Articles Posted in stockbroker misconduct

A former broker with Syndicated Capital in Great Neck, New York, Martin Knapp, was permanently barred by FINRA. This action occurred because Knapp failed to respond to a FINRA request for information in which he was suspended in April 2015. Because Knapp did not request termination of his suspension within…

Miami, Florida based broker Scott Reynolds was fined by FINRA for allegedly failing to report an outside brokerage account to his member firm, Spartan Securities, violating FINRA rules. Reynolds was censured fined $10,000 for this violation. Reynolds has been employed by Spartan Securities since 2005. Prior to working at Spartan,…

A big name may not always equal big opportunity. It’s all around us. Branded tennis shoes, hats and apparel worn by top-ranked, world-famous tennis players. NASCAR drivers and their cars blanketed in corporate logos. Famous models and actresses designing and promoting furniture lines. Top-selling country singers performing with beverage company…

Churning is a Type of Securities Fraud What is churning? Simply put, churning is defined as excessive trading. While that sounds a bit benign and seemingly acceptable, here’s the catch: investment churning is actually considered to be the excessive purchasing and selling activity of securities (including stocks, bonds, mutual funds,…

Broker Raymond Thomas Clark (CRD# 3120696) was permanently barred by FINRA for failing to appear for FINRA-requested on-the-record testimony related to an investigation into whether he executed excessive and/or unauthorized transactions in customer accounts, exercised discretion without authorization, and accepted trade instructions from an individual who was not authorized to…

Last week, the Financial Industry Regulatory Authority (FINRA) filed charges against Newport Coast Securities, Inc. (“Newport Coast”) and some of its current and former registered representatives, accusing them of using margin and risky securities to artificially generate huge commissions for themselves while wiping out most of their customers’ investment capital.…

If the Connecticut Department of Banking (the “Department”) has its way, Meyers Associates and its owner, Bruce Meyers, will be barred from selling securities in Connecticut. A February 2014 Order to Cease and Desist issued by the Department, charges Meyers Associates and Bruce Meyers (“Respondents”) with numerous violations of Connecticut…

Of all the guarantees, bells and whistles associated with variable annuities, perhaps the biggest guarantee is the steep up-front commission the financial advisor can earn for selling the product. According to a recent Reuters’ article, variable annuity sales in the U.S. totaled $142.8 billion last year, and brokers can earn…

UBS Financial Services of Puerto (UBS )recently reported the net asset values (NAV) for their proprietary closed-end funds mat suffer future losses.  These funds are a part of the UBS Puerto Rico Family of Funds which are marketed exclusively to Puerto Rico residents.  The UBS Puerto Rico Fixed Income Funds…

UBS Financial Services of Puerto Rico has received the attention of many market watchers in the media since their UBS Puerto Rico Family of Funds suffered a “meltdown” in value.  What did not receive adequate media attention are UBS’ sales practices which through the zeal of its financial advisors has…