Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Joey Miller (Miller) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Miller was employed by Dai Securities, LLC at the time of the activity. If you have been a victim of Miller’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $329,000.00 on March 11, 2024.
Client alleges unsuitable recommendations 2018 and 2019.
Our legal team has a wealthy experience handling cases where advisors defraud clients by securing loans or selling securities through OBAs. Engaging in the sale of unapproved investment products, fake investments that conceal misappropriated funds, and other fraudulent activities is referred to as “selling away” in the industry—a severe violation of securities regulations. In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm. While some of these investments may have a degree of legitimacy, they often turn out to be Ponzi schemes or involve advisors misappropriating funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To adequately supervise their brokers, firms must implement systems that track advisors’ activities and communications with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Miller entered the securities industry in 2013. Miller has been registered as a Broker with Dai Securities, LLC since 2023.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.