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Articles Posted in FINRA Arbitration

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David Krumrey (CRD #4121845) was employed by Oppenheimer & Co, Inc. from March 2009 through September 2017. Previous employment included Stanford Group Company from January to March 2009 and Merrill Lynch, Pierce, Fenner & Smith Inc. from March 2000 to Jan 2009.

Stephen-Grivas-Permanently-Barred-by-FINRA-300x210Krumrey is barred from association with an FINRA member in any capacity.  Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

Contact Our Firm if You’ve Invested with David Krumrey

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Vicente Davila (CRD #4419824) was employed by Morgan Stanley from April 2016 through February 2018. Previous employment included Merrill Lynch, Pierce, Fenner & Smith Inc. from November 2009 to May 2016 and Barclays Capital Inc. from April 2002 to September 2002.

Zachary-Bader-Suspended-After-Multiple-Allegations-of-Churning-300x232Davila was suspended on April 27, 2018, from associating with any FINRA member firm in any capacity.  If Davila fails to request termination of the suspension within three months of the date of the Notice of Suspension, he will automatically be barred on July 6, 2018, from association with any FINRA member in any capacity pursuant to FINRA Rule 9552 (h).

Contact Our Firm if You’ve Invested with Vicente Davila

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Abern-Barred-by-FINRA-for-Failing-to-Cooperate-200x300Steven Pagartanis (CRD #1958879) was employed by Lombard Securities Inc. from September 2017 through March 2018. Previous employment included Cadaretm Grant & Co, Inc. from September 2012 to March 2017 and Woodbury Financial Services, Inc. from August 2011 to September 2012.

Pagartanis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Pagartanis consented to the sanction and to the entry of findings that he refused to appear for FINRA on-the-record testimony in connection with an investigation of allegations that he made fraudulent misrepresentation to customers and misappropriated customers’ funds.

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Marc Korsch (CRD #5525226) has been employed by Centaurus Financial, Inc. since February 2014. Korsch was registered with the following firms: Trustmont Financial Group, Inc. from March 2011 to March 2014, Capital Financial Services, Inc. from July 2010 to March 2011, Variable Investment Advisors, Inc. from April 2010 to July 2010 and Gradient Securities, LLC from July 2009 to April 2010.

Christopher Robert Hickman is Sanctioned by FINRA on elderfinancialfraudattorneys.comAccording to the FINRA BrokerCheck, there have been complaints against Marc Korsch.

In 2018, while employed by Centaurus Financial, Inc., Claimant alleges that recommendation of annuity switches are unsuitable and that the fees, surrender penalties/charges and annuity terms were not adequately discussed.

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Atul Makharia (CRD #5070762) is a registered broker currently employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC. Makharia’s previous employers are J.P. Turner & Company, L.L.C. (CRD #43177), Gunnallen Financial, Inc. (CRD #17609), and First Allied Securities, Inc. (CRD #32444), also of Lexington, SC. Makharia has been in the industry since 2006.

Broker-Ricardo-Broome-Permanently-Barred-From-FINRA-300x200-300x200There are three disclosures in Makharia’s FINRA record. Two nearly identical customer disputes were filed on 11/8/018 and 10/15/2018. Both allege “unsuitability,” and one describes but doesn’t include “several other allegations associated therewith.”  Makharia denies allegations in both disputes. Both disputes are currently pending.

A third customer dispute, filed on 1/31/2017 with the state of South Carolina, alleges that Makharia sold the customer a CD but failed to provide a prospectus. The client requested damages of $20,000. After an investigation provided the required information to the state, the claim was closed with no further actions.

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Ricky Allen Mantei (CRD #1098981, aka “Ricky Allen Mantel”) is a registered broker currently employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC. His previous employers include J.P. Turner & Company, L.L.C. (CRD #43177), Gunnallen Financial, Inc. (CRD #17609), First Allied Securities, Inc. (CRD #32444), also of Lexington, SC.

FINRA-Orders-Interactive-Brokers-LLC-to-Pay-Hedge-Fund-667000-1024x1024-300x300Mantei is the subject of eight disclosures, three of which are currently pending customer disputes, all with the allegations of “unsuitability.” The most recent were filed on 10/25/2018 and 9/28/2018, with requested damages totaling $268,238.

The third customer dispute, filed on 5/21/2018, is from by the daughter of a deceased client. In this case, a registered representative under Mantei recommended “unsuitable investments” which resulted in a loss upon liquidation. The damages requested total $100,000. Mantei states in his rebuttal that he was acting in his capacity as Branch Manager for the Office of Supervisory Jurisdiction where the RR was assigned, there was a survivorship option involved, and denies the allegations.

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FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.comSilver 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.

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Robert Abramowitz (CRD #4437589) is a currently registered broker and investment advisor employed with National Securities Corporation (CRD #7569) of Melville, NY. Previous employers include Oppenheimer & Co. Inc. (CRD #249) of Jericho, NY, Raymond James Financial Services, Inc. (CRD #6694) of Garden City, NY, and Wells Fargo Advisors, LLC (CRD #19616) of Great Neck, NY. He has been in the industry since 2001.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.comAbramowitz has three disclosures in his record, all customer disputes. The most recent, on 7/30/2018, alleges “breach of contract, negligence, unsuitability, breach of fiduciary duty.”  The client is requesting damages of $100,000. No additional information is available.

A previous customer dispute was filed on 3/28/2018, alleging that from 7/26/2011 – 4/11/2016, her investment objectives and risk tolerance were incorrectly state on her new account documentation. Additionally, the client alleged that her investments were unsuitable and were “misrepresented to her.” The client requested damages of $149,236.86, and the firm settled for $75,000.

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What-Keeps-a-Ponzi-Scheme-Running-300x200Silver Law Group and The Law Firm of David R. Chase have filed their second FINRA arbitration claim against Independent Financial Group alleging its broker recommended the services of an individual who was running a Ponzi scheme.

According to the securities arbitration complaint, the Claimant’s elderly father became a client of Independent Financial Group and its broker, Jon Pariser (CRD# 2755015), after meeting him at a gathering hosted by a fraternal order both were affiliated with.

In or around June 2017, Pariser informed the Claimant that he was retiring. Pariser then allegedly recommended to Claimant Christopher A. Parris, an individual who had been unlicensed for over a decade, as a trustworthy and skilled professional. According to the Statement of Claim, this fact was not disclosed by either Pariser or Independent Financial Group.

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Silver Law Group has filed a FINRA arbitration claim against IFS Securities and Voya Financial Advisors, Inc., two firms that employed Greenville, South Carolina-based broker James T. Flynn (CRD# 3082615).

In the securities arbitration complaint, the Claimant alleges that she entrusted Flynn with a significant amount of money to manage while he was employed with Voya Financial Advisors and IFS Securities. According to the complaint, Flynn then proceeded to recommend significant positions in illiquid investments and non-traded REITs, including a Phillips Edison REIT and a business development corporation (BDA) called Business Development Corporation of America.

Flynn proceeded to recommend, according to the FINRA arbitration complaint, the Claimant invest a significant amount of money in these investments. Claimant alleges Flynn made these recommendations solely due to the significant fees and commissions he would earn selling these products. Due to these unsuitable recommendations and IFS Securities and Voya Financial Advisors’ failure to supervise Flynn, Claimant allegedly lost a significant amount of money.

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