Articles Posted in Securities Attorney

shutterstock_94719376-300x214The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Clint Keener (Keener), formerly employed by Capital City Securities, LLC (Capital City) has been subject to at least five customer complaints, three regulatory actions, and one employment termination for cause during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Keener’s customer complaint alleges that Keener recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2019 FINRA brought a regulatory action against Keener that he settled consenting to findings that he refused to appear for FINRA on-the-record testimony requested in connection with an investigation into potential unsuitable recommendations.

In July 2010 FINRA brought a regulatory action against Keener that he settled consenting to findings that he made unsuitable trades resulting in an overconcentration in a client account of non-investment grade bonds.  FINRA also determined that certain transactions were mismarked as unsolicited when in fact thery were solicited.

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shutterstock_157506896-300x300The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Brian Lockett (Lockett), formerly employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least nine customer complaints and one regulatory action during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Lockett’s customer complaint alleges that Lockett recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2019 FINRA brought a regulatory action against Lockett that he settled consenting to findings that he participated in a private securities transaction without providing prior written notice to his member firm. FINRA found that one of Lockett’s customers invested a total of $50,000 in a private placement offering and that Lockett participated in the transaction by introducing the transaction to the customer, summarizing the reasons he liked the investment, meeting with the customer to review and sign the paperwork and causing the paperwork to be submitted. FINRA found that Lockett did not receive compensation for his participation in the transaction and that Lockett attempted to conceal his role in the transaction by suggesting to the customer that the customer communicate about the transaction with Lockett in the future via Lockett’s personal email address. According to FINRA, after the customer complained to the firm, it entered into a settlement to resolve the complaint.

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shutterstock_132317306-300x200Advisor David Miller (Miller), currently employed by PeachCap Securities, Inc. (PeachCap Securities) has been subject to at least seven customer complaints during the course of his career.  According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have represented dozens of investors who suffered losses caused by these types of high risk, low reward products.

In October 2019 a customer complained that Miller violated the securities laws by alleging that Miller engaged in sales practice violations related to mismanagement of her accounts from October 2015 to October 2016. The claim alleges $43,541 in damages and is currently pending.

In August 2019 a customer complained that Miller violated the securities laws by alleging that Miller made investment recommendations that the investor was unhappy with. The claim alleges $1.2 million in damages and is currently pending.

In June 2019 a customer complained that Miller violated the securities laws by alleging that Miller made investment recommendations that the investor was unhappy with. The claim alleges $550,000 in damages and was denied by the firm.

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shutterstock_183544004-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Anthony Joslin (Joslin), currently employed by Garden State Securities, Inc. (Garden State Securities) has been subject to at least eight customer complaints, one employment termination for cause, and two regulatory actions during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Joslin’s customer complaints alleges that Joslin recommended unsuitable investments, negligence, and breach of fiduciary duty among other allegations of misconduct relating to the handling of their accounts.

In June 2014 the State of Massachusetts brought a regulatory action against Joslin alleging that he has been subject to eight customer complaints and contributed $103,000 towards the settlement of complaints.  Further, Joslin resigned while under investigation from the Grayson Financial, LLC brokerage firm under allegations that he misappropriated proprietary information from the firm.  Further, the state found that Joslin had been subject of an NASD action due to his failure to supervise and prevent violations of the securities laws by those under his supervision.  The state of Massachusetts placed Joslin under heightened supervision for 3 years.

In June 2019 a customer complained that Joslin violated the securities laws by alleging violations of the securities laws including breach of fiduciary duty, fraud, and negligence. The claim alleges $300,763 in damages and is currently pending.

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shutterstock_156972491-300x198The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Lawrence Delhagen (Delhagen), currently employed by Stifel, Nicolaus & Company, Incorporated (Stifel Nicolaus) has been subject to at least four customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Delhagen’s customer complaints alleges that Delhagen recommended unsuitable investments, negligence, fraud, misrepresentations, and breach of fiduciary duty among other allegations of misconduct relating to the handling of their accounts.

In September 2018 a customer complained that Delhagen violated the securities laws by alleging unsuitable investments, negligence, fraud, misrepresentations, breach of fiduciary duty, and violations of state and Federal securities laws. The claim settled for $30,000.

In June 2018 a customer complained that Delhagen violated the securities laws by alleging unsuitable investments, negligence, fraud, misrepresentations, breach of fiduciary duty, and violations of state and Federal securities laws. The claim settled for $270,000.

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shutterstock_99315272-300x300The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor John Dobbertin (Dobbertin), currently employed by American Portfolios Financial Services, Inc. (American Portfolios) has been subject to at least one customer complaint, one regulatory sanctions, one criminal disclosure, and one termination for cause.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Dobbertin’s customer complaint alleges that Dobbertin recommended unsuitable securities recommendations among other allegations of misconduct relating to real estate and annuity securities.

