Articles Tagged with B.B. Graham & Company

shutterstock_185582According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Russell Macke (Macke) has been the subject of at least 5 customer complaints, 2 regulatory actions, and 2 employment terminations, and 7 judgment or liens. Customers have filed complaints against Macke alleging securities law violations including poor investment performance, churning and excessive trading, unsuitable investments, and investment fraud among other claims. The judgment and liens include a $38,000 tax lien, a $108,000 tax lien, a $105,000 tax lien, a $1,500 tax lien, a $110,000 tax lien, a $24,000 tax lien, and a $14,000 tax lien. Macke was terminated by John Hancock in 1998 due to claims that the firm was unable to supervise him. In 2012, Macke was terminated from Forsyth Securities, Inc. due to a Missouri consent order and pending FINRA inquiry.

One of the regulatory actions brought against Macke by FINRA alleged that the broker took advantage of his discretionary authority over two customer accounts by engaging in excessive trading and use of margin in those accounts. FINRA found that Macke caused both customers to pay excessive margin interest, commissions and fees and that the amount of trading in the accounts was inconsistent with the customers’ financial circumstances and investment objectives.

One of the customers was alleged to have opened a brokerage account at Forsyth and was 85 years old and living in a nursing home and the account balance was $390,558. The customer used money from the account to pay health care and living expenses. FINRA found that the customer withdrew $55,923 to pay expenses and that Macke was aware of the customers’ use of the account and these withdrawals. The account forms listed annual income of $60,000, a net worth of $600,000, and liquid assets of $380,000. The account form’s risk tolerance was noted as moderate and the investment objectives were growth and income and trading and speculation.

shutterstock_177976076The Financial Industry Regulatory Authority (FINRA) barred (Case No. 20150443048) broker Thomas Hogle (Hogle) after the broker failed to respond to a letter from the regulator requesting information. While the BrokerCheck records kept by FINRA do not disclose all the facts being investigated by the regulatory inquiry, FINRA sent Hogle a request for documents in connection with their investigation that unsuitable investment recommendations were made in an account of a 101 year-old customer. On April 15, 2015, Hogle acknowledged FINRA’s requests but refused to produce documents or information resulting in the bar from the securities industry.

According to the BrokerCheck records Hogle has been the subject of at least one customer complaint and three financial matters and liens. The customer complaints against Hogle allege a number of securities law violations including that the broker made unsuitable investments, unauthorized trading, and churning (excessive trading) among other claims.

Hogle entered the securities industry in 1998. From April 2008, until September 2011, Hogle was associated with Nelsonreid, Inc. Thereafter, from October 2011, until May 2015, Hogle was a registered representative of B.B. Graham & Company, Inc.

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