Articles Tagged with unsuitable investment attorney

shutterstock_29356093-300x214The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Jeffrey McHale (McHale), currently employed by Ameriprise Financial Services, LLC (Ameriprise) has been subject to at least three customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), McHale’s customer complaints alleges that McHale recommended unsuitable investments in various investments including allegations of concentrations in biotech stocks and low cap stocks among other allegations of misconduct relating to the handling of their accounts.

In December 2019 a customer complained that McHale violated the securities laws by alleging that McHale made investments recommendations in unsuitable investments including pharmaceutical and biotech stocks while at Ameriprise from 2015 through 2019. The investors also allege that their accounts were overconcentrated and certain transactions were marked unsolicited despite being recommended by respondent advisor. The claim alleges $655,000 in damages and is currently pending.

In December 2018 a customer complained that McHale violated the securities laws by alleging that McHale made investments recommendations in unsuitable investments.  The investors allege that respondent recommended a high concentration of equity securities, did not recommend bonds and instead recommended low priced low market cap securities.  The claim alleges $180,000 in damages and is currently pending.

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shutterstock_71240-300x183The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Morgan Arford (Arford), currently employed by Independent Financial Group, LLC (Independent Financial) has been subject to at least four customer complaints during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Arford’s customer complaints alleges that Arford recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In September 2016 a customer complained that Arford violated the securities laws by alleging that Arford in mid-2012 participated in the sale of unapproved and unsuitable investments in oil and gas and a penny stock.  The claim alleged $140,760 in damages and settled for $95,000.

In August 2016 a customer complained that Arford violated the securities laws by alleging that Arford in 2012 and 2013 participated in the sale of unapproved and unsuitable investments in oil and gas and a penny stock.  The claim alleged $335,300 in damages and settled for $192,500.

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shutterstock_92699377-300x285The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor William Baum (Baum), currently employed by Great American Investors, Inc. (Great American) was has been subject to at least eight customer complaints and one regulatory action during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Baum’s customer complaint alleges that Baum recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In July 2017 FINRA brought a regulatory action against Baum that he settled consenting to findings that he sent 58 text messages relating to his securities business – including messages about investment strategies and specific securities – to sixteen customers over the course of a year. FINRA found that Baum prevented his member firm from supervising those communications, violated the firm’s policy about business correspondence, and contradicted his attestation that he would use his firm’s email system for all business correspondence and retain all correspondence with customers for the firm’s review.

In September 2019 a customer complained that Baum violated the securities laws by alleging that Baum engaged in sales practice violations over the period of 2014 through 2017 by failing to recommend appropriate investments, disclose all conflicts of interest and fully inform claimants about the associated risks. The claim alleges $87,000 in damages and the case settled for $20,000.

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shutterstock_94719376-300x214The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Clint Keener (Keener), formerly employed by Capital City Securities, LLC (Capital City) has been subject to at least five customer complaints, three regulatory actions, and one employment termination for cause during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Keener’s customer complaint alleges that Keener recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2019 FINRA brought a regulatory action against Keener that he settled consenting to findings that he refused to appear for FINRA on-the-record testimony requested in connection with an investigation into potential unsuitable recommendations.

In July 2010 FINRA brought a regulatory action against Keener that he settled consenting to findings that he made unsuitable trades resulting in an overconcentration in a client account of non-investment grade bonds.  FINRA also determined that certain transactions were mismarked as unsolicited when in fact thery were solicited.

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shutterstock_189135755-300x300The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Joel Davidman (Davidman), currently employed by Stifel, Nicolaus & Company, Incorporated (Stifel Nicolaus) has been subject to at least three customer complaints, one employment termination for cause, and two regulatory actions during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Davidman’s customer complaint alleges that Davidman recommended unsuitable investments in a variety of investment products including bonds among other allegations of misconduct relating to the handling of their accounts.

In May 2015 Davidman’s employer Morgan Stanley discharged Davidman alleging that the representative engaged in discretionary trades in a client’s account without authorization.

Thereafter, FINRA investigated the allegations and in July 2017 suspended Davidman after alleging that he consented to sanctions and findings that he exercised discretionary trading authority in the accounts of customers without obtaining prior written authorization from each of the customers or approval from his member firm to treat the customers’ accounts as discretionary. FINRA found that Davidman effected some of the trades using time and price discretion and the remaining occurred without Davidman discussing and receiving approval for the trades from the customers on the dates of the transactions.

