Articles Tagged with investment advisor fraud lawyer

shutterstock_189276023-300x198The law offices of Gana Weinstein LLP are currently investigating claims that advisor Alberto Sanchez (Sanchez) engaged in undisclosed outside business activities (OBAs) that were not approved by his brokerage firm.  Sanchez, formerly registered with SagePoint Financial, Inc. (SagePoint Financial) and MML Investors Services, LLC (MML Investors) out of Fort Lauderdale, Florida was barred from the financial industry according to records kept by The Financial Industry Regulatory Authority (FINRA).  In addition, Sanchez disclosed at least two customer complaints.

In June 2019 FINRA found that Sanchez consented to the sanctions and findings that he did not provide documents as requested by FINRA in connection with an investigation concerning his involvement in a potential undisclosed outside business activity.  Accordingly, Sanchez was automatically barred from the securities industry.

At this time it is unclear what OBA Sanchez engaged in that FINRA was investigating and whether or not that activity also involved private securities transactions.  Sanchez’s public disclosures state that he was involved in a number of OBAs including rental property business, an insurance business, Creative Financial Network, and Health Insurance.  It is unclear if these OBAs were the subject of FINRA’s investigation.

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shutterstock_123758422-300x200According to BrokerCheck records financial advisor Richard Bernstein (Bernstein), currently employed by Wells Fargo Clearing Services, LLC (Wells Fargo) has been subject to at least eight customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Bernstein’s customer complaints allege that Bernstein recommended unsuitable investments and securities among other allegations.

In February 2019 a customer filed a complaint alleging that Bernstein violated the securities laws by, among other things, that the client is seeking at least $53,000.00 in damage and claims that from February 2013 to July 2015 the advisor made unauthorized trades which conflicted with the client’s stated investment goals.  The claim is currently pending

In January 2019 a customer filed a complaint alleging that Bernstein violated the securities laws by, among other things, that from 2015 through 2016 the advisor made unsuitable investments.  The claim is currently pending.

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shutterstock_103681238-300x300According to BrokerCheck records financial advisor Keith Kordich (Kordich), currently employed by Ameriprise Financial Services, Inc. (Ameriprise) has been subject to at least six customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Kordich’s customer complaints allege that Kordich recommended unsuitable investments and securities among other allegations.

In February 2019 a customer filed a complaint alleging that Kordich violated the securities laws by, among other things, made unsuitable investments from 2012 through 2015.  The claim alleges damages of $300,000 and is currently pending.

In April 2013 a customer filed a complaint alleging that Kordich violated the securities laws by, among other things, that from May 2011 through September 2012 the advisor traded excessively in the client’s accounts.  The claim alleged $150,000 in damages and resulted in a settlement of $43,000.

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shutterstock_38114566-300x199According to BrokerCheck records financial advisor Barry Speyer (Speyer), currently employed by Morgan Stanley has been subject to at least seven customer complaints and one regulatory action.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Speyer’s customer complaints allege that Speyer made was negligent and made unsuitable investments.

In January 2019 a customer filed a complaint alleging that Speyer violated the securities laws including unsuitable investments from August 2014 until October 2018 causing damages.  The claim is currently pending.

In August 2013 a customer filed a complaint alleging that Speyer violated the securities laws including that Speyer failed to follow the instructions of the client in or about December 2011.  The claim was denied by the firm.

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shutterstock_158028338-300x298According to BrokerCheck records financial advisor Atul Makharia (Makharia), currently employed by Centaurus Financial, Inc. (Centaurus Financial) has been subject to at least three customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Makharia’s customer complaints allege that Makharia made unsuitable recommendations in a variety of investments including debt securities.

In November 2018 a customer brought a complaint against Makharia alleging the broker violated the securities laws by recommending unsuitable investments and several other allegations associated therewith causing $200,000 in damages.  The claim is currently pending.

In October 2018 a customer brought a complaint against Makharia alleging the broker violated the securities laws by recommending unsuitable investments causing $333,000 in damages.  The claim is currently pending.

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shutterstock_57938968-200x300According to BrokerCheck records former financial advisor Michael Ralby (Ralby), formerly employed by Morgan Stanley has been subject to eight customer complaints and one regulatory matter in his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Ralby concern allegations of unsuitable investments.

In March 2018, Ralby entered into a consent agreement with FINRA where Ralby consented to the sanction and to the entry of findings that he refused to appear for a FINRA on-the-record testimony for the regulator’s investigation into whether Ralby had accepted loans from a customer in violation of FINRA rules.

In July 2018, a customer filed a complaint alleging that Ralby engaged in unsuitable investments in structured products from March 2016 until August 2016.  The client alleged $37,170 in damages and the case was resolved.

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