Selling Away

Broker Unbo Chung in Arete Wealth Management, LLC Firm Has Customer Complaint

February 14, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Unbo Chung (Chung) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Chung was employed by Arete Wealth Management, LLC at the time of the activity. If you have been a victim of Chung’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint on January 17, 2025.

The controversy pertains to releases the SEC feels are misleading. These releases were not created, approved or disseminated by me or the firm.

There are Recent Customer Complaints with Broker Donald Wright in Firm Silver Oak Securities, Incorporated

February 14, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Donald Wright (Wright) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Wright was employed by Silver Oak Securities, Incorporated at the time of the activity. If you have been a victim of Wright’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a final customer complaint on January 22, 2025.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Donald Anthony Wright (‘Wright’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that On December 17, 2024, a judgment was entered by consent against Wright and Retirement Specialty Group, permanently enjoining them from future violations of Section 17(a) of the Securities Act of 1933 (‘Securities Act’), Section 10(b) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, and permanently enjoining Wright from directly or indirectly participating in the issuance, purchase, offer, or sale of any security, subject to certain exceptions, as set forth in the judgment entered in the civil action entitled Securities and Exchange Commission v. Donald Anthony Wright, et al., Civil Action Number 2:24-CV-00065, in the United States District Court for the Middle District of Tennessee, Northeastern Division. The Commission’s complaint alleged that Wright and Retirement Specialty Group misused and misappropriated investor funds obtained from clients and at least one non-client through the fraudulent offer, recommendation, and sale of fraudulent promissory notes. In selling the notes, Wright and Retirement Specialty Group made material misrepresentations and omissions concerning the nature and safety of the investments, the planned use of proceeds, and his relationships with the issuers. Wright also failed to disclose multiple conflicts of interest and misappropriated client assets. After defrauding his clients, Wright repeatedly misled them about the status of their investments and repayments.

Broker Jeffrey Larson in Arete Wealth Management, LLC Firm Has Customer Complaint

February 14, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Jeffrey Larson (Larson) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Larson was employed by Arete Wealth Management, LLC at the time of the activity. If you have been a victim of Larson’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint on January 17, 2025.

Jeff Larson violated Exchange Act Sections 15(a) and 10(b) [15 U.S.C, 78o(a) and 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. 275.10b-5]; violated Section 17(a) of the Securities Act of 1933 (‘Securities Act’) [15 U.S.C. 77q(a)]; violated Advisers Act Sections 206(1) and 206(2) [15, U.S.C. 80b-6(1) and 80b-6(2)] or, in the alternative, aided and abetted, Arete Advisors’ violations of Advisers Act Sections 206(1) and 206(2) [15 U.S.C. 80b-6(1) and 80b-6(2)]; and aided and abetted Arete Wealth’s violations of Exchange Act Section 17(a) [15 U.S.C. 78q(a)] and Rule 17a-4, thereunder [17 C.F.R. 240.17a-4].

Broker Chun Elmejjad in Equitable Advisors, LLC Firm Has Customer Complaint

February 14, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Chun Elmejjad (Elmejjad) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Elmejjad was employed by Equitable Advisors, LLC at the time of the activity. If you have been a victim of Elmejjad’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $400,000.00 on January 22, 2025.

Client alleges former RR made unsuitable recommendations involving his Equitable life insurance policy and seeks losses with respect to an unapproved private investment sold by the RR and away from the firm.

There are Recent Customer Complaints with Broker Walter Shoczolek in Firm Sigma Financial Corporation

February 8, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Walter Shoczolek (Shoczolek) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Shoczolek was employed by Sigma Financial Corporation at the time of the activity. If you have been a victim of Shoczolek’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on September 13, 2023.

Customer alleged her investment was unsuitable and the representative liquidated it without her authorization.

Broker Dale Cebert in Ameriprise Financial Services, LLC Firm Has Customer Complaint

February 7, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Dale Cebert (Cebert) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Cebert was employed by Ameriprise Financial Services, LLC at the time of the activity. If you have been a victim of Cebert’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $6,547.40 on May 30, 2024.

The client alleged that 200 shares of Apple Stock (AAPL) were sold in her non-qualified SPS Advantage Individual TOD account in December of 2023 without her authorization.

