Articles Posted in Stockbroker Misconduct

Silver Law Group is investigating former Overland, Kansas-based Ameriprise Financial Services, Inc. (CRD# 6363) broker John S. Elliot (CRD# 5981598) over allegations that he sold customers an outside investment. According to Elliot’s FINRA BrokerCheck, Ameriprise discharged Elliot in August 2016 for violating Ameriprise compliance policies relating to selling away. Following…

Silver Law Group is investigating former New York-based broker Christopher J. Calandrino (CRD# 5238231) after he resigned from Joseph Stone Capital L.L.C. (CRD# 159744) for allegedly selling outside investments. According to Calandrino’s FINRA BrokerCheck report, Joseph Stone allowed Calandrino to voluntarily resign in October 2016 while the firm investigated him…

Silver Law Group is investigating Houston, Texas-based IMS Securities Inc. (CRD# 35567) broker Michael J. Spears (CRD# 4501523) after two (2) customers filed complaints against Spears regarding non-traded REITs. According to Spears’ FINRA BrokerCheck report, two customers filed complaints against Spears in 2016.  The first, in August 2016, alleges negligence,…

Silver Law Group is investigating former Houston, Texas-based Park Avenue Securities (CRD# 46173) broker Lizabeth Gotuaco Ty (CRD# 4737319) (also known as “Beth Ty”) after FINRA permanently barred her. According to Ty’s FINRA BrokerCheck report, FINRA permanently barred Ty in May 2016 after she failed to provide documents and information…

Silver Law Group is investigating former Las Vegas, Nevada-based Wells Fargo Advisors Financial Network, LLC (CRD# 11025) broker Donald S. Toomer (CRD# 2842723) after he was discharged by Wells Fargo and named in an SEC and criminal complaint over allegations that he sold microcap stocks to his customers in exchange…

Silver Law Group is investigating former LPL Financial LLC (CRD# 6413) broker Michael Babyak Jr, II after FINRA permanently barred him. According to Babyak’s FINRA BrokerCheck report, FINRA permanently barred Babyak from acting as a broker or otherwise associating with firms that sell securities to the public in October 2016.…

Silver Law Group is investigating former Charlotte, North Carolina-based Milestone Investments, Inc. (CRD# 47090) broker Michael W. Miles (CRD# 3206302) after FINRA suspended him for six months. According to Miles’ FINRA BrokerCheck report, FINRA suspended Miles six months and fined him $10,000 in October 2016.  According to the BrokerCheck report,…

Silver Law Group is investigating former Las Vegas, Nevada broker Frank R. Underhill Jr. (CRD# 4970331) after FINRA permanently barred him. According to Underhill’s FINRA BrokerCheck report, Underhill who owned and operated his own brokerage firm, Underhill Securities Corp. (CRD# 148001), FINRA permanently barred Underhill from acting as a broker…

Silver Law Group is investigating former Michigan-based Transamerica Financial Advisors, Inc. (CRD# 16164) broker Harry C. Bennett (CRD# 2395555) after FINRA permanently barred the broker in connection with an investigation alleging excessive commissions and unsuitability. According to Bennett’s FINRA BrokerCheck report, FINRA permanently barred Bennett from selling securities to the…

Silver Law Group is investigating former PFS Investments Inc. (CRD# 10111) broker William Upchurch Jr. (CRD# 1195846) after FINRA permanently barred the broker. According to Upchurch’s FINRA BrokerCheck report, FINRA permanently barred Upchurch from acting as a broker or otherwise associating with firms that sell securities to the public in…