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Articles Posted in FINRA Arbitration

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iStock-494312894-300x200Investors who have gone through FINRA arbitration claims against closed boiler-rooms know that collecting an award can be a problem. Brokers and broker-dealers who have actions filed against them are also required to pay fees, as well as any financial restitution they are ordered to pay.

While most of these arbitration actions result in some form of restitution for the defrauded investor, FINRA reports that about 2% of these cases are never paid. Now FINRA has a single page on its website where you can look up companies and brokers who have left their obligations unpaid. The information is available through BrokerCheck on an individual basis, but this is the first time it has been available collectively. Continue reading ›

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Richard Lynn Pittman (CRD#: 2845145) is a registered broker and investment advisor currently employed with Cetera Advisors LLC (CRD#: 10299) of Memphis, TN. His previous employers include Investors Capital Corp. (CRD#:30613), also of Memphis, Washington Square Securities, Inc. (CRD#:2882) of Des Moines, IA, and WMA Securities, Inc. (CRD#:32625) of Duluth, GA. He has been in the industry since 1997.Richard Pittman has three disclosures, all recent customer disputes. The most recent dispute, filed on 10/31/2018, alleges that Pittman made unsuitable recommendations on investments that were purchased in 2008. Damages requested total $300,000. Pittman denies the allegations, and the case is currently pending.Richard Lynn Pittman (CRD#: 2845145) is a registered broker and investment advisor currently employed with Cetera Advisors LLC (CRD#: 10299) of Memphis, TN. His previous employers include Investors Capital Corp. (CRD#:30613), also of Memphis, Washington Square Securities, Inc. (CRD#:2882) of Des Moines, IA, and WMA Securities, Inc. (CRD#:32625) of Duluth, GA. He has been in the industry since 1997.

Richard Pittman has three disclosures, all recent customer disputes. The most recent dispute, filed on 10/31/2018, alleges that Pittman made unsuitable recommendations on investments that were purchased in 2008. Damages requested total $300,000. Pittman denies the allegations, and the case is currently pending. Continue reading ›

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John L. Perry and Robin Johnson are two former financial advisors for Wells Fargo that have brought a complaint against the company. After news broke of Wells Fargo’s extensive misconduct, their partnership with Wells Fargo lost half its business, and suffered significant damage. (A timeline of Wells Fargo’s actions since 2016 is available here, including over 3.5 million fake accounts and extensive over-charging of clients.)It’s one thing when a company terminates your employment. It’s another thing when the company causes you to lose business.

John L. Perry and Robin Johnson are two former financial advisors for Wells Fargo that have brought a complaint against the company. After news broke of Wells Fargo’s extensive misconduct, their partnership with Wells Fargo lost half its business, and suffered significant damage. (A timeline of Wells Fargo’s actions since 2016 is available here, including over 3.5 million fake accounts and extensive over-charging of clients.) Continue reading ›

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Silver Law Group has filed the first arbitration claim against SagePoint Financial related to GPB Capital investments. The claim, filed on behalf of a client who invested in GPB’s automotive fund, is for $400,000.GPB is under investigation by federal and state agencies, and is accused of being a Ponzi scheme. In December 2018 they stopped paying investors, the value of their private placement investments has gone down, and the future of the company is uncertain.Silver Law Group has filed the first arbitration claim against SagePoint Financial related to GPB Capital investments. The claim, filed on behalf of a client who invested in GPB’s automotive fund, is for $400,000.

GPB is under investigation by federal and state agencies, and is accused of being a Ponzi scheme. In December 2018 they stopped paying investors, the value of their private placement investments has gone down, and the future of the company is uncertain. Continue reading ›

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UBS has marketed a so-called “Yield Enhancement Strategy” (YES) to certain of its clients as a safe way to increase the return on their money. Unfortunately, though marketed as low-risk, their Yield Enhancement Strategy was quite risky and ended up causing some investors to lose money. What was supposed to increase wealth ended up destroying it. Investors may have been steered into this strategy without understanding the risks involved, and could be eligible to recover some of their losses through FINRA arbitration.UBS has marketed a so-called “Yield Enhancement Strategy” (YES) to certain of its clients as a safe way to increase the return on their money. Unfortunately, though marketed as low-risk, their Yield Enhancement Strategy was quite risky and ended up causing some investors to lose money. What was supposed to increase wealth ended up destroying it.

