Articles Tagged with broker fraud attorney

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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shutterstock_135103109-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Daniel Flores (Flores), formerly associated with Woodbury Financial Services, Inc. (Woodbury Financial) in Appleton, Wisconsin was terminated by his firm concerning allegations that Flores engaged in an unapproved financial transaction with a client.  Thereafter in May 2018  a customer filed a complaint alleging that that Flores engaged in unauthorized and excessive trading.  The claim is currently pending.  In July 2018 FINRA sought documents and information from Flores which he refused to provide.  Accordingly, Flores was barred from the industry for failing to respond to FINRA’s requests.

At this time, the claims against Flores are unclear as to the exact nature and extent of the activity.  Flores has outside business disclosures including New Heights Insurance Services and Fox River Valley.

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shutterstock_103665437-300x300According to BrokerCheck records financial advisor Charles Kenahan (Kenahan), currently employed by Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) has been subject to four customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of a Kenahan’s customer complaints allege that Kenahan made unsuitable recommendations or engaged in excessive trading – sometimes referred to as churning.

In May 2018 a customer alleged excessive trading and unsuitable investment recommendations from 2012 until 2017. The claim alleged $700,000 in damages and is currently pending.

In March 2018 a customer alleged unsuitable investment recommendations, excessive trading and misrepresentation from February 2012 until December 2017.  The claim is currently pending.

shutterstock_70999552-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) Maxim Group LLC (Maxim Group) broker Michael Solomon (Solomon) has been subject to seven disclosed customer complaints.  Many of the customer complaints against Solomon allege churning or excessive trading.

In April 2018 a customer filed a complaint alleging that between January 2015 and December 2015 Solomon engaged in excessive and unsutable transactions causing $246,928 in damages.  The claim is currently pending.

In September 2009 another customer filed a complaint alleging churning among other causes of action.  An arbitration panel awarded the customer over $1 million in damages including attorneys fees and costs.

shutterstock_184433255-300x228The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Charles Lundell (Lundell).   According to BrokerCheck records, Lundell was suspended by FINRA in November 2017 for executing unauthorized trades in customers’ non-discretionary accounts. In addition, Lundell has been subject to two customer disputes, a regulatory action sanctioned by the New York Stock Exchange (NYSE), and two discharges from member firms.

In November 2017, FINRA found that Lundell violated the NASD Conduct Rule 2510(b) and FINRA Rule 2010 by executing unauthorized transactions in five of his customers’ non-discretionary accounts. From January to February 2017, Lundell exercised discretion of $252,912 of four equity securities in his customers’ accounts and sold $65,788 of one of the equity securities without customer or firm approval. FINRA fined Lundell $5,000 and suspended him for 30 days.

In addition, in March 2017, Lundell was discharged from First Allied Securities, Inc. for violating the firm policy regarding the execution of unauthorized transactions without the firm’s required approval.

shutterstock_145368937-300x225According to BrokerCheck records financial advisor John Schneider (Schneider), formerly employed by PWA Securities, Inc. (PWA Securities), has been subject to five customer complaints and one regulatory action.  According to records kept by The Financial Industry Regulatory Authority (FINRA), in August 2017 a customer filed a complaint alleging that Schneider made unsuitable recommendations, over-concentration of accounts, and failed to supervise.  The claim is currently pending.

In June 2017 a customer claimed that after receiving a 50% return of principal on a real estate private placement investment the investment became worthless.

In July 2016 a customer alleged unauthorized trading, inadequate supervision, and unsuitable investments that took place from June of 2010 through May of 2016 causing $100,000 in damages.  The claim was settled for $60,000.

shutterstock_178801082-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor James Merkel (Merkel), in August 2017, was terminated by his employer Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) after the firm alleged that Merkel violated firm policy relating to selling away.

Prior to the firm’s termination, in June 2016 a customer filed a complaint alleging unsuitable investment recommendations and misrepresentation and omission of material facts involving options.  The customer alleged $1,000,000 in damages and the claim is currently pending.

At this time it is unclear the extent and scope of Merkel’s securities violations and outside business activites.  Merkel’s CRD lists that he operates an outside business activity concerning real property.  Merkel also lists an entity called Merkel’s Lfan LLC that is a business that produces adironack chairs and other items.  At this time it is unknown the exact nature of the firm’s allegations concerning private securities transactions – a practice known in the industry as “selling away”.