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Articles Posted in FINRA Arbitration

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Silver Law Group founder and managing partner Scott Silver has been featured in an article on Investment News’ website where he discusses FINRA’s increased scrutiny of brokers and investment advisors who recommended and sold high-risk private placements and other investments from Dallas-based GPB Private Holdings. Scott has been working with some of GPB’s investors to help recoup some of the lost funds. “From my clients’ perspective, it’s frustrating to see FINRA charging brokers after the nail is in the coffin of their portfolios due to speculative, overconcentrated positions in risky alternatives,” Mr. Silver said. “In this day and age, it’s not hard to track brokers doing this kind of behavior that could be prohibited at time of sale. And it gives the investor no solace to see this kind of slap on the wrist years after the fact.” The focus on individual brokers who sold GPB may be too little, too late. One of Silver Law Group’s clients is a 67-year-old person who made an investment of $50,000 into one of GPB’s private placements in June of 2015. Despite the requirement that private placements should only be sold to investors with a specific net worth or annual income, or shown to be an accredited wealth investor, this investor was sold a private placement anyway.Silver Law Group founder and managing partner Scott Silver has been featured in an article on Investment News’ website where he discusses FINRA’s increased scrutiny of brokers and investment advisors who recommended and sold high-risk private placements and other investments from Dallas-based GPB Private Holdings. Continue reading ›

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Silver Law Group is pleased to announce that it has won a FINRA arbitration award on behalf of two Boston, Massachusetts investors against AGES Financial Services. The investors sought legal representation after suffering substantial losses investing in GWG, a company which claimed to profit from investing in life insurance policies but has declared bankruptcy amidst massive losses. Between 2018 and 2019, AGES recommended the investors make multiple purchases of GWG L Bonds, which ultimately collapsed when GWG entered bankruptcy in 2022. Investors are expected to suffer substantial principal losses with little chance of a meaningful recovery from the GWG bankruptcy. Silver Law Group represents investors throughout the United States in similar claims relating to GWG L Bonds, which were predominantly sold by small or regional broker-dealers. Silver Law Group is pleased to announce that it has won a FINRA arbitration award on behalf of two Boston, Massachusetts investors against AGES Financial Services. The investors sought legal representation after suffering substantial losses investing in GWG, a company which claimed to profit from investing in life insurance policies but has declared bankruptcy amidst massive losses. Continue reading ›

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According to FINRA Disciplinary actions for October 2023, 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
  Carl Birkelbach   Birkelbach Investment Securities, Inc.
  Ronald Diaz   Morgan Stanley
  J.P. Morgan Securities LLC
  Albert Foronda   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Jorge Baquero   Spartan Capital Securities, LLC
  Eduardo Martinez   National Securities Corporation
  PHX Financial, Inc.

Continue reading ›

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According to FINRA Disciplinary actions for October 2023, the following individuals were suspended 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Daniel Ditch   PFS Investments Inc.
  Stephen Jones   Equitable Advisors, LLC
  Robert Luley Jr.   Pruco Securities LLC
  Madison Avenue Securities, LLC
  Jack McBride   Newbridge Securities Corporation
  B. Riley Wealth Management
  Hector Negrete   Transamerica Financial Advisors, Inc.
  World Group Securities, Inc.
  Shawn O’Connell   Morgan Stanley
  Merrill Lynch, Pierce ,Fenner & Smith Incorporated
  Steven Thompson   Network 1 Financial Securities Inc.
  SW Financial

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According to FINRA Disciplinary actions for October 2023, 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
  David Burch   Raymond James & Associates, Inc.
  Morgan Stanley
  Timothy Claypool   Northwestern Mutual Investment Services, LLC
  Farmers Financial Solutions, LLC
  Ebony Parks   LPL Financial LLC
  Wells Fargo Clearing Services, LLC
  Rashawn Russell   Deutsche Bank Securities Inc.
  Daniel Santos   PFS Investments Inc.

Continue reading ›

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According to FINRA Disciplinary actions for September 2023, 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
  Laurence Allen   NYPPEX, LLC
  Northeast Securities, Inc.
  Joseph Desapio   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  DeVere Dudley   Raymond James Financial Services, Inc.
  Edward Jones
  Austin Dutton Jr.   American Trust Investment Services, Inc.
  PRIMEX
  Adam Ezrilov   LPL Financial LLC
  RBC Capital Markets, LLC
  Samuel Girgiss   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Dennis Hanrahan   Spartan Capital Securities, LLC
  John Thomas Financial
  Timothy Henry   Wells Fargo Clearing Services, LLC
  Credit Suisse Securities (USA) LLC
  Kenneth Klaiman   Raymond James & Associates, Inc.
  Deutsche Bank Securities Inc.
  Ramon Perez   Morgan Stanley
  UBS Financial Services Inc.
  David Sauer   BGC Financial, L.P.
  Morgan Stanley
  Michael Schunk   NYPPEX, LLC
  Commerce One Financial Inc.
  James Shelburne   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

Continue reading ›

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According to FINRA Disciplinary actions for August 2023, 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
  Dennis Ayre   Hilltop Securities Inc.
  Oppenheimer & Co. Inc.
  Bruce Davis   Wells Fargo Clearing Services, LLC
  J.P. Morgan Securities LLC
  Gail Milon   ELE Wealth Advisors, Inc.
  MSI Financial Services, Inc.
  Trevor Perry   Foreside Financial Services, LLC
  J.P. Morgan Institutional Investments Inc.
  Frank Weiss   Bankers Life Securities, Inc.
  Farmers Financial Solutions, LLC

Continue reading ›

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According to FINRA Disciplinary actions for August 2023, 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
  Joshua Lovings
  Harold Stephenson   LPL Financial LLC
  Herrmann Securities, Inc.

Continue reading ›

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Silver Law Group represents Northstar Financial Services (Bermuda) investors in claims to recover their investment losses. Brokers allegedly sold Northstar Bermuda to investors as a low risk alternative to CDs that protected their principal and guaranteed income. But the company is now in liquidation, leaving investors unable to access their funds.Silver Law Group represents Northstar Financial Services (Bermuda) investors on a contingency fee basis in claims to recover their investment losses. Brokers allegedly sold Northstar Bermuda to investors as a low risk alternative to CDs that protected their principal and guaranteed income. But the company is now in liquidation, leaving investors unable to access their funds. Continue reading ›

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Investors with money in some of financier Greg Lindberg’s many companies, including Northstar Financial Services (Bermuda), have suffered significant harm as billions of investor dollars are frozen and liquidation and litigation drag on. Ultimatelly, investors are not expected to recover a significant amount of money. Lindberg was criminally charged by the US Department of Justice and the State of North Carolina. His first trial ended with a conviction and sentence of seven years in prison, but the verdict was reversed after he spent 633 days in prison. He wrote a book on his prison stint, that included the words “633 Days” in the title, and discussed his “wrongful conviction.” One of the eight reviews on Amazon is from a reviewer who was defrauded by Lindberg and demands his money back.Investors with money in some of financier Greg Lindberg’s many companies, including Northstar Financial Services (Bermuda), have suffered significant harm as billions of investor dollars are frozen and liquidation and litigation drag on. Ultimatelly, investors are not expected to recover a significant amount of money.

Lindberg was criminally charged by the US Department of Justice and the State of North Carolina. His first trial ended with a conviction and sentence of seven years in prison, but the verdict was reversed after he spent 633 days in prison. He wrote a book on his prison stint, that included the words “633 Days” in the title, and discussed his “wrongful conviction.” One of the eight reviews on Amazon is from a reviewer who was defrauded by Lindberg and demands his money back.

Continue reading ›
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