Churning

Cory Bataan of Emoire Asset Management Company

January 15, 2019 | Silver Law Group

Cory Bataan (CRD #2755223) has been employed with Emoire Asset Management Company since April 2008. Previous employment includes Empire Asset Management Company from April 2008 to August 2012, Ameritas Investment Corp. from December 2007 to April 2008 and Joseph Stevens & Company, Inc. from October 1996 to July 2001.

According to the FINRA BrokerCheck, there have been complaints against Mr Bataan.

Churning-Other-Allegations-Made-Against-Broker-Michael-Doyle-300x200 In 2015, while employed by Aegis Capital Corp., Claimant alleges unsuitable recommendations and excessive fees & commissions. Complaint was settled for $25,000.00.

John Maloney III of Woodbury Financial Services Inc.

January 14, 2019 | Silver Law Group

John Maloney (CRD #726108) has been employed by Woodbury Financial Services Inc. since June 2016. Maloney was previously employed by Edward Jones from January 1981 to June 2016.

According to the FINRA BrokerCheck, there have been several complaints against Mr. Maloney.

Timothy-DiBlasi-Under-FINRA-Scrutiny-for-Lack-of-Compliance-Supervision-300x200 In 2016 Claimants allege Mr. Maloney’s recommendations to purchase individual equities were unsuitable. The complaint settled for $132,500.

Silver Law Group Client Wins FINRA Arbitration Award Against Texas Oil Broker-Dealer Including $1,000,000.00 in Punitive Damages

December 28, 2018 | Silver Law Group

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Silver Law Group represented the Claimant in a FINRA arbitration claim against Texas E&P Partner, Inc. and Mark Plummer. Scott Silver, managing partner of Silver Law Group, a leading securities and investment fraud law firm, said “the Award is significant because we have seen a rise in cases involving private placements and alternative investments and we are grateful that the FINRA Panel recognized the damage caused by Respondent.

The securities arbitration claim alleged that Respondents sold a Reg D private placement to the Claimant without disclosing all of the risks and the investment was unsuitable. The FINRA Statement of Claim further alleged that the Respondents charged excess commissions or markups. Significantly, the FINRA Arbitration Panel found that Respondents are jointly and severally liable for and shall pay to Claimant the sum of $1,000,000.00 in punitive damages pursuant to Mastrobuono v. Shearson Lehman Hutton, Inc., 514 U.S. 52, 64 (1995).

If you’ve lost money investing in unsuitable private placements or Reg “D” offerings, you may be able to recover your investment losses. We take cases on a contingency fee basis, meaning you pay nothing unless we recover. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.

Did OptionSellers.Com Trade your IRA on Margin

December 6, 2018 | Silver Law Group

iStock-476534078-300x231 OptionSellers.Com, operated by James Cordier and Michael Gross, promoted themselves as expert options traders able to manage money for retail investors promising they can produce consistent returns with limited risk. From offices in Tampa, Florida, Cordier and Gross touted their book “The Complete Guide to Options Selling” claiming to know “how selling options can lead to stellar returns in bull and bear markets.”

Now, OptionSellers.Com website has gone dark, and INTL FCStone, the commodities firm which maintained the customer accounts and managed the risk for loans and margin, claims that many investors owes them millions of dollars. Investors are wondering how INTL FCStone and OptionSellers.Com lost all the money.

While money was lost on naked options, investors allege that either OptionSellers.Com or INTL FCStone failed:

Silver Law Group Files Claim Against Portfolio Advisors Alliance Alleging Brokers Churned Account and Racked Up Over $500,000 in Commissions

October 22, 2018 | Silver Law Group

Silver Law Group has filed a FINRA arbitration claim against Portfolio Advisors Alliance, LLC after its brokers excessively traded (churned) the Claimant’s account.

The securities arbitration claim alleges the Claimant met his initial Portfolio Advisors Alliance broker in 2013 at another brokerage firm: FINRA-barred firm John Thomas Financial. The Claimant initially opened his accounts with a modest sum of money and gave the broker a chance to make money for him as he promised. The broker proceeded to convince the Claimant to utilize margin in order to increase his profits, according to the FINRA arbitration claim, and deposit additional funds to satisfy margin calls.

Unfortunately for Claimant, the broker allegedly proceeded to churn the account, repeatedly buying and selling four (4) different stocks, including several high-risk and speculative pharmaceutical investments. When the broker resigned, another broker took over the accounts without the Claimant’s knowledge and proceeded with the same “investment strategy” of making unauthorized transactions and churning the account, according to the securities arbitration claim.

SEC Charges Broker Jovannie Aquino

October 11, 2018 | Silver Law Group

Jovannie Aquino (CRD #4876661, aka John Aquino) is a former registered broker of New York, NY. Previous employers include Windsor Street Capital (CRD #34171), also in New York City, John Carris Investments LLC (CRD #145767), John Thomas Financial (CRD #40982) and Hallmark Investments, Inc. (CRD #135003) of New York City.

