Securities Lawyers Blog

There are Recent Customer Complaints with Broker Ian Pierce in Firm Northwestern Mutual Investment Services, LLC

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ian Pierce (Pierce), previously associated with Northwestern Mutual Investment Services, LLC, has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Pierce recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 26, 2025.

The Consent Order alleged that, from June 2018 through November 2024, Respondent Pierce transacted business as an investment adviser absent registration in violation of Section 36b-6(c)(1) of the Connecticut Uniform Securities Act, and that Respondent fraudulently obtained and/or misappropriated at least $164,000 from at least four Connecticut customers who received no money in return in violation of Section 36b-5(a) of the Act.

Broker Thomas Shultz in Realta Equities, INC. Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Shultz (Shultz), currently associated with Realta Equities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Shultz 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 $245,000.00 on December 03, 2025.

The claimant alleges unsuitable investments.

Broker Thomas Baumann in Spartan Capital Securities, LLC Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Baumann (Baumann), previously associated with Spartan Capital Securities, LLC, has at least 3 disclosable events. These events include 2 customer complaints, one regulatory event, alleging that Baumann recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 10, 2024.

Baumann was named a respondent in a FINRA complaint alleging that he failed to provide information and documents requested by FINRA in connection with its investigation of Baumann’s potentially unauthorized trading of equity securities in the account of a member firm customer

There are Recent Customer Complaints with Broker Alfred Chan in Firm Ni Advisors

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alfred Chan (Chan), previously associated with Ni Advisors, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Chan recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 27, 2024.

Chan made misrepresentations, and employed a device, scheme, or artifice to defraud investment advisory clients, engaged in a transaction, practice, or course of business which operates as a fraud or deceit upon clients, or engaged in an act, practice, or course of business which is fraudulent, deceptive, or manipulative, in violation of sections 25401 and 25235 of the CSL

There are Recent Customer Complaints with Broker Nicholas Schiano in Firm Spartan Capital Securities, LLC

January 9, 2026 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Nicholas Schiano (Schiano), currently associated with Spartan Capital Securities, LLC, has been subject to at least 6 disclosable events. These events include 4 customer complaints, 2 regulatory events. Several of those complaints against Schiano concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on June 05, 2025.

On May 8, 2025, without admitting or denying the findings, Respondent entered into an Acceptance, Waiver and Consent (‘AWC’) with FINRA wherein Schiano consented to the entry of findings that between September 2017 and March 2022, he excessively traded the accounts of two senior customers with speculative investment objectives. Schiano’s trading resulted in high turnover rates and cost-to-equity ratios that exceeded the traditional guideposts of six and 20 percent, respectively, as well as significant losses. Between September 2017 and March 2022, Schiano recommended 102 transactions in the account of Customer A, a 67-year old small business owner, resulting in an annualized turnover rate of fourteen and an annualized cost-to-equity ratio of 65 percent, commissions of $40,515, and realized losses of $13,349. Between October 2017 and December 2018, Schiano and another representative recommended 31 transactions in the account of Customer B, a 70-year retiree, resulting in an annualized turnover rate of 18 and an annualized cost-to-equity ratio of 76 percent, commissions of $30,510 and realized losses of $48,895. Schiano agreed to a six-month suspension from associating with any FINRA member in all capacities, a fine in the amount of $5,000, and partial restitution of $55,770 plus interest.

Broker Larry Michaels in Crown Capital Securities, L.p. Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Larry Michaels (Michaels), previously associated with Crown Capital Securities, L.p., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Michaels recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 18, 2024.

Without admitting or denying the findings, Michaels consented to the sanctions and to the entry of findings that he exercised discretion authority without prior written authorization from the customers. The findings stated that Michaels’ member firm did not accept any of the customer accounts as discretionary and the firm’s WSPs prohibited the exercise of discretionary authority in brokerage accounts. The findings also stated that Michaels failed to notify his firm about the full nature of his participation in an OBA. Upon joining his firm, Michaels disclosed his role as an owner of an accounting business and that he was engaged in providing income tax preparation and accounting services and his firm approved this OBA based on this disclosed role. However, Michaels’ work for his company exceeded the scope of his disclosed role as he provided additional services to his company clients, some of which were his firms brokerage customers, including acting as a manager and/or consultant to assist his company clients in managing and growing their businesses. Additionally, Michaels acted as an incorporator and filed articles of incorporation for several businesses on behalf of his company clients, and was listed as a governor, who had the authority to make decisions on behalf of, at least one company.

