Articles Posted in Suitability

shutterstock_66745735-300x200The securities attorneys at Gana Weinstein LLP are currently investigating Wells Fargo Clearing Services, LLC (Wells Fargo) broker Michael Morrissett (Morrissett). According to BrokerCheck Records kept by the Financial Industry Regulative Authority, Morrissett has been subject to 4 disputes, one of which is still pending. The majority of these concern unsuitable alternative investments.

Most recently, in April 2018, a customer alleged that from 2013 to 2015, Morrissett misrepresented two hedge funds by providing misleading information to the customer about the suitability of the funds, when in fact the hedge funds were unsuitable to the customer’s investment objectives. The customer has requested $2,300,000 in damages. This dispute is currently still pending.

in January 2014, a customer alleged that in 2000, Morrissett placed the customer into an unsuitable investment strategy that made the customer suffer vast losses in the global financial crisis. The case settled for $85,000.

shutterstock_189302963-300x194The securities attorneys at Gana Weinstein LLP are currently investigating Joseph Stone Capital L.L.C. (Joseph Stone) broker Miguel Murillo (Murillo). According to BrokerCheck Records,  Murillo has been subject to three customer disputes, one of which is still pending. In addition, Murillo has been sanctioned by the Financial Industry Regulatory Authority (FINRA) for being in violation of various securities laws.

In September 2017, a customer alleged that Murillo engaged in recommending unsuitable investments, executing unauthorized transactions, excessively trading the account, and security fraud. The customer has requested $800,000 in damages. This dispute is currently still pending.

In August 2008, a customer alleged that Murillo failed to follow customer instructions and engaged in unauthorized trading and false representation of the nature of the investments recommended. The case settled at $35,000.

shutterstock_160304408-300x199Securities attorneys at Gana Weinstein LLP have been investigating Raymond James & Associates, Inc. (Raymond James) broker Thomas O’Brien (O’Brien). According to BrokerCheck records, O’Brien has been subject to three customer disputes, one of which is still pending. The majority of these disputes involve the misrepresentation and unsuitable recommendation of annuities.

Most recently, in November 2017, customers alleged that from January 2001 to present, O’Brien engaged in fraudulent representation of investments, over-concentration of investments, and failure of the firm to properly supervise O’Brien’s activities. The customer is requesting $5,000,000 in damages. This dispute is still pending.

In September 2006, a customer alleged that O’Brien falsely represented an annuity purchase to the customer by failing to disclose crucial information that the investor can’t withdraw funds from his annuity investment. The customer requested $5,000 in damages.

shutterstock_141873055-300x268Securities firm Gana Weinstein LLP is investigating Newbridge Securities Corporation (Newbridge Securities) broker Jeffrey Eglow (Eglow). According to BrokerCheck records, Eglow has been subject to 4 customer complaints and one criminal action. The majority of these disputes involve unsuitable, over-concentrated alternative investments.

In May 2017, a customer alleged that Eglow overcharged customers fees for trading which resulted in damages of $48,758. The customer’s request for damages was fully remedied by the court.

In July 2016, a customer alleged that Eglow placed over-concentrated investments in Unit Investment Trusts (UITs) and energy securities which was unsuitable to the customer and resulted in unrealized losses. In addition, Eglow leveraged Exchange-Traded Funds (ETF) in long positions also resulted in losses to the customer. The case was settled at $115,000.

shutterstock_175835072-300x199The securities attorneys at Gana Weinstein LLP are investigating claims against Voya Financial Advisors Inc. (Voya Financial) broker Michael Hagan (Hagan).  According to BrokerCheck records, Michael has been subject to seven customer complaints. The majority of these complaints concern the misrepresentation and unsuitable recommendation of variable annuities, equity indexed annuities, and Variable Universal Life (VUL) insurances.

Most recently, in April 2017, a customer alleged that Hagan recommended unsuitable investment products for the customer and misrepresented the nature of the investments.  The dispute was settled at $164,455.

