Churning

Silver Law Group is Investigating Claims Against Florida-Based LPL Financial Broker Melvin Case for Unsuitable Investments, Churning And Exploitation of an Aged Adult

January 9, 2018 | Silver Law Group

Melvin Case

CRD#2393464

Silver Law Group is investigating Jacksonville, Florida-based LPL Financial broker Melvin Case following multiple customer complaints alleging unsuitable investment recommendations, churning, and misrepresentation.

Case is not currently employed by any FINRA registered brokerage. He was previously employed by firm LPL at their Jacksonville, FL office, where he was employed since 2008. Case was discharged from LPL over allegations of criminal charges involving exploitation of an aged adult after converting the victim’s money to his own benefit.

According to FINRA’s BrokerCheck report on Case, a complaint was received in August of 2017 alleging that Case had provided unsuitable investment recommendations and engaged in churning and misrepresentation. The complaint alleges over $6,000 in damages and settled in September for $9,023.

An unsuitable recommendation is a serious form of potential broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.

Unauthorized trading occurs when a broker facilitates a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.

Often, unauthorized trading is accompanied by churning. Churning occurs when the account frequently trades for no apparent reason but to generate fees and commissions.

Also, among other investment tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.

When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there must be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.

FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unsuitable investment recommendation or unauthorized trading. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you. Our Florida licensed attorneys can represent you in any Florida securities or investment fraud matter.

If you invested with LPL Financial and Melvin Case and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.

Michael P. Mctigue, Newbridge Securities

November 2, 2017 | Silver Law Group

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.

AEGIS Capital Corp, Shadi T. Barakat

October 16, 2017 | Silver Law Group

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.

Brett S. Murphy, Boca Raton, Florida-based Revere Securities Broker Under Investigation Over Allegations of Churning in Unit Investment Trusts

April 26, 2017 | Silver Law Group

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.

Former Broker Christopher Paul is Banned from Selling Securities

March 13, 2017 | Silver Law Group

Former Broker Christopher Paul is Banned from Selling Securities on silverlaw.com

The broker had been involved in several customer disputes

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.

Silver Law Group Files FINRA Arbitration Claim Involving Churning Against Two National Broker/Dealers and Financial Advisor Curtis Milakovich

August 26, 2016 | Silver Law Group

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.

My Financial Advisor is Giving Me the Runaround on My Investments, What Are My Rights?

August 18, 2016 | Silver Law Group

My Financial Advisor is Giving Me the Runaround on My Investments, What Are My Rights? on silverlaw.com

Misconduct is an unfortunate reality of the securities industry, but knowing your rights is imperative to taking swift action when a dispute arises

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.

Bahram Mirhashemi Facing Allegations of Elder Financial Fraud

August 15, 2016 | Silver Law Group

Bahram Mirhashemi Facing Allegations of Elder Financial Fraud on silverlaw.com

Serious allegations lead to termination at Accelerated Capital Group and permanent bar from FINRA

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.

Allegations of Sales Practice Violations Cloud Broker Kenneth Dlouhy ‘s Record

August 11, 2016 | Silver Law Group

Allegations of Sales Practice Violations Cloud Broker Kenneth Dlouhy ‘s Record on silverlaw.com

FINRA permanently bars Capstone Research Inc. broker from associating with any member firm.

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.

Broker Russell Macke Banned by FINRA After Multiple Complaints, FINRA Actions, and Terminations

March 18, 2016 | Silver Law Group

Broker Russell Macke Banned by FINRA After Multiple Complaints, FINRA Actions, and Terminations on silverlaw.com

Churning, unsuitable investments misconduct and elder fraud among allegations that ended Macke’s career

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: