JP Turner

Broker Spotlight: Cantone Research’s Raymond DeRobbio

September 19, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Raymond DeRobbio (DeRobbio) has been the subject of seven customer complaints and one regulatory action. The customer complaints against DeRobbio allege that the broker made unsuitable investments concerning certain bonds that defaulted. The regulatory complaint against DeRobbio was initiated by the state of Indiana in which DeRobbio withdrew as an agent.

DeRobbio entered the securities industry in 1983 and since that time DeRobbio has been associated with over a dozen firms. Starting in June 2006 through July 2012, DeRobbio was associated with J.P. Turner & Company, L.L.C. From July 2012, until June 2013, DeRobbio was registered with Northeastern Financial Group, Incorporated. Finally, since June 2013, DeRobbio has been registered with Cantone Research Inc. out of a branch located in Tinton Falls, New Jersey.

All brokers and financial advisers have an obligation to their customers to deal with them in a fair manner. That obligation includes making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its costs, benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.

Broker Spotlight: Churning Claims Against Advisor Jason Klabal

July 30, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Jason Klabal (Klabal) has been the subject of at least eight customer complaints six of which have been filed since 2014. The customer complaints against Klabal allege a number of securities law violations including that the broker made unsuitable investments, engaged in churning (excessive trading), misrepresentations, negligence, fraud, and breach of fiduciary duty among other claims.

Klabal entered the securities industry in 1997. From 1999 through October 2008, Klabal was associated with J.P. Turner & Company, L.L.C. (JP Turner). Thereafter from October 2008, until January 2010, Klabal was registered with Mercer Capital LTD. From there, Klabal was associated with Buckman, Buckman & Reid, Inc from January 2010, until August 2011. Finally, Klabal became associated with Legend Securities, Inc. in August 2011.

Pace’s employment separation involved allegations by Global Arena Capital claiming that Pace allowed client information to be taken from the office by another person. The information was later returned to the firm.

JP Turner Broker Homer Vining Suspended for Failing to Comply with an Arbitration Award

July 29, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Homer Vining (Vining) has been the subject of at least one customer complaint and three regulatory actions. The customer complaint against Vining alleges a number of securities law violations including that the broker made misrepresentations concerning penny stocks and a claim of investment sold away from the firm among other claims.

Vining entered the securities industry in 1991. From 2005 through August 2009, Vining was associated with Ameriprise Advisor Services, Inc. Thereafter, from August 2009, until March 2015, Vining was associated with J.P. Turner & Company, L.L.C. (JP Turner).

Vining has three regulatory actions against him. The first is a suspension by FINRA for failing to comply with an arbitration award. The second is also a suspension by FINRA for failing to comply with an arbitration award. The third regulatory action is by the state of Georgia which suspended Vining until the broker comes into good standing with FINRA.

Broker Spotlight: Alexander Capital Broker Anthony Pace

July 29, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Anthony Pace (Pace) has been the subject of at least six customer complaints and one employment seperation. The customer complaint against Pace allege a number of securities law violations including that the broker made unsuitable investments, engaged in churning (excessive trading), misrepresentations, negligence, fraud, breach of fiduciary duty, and failure to execute among other claims.

Pace entered the securities industry in 1994. From 2005 through May 2009, Pace was associated with J.P. Turner & Company, L.L.C. (JP Turner). Thereafter from May 2009, until September 2010, Pace was registered with vFinance Investments, Inc. From there, Pace was associated with Global Arena Capital Corp from September 2010, through April 2015. Finally, Pace became associated with Alexander Capital, L.P. in March 2015.

Pace’s employment separation involved allegations by Global Arena Capital claiming that Pace allowed client information to be taken from the office by another person. The information was later returned to the firm.

Gana LLP Investigation: Broker James Connors

July 28, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker James Connors (Connors) has been the subject of at least two customer complaints. The customer complaints against Connors allege a number of securities law violations including that the broker made unsuitable investments and engaged in churning (excessive trading) among other claims.

Connors entered the securities industry in 1995. From August 2006 through October 2009, Connors was associated with J.P. Turner & Company, L.L.C. (JP Turner). Thereafter from October 2009, until November 2010, Connors was registered with Brookstone Securities, Inc. Brookstone Securities was thereafter expelled from the industry by FINRA. From there, Connors was associated with Meyers Associates, L.P. Finally, Connors became associated with First Standard Financial Company LLC.

Some of these firms Connors has been associated with have been known to house troublesome brokers. For instance, Meyers Associates has an unusually high number of brokers with complaints on their records. According to FINRA, approximately twelve percent of registered representatives have some form of disclosure on their record. However, as we have previously reported, forty seven out of seventy five, or nearly sixty-three percent of the brokers employed by Meyers Associates, have a marked-up history as revealed by BrokerCheck. Even more disturbing is the fact that of those forty seven brokers have on average of 4.5 disclosure events per broker.