In January 2010, a customer alleged that in February 2000, Hagan’s recommendation of John Hancock Variable Universal Life (VUL) insurance was unsuitable and should be reexamined.

shutterstock_20354401-300x200The securities attorneys at Gana Weinstein LLP are investigating claims against Fortune Financial Services, Inc. (Fortune Financial) broker Bruce Musselman (Musselman). According to BrokerCheck records, Musselman has been subject to nine customer complaints and one criminal regulatory action.

Most recently, in February 2013, customers alleged that Musselman recommended unsuitable investments, misrepresented securities, over-concentrated customer funds into aggressive investments, and excessively used margin. The dispute was settled at $14,900.

In August 2011, a customer alleged that from 2007 to 2009, Musselman recommended highly risky investments that were unsuitable and inappropriate to customer’s needs. The customer requested $80,000 in damages.

shutterstock_159036452-257x300Securities attorneys at Gana Weinstein LLP are investigating UBS Financial Services Inc. (UBS Financial) broker David Watkins (Watkins). According to BrokerCheck records, Watkins has been subject to two customer disputes, one of which is still pending. In addition, Watkins has been subject to two tax liens. The majority of these disputes concern unsuitable recommendations in bonds, stocks, and exchange-traded funds (ETFs).

In August 2017, a customer alleges that from May 2013 to October 2016, Watkins recommended for the customer to buy fixed-income securities and ETFs which were unsuitable to the customers investment needs. The customer has requested $5,000,000 in damages. This dispute is currently still pending.

In September 2015, a customer alleged that from January 2011 to August 2015, Watkins placed the customer in bonds that were unsuitable to the customer and not rated AA or higher as the customer had approved. The case settled for $60,000.

shutterstock_176284139-300x200Investment fraud attorneys at Gana Weinstein LLP have been investigating Dawson James Securities, Inc. (Dawson James Securities) broker Thomas Curtis (Curtis). According to BrokerCheck Records, Curtis has been subject to 6 customer disputes, one of which is still pending. The majority of these disputes involve unsuitable investment recommendations and the false representation of investments.

In August 2017, a customer alleged that Curtis misrepresented the nature of securities and provided unsuitable investment recommendations to the customer. The customer is requesting $4,952,610 in damages. This dispute is currently still pending.

In October 2015, a customer alleged that from October 2014 to September 2015, Curtis misrepresented the material facts of the investments recommended. The customer has requested $100,000 for damages.

shutterstock_45316696-300x200The investment attorneys at Gana Weinstein LLP have been investigating previously registered broker Thomas Logue (Logue). According to BrokerCheck Records, Logue has been subject to 5 customer complaints concerning misrepresentation and unsuitable investment recommendations, two of which are still pending. In addition, Logue has been subject to a financial regulation.

In February 2018, a customer alleged that Logue misrepresented the material facts about an investment and that this investment recommendation was unsuitable. The customer has requested $188,025.76 in damages. This dispute is currently still pending.

In December 2017, a customer alleged Logue made unsuitable transactions and is requesting them to be rescinded. The customer has requested $127,520.30 in damages. This dispute is currently still pending.

shutterstock_26813263The securities attorneys at Gana Weinstein LLP have been investigating J.P. Morgan Securities LLC (J.P. Morgan) broker Jeffrey Mcaleney (Mcaleney). According to BrokerCheck Records, Mcaleney has been subject to 10 customer disputes, the majority of which concern unsuitable equity, preferred stock, funds, and limited partnership investments.

In October 2017, a customer alleged that from 2007 to 2016, Mcaleney recommended investments that were unsuitable because they were contrary to the customer’s stated goals. The customer requested $313,909.22 in damages.

In October 2017 another customer similarly alleged that from 2014 to 2016, Mcaleney was recommending unsuitable investments that didn’t align with the customer’s needs and goals.