Northeast Securities

FINRA Bars Broker Andrew Kramer Over Securities Practices

June 11, 2017 | by Staff Attorney

Broker Andrew Kramer (Kramer) was recently sanctioned by The Financial Industry Regulatory Authority (FINRA) in an enforcement action. According to the FINRA AWC (Letter of Acceptance, Waiver, and Consent) FINRA found that Kramer consented to sanctions that he failed to respond to FINRA’s requests for documents and information related to an examination concerning a customer complaint.

The securities lawyers of Gana Weinstein LLP are investigating the six customer complaints brought against Kramer. The customer complaints allege a number of securities law violations including that the broker made unsuitable investments among other claims. Accorded to one complaint, it was alleged that Kramer implemented a bear market strategy. When brokers recommend these strategies they are rarely profitable and almost always unsuitable for the client. Historically the market is only negative a small fraction of the time. Accordingly, a sustain bear market strategy always bets against the odds rarely makes sense.

The most recent claim was filed in December 2016 alleging Kramer engaged in unsuitable trades causing $1,000,000 in damages. The complaint is currently pending.

Broker Silvano Rolando Trino Subject to Pending Customer Complaint

April 21, 2017 | by Staff Attorney

The investment lawyers of Gana Weinstein LLP are investigating a pending customer complaint filed with the Financial Industry Regulatory Authority (FINRA) against Silvano Rolando Trino (Trino). According to FINRA’s BrokerCheck record for Trino, there are at least 4 disclosures on Trino’s records, all pertaining to customer complaints. The customer complaints against Trino allege unauthorized use of margin, unsuitable trading, and churning.

All brokers who are registered with FINRA are required to disclosure customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.

The most recent customer complaint against Trino was filed with FINRA in September 2014 alleging unauthorized use of margin, unsuitable trades, and churning. This claim occurred during Trino’s current employment at Northeast Securities, Inc.

Broker Investigation: Patrick McGrath Former Oppenheimer & Co. Advisor

May 31, 2015 | by Staff Attorney

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Patrick McGrath (McGrath) has been the subject of at least four customer complaints, two regulatory actions, and one termination over the course of his career. Customers have filed complaints against McGrath alleging a litany of securities law violations including that the broker received loans and failed to pay the client timely, made unsuitable investments, and unauthorized trades, among other claims.

McGrath entered the securities industry in 1984 with brokerage firm Merrill Lynch, Pierce, Fenner & Smith Incorporated. Thereafter, from July 2003, until April 2009, 2007 through June 2009, McGrath was associated with brokerage firm Wachoiva Securities, LLC. Then, from April 2009 until January 2014, McGrath was a representative with Oppenheimer & Co. Inc. (Oppenheimer). Finally since February 2014, McGrath has been registered with Northeast Securities, Inc.

McGrath was permitted to resign from Oppenheimer in January 2014 due to his failure to finalize arrangements to repay money he borrowed from an Oppenheimer customer. There are also two regulatory actions against McGrath. One is a 30 day suspension and a $10,000 fine by the Florida Office of Financial Regulation based on allegations that McGrath engaged in prohibited business practices. FINRA also suspended McGrath for four months and fined him $10,000 concerning allegations that he borrowed money from a client contrary to Oppenheimer’s compliance policies that bar loan arrangements.