024.

GWG Holdings, Inc. filed Chapter 11 bankruptcy on April 20, 2022. Complaint alleges breach of fiduciary duty, negligence and negligent misrepresentation, breach of contract, failure to supervise, and negligence – violation of Regulation Best Interest, related to the clients’ investment in GWG L-Bonds.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Dean J Meniktas (Meniktas), currently associated with UBS Financial Services Inc., has at least one disclosable event. These events include one customer complaint, alleging that Meniktas 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 $1,036,306.00 on July 02, 2024.

Time frame:  2015-2023\, \, Allegations: Claimant alleges his financial advisor made an unsuitable recommendation to invest in a complex life insurance investment strategy, in a selling away scheme.

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

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

Respondent Dudley 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 David Elgart (Elgart), previously associated with Sequoia Investments, Inc., has at least one disclosable event. These events include one tax lien, alleging that Elgart recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 04, 2024.

Without admitting or denying the findings, Elgart consented to the sanctions and to the entry of findings that he engaged in activities requiring registration while unregistered and statutorily disqualified and engaged in activities requiring registration. The findings stated that in 2016 the Office of Hearing Officers (OHO) issued a decision finding that Elgart willfully failed to timely update his Form U4 to disclose five tax liens. Elgart thereafter timely appealed this decision to the National Adjudicatory Counsel (NAC), which stayed the imposition of his statutory disqualification. Elgart became statutorily disqualified in 2017, after the NAC issued its decision affirming OHO’s findings. In November 2018, Elgart’s member firm filed a Form U5, terminating his registration. In September 2019, the firm filed a Membership Continuance Application (MC-400 Application) seeking to permit Elgart to reassociate with the firm. Elgart knew that he was not permitted to associate with the firm or effect any transaction in-or induce or attempt to induce the purchase or sale of-any municipal security while the MC-400 Application was pending. Nonetheless, while the MC-400 Application was pending, Elgart used the login credentials and email addresses of other registered representatives to conduct municipal securities business. Elgart’s activities included discussing and recommending transactions to customers, communicating with firm vendors about trade corrections, and logging on to the firm’s systems to effect trades on behalf of customers. FINRA later approved the MC-400 Application.

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

FINRA BrokerCheck shows a settled customer complaint on June 01, 2023.

Client alleges, inter alia, FA did not act in claimant’s best interest with respect to the management of client’s account June 2021 – March 2022

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