Securities Lawyers Blog

There are Recent Customer Complaints with Broker Michael Magruder in Firm Raymond James & Associates, INC.

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Magruder (Magruder), previously associated with Raymond James & Associates, INC., has at least 3 disclosable events. These events include 2 customer complaints, one regulatory event, alleging that Magruder recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 27, 2025.

Without admitting or denying the findings, Magruder consented to the sanction and to the entry of findings that he failed to provide information and documents requested by FINRA in connection with its investigation into whether he had obtained loans from customers without notice to, or approval from, his member firms. The findings stated that FINRA requested documents and information material to its investigation, such as financial account statements. Initially, Magruder submitted an incomplete response that did not substantially comply with FINRA’s request. Ultimately, Magruder failed to produce the complete information or documents requested.

There are Recent Customer Complaints with Broker Jason Street in Firm Fbl Marketing Services, LLC

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jason Street (Street), currently associated with Fbl Marketing Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Street 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 $51,304.00 on June 24, 2025.

Client states trades were placed in accounts without proper thought on tax consequence by the advisor which led to the client owing over $50K in state and federal taxes. Client states tax consequences were not explained to them by the rep and were blindsided when they did their taxes for the year.

Broker John Hebner in Moloney Securities Co., INC. Firm Has Customer Complaint

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Hebner (Hebner), previously associated with Moloney Securities Co., INC., has at least one disclosable event. These events include one customer complaint, alleging that Hebner 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 $25,000.00 on June 25, 2025.

Suitability/negligence. 2020-2022.

There are Recent Customer Complaints with Broker Tony Barouti in Firm Emerson Equity LLC

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Tony Barouti (Barouti), currently associated with Emerson Equity LLC, has at least one disclosable event. These events include one customer complaint, alleging that Barouti 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 $300,000.00 on June 24, 2025.

Breach of fiduciary duty; negligence and negligent misrepresentation; breach of contract; overconcentration; failure to supervise; Violation of Regulation Best Interest. Investments made around 02/2020 and 1/2021

There are Recent Customer Complaints with Broker Lawrence Cagliostro in Firm Merrill Lynch, Pierce, Fenner & Smith Incorporated

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lawrence Cagliostro (Cagliostro), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Cagliostro 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 $500,000.00 on June 26, 2025.

Client alleges unsuitability and misrepresentation.

Broker Benjamin Silberman in Ameriprise Financial Services, LLC Firm Has Customer Complaint

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Benjamin Silberman (Silberman), currently associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Silberman 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 $60,000.00 on June 25, 2025.

Claimant alleges that she sustained losses because Respondent “twisted” annuity products without sufficient explanation.

Broker Marc Jacobson in Aegis Capital Corp. Firm Has Customer Complaint

August 14, 2025 | by Staff Attorney

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

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

Time frame: May 2023. Client alleges poor recommendation, poor advice.

There are Recent Customer Complaints with Broker Steven Trevor in Firm Vanguard Marketing Corporation

August 14, 2025 | by Staff Attorney

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

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

The client alleges in April 2021, the representative provided poor advise by recommending the client make multiple trades without knowledge of the cost basis of the shares and the subsequent tax implication. The IRS later informed the client there was a “substantial” tax due because of the trade.

There are Recent Customer Complaints with Broker Charles Jensen in Firm Stifel, Nicolaus & Company, Incorporated

August 14, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Charles Jensen (Jensen), currently associated with Stifel, Nicolaus & Company, Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Jensen 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 $149,483.12 on June 25, 2025.

Customer alleges registered representative purchased more options than the customer authorized.

Broker Kevin Schaefer in Wells Fargo Clearing Services, LLC Firm Has Customer Complaint

August 14, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint on June 25, 2025.

Claimant alleges that beginning in May 2019, the financial advisor made unsuitable investments.