Broker Jason Wolter in Morgan Stanley Firm Has Customer Complaint

February 7, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Jason Wolter (Wolter) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Wolter was employed by Morgan Stanley at the time of the activity. If you have been a victim of Wolter’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a final customer complaint on March 28, 2024.

Without admitting or denying the findings, Wolter consented to the sanctions and to the entry of findings that he exercised discretion in the accounts of two customers without written authorization from the customers and without seeking his member firm’s approval of the accounts as discretionary. The findings stated that one customer instructed Wolter to communicate with the customer’s son about transactions in his accounts, and the customer granted his wife and son power of attorney authority (POA) over his financial accounts. Wolter did not obtain a copy of the POA, inform his member firm of the POA, or amend the customer’s account information to reflect the POA or any authorizations over the customer’s account. Nonetheless, Wolter stopped seeking the customer’s prior approval for the transactions and, instead, sought prior approval from the customer’s wife or son, neither of whom were authorized in the firm’s records to approve transactions in the customer’s accounts. A second customer gave Wolter implied authorization to exercise discretion in the customer’s account, but Wolter did not have written authorization to exercise discretion in the account, and the firm did not approve the account as discretionary.

Broker Melanie Folstad in RBC Capital Markets, LLC Firm Has Customer Complaint

February 5, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker Melanie Folstad (Folstad) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Folstad was employed by RBC Capital Markets, LLC at the time of the activity. If you have been a victim of Folstad’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $33,927.71 on December 16, 2024.

Client contends that, in 2024, her financial advisor sold shares of apple inc. (AAPL) in her brokerage account without prior authorization.

Chun Elmejjad Barred Over Alleged Real Estate Scheme – Investor Recovery Options

November 12, 2024 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Chun Elmejjad (Elmejjad) has been accused by an investor and barred by a regulator for engaging in undisclosed investment activities including undisclosed outside business activities (OBAs). According to records kept by The Financial Industry Regulatory Authority (FINRA), Elmejjad was employed by Equitable Advisors, LLC (Equitable) at the time of the activity. If you have been a victim of Elmejjad’s alleged misconduct our firm may be able to assist you in recovering funds.

On January 24, 2024, Elmejjad accepted a permanent industry bar with FINRA by failing to respond to the regulator’s requests for documents and information. The request for information was likely related to Elmejjad’s termination for cause in November of 2023 from Equitable when the firm filed a Form U5 claiming that Elmejjad was terminated due to violating company policy by accepting a loan and an investment from a client in connection with an undisclosed and unapproved outside business activity. Thereafter, a customer filed a complaint alleging that Elmejjad misappropriated funds that he loaned to Elmejjad in connection with real estate projects Elmejjad and her husband were involved in.

Todd Lesk Barred Over Unapproved Securities Activities – Investor Recovery Options

November 11, 2024 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Todd Lesk (Lesk) has been accused by multiple investors of engaging in fraudulent securities sales. Lesk was barred by a regulator for engaging in undisclosed investment activities including undisclosed outside business activities (OBAs). According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Lesk was employed by LPL Financial LLC (LPL) and Cambridge Investment Research, Inc. (Cambridge) at the time of the activity. However, Lesk did business under the names Lesk Financial, RLA Financial, and CIRA. If you have been a victim of Lesk’s alleged misconduct our firm may be able to assist you in recovering funds.

In September 2022 LPL terminated Lesk for cause alleging that Lesk directed customers to invest in an unapproved investment, a LLC that the representative founded, without notice to, or approval from LPL.

In October 2023 Cambridge terminated Lesk for cause alleging that Lesk tendered his resignation based on the Firm’s understanding that the Lesk was unwilling to cooperate with either the regulators or Cambridge’s requests for information.

On October 6, 2023, Lesk accepted a permanent industry bar with FINRA by failing to respond to the regulator’s requests for documents and information. According to FINRA, Lesk consented to the sanctions and to the entry of findings that he refused to provide information and documents and to appear for testimony requested by FINRA in connection with an investigation into whether he recommended that his customer invest in a crypto asset offering. Thereafter, multiple customers have filed complaints alleging that Lesk engaged in securities law violations.