Investors may have been steered into this strategy without understanding the risks involved, and could be eligible to recover some of their losses through FINRA arbitration. Continue reading ›

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Have-You-Invested-Money-with-William-“Billy”-Nelson-and-Lost-300x200Silver Law Group is investigating claims against brokers and financial advisors who committed misconduct in Boca Raton, Florida and the surrounding area.

Boca Raton is located in Palm Beach County, Florida on the east coast of the state. The city is located less than 50 miles away from Miami and less than 20 miles away from Silver Law Group offices. As of July 2015, Boca Raton’s estimated population is just over 93,000.

Boca Raton is home to the main campus of Florida Atlantic University, also known as FAU. Additionally, major supplier of office products and services Office Depot has its global headquarters in Boca Raton.

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iStock-492125706-300x200Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in Orlando, Florida and the surrounding area.

Orlando is located in Orange County, Florida and has a population of just under 2.5 million as of July 2015, the third-largest metropolitan area in Florida.

Orlando is also known as the “Theme Park Capital of the World,” featuring numerous high-profile theme parks such as Disney’s Magic Kingdom, Disney’s Epcot, Universal Studios, and Seaworld. In fact, the theme parks attracted over 66 million visitors to Orland in 2015 alone.

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Florida-Broker-Peter-Gouzos-Banned-by-FINRA-300x206Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in Tampa, Florida and the surrounding area.

Tampa is located in Hillsborough County, Florida. It is located on the west coast of Florida on the Tampa Bay near the Gulf of Mexico. As of July 2015, Tampa’s population is estimated to be 369,075. Tampa is part of the Tampa Bay Metropolitan area, which consists of St. Petersburg and Clearwater.

Tampa features numerous attractions such as the Tampa Bay Lightning, the Tampa Bay Buccaneers, the theme park Busch Gardens, the Florida Aquarium, and crystal blue gulf beaches.

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Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in The Villages, Florida and the surrounding area. The Villages is located in Sumter County, Florida. According to FOX Business, The Villages is the fastest-growing city in America. The city, one of the fastest-growing retirement communities, also shares the same name as The Villages retirement community. It’s a Manhattan-sized city “with more golf carts than New York has taxis,” according to a Bloomberg report.Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in The Villages, Florida and the surrounding area.

The Villages is located in Sumter County, Florida. According to FOX Business, The Villages is the fastest-growing city in America. The city, one of the fastest-growing retirement communities, also shares the same name as The Villages retirement community. It’s a Manhattan-sized city “with more golf carts than New York has taxis,” according to a Bloomberg report. Continue reading ›

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Have-You-Lost-Money-Investing-With-Bennett-Broad-300x225Paul William Murans (CRD #3266607, aka “Peace Murans”) is a registered broker and investment advisor currently employed with Thurston Springer Financial (CRD #8478) of Indianapolis, IN. His previous employers include UBS Financial Services Inc. (CRD #8174) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691), also of Indianapolis, and UBS Painewebber Inc. (CRD #8174) of Weehawken, NJ. He has been in the industry since 1999.

Murans is the subject of six disclosures, two of which are employment separations. His most recent disclosure was filed on 11/18/2018, carried over from his previous employment with UBS Financial Services. The client claims that from 12/2/2013 through 10/20/2017, Murans misrepresented a “life settlement contract” that was ultimately unsuitable, and unauthorized trading of “structured products.” The client also alleged that she was completely unaware that she was borrowing from her loan account. Murans denies the allegations, and has requested copies of the complaint, as has Thurston Springer Financial, but UBS has not supplied the requested information to verify the complaint. The case was settled for $250,000.

A customer dispute filed on 5/16/2018 is currently listed as “pending.” The customer alleges “Unsuitable investments, unauthorized credit line agreement, unauthorized trades, uninvested funds, lost market opportunity,” and requests damages of $183,000. Murans denies the allegations.

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