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shutterstock_177792281-300x198The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Charles Kerker (Kerker), formerly employed by Next Financial Group, Inc. (Next Financial) was has been subject to at least one customer complaint and one employment termination for cause during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Westenbarger’s customer complaint alleges that Kerker recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In June 2019 Kerker’s employer, Next Financial, discharged Kerker alleging failure to adequately respond to a compliance inquiry regarding equity transactions in 12 customer accounts. Specifically, the date and time that clients were contacted regarding each transaction, the rationale for the transactions, the suitability analysis conducted for each customer and copies of investment research.

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shutterstock_183544004-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Anthony Joslin (Joslin), currently employed by Garden State Securities, Inc. (Garden State Securities) has been subject to at least eight customer complaints, one employment termination for cause, and two regulatory actions during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Joslin’s customer complaints alleges that Joslin recommended unsuitable investments, negligence, and breach of fiduciary duty among other allegations of misconduct relating to the handling of their accounts.

In June 2014 the State of Massachusetts brought a regulatory action against Joslin alleging that he has been subject to eight customer complaints and contributed $103,000 towards the settlement of complaints.  Further, Joslin resigned while under investigation from the Grayson Financial, LLC brokerage firm under allegations that he misappropriated proprietary information from the firm.  Further, the state found that Joslin had been subject of an NASD action due to his failure to supervise and prevent violations of the securities laws by those under his supervision.  The state of Massachusetts placed Joslin under heightened supervision for 3 years.

In June 2019 a customer complained that Joslin violated the securities laws by alleging violations of the securities laws including breach of fiduciary duty, fraud, and negligence. The claim alleges $300,763 in damages and is currently pending.

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shutterstock_188874428-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Christopher Watkins (Watkins), currently employed by Silver Oak Securities, Incorporated (Silver Oak Securities) has been subject to at least one employment termination for cause and one customer complaint during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Watkins’ customer complaint alleges that Watkin recommended unsuitable investments among other allegations of misconduct relating to the handling of their accounts.

In November 2018 Watkins’ then employer, LPL Financial LLC (LPL Financial), discharged Watkins claiming that he facilitated the distribution of advisory fee monies to an unregistered person.

In August 2019 a customer complained that Watkins violated the securities laws by alleging violations of the securities laws including unsuitable investments involving REITs and energy investments. The claim alleges $115,000 in damages and is currently pending.

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shutterstock_64025263-199x300The law offices of Gana Weinstein LLP are investigating claims against advisor Mel Hertz (Hertz), currently registered with The Strategic Financial Alliance, Inc. (Strategic Financial) out of Kailua, Hawaii.  According to a BrokerCheck report, Hertz has been subject to at least three customer complaints and one investigation.  According to records kept by The Financial Industry Regulatory Authority (FINRA), the complaints against Hertz concern allegations of unsuitable investment recommendations.

In May 2018 Hertz was investigated by the State of Hawaii over allegations of his unsuitable investment recommendations.  This investigation is currently pending.

In April 2018 a customer filed a complaint alleging that from April 2013 through April 2018 Hertz engaged in unsuitable investments and misrepresentations causing $133,000 in damages.  The customer also alleged that Hertz failed to properly monitor third-party managed account.  This dispute is still pending.

In April 2013 a customer alleged that Hertz made unsuitable alternative investments of direct participation products (DPPs) and real estate securities causing in damages.  The claim settled for $150,000.

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shutterstock_187532303-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Richard Cagle (Cagle), formerly employed by Hilltop Securities Independent Network Inc. (Hilltop Securities) has been subject to at least two customer complaints and one regulatory complaint resulting in a bar from the financial industry.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Cagle’s customer complaints allege that Cagle recommended unsuitable securities recommendations among other allegations of misconduct in the handling of customer accounts.

In July 2019 Cagle consented to the sanction and to the entry of findings that he refused to appear and provide an on-the-record testimony requested by FINRA.  FINRA stated that it commenced an investigation into whether Cagle violated FINRA rules by making unsuitable investment recommendations and mismarking customer order tickets while associated with his former member firm.  Cagle’s failure to respond to the investigation drew an automatic bar from the industry.

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