In May 2019 a customer complained that Dobbertin violated the securities laws by alleging that the financial advisor committed violations of FINRA Rules 2110 and 2111, misrepresentation and omissions of material facts, and breach of fiduciary duty.  The claim is currently pending.

In December 2014 Dobbertin consented to the sanction and to the entry of findings that Dobbertin failed to timely amend his Form U4 and disclose in eight subsequent Form U4 Amendments that he had been charged with a fdony offense.  FINRA also found that Dobbertin also failed to timely ammd his Form U4 and disctose in subsequent Form U4 Amendments two unsatisfied federal tax liens that were levied in 2013.

In June 2009 Dobbertin was permitted to resign from LPL Financial after the firm alleged that he failed to follow the firm’s policies and procedures relating to processing variable annuity transactions.

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shutterstock_177577832-300x300The law offices of Gana Weinstein LLP is reporting on public disclosures on advisor David Crane (Crane), currently registered with Centaurus Financial, Inc. (Centaurus Financial) out of Dacula, Georgia.  According to a BrokerCheck report, Crane has been subject to at least one customer dispute.  In addition, Crane disclosed five tax liens during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Crane’s customer complaint concerns over variable annuity sales practices.

In March 2018 Crane disclosed a $131,644 tax lien against him.  Prior to that, in November 2010 Crane disclosed a $34,101 tax lien against him.  Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts.  FINRA discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.

In July 2004 a customer alleged that Crane provided negligent investment advice and breached his fiduciary duty concerning the purchase of a variable annuity.  The amount of damages was not specified.  The claim was settled for $225,000.

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shutterstock_179203760-300x300The law offices of Gana Weinstein LLP are currently investigating claims that advisor Jeffrey Blutstein (Blutstein) engaged in undisclosed outside business activities (OBAs) that were not approved by his brokerage firm.  Blutstein, formerly registered with American Portfolios Financial Services, Inc. (American Portfolios) and Kestra Investment Services, LLC (Kestra Investment) out of New York, was barred from the financial industry according to records kept by The Financial Industry Regulatory Authority (FINRA).  In addition, Blutstein disclosed one employment termination for cause and one criminal complaint.

In July 2019 FINRA found that Blutstein consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into whether he potentially violated FINRA rules by engaging in undisclosed outside business activities while associated with a member firm.  Accordingly, Blutstein was automatically barred from the securities industry.

At this time it is unclear what OBA Blutstein engaged in that FINRA was investigating and whether or not that activity also involved private securities transactions.  Blutstein’s public disclosures state that he was involved in a number of OBAs including Financial Logistics, an insurance business, among other businesses.  It is unclear if these OBAs were the subject of FINRA’s investigation.

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shutterstock_1832895-300x199The law offices of Gana Weinstein LLP are currently investigating claims that advisor Rick Konecny (Konecny) engaged in violations of the securities laws.  Konecny, formerly registered with National Securities Corporation (National Securities) and J.P. Morgan Securities LLC (JP Morgan) out of Chicago, Illinois was barred from the financial industry according to a BrokerCheck report.  In addition, Konecny has been subject to at least eleven customer complaints, three regulatory actions, and one termination for cause during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Konecny concern allegations of unsuitable investments.

In March 2016, Konecny was terminated J.P. Morgan Securities LLC over allegations of his failure to escalate client matters and failed to follow requirements with respect to execution of trades on a discretionary basis.

In April 2018, a customer alleged that from 2008 to 2013, Konecny’s recommendation of high-risk mining and metal equities was unsuitable to the customer’s investment needs. The customer requested $1,210,380 in damages.

In January 2018, a customer alleged that from July 2013 to October 2015, Konecny invested the account in an unsuitable and over concentrated manner causing $81,856.00 in damages.  The claim settled for $2,768.

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shutterstock_175137287-300x200The law offices of Gana Weinstein LLP are investigating broker Douglas Hyer (Hyer), currently associated with First Allied Securities, Inc. (First Allied) out of Great Neck, New York.  According to a BrokerCheck report, Hyer has been subject to at least four customer disputes and one termination for cause during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the customer complaints allege that Hyer engaged in unsuitable sales of alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs.  The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In April 2019 a customer alleged that from 2009 through 2012, Hyer recommended illiquid, risky and non-traded products that were unsuitable to the customer’s investment needs.  The claim alleged over $5,000 in damages and settled for $15,000.

In February 2013 Hyer was permitted to resign from Next Financial Group, Inc. (Next Financial) after the firm found that Hyer failed to follow company policies and misused the social media.

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