Securities Lawyers Blog

Broker Charles Malico in Network 1 Financial Securities INC. Firm Has Customer Complaint

November 4, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Charles Malico (Malico), previously associated with Network 1 Financial Securities INC., has been subject to at least 3 disclosable events. These events include 2 customer complaints, one regulatory event. Several of those complaints against Malico 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 October 11, 2022.

Without admitting or denying the findings, Malico consented to the sanctions and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1 of the Securities Exchange Act of 1934 (Regulation Best Interest or Reg BI) by recommending a series of transactions in a retail customer’s account that was excessive in light of the customer’s investment profile. The findings stated that the trades that Malico recommended in the customer’s account resulted in an annualized cost-to-equity ratio exceeding 158 percent – meaning that the customer’s account would have had to grow by more than 158 percent annually just to break even. Malico’s recommendations caused the customer to pay more than $54,000 in commissions and other trading costs, and made it virtually impossible for the customer to realize a profit. In fact, the customer lost more than $17,500 as a result of Malico’s recommendations.

There are Recent Customer Complaints with Broker Lawrence Combs in Firm Proequities, INC.

November 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lawrence Combs (Combs), previously associated with Proequities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Combs 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 $348,500.00 on October 12, 2022.

Client alleges unsuitable recommendations regarding alternative investments made from 2006 to 2015.

Broker Gary Benson in Independent Financial Group, LLC Firm Has Customer Complaint

November 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gary Benson (Benson), currently associated with Independent Financial Group, LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Benson 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 $200,000.00 on October 13, 2022.

Claimant alleges product was not suitable

Broker Daniel Joyce in Westpark Capital, INC. Firm Has Customer Complaint

November 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Joyce (Joyce), currently associated with Westpark Capital, INC., has at least one disclosable event. These events include one customer complaint, alleging that Joyce 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 $65,000.00 on October 12, 2022.

Customer alleged that his investment in GWG was unsuitable based on his risk tolerance.

There are Recent Customer Complaints with Broker Jason Gatts in Firm Osaic Wealth, INC.

November 4, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a final customer complaint with a damage request of $2,167,458.00 on October 12, 2022.

The plaintiff alleges that the representative mishandled beneficiary change forms and misrepresented when the change forms were received causing the plaintiff to lose one half of the inheritance at issue. Allegations include breach of fiduciary duty, negligent undertaking, negligent representation and gross negligence.

There are Recent Customer Complaints with Broker George Kangas in Firm Cetera Advisors LLC

November 4, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a settled customer complaint on October 12, 2022.

Claimant alleges unsuitable investment recommendations.

Gana Weinstein LLP Files Inspired Healthcare Capital Claim on Behalf of Client

November 3, 2025 | by Staff Attorney

The law firm Gana Weinstein LLP, which focuses on securities-related cases, has initiated an arbitration claim against Emerson Equity LLC on behalf of a retired investor. The claim accuses the brokerage firm of misrepresenting investments in Inspired Healthcare Capital (IHC) as secure and reliable vehicles for retirement income, despite their high-risk nature. IHC, based in Arizona and specializing in senior housing real estate, is currently under investigation by the U.S. Securities and Exchange Commission (SEC) and has halted all new offerings and investor distributions.

The legal filing states that IHC promoted itself as managing more than $1.5 billion in assets, largely funded through Regulation D private placements marketed by broker-dealers, including Emerson Equity. These offerings were presented to investors as relatively low-risk because of their focus on assisted living and memory care real estate. However, IHC’s abrupt operational shutdown and financial troubles suggest significant mismanagement.

In July 2025, IHC closed down its in-house management arm, Volante Senior Living, and transitioned control of its properties to outside operators. Shortly thereafter, Emerson Equity acknowledged in a communication to investors that IHC had not provided sufficient financial transparency for several of its Delaware Statutory Trust (DST) offerings. This led Emerson to pursue legal remedies. By August, a related entity, Emerson Equity Bridge Fund I, filed a lawsuit against IHC and its CEO, Luke Lee, alleging that a $1.5 million loan—personally backed by Lee—was based on misrepresentations. The suit claims that Lee failed to disclose over $200 million in existing personal guarantees, despite being in severe financial distress at the time the loan was executed.

The arbitration further accuses Emerson Equity of failing to fulfill its Regulation Best Interest (Reg BI) obligations and fiduciary responsibilities by conducting insufficient due diligence and placing firm interests ahead of investor protection. Investors are now left in limbo, with payments frozen and access to their original investment uncertain.

Legal action is ongoing, and investors who purchased IHC products are urged to review their accounts and seek legal advice if they suspect they received misleading information.

Broker Yoon Ji Park in UBS Financial Services INC. Firm Has Customer Complaint

November 3, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Yoon Ji Park (Park), currently associated with UBS Financial Services INC., has at least one disclosable event. These events include one customer complaint, alleging that Park 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 $511,000.00 on October 17, 2022.

Time Frame: October 29th 2021 to November 15th, 2021.\, What were the allegations against the individual? The client alleges his instructions to transfer shares of his security from his trust account at Fidelity to his trust account at UBS, was not followed.

There are Recent Customer Complaints with Broker Grason Lanz in Firm Valmark Securities, INC.

November 3, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Grason Lanz (Lanz), previously associated with Valmark Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Lanz 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 $5,000.00 on October 14, 2022.

Client alleges rep fully liquidated his account on 6/21/2022 in direct contravention to his directives.

There are Recent Customer Complaints with Broker Adam Smith in Firm Pruco Securities, LLC.

November 3, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adam Smith (Smith), previously associated with Pruco Securities, LLC., has at least one disclosable event. These events include one customer complaint, alleging that Smith 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 $6,889.45 on October 17, 2022.

Customer Alleges that the rep did not fully disclose all the facts regarding tax consequences as the result of a transaction.