Securities Arbitration

There are Recent Customer Complaints with Broker James Peterson in Firm Raymond James Financial Services, Inc.

February 5, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on December 27, 2024.

Client alleged the advisor misappropriated funds and accepted forged documents to establish accounts. Allegation activity dates: 4/26/2010 – 12/24/24.

Broker Michael Tannery in Independent Financial Group, LLC Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

Currently financial advisor Michael Tannery (Tannery), currently employed by brokerage firm Independent Financial Group, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $150,000.00 on January 03, 2025.

The statement of claim does not contain any specific information on which investments were not suitable, just that the complexities of the investments were not fully explained, and the risks were not disclosed in a fair and balanced manner (including their illiquidity, lack of transparency and the nature of a complex alternative investment such as a reit).

Broker Joseph Gibbons in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joseph Gibbons (Gibbons), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Gibbons recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 13, 2024.

Customer alleges unsuitable investments from april 2011 to november 2024.

Advisor Wenjinn Chang Has Alternative Investment Complaints

February 5, 2024 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Wenjinn Chang (Chang), currently associated with Independent Financial Group, LLC (IFG), has been subject to at least two customer complaints during his career. Those complaints against Chang allege that Chang recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts.

In February 2020, a customer complained that Chang violated securities laws by alleging that Chang engaged in negligent investment advice, breach of fiduciary duty, breach of contract, and fraud. The claim alleged $128,000 in damages and settled for $85,000.

In October 2018, a customer complained that Chang’s recommendations of an over-concentration in non-traded REIT’s was unsuitable. The claim alleged $50,000 in damages. The claim settled for $32,500.

Kirk Badii Has Six Customer Complaints and Multiple Terminations

October 10, 2022 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Kirk Badii (Badii) has at least eight disclosable events. These events include six customer complaints alleging that Badii engaged in some form of investment related misconduct in the handling of the client’s accounts. In addition, Badii has been terminated for cause by two firms. Badii is currently employed by Independent Financial Group, LLC (Independent Financial). Badii’s customer complaints alleges that Kemp recommended unsuitable investments in different investment products including alternative investments among other allegations and complaints.

In December 2021 a customer complained that Badii violated the securities laws by alleging that Badii made unsuitable investment recommendations to an elderly homemaker, mismanaged her accounts by recommending alternative investments that were unsuitable. The Claimant states that credit lines were established to qualify the Claimant for those alternative investment purchases as well as using those credit lines to make distributions to Claimant’s family which family believed to be from income generated from investments. Additional accounts were alleged to be established that contained concentrated unsuitable investments and that trading was made in these accounts on a discretionary basis without being approved for discretionary trading specific to reverse convertible securities. The investor alleged damages of $3 million and the claim is currently pending.

In August 2018 UBS terminated Badii alleging that he was discharged after firm review found that FA: (i) violated firm’s social media policy and blocked management’s ability to monitor his social media and (ii) violated firm’s KYC/AML policy in connection with the onboarding of certain clients and prospects.

Advisor Michael Martino Subject to Multiple Unsuitable Advice Disputes

September 21, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Michael Christopher Martino (Martino), currently employed by Four Points Capital Partners LLC (Four Points Capital Partners) has been subject to at least six customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Martino’s customer complaints alleges that Martino recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts, including fraud and misrepresentation.

In June 2020, a customer complained that Martino violated the securities laws by alleging that Martino engaged in unsuitable investment advice involving unsuitable concentrations, along with unreasonable commissions. The complaint also alleged that Martino failed to know the customer. The claim alleges $543,163 in damages and is currently pending.

In February 2020, a customer complained that Martino violated the securities laws by alleging that Martino engaged in mismanagement of customer accounts. The claim alleges $107,038 in damages and is currently pending.

In January 2020, a customer complained that Martino violated the securities laws by alleging that Martino provided poor advice which caused the customer losses. The damage amount requested was $200,000. The claim settled in the amount of $14,900.

In January 2014, a customer complained that Martino violated the securities laws by alleging that Martino engaged in unsuitable investment advice. The damage amount requested was $100,000. The claim settled in the amount of $14,500.

Advisor Travis Lippman Subject to Multiple Investment Complaints

September 14, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Travis Justin Lippman, formerly employed by Primary Capital, LLC and now with Spartan Capital Securities, has been subject to at least four customer complaints during his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Lippman customer complaints allege that Lippman engaged in unsuitable investment practices.

