Articles Tagged with Charles Morgan Securities

shutterstock_183549914-300x200Our firm is investigating claims made by The Financial Industry Regulatory Authority (FINRA) against broker Juan Alejos – a/k/a John Alejos (Alejos), formerly associated with brokerage firms Charles Morgan Securities, Inc. (Charles Morgan) and Spartan Capital Securities, LLC (Spartan Capital).  According to brokercheck, Alejos failed to respond to FINRA request for information resulting in an automatic bar from the financial industry.  The subject matter of FINRA’s investigation likely concerned his termination by Spartan Capital in December 2015 concerning allegations that Alejos engaged in outside business activities and possible private securities transactions without first providing the firm written notice of his activities.  At this time it is unclear what outside businesses or the extent of the private securities transactions.

The providing of loans 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”.  Often times brokers who engage in this practice use outside businesses in order to market their own securities and raise capital for various ventures or get themselves through times of personal economic hardship.  In Alejos case the broker had a judgment imposed upon him of over $75,000 in 2011.

Alejos entered the securities industry in 2000.  From February 2008 until November 2012 Alejos was associated with Charles Morgan.  Finally, from October 2012 until December 2015 Alejos was associated with Spartan Capital out of the firm’s New York, New York office location.

shutterstock_123758422The securities lawyers of Gana Weinstein LLP are investigating The Financial Industry Regulatory Authority’s (FINRA) investigation into broker Sperry Younger (Younger). In addition, there are at least 2 customer complaints against Younger, 6 judgments or liens, one financial matter disclosed. FINRA’s investigation relates to possible violations of NASD Rule 3010 and FINRA Rules 2010. Rule 3010 is FINRA’s rule concerning the industry’s requirement to supervise the activities of brokers. The customer complaints against Younger allege a number of securities law violations including that the broker misappropriated funds and made forged documents among other claims.

According to the disclosures, Younger recently filed for Bankruptcy in August 2015. Prior to bankruptcy filing Younger had a number of tax liens against him including a lien filed on April 2014 $3,037, a civil judgment of $9,678 on January 25, 2013, a civil judgement of $20,001 on July 11, 2012, a civil judgement of $21,890 on April 30, 2012, a civil judgement of $2,667 on March 22, 2012, and a civil judgment of $7,595 on January 10, 2012.  A broker with large liens are an important consideration for investors to weigh when dealing with a financial advisor. An advisor may be conflicted to offer high commission investments to customers in order to satisfy liens and debts that may not be in the client’s best interests.

Younger entered the securities industry in January 1996. From May 2006 until May 2010, Younger was associated with Charles Morgan Securities, Inc. From May 2010 until October 2012, Younger was associated with John Carris Investments LLC. Thereafter, from October 2012 until April 2014, Younger was a registered representative of NMS Capital Securities, LLC (NMS). From July 2014 until April 2015, Younger was associated with Rothschild Lieberman LLC. From July 2014 until June 2015, Younger was associated with J. Streicher Capital LLC. From June 2015 until August 2015, Younger was associated with Avenir Financial Group. Finally, since October 2015, Younger has been registered with NMS out of the firm’s New York, New York office location.

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