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Articles Posted in FINRA Arbitration

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Arif Ahmed (CRD# 3099755) is a previously registered broker and currently registered investment advisor, currently employed with venture firm General Catalyst’s wealth division. Ahmed was previously employed as a broker with J.P. Morgan Securities LLC (CRD# 79) of Washington, DC. Before J. P. Morgan, Ahmed was employed with First Republic Securities Company, LLC (CRD# 105108) of Palo Alto, CA, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691), also of Palo Alto. He has been in the industry since 1998. J.P. Morgan discharged Ahmed in May of 2025 after a customer dispute with requested damages of $225 million. In this CRD dispute, the client alleges that Ahmed engaged in misrepresentation, excessive trading, and offered unsuitable investment recommendations from April 27, 2020, through October 25, 2023. This claim is currently pending. The next customer dispute, filed on February 26, 2024, includes losses related to Ahmed’s investment recommendations from May 26, 2022, through September 29, 2023, and requests damages of $38 million. This claim is also pending. It’s not known if this claim is related to the most recent one.Arif Ahmed (CRD# 3099755) is a previously registered broker and currently registered investment advisor, currently employed with venture firm General Catalyst’s wealth division. Ahmed was previously employed as a broker with J.P. Morgan Securities LLC (CRD# 79) of Washington, DC. Before J. P. Morgan, Ahmed was employed with First Republic Securities Company, LLC (CRD# 105108) of Palo Alto, CA, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691), also of Palo Alto. He has been in the industry since 1998. Continue reading ›

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Silver Law Group recently won a $2,700,000 FINRA arbitration award on behalf of an elderly woman who lost virtually everything she had invested with Edwin Lickiss, who operated a Ponzi scheme out of an Arkadios Capital branch office in Alamo, California for decades. The four-day hearing ended with a panel of arbitrators ruling in our client's favor against broker-dealer Arkadios Capital. Lickiss was criminally indicted in July 2025 and pled guilty to wire fraud and money laundering on May 20, 2026. His son, an Arkadios-registered advisor, worked out of the same branch office from which Edwin Lickiss ran his scheme. Our client, like many of Lickiss's victims, lost nearly everything she had entrusted to him.Silver Law Group recently won a $2,700,000 FINRA arbitration award on behalf of an elderly woman who lost virtually everything she had invested with Edwin Lickiss, who operated a Ponzi scheme out of an Arkadios Capital branch office in Alamo, California for decades. The four-day hearing ended with a panel of arbitrators ruling in our client’s favor against broker-dealer Arkadios Capital. Continue reading ›

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According to FINRA Disciplinary actions for May 2026, the following individuals were suspended from FINRA and currently cannot 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
William Kershaw NYLife Securities LLC
Ricky Allen McReynolds Multi-Bank Securities, Inc.

Kipling Jones & Co., Ltd.

Harvestons Securities, Inc.

The Riderwood Group Incorporated
Fernando Mendez LPL Financial LLC

Edward Jones

NYLife Securities LLC

J.P. Morgan Securities LLC
Robert Leroy Metz Fidelity Brokerage Services LLC
Ryan Mitchell Pigg  Charles Schwab & Co., Inc.
Hanspeter Schiegg Vontobel Securities Ltd.
Keith Wesley Schongar  Empower Financial Services, Inc.

TD Ameritrade, Inc.

Scottrade, Inc.

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Investors who want to file a FINRA arbitration and are aged 70 or over or have severe health conditions will soon be able to file a more expedited claim. After March 30, 2026, FINRA rule changes accelerate the process for these claimants. Affidavits or medical records are not needed to request an expedited claim. Only certification of a claimant's health condition is necessary. Once the Director determines a claimant’s eligibility, the claim can proceed.Investors who want to file a FINRA arbitration and are aged 70 or over or have severe health conditions will soon be able to file a more expedited claim.

After March 30, 2026, FINRA rule changes accelerate the process for these claimants. Affidavits or medical records are not needed to request an expedited claim. Only certification of a claimant’s health condition is necessary. Once the Director determines a claimant’s eligibility, the claim can proceed. Continue reading ›

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James Thaddeus Walesa (CRD# 1061209), a financial broker, with 39 years of industry experience, has been sued by FINRA, for selling away. At the time of the alleged misconduct, James Walesa was registered with Arkadios Capital in Park Ridge, Illinois. His BrokerCheck history shows 18 disclosures.  One was in 2013 and the remaining 17 between 2020-2025.  These allegations include recommending unsuitable investments, often in companies where he held ownership, operational, or management roles.  Complaints raise concerns about breach of contract, fiduciary duty violations, negligence, failures in due diligence, and misrepresentations or omissions related to alternative investments.James Thaddeus Walesa (CRD# 1061209), a financial broker with 39 years of industry experience, has been sued by FINRA, for selling away.

