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$70 MILLION Recovery for Investment Fraud
$44 MILLION Recovery for Ponzi Scheme Victims
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David Nathan Cohen (CRD# 5083883) is a former registered broker and investment advisor who was last employed with Cetera Investment Services LLC (CRD# 15340) of Yonkers, NY, and previously employed with Foresters Financial Services, Inc. (CRD# 305) in New York, NY. He has been in the industry since 2006. Cetera Investment Services discharged Cohen on 12/9/2025 after he continued to conduct business while he was suspended. The suspension was from allegations that he was directly collecting funds and using them to fund outside business activities. Cohen also refused to cooperate with the firm’s internal review process.David Nathan Cohen (CRD# 5083883) is a former registered broker and investment advisor who was last employed with Cetera Investment Services LLC (CRD# 15340) of Yonkers, NY, and previously employed with Foresters Financial Services, Inc. (CRD# 305) in New York, NY. He has been in the industry since 2006. Continue reading ›

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Roger Allan Roemmich (CRD# 1293322) is a former registered broker and investment advisor, last employed by Alexander Capital, L.P. (CRD# 40077) of Red Bank, NJ. His previous employers include Dempsey Lord Smith, LLC (CRD# 141238) of Alpharetta, GA, Coastal Equities, Inc. (CRD# 23769) and Triad Advisors, Inc. (CRD# 25803), both of Roswell, GA.  He has been in the industry since 1984. Roemmich voluntarily resigned from Alexander Capital on 5/12/2025 following a written customer complaint alleging unsuitable recommendations. The customer also followed with a civil lawsuit alleging fraud, securities fraud, and breach of fiduciary duties.Roger Allan Roemmich (CRD# 1293322) is a former registered broker and investment advisor, last employed by Alexander Capital, L.P. (CRD# 40077) of Red Bank, NJ. His previous employers include Dempsey Lord Smith, LLC (CRD# 141238) of Alpharetta, GA, Coastal Equities, Inc. (CRD# 23769) and Triad Advisors, Inc. (CRD# 25803), both of Roswell, GA.  He has been in the industry since 1984. Continue reading ›

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Axos Clearing LLC (CRD# 117176/SEC# 8-53595) has been ordered to pay more than $40.7 million to over 100 claimants after ignoring the signs that the now-defunct Worden Capital Management LLC was misappropriating client funds prior to its expulsion from FINRA in 2021. In a FINRA arbitration hearing, Axos Clearing was found to have ignored Worden Capital’s use of investor monies as a “slush fund” while the company actively engaged in extensive churning, unauthorized trading, and unsuitable investment on behalf of its customers. As the clearinghouse that facilitated Worden’s finances, Axos ignored the red flags and “turned a blind eye” while Worden paid the firm millions in clearing and commission fees.Axos Clearing LLC (CRD# 117176/SEC# 8-53595) has been ordered to pay more than $40.7 million to over 100 claimants after ignoring the signs that the now-defunct Worden Capital Management LLC was misappropriating client funds prior to its expulsion from FINRA in 2021. Continue reading ›

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The principals and others of the broker-dealer Reid and Rudiger have been sanctioned by FINRA in a disciplinary action. They are: Edward Joseph Rudiger Jr. (CRD# 2118724) Kelli A Mezzatesta (CRD# 4701170) Clifford Ronald Reid (CRD# 1905920) Marc Harrison (CRD# 1605568) All four were employed with Reid and Rudiger until 4/30/2026.  Of the four, Harrison has been in the industry the longest, starting in 1986. Reid began in 1989, with Rudiger entering the industry in 1992 and Mezzatesta beginning in 2009.The principals and others of the broker-dealer Reid and Rudiger have been sanctioned by FINRA in a disciplinary action. They are:

  • Edward Joseph Rudiger Jr. (CRD# 2118724)
  • Kelli A Mezzatesta (CRD# 4701170)
  • Clifford Ronald Reid (CRD# 1905920)
  • Marc Harrison (CRD# 1605568)

All four were employed with Reid and Rudiger until 4/30/2026.  Of the four, Harrison has been in the industry the longest, starting in 1986. Reid began in 1989, with Rudiger entering the industry in 1992 and Mezzatesta beginning in 2009. Continue reading ›

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Paul Richard Meyer (CRD#  3062534) is a previously registered broker and investment advisor last employed with RBC Capital Markets, LLC (CRD# 31194) of Minnetonka, MN. His previous employers include MORGAN STANLEY (CRD# 149777 and CRD# 8209) of Minneapolis, MN.  He has been in the industry since 1998. Meyer is the subject of a customer dispute filed on 4/10/2026. The customer alleges “his account was placed into a call and put strategy without his knowledge or authorization,” and requests $5,000 in damages. This claim is currently “pending.”Paul Richard Meyer (CRD#  3062534) is a previously registered broker and investment advisor last employed with RBC Capital Markets, LLC (CRD# 31194) of Minnetonka, MN. His previous employers include MORGAN STANLEY (CRD# 149777 and CRD# 8209) of Minneapolis, MN.  He has been in the industry since 1998. Continue reading ›