Aquino has worked for a total of 12 brokerages, holds Series 7 and 63 licenses and began working in the industry in 2004. Aquino has two LinkedIn pages that do appear to be updated, and no current employment information is available.

SEC Announces Charges in Massive Telemarketing Boiler Room Scheme Targeting Seniors on elderfinancialfraudattorneys.com On September 7, 2018, the SEC charged Aquino with defrauding customers by engaging in “churning” to generate excessive commissions for himself, in the amount of $930,000. Aquino’s customers lost a total of $881,000. At the time of these allegations, May 2014 through November 2017, Aquino was registered with Meyers Associates, L.P. (now known as Windsor Street Capital.) The SEC complaint also states that in 2015 and 2016, Aquino and an unnamed colleague engaged in cold-calling leads acquired from a publicly available database.

SEC Charges Broker Emil Botvinnik With Excessive Trading, Churning

October 11, 2018 | Silver Law Group

If you watch your brokerage account regularly, you’ll see the various trades and charges that go along with them. But if you’re seeing transactions that you don’t recall authorizing, and you’re spending a lot more money for fees, commissions and other related charges, it’s time to ask questions. Our South Florida FINRA arbitration attorneys can answer those questions.

David-Sullivan-Accused-of-Excessive-Trading-on-More-Than-One-Occasion-300x200 Broker Emil Bottvinnik (CRD #4359481) has been charged by the SEC with doing just that very thing. On September 7, 2018, the SEC charged Botvinnik with excessive trading and “churning,” or frequent, short-term trading. This kind of quick-turnover trading paid more in commissions that a client would make from his or her investment.

The SEC alleges that Bottvinnik opened accounts for at least five individuals, and concealed information about what they would be charged for these frequent tradings. Many of these customers were at or near retirement age, and lost $2.8 million for his clients while making commissions of $3.7 million in “ill-gotten gains.” These tradings are alleged to have taken place while was employed with Meyers Associates L.P. in Miami Beach, Florida, from 06/19/2012 through 11/17/2014. Meyers Associates was expelled by FINRA on 5/29/2018.

Investment Center Broker Accused of Stealing $300K from Elderly Client

September 26, 2018 | Silver Law Group

Leon Vaccarelli allegedly defrauded a total of nine clients out of more than $1 million

In May, former financial advisor Leon Vaccarelli was charged with 12 counts of fraud and money laundering in a federal court in Connecticut. If convicted on all of them, he could receive a maximum penalty of 210 years in prison. After pleading not guilty, Vaccarelli was released on a $100,000 bond.

Vaccarelli is alleged to have stolen money from several clients between 2011 and 2017. During that time, he reportedly informed his clients that their money would be invested in different places, including money market accounts and retirement products. What Vaccarelli actually did, according to investigators, was put the money into his own account and use it to pay his own expenses. In addition, federal prosecutors also say that he also used client money to make interest payments to other investors.

H.J. Sims Broker Laurence Green Accused Of Churning, Unsuitability

September 12, 2018 | Silver Law Group

Laurence Green (CRD #604082) is a formerly registered broker. His last registration was with Herbert J. Sims & Co. Inc. (CRD #3420) of Ellijay, GA, and was with them from 2002 until January of 2018. His previous employers include Ryan, Beck & Co., LLC. (CRD #3248) of Florham Park, NJ, Gruntal & Co., L.L.C. (CRD #372) of New York, NY, and A. F. Best Securities, Inc. (CRD #14335) of Coral Springs, FL. No current employment information is available. He began in the industry in 1980.

Green is the subject of two current disclosures, both customer disputes that are similar and listed as “pending.” The first was filed on 05/09/2018 by a customer who accuses Green of unsuitability, investing in risky oil and gas securities and churning, causing economic losses. No damages are specified.

The second customer complaint alleges “unsuitable investments, churning, breach of fiduciary and excessive trading” during 2013. In this case, the customer is requesting damages of $375,000.

Broker Dana Davis Subject Of Customer Disputes, Excessive Trading

September 11, 2018 | Silver Law Group

Dana H. Davis (CRD #1707708) is a currently registered broker currently employed by Newbridge Securities Corporation (CRD #104065) of New York, NY. His previous employers include First Montauk Securities Corp. (CRD #13755) of Hauppage, NY, Global Capital Securities Corporation (CRD #16184) of Englewood, CO, and Gilford Securities Incorporated (CRD #8076) of New York, NY. He has been in the industry since 1989.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Davis’ most recent customer dispute was filed on 01/08/2018. In it, the customer alleges that Davis engaged in “misrepresentation, unsuitable and excessive trading, negligent supervision and breach of fiduciary duty.” The customer requests damages of $250,000. This case is currently listed as “pending.”

A previous complaint, filed on 10/10/2007, alleged that Davis engaged in churning, unauthorized trading, fraud, breach of fiduciary duty, among other things. The client requested $150,000 in damages, and the case was settled for $75,000. A broker’s comment states Davis was discharged as part of the settlement.