Articles Tagged with investment advisor fraud lawyer

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_173849111-227x300According to BrokerCheck records financial advisor Roshan Loungani (Loungani), currently employed by Arete Wealth Management, LLC (Arete Wealth) has been subject to at least five customer complaints and one regulatory action.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Loungani’s customer complaints allege that Loungani made unsuitable recommendations in a variety of investments including options trading.

In June 2016 FINRA sanctioned Loungani and determined that Loungani consented to the sanctions and to the entry of findings that he recommended unsuitable investments for customers to invest $658,000 in limited partnership interests in two hedge funds that Loungani created and managed, which employed a high-risk trading strategy and use of aggressive options trading. FINRA found that these investments were not suitable for the customers based on their investment objectives and risk tolerances and resulted in an unsuitable concentration of the customers’ net worth in these investments.

In August 2018 a customer complained that Loungani violated the securities laws by engaging in unsuitable investments.  The customer alleges $26,488 in damages and 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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