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Articles Posted in FINRA Arbitration

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Michael Edwin Magruder (CRD# 4579211) is a previously registered broker and investment advisor, last employed with Raymond James & Associates, Inc. (CRD# 705) of Orlando, FL. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Destin, FL, Wells Fargo Advisors, LLC (CRD#:19616) of Southlake, TX, and Raymond James & Associates, Inc. (CRD# 705) of Dallas, TX. He has been in the industry since 2003. Magruder is the subject of ten disclosures, five of which are customer disputes. In the first dispute, dated 7/3/2024, the client alleged that Magruder requested a loan, which they agreed to and made. The client requested damages of $175,000, and the claim was settled for $$189,259.57.

Michael Edwin Magruder (CRD# 4579211) is a previously registered broker and investment advisor. His last employer was Raymond James & Associates, Inc. (CRD# 705) of Orlando, FL. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) of Destin, FL, Wells Fargo Advisors, LLC (CRD# 19616) of Southlake, TX, and Raymond James & Associates, Inc. (CRD# 705) of Dallas, TX. He has been in the industry since 2003. Continue reading ›

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An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. The action resulted from the client’s purchase of Colorado Bankers’ Life annuities. In the arbitration, the retiree’s legal counsel argued that Citizens Securities violations included breach of contract and warranties, promissory estoppel; violation of state securities statutes; state insurance statute violations; breach of fiduciary duty; claims under common law; and vicarious liability. Citizens Securities heavily promoted these annuities, offering high commissions and incentives to brokers for selling them. But when North Carolina regulators seized company assets, investors’ money was frozen and unavailable. Most were elderly retirees and investors who bought Colorado Bankers’ Life annuities for the income from the dividends and were then left without that income.An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. Continue reading ›

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Silver Law Group’s managing partner Scott Silver discussed a recent ruling from a California court that gave two brokers a temporary restraining order (TRO) against FINRA in arbitration over their sales of GHG Holdings’ illiquid L-Bonds.  “This appears to be a Hail Mary pass by two brokers who are taking a ‘never say die’ approach to arbitration,” Scott said in a recent AdvisorHub article. "In this case, FINRA's position is correct, straightforward, and investor friendly."Silver Law Group’s managing partner Scott Silver discussed a recent ruling from a California court that gave two brokers a temporary restraining order (TRO) against FINRA in arbitration over their sales of GWG Holdings’ illiquid L-Bonds.

“This appears to be a Hail Mary pass by two brokers who are taking a ‘never say die’ approach to arbitration,” Scott said in a recent AdvisorHub article. “In this case, FINRA’s position is correct, straightforward, and investor friendly.” Continue reading ›

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James Roy Paige (CRD# 1726609) is a broker and investment advisor currently registered with Wells Fargo Clearing Services, LLC (CRD# 19616) of Vero Beach, FL. Previously, he was registered with Morgan Stanley, (CRD# 8209 and CRD# 7556) also of Vero Beach, and Blinder, Robinson & Co., Inc. (CRD# 5096, no location given.) He has been in the industry since 1987. In a dispute filed on 2/6/2024, a customer alleged that Paige made recommendations to them that were “unsuitable and too risky for Claimants' investment knowledge and needs.”  No requested damages are listed.James Roy Paige (CRD# 1726609) is a broker and investment advisor currently registered with Wells Fargo Clearing Services, LLC (CRD# 19616) of Vero Beach, FL. Previously, he was registered with Morgan Stanley, (CRD# 8209 and CRD# 7556) also of Vero Beach, and Blinder, Robinson & Co., Inc. (CRD# 5096, no location given.) He has been in the industry since 1987. Continue reading ›

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Silver Law Group is investigating B Riley’s recommendation that investors purchase shares of Franchise Group as late as 2023. Following reports of Franchise Group Inc.’s (FRG) bankruptcy filing in Delaware, B. Riley chairman Bryant Riley sent an email to the firm’s employees stating that he felt “personally sick” in the aftermath. The bankruptcy came just over one year after Riley assisted with the formation of FRG, and the $2.8 billion he helped to arrange for the buyout. The newly formed FRG became a key holding of B. Riley. Shares of B. Riley fell 12% in New York trading following the announcement on Sunday.Silver Law Group is investigating B Riley’s recommendation that investors purchase shares of Franchise Group as late as 2023.

