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Articles Posted in FINRA Arbitration

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Stanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. In 2015,Girard Securities partnered with Cetera Advisor Networks joining the Cetera platform. As part of Cetera, it is responsible for any of Girard’s liabilities. Cetera is a large network of interrelated brokerage firms all operating under the Cetera umbrella. The Utah Division of Securities notified both Secor and Cetera that the agency began an investigation into Stanley Secor’s activities while with the firm. After an on-site investigation, the agency found that Secor engaged in: Sharing in client accounts Roles in estates and trustee appointments that were undisclosed and unapproved Designation as client's beneficiary without the firm’s knowledge or approval Violation of former BD's WSPS and misrepresentation regarding the sources of funds Control and custody of client funds False statements Engaging in dishonest or unethical practicesStanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. Continue reading ›

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New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%. Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. New York City REIT (NYC) Public Listing Nontraded REITS are illiquid, which means they can’t be easily sold. However, they often pay a high dividend, and the selling brokers sometimes tell investors that a liquidity event (public listing) could happen in the future that will allow them to get their principal out. Sometimes with nontraded REITS the liquidity event doesn’t happen, as in the case of The Parking REIT, which stopped paying distributions and told investors that a liquidity event may never occur.New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%.

Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. Continue reading ›

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Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation. GPB Capital Investments Don’t Perform For Investors GPB Capital Holdings is an alternative asset management company founded in 2013 by Scientologist David Gentile. The company raised $1.8 billion by having broker-dealers across the country sell private placement investments to retail investors. GPB said it would deliver returns to investors by buying and managing income producing companies such as car dealerships and garbage companies. The investment was illiquid, meaning it couldn’t be sold, but investors were drawn to the high dividends. Owning GPB has not gone the way investors had hoped. The attractive dividend is no longer being paid. The company is being sued by a former business partner and investors, and investigated by FINRA, the SEC, and the New York Business Integrity Commission. In November, 2019, GPB’s Chief Compliance Officer and Managing Director was criminally indicted for obstruction of justice.Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Continue reading ›

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PIABA is the Public Investors Advocate Bar Association, a bar association of some of the best securities litigation lawyers in the country who represent investors in claims for investment fraud, stockbroker misconduct, and Ponzi schemes. Scott Silver, Silver Law Group’s managing partner, is a proud member of PIABA since 2002. Scott routinely presents on various issues of stockbroker misconduct at the annual meeting and delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas. Silver Law Group also published a securities arbitration primer in Trial magazine. PIABA Name Change Reflects Changing Securities Landscape Traditionally, many cases of investment fraud were against stockbrokers working at major Wall Street brokerage firms and involved FINRA arbitration. Over the years, Scott has represented investors in claims against stockbrokers for churning, unsuitable recommendations, theft, failure to supervise, Ponzi schemes, and many other claims.PIABA is the Public Investors Advocate Bar Association, a bar association of some of the best securities litigation lawyers in the country who represent investors in claims for investment fraud, stockbroker misconduct, and Ponzi schemes.

Scott Silver, Silver Law Group’s managing partner, is a proud member of PIABA since 2002. Scott routinely presents on various issues of stockbroker misconduct at the annual meeting and delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas. Silver Law Group also published a securities arbitration primer in Trial magazine. Continue reading ›

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“FINRA Office of Dispute Resolution” (a/k/a ODR or DR) has changed its name to “FINRA Dispute Resolution Services”. A newsletter from FINRA says the name change “highlights our focus on customer service and helps distinguish FINRA Dispute Resolution Services from FINRA Enforcement for our external stakeholders, lawmakers and the media. The name change also highlights our unique functions and speaks to our role as a neutral administrator of FINRA’s arbitration and mediation forum.” Richard Berry, FINRA’s Executive Vice President and Director of Dispute Resolution, says the name change represents that his office administers disputes, rather than resolves them. FINRA, the Financial Industry Regulatory Authority, is a government-authorized non-profit organization that works under the Securities and Exchange Commission (SEC) to protect investors and ensure market integrity. Authorized by Congress, FINRA oversees over 4,200 broker-dealers and more than 624,000 brokers.“FINRA Office of Dispute Resolution” (a/k/a ODR or DR) has changed its name to “FINRA Dispute Resolution Services”. A newsletter from FINRA says the name change “highlights our focus on customer service and helps distinguish FINRA Dispute Resolution Services from FINRA Enforcement for our external stakeholders, lawmakers and the media. The name change also highlights our unique functions and speaks to our role as a neutral administrator of FINRA’s arbitration and mediation forum.” Continue reading ›

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Marcello Lattuca (CRD: #2149434) is a registered broker currently registered with NBC Securities (CRD: #17870) in Massapequa, NY. His previous employers include JHS Capital Advisors, LLC (CRD#:112097), also of Massapequa, Gunnallen Financial, Inc. (CRD#:17609) of Plainview NY, and Kirlin Securities Inc. (CRD#:21210, expelled by FINRA in 2009) of Syosset, NY. He has been in the industry since 1991. NBC Securities promotes itself as a full service broker/dealer and registered investment advisor providing investment services to retail and institutional clients. We offer financial advice and solutions through a diverse menu of investment products and services.Marcello Lattuca (CRD: #2149434) is a registered broker currently registered with NBC Securities (CRD: #17870) in Massapequa, NY. His previous employers include JHS Capital Advisors, LLC (CRD#:112097), also of Massapequa, Gunnallen Financial, Inc. (CRD#:17609) of Plainview NY, and Kirlin Securities Inc. (CRD#:21210, expelled by FINRA in 2009) of Syosset, NY. He has been in the industry since 1991. Continue reading ›

