Articles Tagged with investment fraud attorney

shutterstock_120556300-300x300According to BrokerCheck records financial advisor Brian Thomas (Thomas), currently employed by Harbor Financial Services, LLC (Harbor Financial) 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), Thomas’ customer complaints allege that Thomas recommended unsuitable investments and securities among other allegations.

In July 2017 a customer filed a complaint alleging that Thomas violated the securities laws by, among other things, made unsuitable investments, excessive and unauthorized trading resulting in damages from April 2015 through March 2017. The claim settled for $15,000.

In September 2011 a customer filed a complaint alleging that Thomas violated the securities laws by, among other things, breaching his fiduciary duty, negligence, and breach of contract from 1996 through November 2011.  The claim alleged $100,000 in damages and resulted in a settlement of $75,000.

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shutterstock_34872913-300x209According to BrokerCheck records financial advisor Ronald Rothchild (Rothchild), currently employed by National Securities Corporation (National Securities) has been subject to at least four customer complaint, two financial disclosures, and an employment termination for cause.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Rothchild’s customer complaints allege that Rothchild made was negligent, breached his fiduciary duty, made unsuitable investments, and made misrepresentations.

In July 2018 a customer filed a complaint alleging that Rothchild violated the securities laws including negligence, breach of fiduciary duty, and unsuitable investments causing $100,000 in damages.  The claim is currently pending.

In March 2018 a customer filed a complaint alleging that Rothchild violated the securities laws including that investments were misrepresented to her and were unsuitable based on her investment objectives and risk tolerance which were also incorrectly stated on new account paperwork.  The claim is currently settled.

In December 2016 a customer filed a complaint alleging that Rothchild violated the securities laws including negligence, breach of fiduciary duty, and misrepresentations causing $170,000 in damages.  The claim is settled for $48,000.

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shutterstock_177577832-300x300According to BrokerCheck records financial advisor Gregory Williams (Williams), currently employed by Presidential Brokerage, Inc. (Presidential Brokerage) has been subject to four customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Williams’ customer complaints allege that Williams made unsuitable recommendations in a variety of investments.

In June 2018 a customer complained that Williams violated the securities laws by engaging in unsuitable investments and making misrepresentations.  The customer alleges $151,337 in damages.  The claim is currently pending.

In June 2018 a customer complained that Williams violated the securities laws by engaging in unsuitable investments, making misrepresentations, making unauthorized transfers, fraud, and breach of fiduciary duty from May 2012 through March 2018.  The customer alleges $1,200,000 in damages.  The claim is currently pending.

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shutterstock_135103109-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor George McCaffrey (McCaffrey), formerly associated with NTB Financial Corporation (NTB Financial), in September 2018, was sanctioned and suspended from the securities industry by FINRA over accusations of potentially selling unapproved products.

In September 2018 FINRA alleged that McCaffrey consented to the sanctions and findings that he participated in 22 undisclosed private securities transactions in which nine investors purchased $1,775,000 in debt and equity securities. FINRA found that McCaffrey introduced the nine individuals to representatives of a greenhouse building and leasing company so they could invest in the company. Other activities McCaffrey is alleged to have performed include reviewing and editing documents relating to the investments, forwarding investment-related documents to the customers, and communicating with the customers about their investments.

The investors were found to have purchased $1,775,000 in promissory notes of the greenhouse building and leasing company and preferred stock in one of the company’s affiliates. FINRA also found that the company paid $124,250 in commissions to an entity controlled by McCaffrey’s wife.

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”.

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shutterstock_168737270-300x168According to BrokerCheck records financial advisor Barbara Ralston (Ralston), currently employed by Kovack Securities Inc. (Kovack Securities) has been subject to at least eight customer complaints and one bankruptcy discharge during her career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Ralston concern allegations of unsuitable investments.

In October 2018 a customer complained that Ralston recommended investments that violated the securities laws from 2008 through 2016 by making unsuitable investments and failed to supervise the sale of securities in their accounts.  The complaint is currently pending.

