First Allied Securities

Broker Andrew Wilson in First Allied Securities, INC. Firm Has Customer Complaint

October 3, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Andrew Wilson (Wilson), previously associated with First Allied Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Wilson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on November 08, 2022.

Claimant alleges his financial advisor recommended unsuitable investments.

Broker Rene Bolivar in First Allied Securities, INC. Firm Has Customer Complaint

September 10, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Rene Bolivar (Bolivar), previously associated with First Allied Securities, INC., has at least one disclosable event. These events include one regulatory event, alleging that Bolivar recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 12, 2023.

Without admitting or denying the findings, Bolivar consented to the sanction and to the entry of findings that he refused to produce documents and information and failed to appear for on-the-record testimony requested by FINRA in connection with an investigation into a disclosure made in his former member firm’s amended Form U5 that disclosed a civil lawsuit filed against the firm and Bolivar by the relative of a former customer.

There are Recent Customer Complaints with Broker Shlomo Strugano in Firm First Allied Securities, INC.

June 16, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Shlomo Strugano (Strugano), previously associated with First Allied Securities, INC., has at least 5 disclosable events. These events include 4 customer complaints, one regulatory event, alleging that Strugano recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $750,000.00 on June 17, 2020.

Claimant alleges former financial adviser recommended unsuitable alternative investments and misappropriated money through an outside power of attorney entity. Claimant’s alleges unsuitability, breach of fiduciary duty, negligence, misrepresentation and elder abuse.

There are Recent Customer Complaints with Broker Thomas Cassedy in Firm First Allied Securities, INC.

June 11, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Cassedy (Cassedy), previously associated with First Allied Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Cassedy recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $210,000.00 on December 25, 2023.

Claimant alleges failure to properly allocate and diversify portfolio and failure to implement risk mitigation techniques from the inception of the account sometime in 2015 to May 2023. Mr.

Gana Weinstein Represents Clients of Chad Barancyk Concerning Alternative Investments

October 5, 2022 | by Staff Attorney

Advisor Chad Barancyk (Barancyk), formerly employed by brokerage firms First Allied Securities, Inc. (First Allied) and Great Point Capital, LLC (Great Point) has been subject to at least 14 disclosures including 11 customer complaints, two regulatory actions, and an employment termination for cause. According to a BrokerCheck report the customer complaints concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products and have recovered in excess of $50 million in investor losses. Our firm also represented investors of Barancyk to try to recover their losses.

In their complaint, the clients allege that they trusted Barancyk, doing business as Naples Private Wealth (NPW) to invest funds for their retirement in a prudent and suitable manner. Instead, it was alleged that Barancyk misled Claimants and other investors by recommending unsuitable investment strategies in various illiquid alternative investments from approximately 2009 onward. In total, the clients allege they invested approximately $2 million with Barancyk in alternative investments resulting in over $500,000 in losses not including well-managed damages.

It was also alleged that Barancyk failed, as well as First Allied, to disclose multiple criminal related incidents on Mr. Barancyk’s Form U4. It was alleged that on October 2018 Barancyk was arrested and charged with battery. This arrest does not appear on Barancyk’s Form U4. On January 14, 2021 it was alleged that Barancyk was charged with a DUI where his blood alcohol level was .15 or higher or with a person under the age of 18 in the vehicle as well as knowingly driving while his license was suspended. It was alleged that First Allied terminated Barancyk one day later on January 15, 2021 but did not file a Form U5 noting the DUI.

First Allied Advisor Terry Anderson Terminated for Misconduct

August 30, 2022 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) that financial advisor Terry Morris Anderson (Anderson) was terminated by his employer and has been subject to at least six customer complaints during the course of his career. Mr. Anderson was most recently associated with First Allied Securities, Inc. (First Allied Securities). According to records kept by FINRA, Mr. Anderson’s customer complaints alleges Mr. Anderson recommended unsuitable investments in various investments. Unsuitable investment allegations involving oil & gas securities, private placements, and other alternative investments, among other allegations of misconduct relating to the handling of their accounts.

In March 2020, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson failed to invest the customer’s money. The claim settled in the amount of $8,000.

In September 2010, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson engaged in breach of fiduciary duty, and negligence, resulting in losses. The claim settled in the amount of $27,468.41.

