About James Flynn Before being permanently barred by FINRA, James Flynn of Greenville, South Carolina, was a broker who caused serious damage to many clients. Flynn’s publicly available FINRA BrokerCheck report shows an astounding 40 disclosures, including bankruptcy, tax liens, employment separations, and customer disputes alleging false and misleading representations and unsuitable investment recommendations. Continue reading
According to FINRA Disciplinary actions for August 2019, 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 |
| Patrick Auckland | TIAA-VREF Individual & Institutional Services |
| Morgan Stanley | |
| Matthew DiNinno | Morgan Stanley |
| Merrill Lynch, Pierce, Fenner & Smith | |
| Nicholas Diesso | Ameriprise Financial Services |
| Ameriprise Advisor Services | |
| Roger Faubel | Chelsea Financial Services |
| National Securities Corp | |
| Keir Harner | Securities America |
| Waddell & Reed | |
| Heath Harris | Citigroup Global Markets Inc |
| Wells Fargo Clearing Services | |
| Ross Jordan | BBVA Securities |
| Morgan Stanley | |
| Charles LaMarca | Benjamin & Jerold Brokerage |
| Meridian Equity Partners | |
| Ernest Romer III | Corecap Investments, Inc |
| L.M. Kohn & Company | |
| Christopher Sanford | Natwest Markets Securities |
| Amherst Pierpont | |
| Matthew Siliato | Wynston Hill Capital |
| Spartan Capital Securities |
Silver Law Group continues to file FINRA arbitration claims on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (CRD# 3082615) of Greenville, South Carolina.
The claims requests compensatory damages for our clients and allege that Voya failed to supervise Flynn’s conduct while he was working for them. Continue reading
Silver Law Group is investigating Sonim Technologies, Inc. (SONM), a publicly-traded mobile phone company, for possible violations of federal securities laws.
On September 10, 2019, Sonim announced updated guidance for fiscal 2019 which stated that its net revenue would be lower than 2018 net revenues of $135.7 million. The company noted new product launch delays and software issues with the new products as reasons for the revised financial guidance. Sonim also announced that its CFO was leaving the company. Continue reading
Silver Law Group has filed a FINRA arbitration claim to help a client recover more than $200,000 that was lent to his broker and never repaid.
Our client is a senior citizen living in Florida who was seeking to secure his nest egg for the future by investing for long-term growth with moderate risk. A close personal friend referred our client to his broker, who at the time was a financial advisor at a leading investment firm. Continue reading
Silver Law Group continues to file claims for investors who purchased GPB Capital. FINRA arbitration claims are being filed in an effort to recover the money investors lost alleging broker dealers were negligent.
In many cases, investors are arguing that the brokerage firms who sold GPB to them failed to do adequate due diligence and/or overconcentrated their accounts in GPB. Continue reading
Silver Law Group has filed a FINRA arbitration claim on behalf of clients against Centaurus Financial, Inc. (CRD# 30833) and J.P. Turner & Company, LLC (CRD# 43177) regarding the acts of its employees Cindy Chiellini (CRD# 1015592) and Ricky Mantei (CRD# 1098981).
The claim is brought on behalf of a family-run business’s profit sharing plan (PSP), and seeks monetary damages.
Silver Law Group has filed another FINRA arbitration claim against Voya Financial Advisors related to its former employee, Greenville, South Carolina broker James Flynn (CRD# 3082615).
In the securities arbitration complaint, our clients our clients allege they “received unsuitable investment advice and securities recommendations” from Flynn, who was our client’s financial advisor. Breach of fiduciary duty, negligence, and breach of contract are also claimed. Continue reading
Suitability for Retail CustomersFINRA rule 2111 ensures that firms and people associated with firms deal with customers fairly. The rule is composed of three main parts: reasonable basis suitability, customer-specific suitability, and quantitative suitability. FINRA will observe unsuitable recommendations to retail investors and also deficiencies in some firms; supervisory systems.
In the past, FINRA has observed situations where customers’ financial needs were not considered. Registered representatives failed to think about cumulative fees, sales charges, and commissions. Failure to understand the specific features and terms of products recommended to customers was a common contributor to the problems that FINRA observed. Continue reading
It seems like a way to get justice against fraud: requesting an arbitration hearing with FINRA after losing money in a fraudulent or shady investment your broker insisted was solid. A defrauded investor then files a complaint with FINRA, who arranges an arbitration hearing, and money damages are awarded to the investor, paid by the broker and/or the broker dealer.
Sounds fair, right?
While many investors have been able to recover at least some of their losses, about 25% of these judgments go unpaid. FINRA arbitration panels awarded $84 million to investors in 2017 alone. Of that sum, $21 million of it remains unpaid. So what good is arbitration if you’re still waiting to receive your award from a “deadbeat?” Most of these awards are against small brokerage firms which are out of business and did not carry insurance. Continue reading
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