Articles Tagged with broker fraud attorney

shutterstock_183554579-300x200According to BrokerCheck records financial advisor Darrach Bourke (Bourke), currently employed by Emerson Equity LLC (Emerson Equity) has been subject to at least six customer complaints, one regulatory action, one employment termination for cause, and five criminal matters during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Bourke’s customer complaints allege that Bourke recommended unsuitable securities recommendations in a variety of products and unauthorized trading among other allegations of misconduct in the handling of customer accounts.

In June 2018 a customer filed a complaint alleging that Bourke violated the securities laws by, among other things, that Bourke made unauthorized trades and had discretionary control causing damages.  The claim alleged $173,000 in damages and settled for $32,500.

In March 2017 FINRA found that Bourke consented to sanctions and findings that he exercised discretion without written authorization in the accounts of two customers.  FINRA found that Bourke discussed investment strategies with these customers but that he exercised discretion and executed transactions in the accounts without first speaking with the customers about the specific transactions.

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shutterstock_184429547-300x200According to BrokerCheck records financial advisor Jeffrey Smith (Smith), currently employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated (Smith) has been subject to at least eight customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Smith’s customer complaints allege that Smith recommended unsuitable securities recommendations in equity securities among other allegations of misconduct in the handling of customer accounts.

In April 2019 a customer filed a complaint alleging that Smith violated the securities laws by, among other things, that Smith made unsuitable investments and failed to follow instructions.  The claim is currently pending.

In February 2019 a customer filed a complaint alleging that Smith violated the securities laws by, among other things, that Smith made unsuitable investments.  The claim is currently pending.

In October 2016 a customer filed a complaint alleging that Smith violated the securities laws by, among other things, that Smith made unsuitable recommendations from March 2015 until October 2016 causing damages.  The claim settled for $50,000.

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shutterstock_113632177-300x249According to BrokerCheck records financial advisor Peter Goffin (Goffin), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least nine customer complaints and one regulatory action during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Goffin’s customer complaints allege that Goffin recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.

In March 2019 a customer filed a complaint alleging that Goffin violated the securities laws by, among other things, that Goffin breached his fiduciary duty and was negligent in the sale of alternative investments causing $150,000 in damages.  The claim is currently pending.

In January 2012 a customer filed a complaint alleging that Goffin violated the securities laws by, among other things, that Goffin made unsuitable investments in a variable annuity causing $30,000 in damages.  The claim was denied.

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shutterstock_88744093-297x300According to BrokerCheck records financial advisor Marvin Fisher (Fisher), currently employed by SagePoint Financial, Inc. (SagePoint Financial) has been subject to at least one customer complaint, one employment termination for cause, and four tax liens or judgments during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Fisher’s customer complaints allege that Bernstein recommended unsuitable variable annuity among other allegations.

In October 2018 a customer filed a complaint alleging that Fisher violated the securities laws by, among other things, that the guaranteed minimum income benefit rider on variable annuity purchased in 2006 was misrepresented to the client. The claim alleges $5,000 in damages and settled for $25,000.

In July 2016 Fisher was subject to a tax lien of $107,674.  Large tax liens on a broker’s CRD can be a red flag that the broker may be influenced to engage in high commission activity in order to satisfy personal debts.  In addition, a broker’s inability to manage their own finances is relevant in a customer’s decision to use their services.

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shutterstock_120115444-300x198According to BrokerCheck records financial advisor Robert Berg (Berg), currently employed by Summit Brokerage Services, Inc. (Summit Brokerage) has been subject to at least three customer complaints and one bankruptcy.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Berg’s customer complaints allege that Berg recommended unsuitable investments and securities.

In January 2019 a customer filed a complaint alleging that Berg violated the securities laws by, among other things, engaged in aggressive and speculative investment recommendations.  The claim alleged $75,000 in damages and is currently pending.

In April 2018 a customer filed a complaint alleging that Berg violated the securities laws by, among other things unauthorized withdrawal of funds. The claim resulted in an award or judgement of $16,400.

In March 2013 Berg 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.

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shutterstock_38114566-300x199According to BrokerCheck records financial advisor Barry Speyer (Speyer), currently employed by Morgan Stanley has been subject to at least seven customer complaints and one regulatory action.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Speyer’s customer complaints allege that Speyer made was negligent and made unsuitable investments.

