A National Securities Arbitration & Investment Fraud Law Firm
United Development Funding IV (“UDF IV”) announced a distribution amidst a continuing SEC investigation and delisting from NASDAQ exchange. On November 8, 2016, United Development Funding (“UDF”) announced that its public real estate investment trust United Development Funding IV’s board of trustees has authorized a cash distribution of $0.08 per…
Cetera Investment Services, LLC (CRD# 15340) entered into a Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA after the regulatory body alleged it failed to notify account owners regarding changes to their account records. According to the AWC, from October 1, 2008 through November 15, 2013, Cetera failed to…
Cetera Financial Group subsidiary VSR Financial Services, Inc. (CRD# 14503) is winding down and transferring some of its brokers to other Cetera Financial Group broker-dealers. VSR is one of Cetera Financial Group’s (“Cetera”) many independent brokerage firms. Cetera was acquired by Nicholas “Nick” Schorsch’s RCS Capital in 2014 in an…
The Financial Industry Regulatory Authority (“FINRA”) fined eight firms, including VOYA Financial Advisors (CRD# 2882) (“VOYA”) and five broker-dealer subsidiaries of Cetera Financial Group (Cetera Advisor Networks LLC (CRD# 13572)), for failing to supervise sales of variable annuities (VAs). The eight firms are required to pay a fine of $6.2…
Silver Law Group is investigating former Plano, Texas-based VSR Financial Services, Inc. (CRD# 14503) broker John H. Towers (CRD# 700221) due to an extraordinarily high amount of FINRA BrokerCheck disclosures alleging unsuitable recommendations and negligence. According to John H. Towers FINRA BrokerCheck report, Towers has 46 misconduct disclosures, most of which…
Silver Law Group is investigating Houston, Texas-based Summit Brokerage Services, Inc. (CRD# 34643) broker Keith A. Bradley (CRD# 868141) after a customer filed a FINRA arbitration alleging unsuitable recommendations and negligence. According to Bradley’s FINRA BrokerCheck report, a customer filed a FINRA arbitration against Bradley in July 2016 alleging unsuitable investments,…
On November, 2016, FINRA announced fines against five (5) Cetera Financial Group brokerage firm subsidiaries in an amount of $2.95 million for supervisory failures related to variable annuity L-shares. FINRA fined the following Cetera Financial Group-related firms: Cetera Advisor Networks LLC (CRD# 13572) of El Segundo, CA, was fined $750,000. Cetera…
Regulatory action is pending against New York financial advisor for unauthorized trading, misrepresentation and omissions, among other allegations In August 2016, the Financial Industry Regulatory Authority (FINRA) initiated an investigation into allegations against Craig David Dima made by one of his long-standing customers. The complaint alleges that Dima made approximately…
It was the New Woodstock, NY executive’s second suspension in 10 months In October, Leigh Garber received a three-month suspension from the Financial Industry Regulatory Authority (FINRA). It was the second time in 2016 that she was penalized by the agency. An 18-year veteran of the securities industry, Garber first…
Failure to respond to agency request ends Seigerman’s securities industry career According to the Financial Industry Regulatory Authority (FINRA), New Jersey-based broker David Seigerman failed to respond to the agency’s request for information and a result has been permanently barred from acting as a broker or otherwise associating with firms…