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Articles Posted in FINRA Arbitration

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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

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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.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 ›

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Silver Law Group is investigating Sonim Technologies, Inc. (SONM), a publicly-traded mobile phone company, for possible violations of federal securities laws. Sonim Technologies Issues Revised Financial Guidance 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.Silver Law Group is investigating Sonim Technologies, Inc. (SONM), a publicly-traded mobile phone company, for possible violations of federal securities laws.

Sonim Technologies Issues Revised Financial Guidance

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 ›

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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.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 ›

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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. Silver Law Group has filed arbitration claims on behalf of clients who invested in GPB, including the first against Advisor Group broker-dealer SagePoint Financial, which requests $400,000 in damages.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 ›

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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 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.

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James Flynn VOYA Financial

Silver Law Group, a nationally-recognized law firm representing investors, continues to file FINRA arbitration claims on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (a/k/a Jim Flynn CRD# 3082615) of Greenville, South Carolina. 

The claims request compensation to recover investment losses suffered by our clients and allege that Voya Financial failed to supervise Flynn while he was a registered representative of Voya. Continue reading ›

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Gavelsmall-2-300x200Suitability for Retail Customers

FINRA 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 ›

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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.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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Dan Brown (CRD#: 3184347) is a previously registered broker whose last employer was Joseph Stone Capital L.L.C. (CRD#:159744) of Center Moriches, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340), Legend Securities, Inc. (CRD#:44952, expelled by FINRA on 4/17/2017) and Tryco Securities, Inc. (CRD#:104025), all of Miller Place, NY. Three of his former employers have been expelled by FINRA. He has been in the business since 1999.FINRA suspended Brown on 1/31/2019 after he failed to comply with an arbitration award and settlement agreement stemming from a customer dispute. This dispute, filed on 4/27/2017, alleges that Brown offered investments unsuitable for a senior investor, as well as misrepresentation. The client requested damages of $386,167.56, and was awarded $375,000. Along with Legend Securities and one other broker, Brown was ordered to pay the client the award, plus $700,000 in punitive damages and an additional $25,000 in compensatory damages, all with legal interest. Brown stated that he would be declaring bankruptcy, and the other brokers involved in the case already have.Dan Brown (CRD#: 3184347) is a previously registered broker whose last employer was Joseph Stone Capital L.L.C. (CRD#:159744) of Center Moriches, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340), Legend Securities, Inc. (CRD#:44952, expelled by FINRA on 4/17/2017) and Tryco Securities, Inc. (CRD#:104025), all of Miller Place, NY. Three of his former employers have been expelled by FINRA. He has been in the business since 1999. Continue reading ›

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