Broker Christopher Mccoy in Calton & Associates, INC. Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Mccoy (Mccoy), previously associated with Calton & Associates, INC., has at least 4 disclosable events. These events include one customer complaint, 3 regulatory events, alleging that Mccoy recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on July 16, 2025.

Respondent admits that he provided materially untrue and incorrect information, within the meaning of Section 211 0(a)(2) of the Insurance Law, on his renewal application to act as an agent pursuant to Section 2103(a) of the Insurance Law, submitted to the Department on or about March 29, 2021, in that he failed to disclose that he was named or involved in two FINRA arbitration proceedings. Respondent hereby waives his right to notice and a hearing on said charges and agrees, in lieu of any other disciplinary action which might be taken by the Department in consequence of the foregoing, to the imposition of a penalty in the sum of Seven Hundred Fifty Dollars ($750.00}, receipt of which is hereby acknowledged. Respondent agrees to take all necessary steps to prevent the recurrence of similar violations and acknowledges that this Stipulation and any admission herein\, contained May be used against him if the Department, for any reason other than the specific acts herein considered, institutes disciplinary action.

Broker Gerald Cocuzzo in Newbridge Securities Corporation Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gerald Cocuzzo (Cocuzzo), previously associated with Newbridge Securities Corporation, has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Cocuzzo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on November 24, 2025.

Respondent Cocuzzo 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.

Broker Thomas Reyes in Next Financial Group, INC. Firm Has Customer Complaint

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Reyes (Reyes), previously associated with Next Financial Group, INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Reyes recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 24, 2024.

Without admitting or denying the findings, Reyes consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into the circumstances giving rise to Form U5 Amendments filed by his member firm. The findings stated that the first Form U5 Amendment disclosed an internal review concerning potential undisclosed OBAs by Reyes and a second amendment disclosed that the internal review concluded that Reyes sold annuities that were not on the firm’s approved product list away from the firm.

There are Recent Customer Complaints with Broker Philip Smith in Firm Oneamerica Securities, INC.

January 9, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Philip Smith (Smith), currently associated with Oneamerica Securities, INC., has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Smith recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 12, 2024.

California resident insurance license was suspended due to FINRA AWC and suspension in 2022. With regard to the AWC, without admitting or denying the findings, Smith consented to the sanctions and to the entry of findings that he made unsuitable recommendations for a family trust formed by a senior married couple. The findings stated that Smith and another registered representative at his member firm recommended that the trust purchase a deferred variable annuity for approximately $540,000 and fund that purchase through two withdrawals from an indexed annuity owned by the trust. Smith was aware that funding the purchase of the variable annuity with withdrawals from the trust’s existing annuity could result in negative tax consequences for the trust and was also aware that the recommendation to purchase the variable annuity would not be suitable if it caused negative tax consequences for the trust. However, neither Smith nor the other representative researched how the trust might be able to purchase the variable annuity without negative tax consequences. Instead, Smith recommended that the trust withdraw funds from the indexed annuity via two checks payable to the trust and immediately endorse the checks as payable to the firm in order to fund the purchase of the variable annuity. The trust, through its trustee, followed Smith’s recommendations. Smith mistakenly believed that having the trust immediately endorse the checks as payable to the firm would avoid any adverse tax consequences, but he did not confirm that belief. The withdrawal of the funds from the indexed annuity were, in fact, taxable events that resulted in negative tax consequences to the trust. The adverse tax consequences could have been avoided if Smith or the other representative had recommended the new variable annuity be purchased as a tax-free 1035 exchange, but they failed to research that option.