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White River Energy Corp’s (WTRV) and SEC registered investment adviser Nepsis, Inc. are the subject of an ongoing DOJ criminal tax investigation into the sale of so-called “sovereign tribal tax credits” that were fraudulently sold to investors. According to news reports, the claim was that they were falsely marketed as being allocated to tribes under the Indian Self-Determination and Education Assistance Act. In fact, they were not legitimate, and caused problems later for investors. White River and Nepsis invoked the names of multiple Native American tribes, and claiming exclusive access to these credits. To the brokers and investors, the companies were giving the incorrect impression that they were not only sanctioned by the tribes but operated within the tribes’ inclusive legal framework. These tax credits didn’t exist, and the named tribes disavowed any relationship with both companies. The Cherokee Nation’s attorney general issued cease-and-desist letters demanding White River stop using the tribe’s name.White River Energy Corp’s (WTRV) and SEC registered investment adviser Nepsis, Inc. are the subject of an ongoing DOJ criminal tax investigation into the sale of so-called “sovereign tribal tax credits” that were fraudulently sold to investors. According to news reports, the claim was that they were falsely marketed as being allocated to tribes under the Indian Self-Determination and Education Assistance Act. In fact, they were not legitimate, and caused problems later for investors. Continue reading ›

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Silver Law Group recently won a $2,700,000 FINRA arbitration award on behalf of an elderly woman who lost virtually everything she had invested with Edwin Lickiss, who operated a Ponzi scheme out of an Arkadios Capital branch office in Alamo, California for decades. The four-day hearing ended with a panel of arbitrators ruling in our client's favor against broker-dealer Arkadios Capital. Lickiss was criminally indicted in July 2025 and pled guilty to wire fraud and money laundering on May 20, 2026. His son, an Arkadios-registered advisor, worked out of the same branch office from which Edwin Lickiss ran his scheme. Our client, like many of Lickiss's victims, lost nearly everything she had entrusted to him.Silver Law Group recently won a $2,700,000 FINRA arbitration award on behalf of an elderly woman who lost virtually everything she had invested with Edwin Lickiss, who operated a Ponzi scheme out of an Arkadios Capital branch office in Alamo, California for decades. The four-day hearing ended with a panel of arbitrators ruling in our client’s favor against broker-dealer Arkadios Capital. Continue reading ›

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Eric Fiallo (CRD# 5123703) is a former registered broker last employed with PFS Investments Inc. (CRD# 10111) of Hialeah, FL, from 2008 through 2025. Fiallo resigned from PFS Investments on 6/2/2026 while under an internal review following allegations of borrowing money from a firm client. FINRA reviewed Fiallo’s Form U5 filed by PFS Investments and began investigating. On October 14, 2025, FINRA sent Fiallo a request for documents and information related to the investigation. In an email dated November 14, 2025, Fiallo responded to FINRA’s request, stating that although he received the request, he would not provide documentation and information as requested.Eric Fiallo (CRD# 5123703) is a former registered broker last employed with PFS Investments Inc. (CRD# 10111) of Hialeah, FL, from 2008 through 2025.

Fiallo resigned from PFS Investments on 6/2/2026 while under an internal review following allegations of borrowing money from a firm client. FINRA reviewed Fiallo’s Form U5 filed by PFS Investments and began investigating. On October 14, 2025, FINRA sent Fiallo a request for documents and information related to the investigation. In an email dated November 14, 2025, Fiallo responded to FINRA’s request, stating that although he received the request, he would not provide documentation and information as requested. Continue reading ›

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Shareholders in publicly traded Blue Owl Capital Corporation (OBDC) recently filed a derivative lawsuit that accuses investment adviser Blue Owl Credit Advisors LLC of breaching its fiduciary duties under the Investment Company Act of 1940 by inflating asset valuations to extract excessive fees. The complaint was filed in April in the U.S. District Court in ​Manhattan. Blue Owl Credit Advisors LLC, the defendant in the case, serves as the external manager of the fund and is an indirect affiliate of Blue Owl Capital Inc. In the lawsuit, the plaintiff, Richard Delman, alleges that the adviser steadily inflated the value of these illiquid "Level 3" assets to drive up their fees. As evidence of this overstatement, Delman showed the consistent gap between the reported net asset value and publicly traded share price.Shareholders in publicly traded Blue Owl Capital Corporation (OBDC) recently filed a derivative lawsuit that accuses investment adviser Blue Owl Credit Advisors LLC of breaching its fiduciary duties under the Investment Company Act of 1940 by inflating asset valuations to extract excessive fees. The complaint was filed in April in the U.S. District Court in ​Manhattan. Blue Owl Credit Advisors LLC, the defendant in the case, serves as the external manager of the fund and is an indirect affiliate of Blue Owl Capital Inc. Continue reading ›

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According to FINRA Disciplinary actions for May 2026, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
Joshua Aaron Dean Merrill Lynch, Pierce, Fenner

USAA Investment Services Company

USAA Financial Advisors, Inc.

TIAA-CREF Individual & Institutional Services LLC
TD Ameritrade, Inc.

Charles Schwab & Co., Inc.

 
Joseph Gordon Nelson G.A. Repple & Company

Great Point Capital LLC

JRL Capital Corporation

Westpark Capital, Inc.

Newport Coast Securities, Inc.

Investors Capital Corp.

Continue reading ›

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