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According to FINRA Disciplinary actions for July 2020, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Joanna Abdelhadi   Wells Fargo Clearing Services, LLC
  Credit Suisse Securities (USA) LLC
  Kenneth Butschek   ProEquities, Inc.
  Securities Management & Research, Inc.
  Nathaniel Clay   Laidlaw & Company (UK) Ltd.
  National Securities Corporation
  Paula Collins   TIAA-CREF Individual & Institutional Services, LLC
  Oppenheimerfunds Distributor, Inc.
  Alan Lau   Wells Fargo Clearing Services, LLC
  Wells Fargo Investments, LLC
  Stanley Martin   Allstate Financial Services, LLC
  H&R Block Financial Advisors, Inc.
  Scott Mason   Voya Financial Advisors, Inc.
  Western Wealth Management, LLC
  John Santariello   Arive Capital markets
  Cape Securities Inc.
  Marc Winters   Wedbush Securities Inc.
  UBS Financial Services Inc.

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The Financial Industry Regulatory Authority (“FINRA”) provides an arbitration process for investors to resolve disputes with their securities advisors. Among other things, the FINRA arbitration process helps parties avoid the expenses and waiting periods associated with filing a case in state or federal court. FINRA also writes special rules and regulations specially tailored to these investment-related disputes. As commissions on trading stocks has gone to zero, Wall Street has replaced recommending stocks with a large number of high commission alternative investments or “products” which can be complex for the average investor but lucrative for Wall Street. Over the last decade, we have seen a substantial rise in product cases for the sale of investments which were sold without disclosure of the fees or risks or alternative investments which failed to perform the way the investment was designed. Frequently, risks and costs are buried deep in the paperwork and products are falsely sold as alternatives to the stock market with reduced risk. FINRA Provides Special Guidance For Arbitrations Concerning Bad “Products” Unfortunately, many investors suffer losses due to broker-dealer firms failing to conduct sufficient due diligence on investment products before recommending them to customers. These “products” include private placements, real estate investment trusts (“REITs”), and busines development companies (“BDCs”). It is often the case that the company managing the product pays the broker a high commission to recommend the investment, incentivizing broker-dealer firms to sell the product in high volumes to a multitude of customers, all without properly investigating the investment. When things fall apart and the value of the investment plummets, the investors are left alone to pick up the pieces, often suffering substantial losses and prolonged illiquidity.The Financial Industry Regulatory Authority (“FINRA”) provides an arbitration process for investors to resolve disputes with their securities advisors. Among other things, the FINRA arbitration process helps parties avoid the expenses and waiting periods associated with filing a case in state or federal court. FINRA also writes special rules and regulations specially tailored to these investment-related disputes. Continue reading ›

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According to FINRA Disciplinary actions for June 2020, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Eric Barbour   Wells Fargo Clearing Services, LLC
  J.P. Morgan Securities LLC
  David Cannata   Craig Scott Capital, LLC
  Brookstone Securities, Inc.
  Mark Garfinkel   Oppenheimer & Co. Inc.
  Raymond James & Associates, Inc.
  Jeffrey Hill   Wells Fargo Advisors
  Dougherty & Company LLC
  Tracy Kirby   Morgan Stanley
  Merrill Lynch, Pierce, Fenner & Smith Inc
  David Moxom   UBS Financial Services Inc.
  Wells Fargo Advisors, LLC
  Brent Porges   Meyers Associates, L.P.
  Newbridge Securities Corporation
  David Schrank   MML Investors Services, LLC
  Bankers Life Securities, Inc.
  Stephen Seglund   Kestra Investment Services, LLC
  LPL Financial LLC
  Kenneth Vaishville   Cantella & Co, Inc.
  Global Capital Strategies

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Silver Law Group recently filed a FINRA arbitration claim against Madison Avenue Securities, LLC and registered representatives Angela Sloan, Robert Luley, Jr., and Katherine Spearman (a/k/a Katherine McConnell).  The investor’s claims arise out of recommendations to invest in GPB Automotive Portfolio, LP, a private placement managed by GPB Capital Holdings, LLC. Among other things, the investor alleges that Madison Avenue Securities and its registered representatives failed to conduct adequate due diligence on the GPB investment and that the recommendation to invest in GPB was unsuitable, negligent, and constituted a breach of fiduciary duty.Silver Law Group recently filed a FINRA arbitration claim against Madison Avenue Securities, LLC and registered representatives Angela Sloan, Robert Luley, Jr., and Katherine Spearman (a/k/a Katherine McConnell).  The investor’s claims arise out of recommendations to invest in GPB Automotive Portfolio, LP, a private placement managed by GPB Capital Holdings, LLC. Among other things, the investor alleges that Madison Avenue Securities and its registered representatives failed to conduct adequate due diligence on the GPB investment and that the recommendation to invest in GPB was unsuitable, negligent, and constituted a breach of fiduciary duty. Continue reading ›

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