Articles Tagged with maxim group

shutterstock_70999552-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) Maxim Group LLC (Maxim Group) broker Michael Solomon (Solomon) has been subject to seven disclosed customer complaints.  Many of the customer complaints against Solomon allege churning or excessive trading.

In April 2018 a customer filed a complaint alleging that between January 2015 and December 2015 Solomon engaged in excessive and unsutable transactions causing $246,928 in damages.  The claim is currently pending.

In September 2009 another customer filed a complaint alleging churning among other causes of action.  An arbitration panel awarded the customer over $1 million in damages including attorneys fees and costs.

shutterstock_183525503The securities lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against National Securities Corporation (National Securities) broker Daniel Alcide (Alcide).  According to BrokerCheck records Alcide has been subject to at least three customer complaints and two financial disclosures including a bankruptcy.  The customer complaints against Alcide alleges securities law violations that including unsuitable investments, unauthorized trading, and fraud among other claims.

In December 2015 a customer filed a complaint alleging $150,000 in damage stemming from a fraudulent private placement.  The complaint was denied.  In addition, in 2011 Alcide filed for bankruptcy.  Such disclosures 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.

According to a recent 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.”

shutterstock_115971289The attorneys at Gana Weinstein LLP have been following the collapse of a series of mutual funds managed by Cushing Asset Management. The funds involved include:

Cushing Closed-End Funds

Cushing Renaissance Fund

Rockwell Global Capital LLC (Rockwell) brokers Robert E. Lee Jr. (Robert Lee), Douglas Guarino (Guarino), and Lawrence Lee (Lee) have been the subject of at least 29 combined customer complaints.  All three brokers have been accused by clients of churning their accounts and making unsuitable investment recommendations.

Robert Lee first became registered in 1988.  From March 2005, through November 2009, Robert Lee was registered through former FINRA member firm GunnAllen.  Since November 2009, Robert Lee has been registered through Rockwell.

In August 2013, Robert Lee accepted a settlement with FINRA barring the broker from associating with any broker dealer.  FINRA found that between September 25, 2008, and October 31, 2008, while Robert Lee was registered with GunnAllen, Robert Lee failed to follow a customer’s instructions regarding the purchase of three securities.  FINRA also found that between September 2008, and at least December 2009, while Robert Lee was registered with two member firms, Robert Lee made material misrepresentations and omissions to a customer regarding the status of their investments.  Specifically, FINRA found that Robert Lee misrepresented to the client that certain investments had earned $49,591 in dividends when in fact the investments did not exist and no dividends had been earned.