Securities Lawyers Blog

Broker Gabriel Edelman in Spartan Capital Securities, LLC Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on May 30, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Gabriel Edelman (‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The Commission finds that on April 10, 2024, a judgment was issued against Respondent, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled SEC v. Gabriel Edelman, et al., 22 Civ. 7892 (S.D.N.Y.). The Commission’s complaint alleges that from approximately February 2017 to May 2021, Respondent, through entities that he controlled, fraudulently offered and sold securities using false and misleading statements to four investors, raising a total of approximately $4.3 million. The Commission further alleges that Respondent falsely told investors their funds would be invested in digital assets, but in fact, he only invested a small portion of investor funds in digital assets, and instead used a significant amount of investor funds for personal expenses.

Broker Nathaniel Adams in Aag Capital, Inc Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

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

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

Without admitting or denying the findings, Adams consented to the sanctions and to the entry of findings that he improperly emailed an unencrypted spreadsheet containing the nonpublic personal information of approximately 2,300 customers to a family member’s email account and then, from that account, he emailed the spreadsheet to the email account of a contact at his prospective new firm. The findings stated that Adams sent these emails without his member firm’s or customers’ consent and in contravention of the firm’s procedures. After Adams resigned, the firm discovered the email and attached spreadsheet that contained customers’ nonpublic personal information such as the names, addresses, social security numbers and birthdates, and informed Adam’s new firm of its discovery. The nonpublic personal customer information was deleted following reviews of all devices and email accounts.

Broker Jason Kurtz in U.S. Bancorp Investments, INC. Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jason Kurtz (Kurtz), previously associated with U.S. Bancorp Investments, INC., has at least 2 disclosable events. These events include 2 regulatory events, alleging that Kurtz recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 01, 2024.

Without admitting or denying the findings, Kurtz consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA related to a matter that originated from the submission of a Form U5 by his member firm disclosing that he was discharged for a violation of code of ethics and business conduct related to misuse of a personal bank account.

There are Recent Customer Complaints with Broker Doug Mckelvey in Firm Morgan Stanley

August 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on January 22, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Douglas McKelvey (‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The Commission finds that on November 20, 2023, a judgment was entered by consent against McKelvey, permanently enjoining him from future violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Douglas McKelvey, No. 4:23-CV-564, in the United States District Court for the Northern District of Texas. The Commission’s complaint alleged that, from approximately June 2013 through February 2022, McKelvey engaged in a fraudulent scheme through which he misappropriated more than $1.7 million from accounts of two elderly relatives who were brokerage customers while he served as their financial advisor at Financial Institution A. The complaint further alleged that McKelvey sold securities from the customers’ accounts to generate some of the funds he misappropriated and took steps attempting to conceal his misconduct. On June 6, 2023, McKelvey pled guilty to one count of money laundering before a United States Magistrate Judge in the United States District Court for the Eastern District of Texas, in United States v. McKelvey, Crim. No. 4:23-CR-75. The Court accepted McKelvey’s plea on July 8, 2023. In connection with that plea, Respondent admitted, inter alia, that beginning in approximately 2009, McKelvey began misappropriating investor funds held in brokerage accounts at Financial Institution A. Such funds were entrusted to Financial Institution A for the purpose of legitimate business investments but were instead redirected by McKelvey for personal, nonbusiness use. In total, McKelvey misappropriated at least $1.5 million in investor funds held at Financial Institution A.

Broker Lina Garcia in Insigneo Securities, LLC Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on January 29, 2024.

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Broker John Cangialosi in Sw Financial Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on March 06, 2024.

Without admitting or denying the findings, Cangialosi 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 its examination of Cangialosi’s outside business activities.

Broker James Tighe in Morgan Stanley Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint with a damage request of $16,000,000.00 on March 18, 2024.

Clients alleged, among other things, that their FA processed withdrawals and other disbursements made by their agent without proper authorization.

There are Recent Customer Complaints with Broker Stephen Sullivan in Firm Spartan Capital Securities, LLC

August 9, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Stephen Sullivan (Sullivan), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one regulatory event. Several of those complaints against Sullivan 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 April 30, 2024.

Sullivan was named a respondent in a FINRA complaint alleging that he failed to provide on-the-record testimony requested by FINRA in connection with its investigation into his potential churning and excessive trading in customers’ accounts while he was registered with a member firm. The complaint alleges that Sullivan terminated the on-the-record testimony before FINRA had completed its questioning and he failed to appear to complete his on-the-record testimony. The complaint also alleges that Sullivan failed to provide information and documents requested by FINRA in connection with its investigation. Sullivan’s refusal to appear to complete his on-the-record testimony and failure to respond to information and document requests significantly impeded the completion of FINRA’s investigation into his potential misconduct.

Broker Roger Dailey in Osaic Wealth, INC. Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint with a damage request of $120,000.00 on May 14, 2024.

Customers allege financial professional made a poor recommendation to sell a variable annuity in 2024 because it generated an unanticipated tax liability.

Broker Charles Wodrich in Hornor, Townsend & Kent, LLC Firm Has Customer Complaint

August 9, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Charles Wodrich (Wodrich), previously associated with Hornor, Townsend & Kent, LLC, has at least one disclosable event. These events include one regulatory event, alleging that Wodrich recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on May 30, 2024.

Wodrich was named a respondent in a FINRA complaint alleging that he failed to produce documents and information requested by FINRA in connection with its investigation into whether he had made unsuitable recommendations and provided misleading information to a senior customer, whether he engaged in discretion without written authorization in that customer’s account, and whether he had communicated with customers using a personal email address that was not monitored or retained by his member firm. The complaint alleges that Wodrich’s failure to provide the requested information and documents impeded FINRA’s investigation. The complaint also alleges that Wodrich failed to appear for on-the-record testimony requested by FINRA. Wodrich’s testimony was material to FINRA’s investigation. Wodrich’s failure to provide on-the-record testimony impeded FINRA’s investigation.