In January 2019 a customer filed a complaint alleging that Speyer violated the securities laws including unsuitable investments from August 2014 until October 2018 causing damages.  The claim is currently pending.

In August 2013 a customer filed a complaint alleging that Speyer violated the securities laws including that Speyer failed to follow the instructions of the client in or about December 2011.  The claim was denied by the firm.

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shutterstock_188631644-300x225According to BrokerCheck records financial advisor Raymond Menna (Menna), currently employed by Planmember Securities Corporation (Planmember Securities) has been subject to at least two customer complaints and one regulatory complaint.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Menna’s customer complaints allege that Carver made unsuitable recommendations.

In August 2018 FINRA brought a complaint against Menna who consented to sanctions and to findings that he improperly shared in the losses of a customer. FINRA found that the value of the account of one of Menna’s customers declined to zero as a result of customer withdrawals and trading losses and Menna agreed to give the customer money on a monthly basis. Thereafter, FINRA found that Menna made monthly cash payments to the customer totalling approximately $15,000.  FINRA found that Menna did not obtain prior written authorization from his member firm or the customer to make such payments.

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shutterstock_112866430-300x199According to BrokerCheck records financial advisor Steven Reznik (Reznik), formerly employed by Raymond James Financial Services, Inc. (Raymond James) has been subject to at least 15 customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Reznik’s customer complaints allege that Reznik made unsuitable recommendations by concentrating investors in a particular sector, possibly energy.

In January 2019 a customer brought a complaint against Reznik alleging the broker violated the securities laws by recommending an unsuitable overconcentration in investments, unauthorized trading, and constructive fraud from March 2012 until August 2018.  The claim is currently pending.

In November 2018 a customer brought a complaint against Reznik alleging the broker violated the securities laws by recommending an unsuitable overconcentration in investments, unauthorized trading, and breach of fiduciary duty from September 2016 until October 2018.  The claim alleged $125,000 in damages and is currently pending.

In October 2018 a customer brought a complaint against Reznik alleging the broker violated the securities laws by recommending an unsuitable investments, fraud, and breach of fiduciary duty from February 1996 until September 2018.  The claim is currently pending.

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shutterstock_160486019-300x300According to BrokerCheck records financial advisor Maria Hendershott (Hendershott), currently employed by Raymond James & Associates, Inc. (Raymond James) has been subject to four customer complaints during her career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Hendershott concern allegations of unsuitable investments and allegations of overconcentration.

In November 2018 a customer complained that Hendershott recommended investments that violated the securities laws including breach of contract, violation of provisions of The Texas State Securities Statutes, Ann. Tx Civil Statutes Art. 581-33, violation of The Texas Deceptive Trade Practices Act Bc. Code Ann. § 17.46 and Tex Bc. Code Ann. § 17.50, breach of fiduciary duty that took place from 01/15/2015 until 09/12/2016.  The customer alleges $500,000 in damages and the claim is currently pending.

In October 2017 a customer complained that Hendershott recommended investments that violated the securities laws including during 06/30/2014 until 07/31/2015 claiming gross mismanagement of accounts, investor abuse, churning, breach of fiduciary duty, negligence, and violation of industry rules.  The customer claimed $100,000 in damages.  The case settled for $75,000.

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shutterstock_27597505-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Mitchell Kurtz (Kurtz), formerly associated with Henley & Company LLC (Henley & Company) in Roslyn Heights, New York was terminated by the firm.  In July 2017 Kurtz was discharged after the firm claimed that based discussions with Kurtz and the SEC Auditors that it is necessary to terminate Kurtz’s registrations with Henley & Company due to violations of both FINRA and SEC rules and firm policies and procedures regarding outside business activities (OBAs), selling away, fiduciary duty obligations, violation of professional standards and the firm’s Code of Ethics.

In addition in August 2012 FINRA brought a regulatory action against Kurtz for altering certain account records.  In December 2009 Kurtz was terminated by his prior employer Raymond James Financial Services, Inc. (Raymond James) for altering documents.

At this time it is unclear the nature or scope of the alleged OBAs and private securities transactions that Kurtz may have been involved in.

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