Securities Lawyers Blog

Rodrigue Lors Has Multiple Customer Complaints

August 30, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Rodrigue Lors (Lors), currently employed by Wilmington Capital Securities, LLC (Wilmington Capital Securities) has been subject to at least seven customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Lors’ customer complaints alleges that Lors recommended unsuitable investments in various investments including allegations involving private placement securities among other allegations of misconduct relating to the handling of their accounts.

In September 2021, a customer complained that Lors violated the securities laws by alleging that Lors engaged in unsuitability. The claim alleges $200,000 in damages and is currently pending.

In April 2021, a customer complained that Lors violated the securities laws by alleging that Lors engaged in unsuitable investment advice, common law fraud, breach of contract, and breach of fiduciary duty. The claim is currently pending.

In July 2020, a customer complained that Lors violated the securities laws by alleging that Lors engaged in unsuitability. The damage amount requested was $100,000. The claim settled in the amount of $20,000.

Advisor Jeffrey Miller Subject to Several Investor Disputes

August 29, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Jeffrey Rand Miller (Miller), currently employed by American Portfolios Financial Services, Inc. (American Portfolios Financial Services) has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Miller’s customer complaints alleges that Mr. Miller recommended unsuitable investments in various investments including allegations involving alternative investments, among other allegations of misconduct relating to the handling of their accounts.

In July 2020, a customer complained that Mr. Miller violated the securities laws by alleging that Mr. Miller engaged in unsuitable investment advice, material misrepresentations, negligence breach of fiduciary duty, and breach of contract. The claim alleged $125,000 in damages and was withdrawn.

In December 2019, a customer complained that Mr. Miller violated the securities laws by alleging that Mr. Miller engaged in unsuitable investment advice, breach of fiduciary duty, negligent supervision, and material misrepresentations. The claim alleges $125,000 in damages and is currently pending.

Advisor Matthew Gaer Claimed to Have Provided Unsuitable Investment Advice

August 29, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Matthew Steven Gaer (Gaer), currently employed by Aegis Capital Corporation (Aegis) has been subject to at least two customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Gaer’s customer complaints alleges that Gaer recommended unsuitable investments in various investments, among other allegations of misconduct relating to the handling of their accounts.

In April 2020, a customer complained that Gaer violated the securities laws by alleging that Gaer engaged in breach of fiduciary duty, and breach of contract. The damage amount requested was $150,000. The claim was later withdrawn.

In September 2019, a customer complained that Gaer violated the securities laws by alleging that Gaer engaged in unsuitable investment advice within the customer’s retirement account. The damage amount requested was $50,000. The claim settled in the amount of $14,999.

Woodbury Financial’s Daryl Serizawa Has Customer Complaints

August 28, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Daryl Tomobu Serizawa, currently employed by Woodbury Financial Services, Inc., has been subject to at least three customer complaints during his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Serizawa’s customer complaints allege that Serizawa engaged in excessive trading, made investments that were not in the client’s best interests, and inappropriately sold private investment funds.

In December 2019, a customer complained that Serizawa violated the securities laws by alleging that Serizawa inappropriately sold private investment funds. The claim settled in the amount of $335,875.45.

In March 2005, a customer complained that Serizawa violated the securities laws by alleging that Serizawa took advantage of the customer in making purchases and sales that were not always in their best interest. Rather, it is claimed that these transactions were done specifically to generate commissions. This claim alleged $119,754.88 in damages and was denied.

In March 2004, a customer complained that Serizawa violated the securities laws by alleging that Serizawa engaged in excessive trading. The claim settled in the amount of $22,000.

Scott Reed Barred Over Pebblekick Investment Scheme – Investor Recovery Options

August 28, 2022 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Scott Reed (Reed) has been accused by clients of engaging in fraudulent investment activities including undisclosed outside business activities (OBAs) and private securities transactions. According to records kept by The Financial Industry Regulatory Authority (FINRA), Reed was employed by Wells Fargo Clearing Services, LLC (Wells Fargo) at the time of the activity. If you have been a victim of Reed’s alleged misconduct our firm may be able to assist you in recovering funds.

Reed has been subject to regulatory action by both FINRA and the State of Arizona. With respect to the FINRA action, the regulator found that Reed consented to sanctions and findings that he participated in private securities transactions totaling at least $3.5 million without providing prior written notice to or obtaining advanced approval from his member firm. Reed solicited individuals, including at least two firm customers, to invest in securities issued by a software and web development company believed to be Pebblekick, Inc. Reed participated in these investments away from the firm by providing written materials about the company to investors, and by communicating with them orally, by email and text message about the company and encouraging them to invest. Reed is alleged to have received selling compensation of $191,340 from the company for his role in soliciting and facilitating the investments. It was also claimed that Reed had his own personal financial interest in the company and personally invested over $200,000 in the company.

Daniel Pimental Engaged in Unsuitable Investment Advice and Unauthorized Trading

October 27, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Daniel Pimental (Pimental), most recently employed by Wells Fargo Advisors Financial Network, LLC (Wells Fargo) has been subject to at least three customer complaints during the course of his career. Mr. Pimental is no longer a registered broker. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Pimental’s customer complaints alleges that Mr. Pimental recommended unsuitable investments in various investments including allegations involving mutual funds, options, and over-the-counter securities, among other allegations of misconduct relating to the handling of their accounts.