In April 2010 Ralston declared bankruptcy.

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shutterstock_76197331-300x200According to BrokerCheck records financial advisor Wesley Clinton (Clinton), currently employed by Network 1 Financial Securities Inc. (Network 1 Financial) has been subject to eight customer complaints during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Clinton concern allegations of unsuitable investments among other allegations.

In August 2018 a customer complained that Clinton recommended investments that violated the securities laws including unsuitable investments and failure to supervise.  The customer alleged $145,000 in damages.  The claim is currently pending.

In January 2017 a customer complained that Clinton recommended unsuitable investments leading to $50,000 in damages.  The claim is currently pending.

In June 2015 a customer complained that Clinton recommended unsuitable investments and engaged in fraud and churning leading to $250,000 in damages.  The claim settled for $30,000.

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shutterstock_120556300-300x300According to BrokerCheck records financial advisor Thomas Kelly (Kelly), currently employed by Aegis Capital Corp. (Aegis) has been subject to an astonishing 19 customer complaints during his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Kelly concern allegations of unsuitable investments and allegations of unauthorized trading, misrepresentations and negligence mostly in equity products.

In November 2018 a customer complained that Kelly recommended investments that violated the securities laws by recommending unsuitable investments, unauthorized trading, breach of fiduciary duty, and negligence.  The customer alleges $500,000 in damages and the claim is currently pending.

In October 2018 a customer complained that Kelly recommended investments that violated the securities laws including misrepresentations, negligence, and breach of fiduciary duty. The customer claimed $230,000 in damages and is currently pending.

In August 2018 a customer complained that Kelly recommended investments that violated the securities laws including unsuitable investments, misrepresentations, negligence, and breach of fiduciary duty. The customer claimed $750,000 in damages and is currently pending.

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shutterstock_156972491-300x198According to BrokerCheck records financial advisor Peter Bittermann (Bittermann), currently employed by Westminster Financial Securities, Inc. (Westminster Financial) has been subject to three customer complaints, one employment termination for cause, and one regulatory action.  According to records kept by The Financial Industry Regulatory Authority (FINRA), most of Bittermann’s customer complaints allege that Bittermann made unsuitable recommendations.

In July 2018 the Wisconsin Division of Securities alleged that Bittermann was delinquent on certain taxes causing his registration to be revoked.

In February 2011 RBC Capital Markets Corporation, LLC (RBC) terminated Bittermann over allegations that he sold a security without prior verbal knowledge and consent by the client.

In August 2009 a client complained that Bittermann misrepresented the risks of an investment and it was unsuitable causing $1,619,634 in damages.  The claim was settled for $750,000.

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shutterstock_88744093-297x300According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor John Buck (Buck), formerly associated with Morgan Stanley in Boston, Massachusetts has been accused by his former firm and barred by FINRA over unapproved securities.

In January 2018 Morgan Stanley terminated Buck stating that there were allegations about the timing and completeness of disclosures to the firm regarding involvement in private investments outside of the firm.

Thereafter, in October 2018 Buck was terminated by FINRA and consented to the sanction that he failed to provide FINRA with requested documents and information in connection with its investigation concerning his potential involvement in certain unapproved private securities transactions.

At this time it is unclear the nature or scope of the alleged outside business activities (OBAs) and private securities transactions.  Buck’s public disclosures only state that he is an investor in Gemini Partners – a venture fund.

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shutterstock_120556300-300x300According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Karl Foust (Foust), formerly associated with H.D. Vest Investment Services (HD Vest) in Boca Raton, Florida has been accused by at least seven clients of selling unsuitable investments in Wimbledon Health Partners leading to substantial investor losses..

In July 2018 a customer filed a complaint alleging that Foust recommended Wimbledon Health Partners LLC that was not suitable and were misrepresented to her. The customer alleged $100,000 in damages.  The claim is currently pending.

In March 2018 another customer filed a complaint alleging that Wimbledon Health Partners LLC, were not suitable and were misrepresented to him.  The customer alleged $95,000 in damages.  The claim is currently pending.

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