In July 2021, a customer complained that Lippman violated the securities laws by alleging that Lippmann engaged in unsuitable trading. The claim alleges $853,231.33 in damages and is currently pending.

In January 2020, a customer complained that Lippman violated the securities laws by alleging that Lippman breached his fiduciary duty to his customer, recommended unsuitable investments, and engaged in misrepresentation and negligence. The claim settled in the amount of $90,000.

In August 2019, a customer complained that Lippman violated the securities laws by alleging that Lippman engaged in unsuitable trading. The claim alleged $200,000 in damages but was withdrawn.

In May 2017, a customer complained that Lippman violated the securities laws by alleging that Lippman engaged in unsuitable trading and is liable for misrepresentation. The claim alleged $34,000 in damages but was denied.

Advisor Erik Drewes Expunges Three Customer Complaints From His Disclosures

September 6, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP have reviewed BrokerCheck records reports that broker Erik Drewes (Drewes), currently employed by American Capital Partners LLC, has been subject to at least three customer complaints during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Drewes’s customer complaints allege that he participated in churning and failed to perform adequate due diligence on REIT investments. However, these complaints have been expunged from Drewes’ record under FINRA’s notoriously flawed expungement procedures. The expunged complaints are as follows:

In April 2020, a customer complained that Drewes violated securities laws by alleging that Drewes failed to do adequate due diligence on a REIT before investing in it. The claim settled in the amount of $14,900.

In November 2014, a customer complained that Drewes violated securities laws by alleging Drewes engaged in unsuitable investment advice and churning. The claim settled in the amount of $110,000.

In April 2008, a customer complained that Drewes violated securities laws by alleging Drewes failed to supervise in relation to unauthorized and excessive trading. The claim settled in the amount of $12,795.

Christopher Miller Subject to Investment Customer Complaint

September 1, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Christopher Miller (Miller), currently employed by Emerson Equity LLC (Emerson Equity) has been subject to at least two customer complaints during the course of his career. One of those complaints appears to have been expunged through FINRA’s notoriously flawed expungement process. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Miller’s customer complaints alleges that Mr. Miller recommended unsuitable investments in various investments including allegations involving private placements and real estate securities, among other allegations of misconduct relating to the handling of their accounts.

In February 2020, a customer complained that Mr. Miller violated the securities laws by alleging that Mr. Miller engaged in financial elder abuse, involving a 1031 exchange investment. The claim alleges $292,000 in damages. This complaint was subsequently expunged from Mr. Miller’s record.

In October 2019, a customer complained that Mr. Miller violated the securities laws by alleging that Mr. Miller engaged in the sale of unsuitable securities, breach of fiduciary duty, and financial elder abuse. The claim settled in the amount of $57,000.

Daniel Pimental Engaged in Unsuitable Investment Advice and Unauthorized Trading

October 27, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Daniel Pimental (Pimental), most recently employed by Wells Fargo Advisors Financial Network, LLC (Wells Fargo) has been subject to at least three customer complaints during the course of his career. Mr. Pimental is no longer a registered broker. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Pimental’s customer complaints alleges that Mr. Pimental recommended unsuitable investments in various investments including allegations involving mutual funds, options, and over-the-counter securities, among other allegations of misconduct relating to the handling of their accounts.

In January 2020, a customer complained that Mr. Pimental violated the securities laws by alleging that Mr. Pimental engaged in unsuitable investment advice, unauthorized trading, and churning of the customer’s accounts. The claim is currently pending.

In May 2008, a customer complained that Mr. Pimental violated the securities laws by alleging that Mr. Pimental engaged in unsuitable investment advice. The claim settled in the amount of $14,138.

In March 2002, a customer complained that Mr. Pimental allegedly played a role in the substantial aggregate net loss in their technology stocks. The claim settled in the amount of $700,000.

Brokers are required under the securities laws to treat their clients fairly. This obligation includes the duties to disclose material risks of the investments they recommend and to present products, particularly complex or confusing products, in a fair and balanced manner that allows the client to evaluate the recommendation. Another important obligation advisors have is to make only suitable recommendations for investments to the client. There are many investments that are not appropriate for the majority of investors or for certain investors given their risk tolerance, age, and other factors. Advisors should not present these investment options to clients. There are two screens that advisors must employ to determine whether an investment is suitable for a client. First, there must be a reasonable basis for the recommendation – meaning that the product has been investigated and due diligence conducted into the investment’s features, benefits, risks, and other relevant factors. The advisor must conclude that the investment is suitable for at least some investors and some securities may be suitable for no one. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.