Articles Tagged with investment fraud attorney

shutterstock_184429547-300x200The investment attorneys of Gana LLP are investigating customer complaints filed with Financial Industry Regulatory Authority (FINRA) against Christopher Paul Anthony (Anthony) for allegedly churning, failing to supervise, and recommending unsuitable investments in products, such as Foreign stocks and Indexed Exchanged-Traded Funds or ETFs. According to BrokerCheck records, Anthony has been subject to two customer complaints and one employment separations for cause among other claims.

The most recent complaint was filed in January 2017 and alleged negligence, breach of fiduciary duty, and breach of contract causing over $2 million in losses. In August 2016, another customer filed a complaint alleging that from Spring 2014 to Spring 2015, Anthony made unsuitable investments and was churning (excessively trading) in the account leading to $100,000 in damages. These two complaints are currently pending in FINRA arbitration.

In April 2015, Christopher Anthony was terminated from his position at Rhodes Securities Inc. for failing to supervise, trading with discretion, and trading outside the investment objectives of his clients’ accounts. He is currently not registered with any securities firm.

shutterstock_187083428-300x198The securities lawyers of Gana LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against broker Robert Estevez (Estevez). According to BrokerCheck records there are at least 9 disclosures on Estevez’s record including customer complaints, multiple regulatory actions, and one judgments or liens among other claims.  Some of the regulatory actions expressed concerns over Estevez’s ability to manage his own personal finances.  Substantial financial disputes on a broker’s record can reveal a financial incentive for the broker to recommend high commission products or services.  A broker’s inability to handle their personal finances has also been found to be relevant in helping investors determine if they should allow the broker to handle their finances.  The most recent regulatory action against Estevez was filed by the State of Michigan which is currently pending and remains unresolved at this time.

In September 2016,FINRA alleged that Mr. Estevez recommended unsuitable short-term steepener transactions to his customers, which are highly complex investment products that profits from the difference between short and long term rates. FINRA claims that the market for steepeners are known to have an illiquid nature, making them unsuitable for most customers. This investment strategy resulted in approximately $24,000 in customer loss. Estevez was issued a penalty of $20,000 and suffered a two-month suspension.

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shutterstock_27597505-300x200The securities lawyers of Gana LLP are investigating a customer complaint filed with The Financial Industry Regulatory Authority (FINRA) against broker Jed Tinder (Tinder). According to BrokerCheck records Tinder has been subject to at least four customer complaints, two judgment or liens, and two employment separations for cause. The customer complaints against Tinder alleges securities law violations that includes negligence, unauthorized trading and unsuitable recommendations among other claims.

The most recent complaint was filed in August 2016, and alleged $181,668 in damages due to claims that the broker engaged in reckless trading while employed at Western International Securities, Inc. The complaint is currently pending.

In July 2016, a customer filed a complaint against Jed Tinder alleging that while employed at Western International Securities, made an unsuitable recommendation. The customer is seeking $187,000 in damages in the pending complaint. In September 2015 another customer filed a complaint that Mr. Tinder made unsuitable recommendations dating back to 2007 causing $1,200,000 in damages. The complaint is currently pending.

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shutterstock_172034843-300x200The securities lawyers of Gana LLP are investigating a customer complaint filed with The Financial Industry Regulatory Authority (FINRA) against broker Daniel Kiefer (Kiefer). According to BrokerCheck records Kiefer has been subject to at least three customer complaints and one employment separations for cause. The customer complaints allege a number of securities law violations including that the broker made unsuitable investments, unauthorized trading, and breach of fiduciary duty among other claims.

The most recent complaint was filed in August 2013, and alleged $1,090,718 in damages due to claims that the Kiefer, while employed at J.P Turner & Company, made unsuitable investment recommendations to the client and breached his fiduciary duty. The complaint settled in 2014 for $700,000. In October 2004, another customer filed a complaint alleging that the broker while employed at Grayson Financial, made unauthorized trades in clients account causing $25,000.00 in damages. The complaint settled in 2007 for $4,500.

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Our securities fraud attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Christopher Bond (Bond) currently associated with National Securities Corporation alleging Bond engaged in a number of securities law violations including that the broker made unsuitable investments and unauthorized trading among other claims.  According to BrokerCheck, Bond currently has two customer complaints, three criminal matters, and one judgement / lien.

In October 2016, Bond was charged with criminal mischief in the third degree.  Prior to that, in September 2016 a customer complained that Bond provided unsuitable investment advice resulting in $546,735 in damages.  The claim is currently pending.

In March 2016, a tax lien was filed against Bond for $80,000.  A broker’s inability to handle their personal finances has also been found to be relevant in helping investors determine if they should allow the broker to handle their finances.

