Articles Tagged with David A. Noyes

shutterstock_182004416-300x200According to BrokerCheck records financial advisor Stuart Pearl (Pearl), currently employed by International Assets Investment Management, LLC (International Assets) and formerly employed by David A. Noyes & Company (David A. Noyes) has been subject to five customer complaints, two terminations for cause, and one regulatory action during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Pearl concern allegations of unsuitable investments, unauthorized trading, and margin trading among other causes of action.

In June 2015 Pearl was terminated by Ameriprise Financial Services, Inc. (Ameriprise Financial) for violation of company policy related to use of discretion in non-discretionary accounts and complying with supervision.

In October 2017 FINRA sanctioned Pearl finding that Pearl consented to the sanctions and findings that he effected securities transactions in a customer’s account on several occasions on a discretionary basis without prior written authorization from the customer and without prior written acceptance of the account as discretionary from his member firm. FINRA also found that Pearl made unsuitable recommendations in two other customers’ joint brokerage account when he recommended the customers use margin to effect several trades. According to FINRA, the recommendations made by Pearl to purchase securities on margin were unsuitable in light of the customers’ investment objectives, risk tolerances, and their financial situation and needs. FINRA found that these purchases caused the account to be subject to seven margin calls during the relevant period.

In March 2019 David A. Noyes permitted Pearl to resign stating that Stuart Pearl resigned while on heightened supervision. The firm claims that Pearl had not followed his heightened supervision plan and would have been terminated had he not resigned.

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shutterstock_103681238-300x300The investment lawyers at Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Luigi Mancusi (Mancusi).

According to BrokerCheck records, Mancusi allegedly “exercised discretion in effecting 45 transactions in a customer’s accounts without prior written authorization from the customer to exercise discretion in these accounts and without the accounts having been approved for discretionary trading by his member firm.” Further, Mancusi allegedly executed three transactions in another customer’s account without prior authorization. Reportedly, “Mancusi sold the security and used the proceeds to purchase two other securities in the customer’s account to replace it. As a result, the customer incurred fees, commissions, and ultimately a loss in disposing of an unwanted purchase into a new position, totaling $2,966.97.” Mancusi has been suspended from the securities industry for two months and has been fined $10,000.

Mancusi has also received five customer complaints.

shutterstock_61142644-300x225According to BrokerCheck records kept by the Financial Industry Regulatory Authority (FINRA), broker Jeanette Adcock (Adcock) has been sanctioned for allegedly not complying with Illinois Securities Law.

Additionally, Adcock has been subject to three customer disputes in 2017. Moreover, In April 2017, Adcock was “permitted” to resign from Wayne Hummer Investments because she “failed to forward a written customer complaint to her supervisor or compliance department as required.”

In November 2017, a customer alleged that Adcock made misleading statements regarding a risky investment. The customer is requesting $25,000 in damages in this pending dispute.

shutterstock_94632238-300x214The securities lawyers of Gana Weinstein LLP are investigating investor losses in Behavioral Recognition Systems (BRS) – now known as Giant Grey.  Investors have contacted our firm concerning Scott Reed a former executive at brokerage firm David A. Noyes & Company (David Noyes) who recommended stock in BRS to dozens of clients raising millions of dollars for the company.  David Noyes also sold other private placements including Power Energy Systems, Farris Floral, Evotem, and Digonex Technologies to investors.

BRS marketed itself to investors as a company that makes artificial intelligence technology that analyzes video information. Ray Davis (Davis) founded Behavioral Recognition Systems in 2005 and ran the company until 2015.  Davis raised $47 million for BRS and in 2010 hired his son, Charles, to be an executive vice president.

According to a lawsuit BRS (Giant Gray) accused Davis of defrauding the company out of $15 million by setting up a series of companies to disguise transactions as legitimate services. Instead, the company claims that Davis invoiced millions of dollars for non-existent services and used the money to support his lavish lifestyle.

On September 29, 2014, Jesse White, the Secretary of State for Illinois recently announced it set a hearing for November 6, 2014 to determine whether James B. Markoski should be banned from offering or selling securities in the State of Illinois.
According to the action, Mr. Markoski “has a storied history of securities fraud, having victimized at least eight customers during his employment at Merrill Lynch which resulted in millions in losses to his victims and for which Merrill Lynch paid restitution.” According to FINRA’s BrokerCheck, Mr. Markoski was registered with Merrill Lynch from 1971 – 1991 and at least 6 customer complaints were lodged against Mr. Markoski during that time.
After Mr. Markoski was terminated from Merrill Lynch, he moved to David A. Noyes & Company, where at least one additional complaint was filed against him, according to Illinois, . Mr. Markoski worked at David A. Noyes until June 2010 when he moved to Birkelback Investment Securities, Inc. Mr. Markoski currently works at Forest Securities Inc. In total, nine customer complaints have already been brought against Mr. Markoski and his employers and more are expected after Illinois’ regulatory action.
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