Articles Posted in Stockbroker Misconduct

Curtis Milakovich was permanently barred by FINRA for association with any FINRA member in any manner for failing to respond to FINRA’s request for information.  Milakovich worked at Kovack Securities from May 2011 until November 2013, when he resigned after Kovack received an inquiry from one of Milakovich’s clients about…

National Securities Corporation broker Michael O’Neill was suspended by FINRA for 20 days and fined $5,000 for impersonating a former customer to assist the customer in obtaining information from a FINRA member firm about the customer’s own account.  This was apparently done with the customer’s approval.  O’Neill has worked at…

Joel Blum, currently with Ameriprise Financial Services, was suspended by FINRA for 20 days for a dispute occurring when he was a broker at Merrill Lynch.  FINRA found that he executed discretionary transactions in customers’ accounts without written authorization.  In addition, it was found that he marked the order tickets…

According to FINRA Disciplinary actions for May 2015, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules: NAME FORMER EMPLOYERS      Jinesh Pravin Brahmbhatt      Success Trade Securities, Inc.      LPL Financial Corporation      Patrick Ryan…

According to FINRA Disciplinary actions for May 2015, 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   Charles Eric…

According to FINRA, Thomas Tedeschi has recently been named in a securities arbitration lawsuit against him and his former employer, Aegis Capital Corp., for making unsuitable investments, unauthorized trades, misrepresentations and excessive trading (churning), among other claims.  The assertions against him involve speculative securities that include penny stocks and Exchange…

Herbert Leonard Kaye, of Delray Beach, Florida, submitted an AWC in which he was assessed a deferred fine of $25,000, which includes disgorgement of $11,000 of commissions received, and suspended from association with any FINRA member in any capacity for four months. Kaye was registered with First Allied Securities in…

David Lawrence Gabai, of West Hills, California, submitted a FINRA AWC in which he was barred from association with any FINRA member in any capacity.  Gabai was registered with LPL Financial Corporation until 2010.  Mr. Gabai then briefly worked for Comerica Securities.  Gabai consented to the sanction and to the…

Mark Foster, of Pasadena, California, was barred from association with any FINRA member in any capacity. Foster worked for Stern Fisher Edwards, Inc. until May 2012.  The sanction was based on findings that Foster failed to respond to requests from FINRA for information and documents and to appear and provide…

Anthony Fisher was a financial advisor with Morgan Stanley from 2003 through April 2009.  He subsequently worked at Stifel, Nicolaus and Company.  Mr. Fisher was suspended by FINRA in November 2014 for failing to pay an arbitration award.  However, over the last decade, Mr. Fisher’s employers have been the subject…