Following reports of Franchise Group Inc.’s (FRG) bankruptcy filing in Delaware, B. Riley chairman Bryant Riley sent an email to the firm’s employees stating that he felt “personally sick” in the aftermath. The bankruptcy came just over one year after Riley assisted with the formation of FRG, and the $2.8 billion he helped to arrange for the buyout. The newly formed FRG became a key holding of B. Riley. Shares of B. Riley fell 12% in New York trading following the announcement on Sunday. Continue reading ›

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Silver Law Group is representing investors in Franchise Group, Inc (FRG) through B Riley Wealth Management based on investor allegations that B Riley failed to disclose known negative information about FRG and conflicts of interest between FRG principal Brian Kahn and B Riley’s CEO. Franchise Group, Inc., (FRG) the parent company of Vitamin Shoppe and other retailers, has filed for Chapter 11 Bankruptcy. The filing comes after months of issues with its backing company, B. Riley, Financial, Inc. Filed in Delaware, the company has nearly $2 billion in debts. In a statement, the company said that it had reached a deal with the lenders that hold most of its older debts. These supporting lenders agreed to exchange the first lien debt for 100% of equity in the new and reorganized company. The deal, and the entire proposal, must be approved by the bankruptcy judge.Silver Law Group is representing investors in Franchise Group, Inc (FRG) through B Riley Wealth Management based on investor allegations that B Riley failed to disclose known negative information about FRG and conflicts of interest between FRG principal Brian Kahn and B Riley’s CEO. Continue reading ›

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FINRA’s Arbitration Panel recently awarded “emotional distress damages” to two investors involved in a claim against Ages Financial Services involving the sale of GWG Holding’s ill-fated L-Bonds. Silver Law Group has represented many GWG investors. The two investors received $75,000 each. It is one of FINRA’s largest awards for emotional distress damages in its history. Ages Financial Services is a Boston-based broker-dealer that sold the investors the L-Bonds for $246,000. In the claim, the six investors claimed breach of fiduciary duty, suitability, and additional allegations, along with compensatory damages of $648,000. FINRA’s total award came to $1.08 million, including attorneys' fees and interest. What Are Emotional Distress Damages In FINRA Arbitration? Many personal injury claims include requests and damages for “pain and suffering.” This is non-economic damages for the grief caused by an accident that caused a plaintiff to experience financial losses. Similarly, emotional distress damages for an investment claim are awarded to a claimant in arbitration for the grief caused by the loss of their investment.FINRA’s Arbitration Panel recently awarded “emotional distress damages” to two investors involved in a claim against Ages Financial Services involving the sale of GWG Holding’s ill-fated L-Bonds. Silver Law Group has represented many GWG investors. The two investors received $75,000 each. It is one of FINRA’s largest awards for emotional distress damages in its history. Continue reading ›

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Silver Law Group confirms judgment of a $383,158.04  FINRA arbitration award on behalf of a victim of barred financial adviser Seymour Cohen, who failed to repay money he borrowed from our client. The proceeding arose out of a Financial Industry Regulatory Authority (FINRA) arbitration commenced on November 19, 2021. Our client, Anita Frankel (Petitioner), alleged that her financial adviser, Seymour Cohen (Respondent), convinced her to loan him $200,000 from the funds he managed on the promise that it would be repaid with interest upon the sale of a property he owned.Silver Law Group confirms judgment of a $383,158.04 FINRA arbitration award on behalf of a victim of barred financial adviser Seymour Cohen, who failed to repay money he borrowed from our client.

The proceeding arose out of a Financial Industry Regulatory Authority (FINRA) arbitration commenced on November 19, 2021. Our client, Anita Frankel (Petitioner), alleged that her financial adviser, Seymour Cohen (Respondent), convinced her to loan him $200,000 from the funds he managed on the promise that it would be repaid with interest upon the sale of a property he owned. 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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We recently blogged about broker Garrett Moretz (CRD# 4086791) after the SEC began its investigation into his sales of the now-defunct L-Bonds by GWG Holdings. Following this investigation, the SEC filed a complaint in Federal Court in Charlotte, NC (Securities and Exchange Commission v. Garrett W. Moretz). In its complaint the SEC charged Moretz with fraud in relation to the sales of L-Bonds to retail customers. The SEC alleges that Moretz continually misrepresented L-Bonds, claiming that they were “guaranteed” beginning about September of 2019 through August of 2020. Moretz knew that these L-Bonds were not guaranteed but represented them that way anyway. He repeatedly sold them as “guaranteed” in both emails and oral communications since at least 2017, according to the complaint.We recently blogged about broker Garrett Moretz (CRD# 4086791) after the SEC began its investigation into his sales of the now-defunct L-Bonds by GWG Holdings. Following this investigation, the SEC filed a complaint in Federal Court in Charlotte, NC (Securities and Exchange Commission v. Garrett W. Moretz). In its complaint the SEC charged Moretz with fraud in relation to the sales of L-Bonds to retail customers. Continue reading ›

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