Articles Tagged with broker fraud lawyer

shutterstock_102242143-300x169According to BrokerCheck records financial advisor John Forrester (Forrester), currently employed by Newbridge Securities Corporation (Newbridge Securities) has been subject to at least four customer complaints, one regulatory action, and has two bankruptcy disclosures during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Forrester’s customer complaints allege that Forrester recommended unsuitable securities recommendations in a variety of products including alternative investments among other allegations of misconduct in the handling of customer accounts.

In April 2019 a customer filed a complaint alleging that Forrester violated the securities laws by, among other things, that Forrester breached his fiduciary duty and was negligent in the sale of alternative investments causing $55,000 in damages.  The claim is currently pending.

In June 2017 Forrester declared bankruptcy.  This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider.  In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.

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shutterstock_152933045-300x200According to BrokerCheck records financial advisor Leonard Kinsman (Kinsman), currently employed by Wells Fargo Advisors Network, LLC (Wells Fargo) has been subject to at least five customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Kinsman’s customer complaints allege that Kinsman recommended unsuitable securities recommendations among other allegations of misconduct in the handling of customer accounts.

In addition, a recent Washington Post article exposed how brokerage firms as large as Wells Fargo still hire brokers with troubling work histories.  Kinsman had prior multiple complaints from clients and worked for two banned brokerages firms.  One firm was Meyers Pollock Robbins, a notorious bucket shop whose ex-president pleaded guilty to charges of engaging in a pump-and-dump stock scheme.  The fraud was alleged to have been linked to a bribery scheme coordinated by organized crime.

Recently, Kinsman was the subject to a new customer complaint where the client accused the broker of losing a $2.25 million insurance settlement after the client’s husband died unexpectedly in 2011.  The complaint alleges aggressive options trading and false documentation.

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shutterstock_15963142-300x200According to BrokerCheck records financial advisor Clarence McGill (McGill), formerly registered with GWN Securities Inc. (GWN Securities) has been been sanctioned and barred by The Financial Industry Regulatory Authority (FINRA).  According to FINRA, McGill consented to the sanction and to the entry of findings because he refused to produce information FINRA requested in connection with its investigation of his possible participation in the unsuitable recommendations of investment products to customers.  FINRA’s statement does not include a description of how many customers were involved in the investigation or the types of products and services under inquiry.

According to McGill’s records and public disclosures he is listed as the director and president of The McGill Group which engages in insurance sales and appears to be a d/b/a for the broker.

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shutterstock_175993865-300x225Securities attorneys at Gana Weinstein LLP have been investigating previously registered broker Shaun Hayes (Hayes). According to BrokerCheck Records, Hayes has been subject to seven customer disputes in the past year, four of which are still pending. The majority of these disputes allege unauthorized trading of customer accounts.

In December 2017, a customer alleged that from May 2013 to December 2017, Hayes was executing unauthorized trades in the customer’s accounts. This dispute  is currently still pending.

In December 2017, another customer alleged that Hayes was engaging in unauthorized trades in the customer account and is requesting $139,000 in damages. This complaint is still pending.