Securities Lawyers Blog

Broker Jared Tims in Osaic Wealth, Inc. Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jared Tims (Tims), currently associated with Osaic Wealth, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Tims 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 $50,000.00 on August 30, 2024.

Claimant alleges their representative recommended an unsuitable oil and gas program.

There are Recent Customer Complaints with Broker Robert Lewis in Firm Wells Fargo Clearing Services, LLC

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint on August 30, 2024.

Customer verbally complained that financial advisor neglected to change Investment Objective of managed portfolio and client lost opportunity gain as a result. (10/1/2023-8/30/2024)

There are Recent Customer Complaints with Broker Raymond Kramer in Firm Purshe Kaplan Sterling Investments

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Raymond Kramer (Kramer), previously associated with Purshe Kaplan Sterling Investments, has at least one disclosable event. These events include one customer complaint, alleging that Kramer 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 $50,000.00 on August 30, 2024.

Clients allege unsuitable sale of GWG L Bonds held in her account at Schwab.

Broker Scott Stevens in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Scott Stevens (Stevens), previously associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one regulatory, alleging that Stevens recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on September 25, 2024.

The Securities and Exchange Commission (“Commission”) deems it appropriate that ceaseand-desist proceedings be, and hereby are, instituted against Grays Peak Ventures LLC (“Grays Peak”), Scott B. Stevens (“Stevens”), and Michael Winterhalter (“Winterhalter”) (collectively “Respondents”). In anticipation of the institution of these proceedings, Respondents have submitted Offers of Settlement which the Commission has determined to accept. The commission finds that Respondents were officers, directors, or significant shareholders of Agentix Corp. (“Agentix”). While subject to the reporting requirements above, Respondents failed to file timely, or amend timely, reports of their positions and certain transactions in Agentix securities. As a result, Respondents violated Sections 13(d) and 16(a) and related rules. As a result, Grays Peak and Stevens violated Sections 13(d)(1) and 16(a) of the Exchange Act and Rules 13d-1 and 16a-3 thereunder and Winterhalter violated Sections 13(d)(2) and 16(a) of the Exchange Act and Rules 13d-2 and 16a-3 thereunder.

There are Recent Customer Complaints with Broker Stephen Sperling in Firm Wintrust Investments LLC

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Sperling (Sperling), previously associated with Wintrust Investments LLC, has at least 3 disclosable events. These events include 3 customer complaints, alleging that Sperling 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 $22,739.76 on September 10, 2024.

Client alleges she was sold a five-year fixed annuity that did not meet her liquidity needs and overconcentrated her assets in annuities.

There are Recent Customer Complaints with Broker Christopher Michalman in Firm LPL Financial LLC

April 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Michalman (Michalman), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one customer complaint, alleging that Michalman 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 $50,000.00 on August 30, 2024.

Claimant alleges the RR recommended an unsuitable Oil & Gas investment

There are Recent Customer Complaints with Broker Ralph Trigg in Firm Nylife Securities Inc.

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on September 16, 2024.

The Securities and Exchange Commission (“Commission”) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Ralph M. Trigg (“Trigg” or “Respondent”). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that from at least November 2016 through May 2018, Trigg acted as an unregistered broker for Black Hawk Funding, Inc. (“Black Hawk”) and one of its affiliated entities. Trigg solicited investors through his network of contacts, advised them on the merits of investing in various Black Hawk funds, discussed with investors the amount of their investments, and facilitated the purchase of the securities involved by ensuring that certain investors executed participation agreements to purchase the securities. Similarly, Trigg also solicited investors to purchase securities on behalf of a separate entity affiliated with Black Hawk and facilitated those transactions. For his fundraising and broker services, Black Hawk and the affiliated entity paid Trigg transaction-based commissions that totaled at least $211,000. As a result of his conduct, Trigg willfully violated Section 15(a) of the Exchange Act.

Broker Matthew Forlano in Morgan Stanley Smith Barney Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on September 09, 2024.

The Securities and Exchange Commission (‘Commission’) deems it appropriate that cease-and-desist proceedings be, and hereby are, instituted against Matthew P. Forlano (‘Forlano’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that this proceeding concerns insider trading by Forlano in the securities of Maxar Technologies, Inc. (‘Maxar’) based on material nonpublic information provided to him by his nephew, Stephen A. Forlano Jr. (‘Forlano Jr.’). Forlano Jr. had received the material nonpublic information from his friend Anthony Viggiano (‘Viggiano’) who was employed at a global investment bank (the ‘Investment Bank’). Viggiano, in connection with his employment at the Investment Bank, was notified about a potential acquisition of Maxar by at least November 15, 2022. That same day, Viggiano tipped Forlano Jr. about the acquisition. Forlano Jr., in turn, tipped Forlano. Between December 2 and December 15, 2022, Forlano purchased Maxar securities in his brokerage account and tipped a close friend (the ‘Friend’) who also purchased Maxar securities. On December 16, 2022, a press release announced that Maxar had agreed to be acquired in an all-cash transaction valued at approximately $6.4 billion (the ‘Maxar Deal’) and Maxar’s stock price increased nearly 125%. As a result of their purchases of Maxar securities, Forlano profited by more than $8,000 and the Friend generated a profit of over $10,000. Forlano’s conduct violated Section 10(b) of the Exchange Act and Rule10b-5 thereunder.

Broker Robert Taglich in Taglich Brothers, Inc. Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

Currently financial advisor Robert Taglich (Taglich), currently employed by brokerage firm Taglich Brothers, Inc. has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $876,101.98 on September 06, 2024.

This arbitration was filed September 2024 almost 9 years after the last investment with TBI. The Claimant is alleging the Respondents are responsible for his current financial circumstances 9 years after the last investment made through Taglich Brothers Inc. (TBI).

Broker Peter Decaprio in Thomas Weisel Partners LLC Firm Has Customer Complaint

April 1, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint on August 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 Peter J. DeCaprio (‘DeCaprio’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The Commissions finds that it’s complaint alleged that during the period from about July 2020 through late 2023, FlowPoint and DeCaprio misrepresented to investors that the Funds were audited annually by an independent auditor. While FlowPoint and DeCaprio engaged an auditor to audit two of the four Funds, that auditor did not produce any audit reports, and none of the Funds were audited. FlowPoint and DeCaprio did not correct their ongoing misstatements to investors despite knowing that the Funds were not actually audited by the auditor they had engaged. FlowPoint and DeCaprio breached their fiduciary duty to two of the Funds they advised by failing to obtain annual audits for those two Funds, as those Funds’ organizational documents (a limited partnership agreement and limited liability company agreement) required. FlowPoint and DeCaprio were investment advisers to the Funds. By failing to operate those Funds as they were required to be operated, they failed in their duty as investment advisers to those Funds and operated a fraud on the Funds and their investors. They also defrauded investors in the Funds by making material misstatements about audits of the Funds and the identify of their auditor to investors. The Commission’s complaint also alleged that between July 2020 until September 2023 FlowPoint failed to maintain or enforce written policies and procedures regarding the misuse of material nonpublic information and that DeCaprio aided and abetted this violation.