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shutterstock_170709014Our investment attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against financial advisor Guy Deemer (Deemer) currently registered with IFS Securities, alleging excessive trading or churning and unauthorized trading among other claims.  According to brokercheck records Deemer has been subject to six customer complaints, two regulatory actions, and one employment termination for cause.

In September 2015 Oppenheimer & Co. Inc. (Oppenheimer) terminated Deemer after alleging that he failed to follow management’s directions when he failed to move accounts from transaction based to fee based.

In July 2014 a customer filed a complaint alleging excessive trading activity from July 2009 through December 2013.  The customer alleged $300,000 in damages.  The claim was settled for $115,000.

The type of claims being made against Deemer are often associated with claims of excessive trading or churning.  When brokers engage in excessive trading the broker will typically trade in and out of securities, sometimes even the same stock, many times over a short period of time.  Often times the account will completely “turnover” every month with different securities.  Many brokers who engage in churning will not take the time to explain to the investor the exact reasons for the transactions and will provide vague and general responses to requests for information such as this is the strategy we are pursuing.

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shutterstock_185864867Our investment attorneys are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against financial advisor John Crook (Crook) currently registered with Prospera Financial Services, Inc. (Prospera), alleging unsuitable investments, fraud, breach of fiduciary duty, negligence, churning, and unauthorized trading among other claims.  According to brokercheck records Crook has been subject to two customer complaints and one employment separation for cause.

In July 2015 Crook was discharged by Raymond James & Associates, Inc. (Raymond James) after the firm stated that it lost confidence in Crook after an internal review into a client compliant lead the firm to believe that Crook did not provide plausible explanations to the investigation.

In August 2016 a customer filed $4.8 million complaint involving Crook’s conduct and alleging violations of the securities law.  The claim is still pending.

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shutterstock_97819226The securities lawyers of Gana LLP are investigating a customer complaint filed with The Financial Industry Regulatory Authority (FINRA) against broker Robert Rotunno (Rotunno).  According to BrokerCheck records Rotunno has been subject to at least six customer complaints.  The customer complaints against Rotunno allege securities law violations that including unsuitable investments, churning, and excessive trading among other claims.

The most recent complaint was filed in July 2016 alleging $80,000 in damage stemming from churning and unsuitable investments.  The complaint settled for $20,000.

Rotunno is currently associated with National Securities Corporation (National Securities), a firm recently featured in a study ranking brokerage firms by incidents of misconduct.  According to a study conducted by the Securities Litigation and Consulting Group entitled “How Widespread and Predictable is Stock Broker Misconduct?” the incidents of investor harm at National Securities is extraordinarily high.  The study ranked National Securities as the third worst brokerage firm finding that brokers at the firm had over a 31% misconduct rate.  The study stated that investors should stay away from National Securities “Given their coworkers’ disclosure record as of 2014, 83.7% of the brokers at these six firms would be in the highest risk quintile as defined in the FINRA study and should be avoided by investors. The BrokerCheck reports for most of the brokers at these six firms should prominently display a skull and crossbones warning.”

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shutterstock_191231699The investment fraud lawyers of Gana LLP are investigating the employment termination filed with The Financial Industry Regulatory Authority (FINRA) by Morgan Stanley involving broker Jamie Aguilar (Aguilar) out of the firm’s San Diego, California office.  According to BrokerCheck records Aguilar has been subject to three customer complaints.

According to Morgan Stanley, the firm terminated Aguilar in May 2016 after alleging his conduct included an outside financial transaction between the financial advisor and a client of the firm that was not disclosed to the firm.  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”.

At this time it is unclear the nature and scope of Aguilar’s private securities transactions.  However, according to brokercheck records, Aguilar has disclosed OBAs listed as including Events Magnificent, Inc.  Often times, brokers sell promissory notes and other investments through side businesses as accountants, lawyers, real estate brokers, or insurance agents to clients of those side practices.

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shutterstock_71403175The securities lawyers of Gana LLP are investigating a customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against Charles Obryant (Obryant) alleging unsuitable investments, negligence, breach of fiduciary duty, and unauthorized trading.  According to brokercheck records Obryant has been subject to four customer complaints and one employment separation for cause.

A customer complaint filed in October 2015 alleged negligence and suitability violations causing damages in the amount of $630,000.  The claim was settled for $632,298.

In January 2016, Stifel Nicolaus discharged Obryant alleging a loss of confidence after settlement of complaint.  The broker commented on the discharge stating that the equity concerning the dispute was a Stifel buy recommended security that went bankrupt and the broker made no personal contribution to the settlement.

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