In January 2020, a customer complained that Mr. Pimental violated the securities laws by alleging that Mr. Pimental engaged in unsuitable investment advice, unauthorized trading, and churning of the customer’s accounts. The claim is currently pending.

In May 2008, a customer complained that Mr. Pimental violated the securities laws by alleging that Mr. Pimental engaged in unsuitable investment advice. The claim settled in the amount of $14,138.

In March 2002, a customer complained that Mr. Pimental allegedly played a role in the substantial aggregate net loss in their technology stocks. The claim settled in the amount of $700,000.

Brokers are required under the securities laws to treat their clients fairly. This obligation includes the duties to disclose material risks of the investments they recommend and to present products, particularly complex or confusing products, in a fair and balanced manner that allows the client to evaluate the recommendation. Another important obligation advisors have is to make only suitable recommendations for investments to the client. There are many investments that are not appropriate for the majority of investors or for certain investors given their risk tolerance, age, and other factors. Advisors should not present these investment options to clients. There are two screens that advisors must employ to determine whether an investment is suitable for a client. First, there must be a reasonable basis for the recommendation – meaning that the product has been investigated and due diligence conducted into the investment’s features, benefits, risks, and other relevant factors. The advisor must conclude that the investment is suitable for at least some investors and some securities may be suitable for no one. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

National Securities Broker Viqas Akhtar Has Customer Complaints

October 26, 2021 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Viqas Akhtar (Akhtar) has at least three disclosable events. Theses events include three customer complaints alleging that Akhtar engaged in some form of investment related misconduct in the handling of the client’s accounts. Akhtar is currently employed by National Securities Corporation (National Securities). Akhtar’s customer complaints alleges that Akhtar recommended unsuitable investments and engaged in unauthorized trading in different investment products including private placements relating to the handling of client accounts.

In March 2020 a customer complained that Akhtar violated the securities laws by alleging that Akhtar made unsuitable investments resulting in losses in the amount of $150,000 in the account. The claim settled for $37,500.

In March 2020 a customer complained that Akhtar violated the securities laws by alleging that Akhtar made unsuitable investments resulting in losses in the amount of $85,000 in the account. The claim is currently pending.

In October 2019 a customer complained that Akhtar violated the securities laws by alleging that Akhtar engaged in unauthorized trading resulting in losses in the amount of $8,000 in the account. The claim settled for $9,539.

Broker Siddharth Reddy Has Unsuitable Investor Complaints

October 26, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Siddharth Reddy (Reddy), recently employed by Paulson Investment Company LLC (Paulson Investment Company) has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Reddy’s customer complaints alleges that Mr. Reddy recommended unsuitable investments in various investments, among other allegations of misconduct relating to the handling of their accounts. Mr. Reddy is no longer registered as a broker.

In September 2013, a customer complained that Mr. Reddy violated the securities laws by alleging that Mr. Reddy engaged in unsuitable investment advice. The claim settled in the amount of $200,000.

In September 2013, a customer complained that Mr. Reddy violated the securities laws by alleging that Mr. Reddy engaged in unsuitable investment advice, breach of fiduciary duty, breach of contract, and material misrepresentations. The claim settled in the amount of $55,000.

In September 2012, a customer complained that Mr. Reddy violated the securities laws by alleging that Mr. Reddy engaged in unsuitable investment advice, breach of fiduciary duty, breach of contract, and material misrepresentations. The claim settled in the amount of $150,000.

Gary Saccaro Has Had 16 Investor Complaints During His Career

October 25, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Gary Saccaro (Saccaro), currently employed by Paulson Investment Company LLC (Paulson Investment) has been subject to at least 16 customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Saccaro’s customer complaints alleges that Mr. Saccaro recommended unsuitable investments in various investments including allegations involving various securities, among other allegations of misconduct relating to the handling of their accounts.

In January 2012, a customer complained that Mr. Saccaro violated the securities laws by alleging that Mr. Saccaro engaged in unsuitable investment advice. The claim settled in the amount of $115,000.

In April 2004, a customer complained that Mr. Saccaro violated the securities laws by alleging that Mr. Saccaro engaged in unsuitable investment advice, breach of fiduciary duty, unauthorized trading, churning, and breach of contract. The claim settled in the amount of $50,000.

In September 2002, a customer complained that Mr. Saccaro violated both state and federal securities laws. The claim settled in the amount of $175,000.

In July 2002, a customer complained that Mr. Saccaro violated the securities laws by alleging that Mr. Saccaro engaged in unsuitable investment advice, unauthorized trading, churning, and violation of margin requirements. The claim settled in the amount of $745,000.

Aegis Capital Advisor Johnny Guan Has Investor Complaints

October 25, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Johnny Guan (Guan), currently employed by Aegis Capital Corp. (Aegis Capital) has been subject to at least two customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mr. Guan’s customer complaints alleges that Mr. Guan recommended unsuitable investments in various investments including allegations involving real estate securities, options, and penny stocks, among other allegations of misconduct relating to the handling of their accounts

In December 2019, a customer complained that Mr. Guan violated the securities laws by alleging that Mr. Guan engaged in negligent investment advice, breach of fiduciary duty, and unauthorized transactions. The claim settled in the amount of $5,400.

In April 2016, a customer complained that Mr. Guan violated the securities laws by alleging that Mr. Guan engaged in unsuitable investment advice, negligence, and material misrepresentations. The claim settled in the amount of $7,200.