At the time of the alleged misconduct, James Walesa was registered with Arkadios Capital in Park Ridge, Illinois. His BrokerCheck history shows 18 disclosures. One was in 2013 and the remaining 17 between 2020-2025. These allegations include recommending unsuitable investments, often in companies where he held ownership, operational, or management roles. Complaints raise concerns about breach of contract, fiduciary duty violations, negligence, failures in due diligence, and misrepresentations or omissions related to alternative investments. Continue reading ›

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Silver Law Group founder and managing partner Scott Silver recently commented on a case in which a former Wells Fargo customer requested to have an arbitration decision overturned because he felt that he was “improperly induced” into signing a release agreement prior to seeking arbitration. “This case highlights the way big brokerage firms clean up situations with bad brokers by protecting themselves instead of protecting their customers and advising them of significant misconduct,”  Scott said in an email to AdvisorHub The case stems from a former Wells Fargo broker, Scott Wayne Reed (CRD# 3007033), of Scottsdale, AZ, who persuaded his brokerage customers into investing in a private software company without the firm’s approval, known as “selling away.”  The now-defunct entity, called Pebblekick, was a streaming company based in Pasadena, CA. Reed solicited six investors, invested $200,000 of his own funds into the company, and received a commission of $191,340 for his work recruiting six new investors. As a result, FINRA barred Reed from the industry in 2021. Kenneth Grover, the client, originally signed an agreement with Wells Fargo that would forgive his margin call debt with the firm after his broker, Reed, was barred. Grover’s signing of the release agreement in exchange for the debt forgiveness also dismissed any other claim he might have against the wirehouse.Silver Law Group founder and managing partner Scott Silver recently commented on a case in which a former Wells Fargo customer requested to have an arbitration decision overturned because he felt that he was “improperly induced” into signing a release agreement prior to seeking arbitration.

“This case highlights the way big brokerage firms clean up situations with bad brokers by protecting themselves instead of protecting their customers and advising them of significant misconduct,”  Scott said in an email to AdvisorHub Continue reading ›

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When a broker-dealer terminates a broker, it doesn't mean the problems are gone. Some firms continue to deal with those problems for some time. In the case of United Planners’ Financial Services of America, they are still handling the fallout from the firm's former broker, Philip Anthony Riposo (CRD# 400056), who was fired in March of 2022. United Planners and Riposo’s clients, Susan Cushing and Curtis Miller brought a FINRA arbitration against  United Planners’ in 2023, and were recently awarded $346,000 in damages, plus interest, in a recent FINRA arbitration.When a broker-dealer terminates a broker, it doesn’t mean the problems are gone. Some firms continue to deal with those problems for some time. In the case of United Planners’ Financial Services of America, they are still handling the fallout from the firm’s former broker, Philip Anthony Riposo (CRD# 400056), who was fired in March of 2022.

United Planners and Riposo’s clients, Susan Cushing and Curtis Miller brought a FINRA arbitration against  United Planners’ in 2023, and were recently awarded $346,000 in damages, plus interest, in a recent FINRA arbitration. Continue reading ›

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Have you suffered losses after your broker recommended buying shares of the Aegis-underwritten company Farmmi? This is one of many Aegis-backed companies that has cost investors big losses.  Silver Law Group is a securities law firm that looks after investors’ interests. If you or someone you know have suffered losses from an Aegis investment recommendation, contact Attorney Scott Silver at ssilver@silverlaw.com or toll-free at (800) 975-4345 for a free consultation. Farmmi ( FAMI) is a China-based agricultural firm specializing in the production of edible mushrooms and the development of its exclusive agrarian technology. It runs an extensive network of family farms to grow its products. The company’s US headquarters is in San Francisco, with an additional 636,000 square foot warehouse and transportation facility in Los Angeles opened in 2024. Farmmi recently opened a similar facility in Somerset, NJ. The company exports its products throughout Southeast Asia, China, and Japan, as well as Europe, the Middle East, and North America.Have you suffered losses after your broker recommended buying shares of the Aegis-underwritten company Farmmi? This is one of many Aegis-backed companies that has cost investors big losses.

Silver Law Group is a securities law firm that looks after investors’ interests. If you or someone you know have suffered losses from an Aegis investment recommendation, contact Attorney Scott Silver at ssilver@silverlaw.com or toll-free at (800) 975-4345 for a free consultation. Continue reading ›

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Did your broker recommend buying shares in Document Security Systems (DSS) which was underwritten by Aegis Financial?   Document Security Systems, Inc., is a multinational company now known as DSS that operates a variety of business segments including healthcare, direct marketing, consumer packaging, real estate, renewable energy, blockchain security, and securitized digital assets. The company’s prospectus filed with the SEC indicates that the company's focus is fraud and counterfeit protections for printed documents and digital assets and information. The company also holds multiple technology patents to prevent unauthorized copying and scanning.  SLCG Report Highlighting Aegis Financial  According to a recent report by SLCG Economic Consulting, DSS is one of many companies whose stocks would have been delisted had Aegis not continued underwriting them in order to resell them to its customers, costing investors billions of dollars in losses.  Did your broker recommend buying shares in Document Security Systems (DSS) which was underwritten by Aegis Financial?

Document Security Systems, Inc., is a multinational company now known as DSS that operates a variety of business segments including healthcare, direct marketing, consumer packaging, real estate, renewable energy, blockchain security, and securitized digital assets. The company’s prospectus filed with the SEC indicates that the company’s focus is fraud and counterfeit protections for printed documents and digital assets and information. The company also holds multiple technology patents to prevent unauthorized copying and scanning.  Continue reading ›

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Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Aegis' underwriting included propping up companies “constantly on the verge of delisting and bankruptcy.” These failing stocks were sold to Aegis' retail brokerage customers, then traded and re-traded “at significant markups and markdowns,” with considerable financial incentives for brokers who did. Trading in these worthless stocks led to Aegis’ investors losing at least $5 billion, according to the report. These companies included:Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Continue reading ›

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