Broker Spotlight: Broker Clarence Patton Jr

July 27, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Clarence Patton Jr (Patton) has been the subject of at least four customer complaints. Customers have filed complaints against Patton alleging a number of securities law violations including that the broker made unsuitable investments, misrepresentations, negligence, fraud, breach of fiduciary duty, unauthorized trading, churning (excessive trading), and failure to execute among other claims.

Patton entered the securities industry in 1991. From 1999 to present Patton has been registered with J.P. Turner & Company, L.L.C. (JP Turner).

It is important for investors to know that all advisers have an obligation and responsibility to deal fairly with investors including making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.

Gana LLP Investigation: Legend Securities Broker Peter Girgis

July 27, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Peter Girgis (Girgis) has been the subject of at least three customer complaints, several unreported judgement or liens, one employment separation following allegations by his brokerage firm, and two regulatory actions taken by FINRA. Customers have filed complaints against Girgis alleging a number of securities law violations including that the broker made unsuitable investments, fraud, churning (excessive trading), breach of fiduciary duty, and unauthorized trading among other claims.

Bergen entered the securities industry in 2002. From August 2006 until November 2009, Girgis was registered with J.P. Turner & Company, L.L.C. (JP Turner). From there, Girgis was associated with Brookstone Securities, Inc. until June 2012. Thereafter, Girgis was a registered representative of Joseph Gunnar & Co. LLC from June 2012 until June 2013. Finally, Girgis is currently registered with Legend Securities, Inc.

In one of the FINRA actions, FINRA alleged that, while registered through Joseph Gunnar, Girgis caused a violation of Regulation S-P of the Securities Exchange Act of 1934 on the part of his employer firm by sending nonpublic personal information about a customer to an unauthorized individual. In the second FINRA action, the regulator alleged that between February 2011 and January 2013, Girgis failed to disclose and/or timely disclose on his Form U4 four unsatisfied judgments and/or liens including a January 2011 New York income tax warrant of approximately $4,488; a January 2011 New York income tax warrant of approximately $13,418; a November 2011 New York income tax wan-ant of approximately $2,524; and a March 2011 federal income tax warrant of approximately $30,635. Subsequent to these allegations Joseph Gunnar terminated Girgis alleging that the broker violated the conditions of the FINRA action.

Broker Spotlight: Broker Christopher Orlando

July 24, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Christopher Orlando (Orlando) has been the subject of at least two customer complaints, and one judgement or lien. Customers have filed complaints against Orlando alleging a number of securities law violations including that the broker made unsuitable investments, misrepresentations, and exorbitant commissions and fees among other claims.

Orlando entered the securities industry in 2002. From August 2006 until November 2009, Orlando was registered with J.P. Turner & Company, L.L.C. (JP Turner). From there, Orlando was associated with Brookstone Securities, Inc. until June 2012. Thereafter, Orlando was a registered representative of Joseph Gunnar & Co. LLC from June 2012, until December 2013. Finally Orlando was registered with National Securities Corporation from December 2013 until July 2015.

It is important for investors to know that all advisers have an obligation and responsibility to deal fairly with investors including making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.

Broker Spotlight: Nigel James Churning Claims

July 21, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Nigel James (James) has been the subject of at least five customer complaints and one financial matter. Customers have filed complaints against James alleging a number of securities law violations including that the broker made unsuitable investments, misrepresentations and false statements, churning (excessive trading), breach of fiduciary duty, breach of contract, unauthorized trading, among other claims. Most of these claims involve recommendations in equities.

James entered the securities industry in 2002. From October 2005 until October 2008, James was registered with J.P. Turner & Company, L.L.C. From there, James as associated with First Midwest Securities, Inc. until February 2013.

All advisers have a fundamental responsibility to deal fairly with investors including making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.

H. Beck, LaSalle, and J.P. Turner Sanctioned for Inadequate Supervision of Consolidated Reports

May 12, 2015 | by Staff Attorney

The Financial Industry Regulatory Authority (FINRA) sanctioned three firms, H. Beck, Inc. (H. Beck), LaSalle St. Securities, LLC (LaSalle), and J.P. Turner & Company, LLC (JP Turner) – with fines of $425,000, $175,000 and $100,000, respectively concerning inadequate supervision of consolidated reports provided to customers.

As a background, a consolidated report is a single document that combines information regarding a customer’s financial holdings. Consolidated reports are used to supplement, but do not replace, official account statements disseminated by brokerage firms and market makers. FINRA released a regulatory notice reminding firms that consolidated reports must be clear, accurate and not misleading. Because these reports are not official reports FINRA is concerned that if consolidated report making is not rigorously supervised there is the potential for communications to be inaccurate, confusing, or misleading to customers. Consolidated reports can also be used for fraudulent or unethical purposes.

In the agency’s findings, FINRA determined that numerous registered representatives of the three firms prepared and disseminated consolidated reports to customers either without adequate review or any prior review by a principal. In particular, H. Beck and J.P. Turner did not have any written procedures specifically addressing the use and supervision of consolidated reports. In addition, while LaSalle had written procedures related to consolidated reports, it failed to enforce the procedures.