Securities Arbitration Lawyers Blog

Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities…

Megurditch “Mike” Patatian (CRD# 4047060) is a former registered broker and investment advisor whose most recent employer was Supreme Alliance LLC (CRD#: 45348). Before that, Patatian spent seven years registered with Western International Securities, Inc. (CRD#: 39262) of Westlake Village, California. Patatian has been working in the industry since 1999.…

City National Bank is a named co-defendant in a class-action lawsuit filed in U.S. District Court for the Central  District of California by victims of alleged Ponzi schemer Zachary Horwitz, a sometimes-Hollywood actor under the name Zach Avery who raised $690 million through a bogus film licensing company called 1inMM…

We’ve reported on Yousuf Saljooki (CRD#: 5045123, aka Joe Saljooki, and Joseph Saljooki) on two previous occasions regarding his two suspensions by the State of Arkansas and subsequently by FINRA for many of the same infractions. Even though Worden Capital discharged Yousuf Saljooki in 2018, additional actions were recently filed…

Do you have a family member who is also your stockbroker, investment advisor, or other financial services representative? Many broker-dealer firms encourage newly-minted employees to recruit wealthy relatives to invest with them to begin their business and grow their client list. You may have taken the bait and moved your…

Broker-dealers under the Advisor Group (which includes SagePoint Financial, Royal Alliance Associates Inc., Triad, Woodbury Financial Services, and FSC Securities) have increased legal reserves by about $4.4 million compared to the prior year, according to SEC filings. According to an InvestmentNews article, Royal Alliance, SagePoint, and FSC increased their reserves…

Silver Law Group is suing Mario D. German Law Center on behalf of Texas company Global Resource Inc., for allegedly keeping $178,000 that was supposed to be used to pay for several international purchases. The complaint was filed in Florida federal court and alleges that Mario D. German Law Center…

In March, 2020 a bill was introduced in the U.S. House of Representatives that would change the rules for publicly-traded REITS (Real Estate Investment Trusts) and make it easier for mall landlords to buy their retail tenants. The legislation (H.R.840 – Retail Revitalization Act of 2021) is being sold as…

Christopher Black (CRD#5049080, aka Chris Bryan Black) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Statesboro, GA. His previous employers are Wells Fargo Clearing Services, LLC (CRD#:19616) of St. Simons Island, GA, State Farm V Management Corp. (CRD#:43036) of Bloomington,…

On April 5, 2021, the United States Securities and Exchange Commission (SEC) filed a Complaint against Zachary Horwitz and 1inMM Capital arising from an alleged “offering fraud and Ponzi scheme in violation of federal securities laws.” Among other things, the SEC alleged Horowitz and 1inMM “raised over $690 million from…