advisor fraud lawyer

Christopher Miller Subject to Investment Customer Complaint

September 1, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Christopher Miller (Miller), currently employed by Emerson Equity LLC (Emerson Equity) has been subject to at least two customer complaints during the course of his career. One of those complaints appears to have been expunged through FINRA’s notoriously flawed expungement process. 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 private placements and real estate securities, among other allegations of misconduct relating to the handling of their accounts.

In February 2020, a customer complained that Mr. Miller violated the securities laws by alleging that Mr. Miller engaged in financial elder abuse, involving a 1031 exchange investment. The claim alleges $292,000 in damages. This complaint was subsequently expunged from Mr. Miller’s record.

In October 2019, a customer complained that Mr. Miller violated the securities laws by alleging that Mr. Miller engaged in the sale of unsuitable securities, breach of fiduciary duty, and financial elder abuse. The claim settled in the amount of $57,000.

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 The claim alleged $125,000 in damages and was withdrawn.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 Christopher Hellman Accused of Misappropriating Client Funds

January 20, 2019 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Christopher Hellman (Hellman), formerly associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) in December 2018, was sanctioned and barred from the securities industry by FINRA over accusations of potentially selling unapproved products.

In December 2018 FINRA alleged that Hellman consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information during its investigation. FINRA found that Merrill Lynch terminated Hellman’s registration for conduct including failure to adhere to firm standards regarding selling away and failure to fully disclose participation in outside business activities.

The providing of loans, misappropriating funds through false pretenses, or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

At this time it is unclear the nature and scope of Hellman’s activities. Hellman’s disclosures do not include any outside business activities (OBAs) disclosures.

Former Morgan Stanley Advisor John Buck Accused of Selling Unapproved Securities

December 20, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor John Buck (Buck), formerly associated with Morgan Stanley in Boston, Massachusetts has been accused by his former firm and barred by FINRA over unapproved securities.

In January 2018 Morgan Stanley terminated Buck stating that there were allegations about the timing and completeness of disclosures to the firm regarding involvement in private investments outside of the firm.

Thereafter, in October 2018 Buck was terminated by FINRA and consented to the sanction that he failed to provide FINRA with requested documents and information in connection with its investigation concerning his potential involvement in certain unapproved private securities transactions.

At this time it is unclear the nature or scope of the alleged outside business activities (OBAs) and private securities transactions. Buck’s public disclosures only state that he is an investor in Gemini Partners – a venture fund.

Westpark Capital Advisor Marc Steinberg Subject to Suitability Complaints

December 3, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor Marc Steinberg (Steinberg), currently employed by Westpark Capital, Inc. (Westpark Capital) has been subject to five customer complaints in his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Steinberg concern allegations of unsuitable investments.

In April 2018, a customer complained that Steinberg engaged in unsuitable investments causing $39,796 in damages. The claim was denied by the firm.

In November 2016, a customer complained that Steinberg engaged in unsuitable investments from December 2012 until February 2015 causing $16,833 in damages. The claim was denied by the firm.

Worden Capital Financial Advisor Michael Rosalia Subject to Customer Complaints

September 25, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) Worden Capital Management LLC (Worden Capital) broker Michael Rosalia (Rosalia) has been subject to six disclosed customer complaints, eight tax liens or judgements, and two financial disclosures including bankruptcy. Many of the customer complaints against Rosalia allege churning or excessive trading.

In June 2013 Rosalia declared bankruptcy. Such disclosures on a broker’s record can reveal a financial incentive for the broker to recommend high commission products or services. FINRA discloses information concerning a broker’s financial condition because a broker’s inability to handle their own personal finances has also been found to be material information in helping investors determine if they should allow the broker to handle their finances.

In May 2018 a customer filed a complaint alleging Rosalia engaged in churning, improper use of margin, unsuitability and high commissions. The complaint alleged $503,828 in damages and has been settled.