In July 2010, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson engaged in negligence, breach of fiduciary duty, breach of contract, misrepresentation, and unsuitability. The claim settled in the amount of $626,661.98.

In April 2010, a customer complained that Mr. Anderson violated the securities laws by alleging that Mr. Anderson engaged in negligence, breach of fiduciary duty, misrepresentation, and unsuitability. The claim settled in the amount of $278,516.44.

Advisor Jamie Westenbarger Barred by Regulator Over Borrowing Customer Funds

December 18, 2019 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Jamie Westenbarger (Westenbarger), formerly employed by Securities America, Inc. (Securities America) has been subject to at least five customer complaints, two employment termination for cause, and one regulatory action during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Westenbarger’s customer complaint alleges that Westenbarger recommended unsuitable investments in a variety of investment products including alternative investments, non-traded REITs, variable annuities, corporate notes, and UITs among other allegations of misconduct relating to the handling of their accounts.

In August 2019 Westenbarger’s employer, Securities America, discharged Westenbarger alleging that the representative was discharged for violating firm policies and procedures regarding borrowing funds from clients.

Thereafter, FINRA investigated the allegations and in October 2019 barred Westenbarger after alleging that he consented to the sanction and to the entry of findings that he failed to provide documents requested by FINRA during the course of an investigation concerning information disclosed by Securities America. FINRA found that Westenbarger intentionally provided a partial response, but did not substantially comply with all aspects of FINRA’s request.

In October 2019 a customer complained that Westenbarger violated the securities laws by alleging that Westenbarger convinced them to purchase a corporate note and instead used the funds for his own purposes, that in June 2018, Westenbarger convinced them to replace a variable annuity for no apparent reason, and that in July 2019 Westenbarger made an unauthorized purchase of a UIT, which was unsuitable. The claim alleges $212,000 in damages and is currently pending.

Advisor Michael Heath Subject to Regulator Complaint and Employment Terminations

December 31, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor Michael Heath (Heath), currently employed by Infinity Financial Services (Infinity Financial) has been subject to one regulatory action, two employment terminations for cause, and one civil lien during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the regulatory action against Heath concern allegations of unsupervised record activity.

In October 2018 FINRA alleged that Heath consented to the sanctions and findings that he regularly communicated with his customers through an unapproved personal email account about member firm business and circumvented the firm’s supervision. FINRA found that in these emails Heath sent account documents, discussed account performances, and discussed specific investments with his customers. FINRA further found that the firm’s supervisory procedures required electronic business-related correspondence to be sent through firm issued or firm approved email accounts so that the firm could monitor such communications for recordkeeping and compliance purposes. FINRA determined that by using unapproved personal email account Heath caused his firm to fail to maintain all business-related communications. In addition, FINRA also found that Heath failed to comply with FINRA rules on communications with the public in that he created account performance summaries that he used in meetings with clients that failed to provide a sound basis for customers to evaluate the facts.

In March 2016 Heath was discharged by Securities America, Inc. (Securities America) on allegations that he failed to disclose internal investigation with previous broker dealer on his CRD update.

That disclosure followed Heath’s termination from First Allied Securities, Inc. (First Allied) where the firm terminated him for failing to comply with the firm’s email policies.

Advisor Andrew Scheirer Subject to Multiple Complaints Over Alternative Investments

November 9, 2018 | by Staff Attorney

Advisor Andrew Scheirer (Scheirer), currently employed by Kovack Securities, Inc. (Kovack Securities) has been subject to at least four customer complaints. According to a BrokerCheck report many of the customer complaints concern alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.

In December 2014, Scheirer’s former employer First Allied Securities Inc. (First Allied) terminated Scheirer alleging that he did not follow the firm’s procedures concerning an arbitration that had been filed by a customer.

In May 2018 a customer filed a complaint alleging unsuitable investment recommendations, misrepresentation, breach of contract, breach of fiduciary duty, and negligence. The claim alleged $100,001 in damages and settled for $40,000.

In March 2016 a customer filed a complaint alleging that in approximately 2007 the broker recommended various unsuitable private equity products. The claim alleged breach of contract, material omission, fraud, unsuitability, control person liability, and failure to supervise. The claim alleged $200,000 in damages and settled for $30,000.

FINRA Suspends Charles Lundell for Unauthorized Trading

July 16, 2018 | by Staff Attorney

The 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.