A National Securities Arbitration & Investment Fraud Law Firm
Michael P Mctigue
CRD#3031287
Silver Law Group is investigating former Boca Raton, Florida-based Newbridge Securities Corp broker Michael P Mctigue. Following his voluntary resignation from his firm and allegations of churning and excessive trading.
Shadi T Barakat
CRD#5031281
Silver Law Group is investigating former New York, New York-based AEGIS Capital Corp broker Shadi T. Barakat after multiple clients filed FINRA complaints alleging excessive trading and churning. This complaint was settled in 2015 for $360,000.
Silver Law Group is investigating Boca Raton, Florida-based Revere Securities LLC (CRD# 14178) broker Brett S. Murphy (CRD# 2434384) over allegations that Murphy excessively traded unit investment trusts (“UITs”) in a customer’s account.
According to Scott’s FINRA BrokerCheck report, a customer filed a complaint against Scott alleging Scott churned the customer’s account in UITs and that the UITs were unsuitable. Further, the customer alleges that Scott’s employing firm, Oppenheimer & Co. Inc. (CRD# 249) as well as Revere Securities, failed to supervise Scott.
Oppenheimer employed Scott from July 2011 to March 2015 at its Palm Beach Gardens, Florida locations. Scott then moved further south to Revere Securities in Boca Raton, Florida where he is currently employed.
Christopher Paul’s 14-year career as a broker is over. In November of 2016, the Financial Industry Regulatory Authority (FINRA) permanently banned him because he did not respond when the agency contacted him for information. Paul has had many customer complaints against him dating back to 2008.
Paul began his career at S.W. Bach & Company out of Port Washington, NY, in 2001. In 2005, he moved on to Granite Associates, Inc. in Melville, NY, followed by Whitaker Securities LLC, also in Melville.
The Silver Law Group has filed an arbitration claim before FINRA on behalf of two Florida teachers alleging, among other things, that financial advisor Curtis Milakovich (CRD# 5471527) churned their accounts while two national broker/dealers turned a blind eye.
The claim also alleges that the two national broker/dealers did not follow adequate policies and procedures to address the misconduct and failed to follow up on the red flags that would have alerted them to the misconduct being perpetrated on the clients who lost significant portions of their retirement savings. At times, Milakovich operated as Aspire Wealth Management.
Excessive trading or “churning,” as it is known in the industry, is the act of a broker who excessively and needlessly engages in trading in a client’s account primarily to generate commissions for the broker on each trade without regard for the client’s financial well-being. Churning is an illegal and unethical practice that violates SEC rules and securities laws.
When it comes to working with financial advisors, it’s essential to know your rights. Many financial advisors do not have the best interests of their clients at heart and are willing to take unethical and illegal actions in order to increase their profits.
Even if your financial advisor is well intentioned, they may be unknowingly violating your rights by not fully informing you of the potential risks of your investments or they may be placing you in investments grossly unsuitable for your financial goals.
Silver Law Group is investigating allegations against broker Bahram Mirhashemi for unauthorized trades, unsuitable mutual find switching, churning of customer accounts, fraud, elder financial fraud, and several other serious violations.
Mirhashemi has worked in the financial services industry for 18 years and was employed by several firms during that time period. His most recent position was with Accelerated Capital Group in Irvine, California from September of 2012 through January of 2016.
After 22 years in the financial services industry, New Jersey-based broker Kenneth Dlouhy is no longer eligible to associate in any capacity with any FINRA member firm. This permanent suspension comes as a result of Dlouhy’s failure to respond to a FINRA request for information during an investigation.
A closer look at Dlouhy’s BrokerCheck record shows numerous customer disputes dating back to 1998, with the most recent dispute filed in late 2015. Included in many of the disputes are allegations against Dlouhy that include unsuitability, unauthorized trading, misrepresentation, churning, negligence, breach of fiduciary duty, breach of contract and violations of state securities laws. Damage amounts requested against Dlouhy throughout his career exceed $2.2M.
In October 2015, the Financial Industry Regulatory Authority (FINRA) permanently banned Russell Macke from acting as a broker and from associating with any securities firms. This decision comes after numerous customer complaints, regulatory actions, employment terminations, as well as seven judgments or liens against him. Macke has been accused of churning, investment fraud, unsuitable investments as well as several other charges.
Macke has been registered in the securities industry since 1989. He was most recently registered with B.B. Graham & Company of Orange, CA (between 2012-2015). Other recent registrations include:
William “Billy” Nelson entered the securities industry over 18 years ago and to date has 16 disclosure events reported on his FINRA BrokerCheck record. Allegations against Nelson, currently with Meyers Associates, L.P., include a wide range of transgressions such as:
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