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Articles Posted in FINRA Arbitration

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Silver Law Group successfully represented the plaintiffs in a FINRA arbitration claim to recover losses from GWG L-Bonds investments. The claim alleged that Boston-based broker-dealer Ages Financial Services did not fully inform the investors of the risks of the L-Bonds. A panel of arbitrators awarded our clients $246,000. In their decision, the FINRA arbitration panel stated that Ages did not inform our clients about the risks of GWG L Bonds or discuss alternatives and “The investments were not discussed in terms of quantitative suitability in relation to [the clients’] overall portfolios.”  The arbitrators noted in the award that the L-Bonds were “inappropriate.”Silver Law Group successfully represented the plaintiffs in a FINRA arbitration claim to recover losses from GWG L-Bonds investments. The claim alleged that Boston-based broker-dealer Ages Financial Services did not fully inform the investors of the risks of the L-Bonds. A panel of arbitrators awarded our clients $246,000. Continue reading ›

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Silver Law Group is investigating investor claims involving Stifel, Nicolaus & Company broker Chuck Roberts, who is currently the subject of sixteen investor complaints relating to mishandling of investors’ portfolios. Roberts, a Stifel, Nicolaus & Company broker since 2016, catered primarily to clients in Miami, Florida and New York, New York.Silver Law Group is investigating investor claims involving Stifel, Nicolaus & Company broker Chuck Roberts, who is currently the subject of sixteen investor complaints relating to mishandling of investors’ portfolios. Roberts, a Stifel, Nicolaus & Company broker since 2016, catered primarily to clients in Miami, Florida and New York, New York. Continue reading ›

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According to FINRA Disciplinary actions for June 2024, 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
  Gerald Cocuzzo   Newbridge Securities Corporation
  IAA Financial LLC
  Kevin Hobbs   PFS Investments Inc.
  James Myers   NYLife Securities LLC
  Kenneth Schaefer   Ameriprise Financial Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

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Michael Archimede (CRD# 5701306) is a former registered broker and investment advisor previously employed with PFS Investments Inc. (CRD# 10111) of Waukesha, WI  He has been in the industry since 2010. On 11/9/2023, a customer filed a dispute alleging that Archimede borrowed money and failed to repay the loan, requesting damages of $52,482.12. This claim is currently listed as “pending.” On 12/31/2023, PFS Investments terminated Archimede’s employment for failing to renew his securities licenses. However, during an internal review, Archimede admitted that he had borrowed money from a customer. On January 10, 2024, PFS updated the Form U5 filing to show that he was permitted to resign while under review for allegedly initiating a customer loan. FINRA initiated a review based on the Form U5 issued by PFS Investments following his separation from their employment.Michael Archimede (CRD# 5701306) is a former registered broker and investment advisor previously employed with PFS Investments Inc. (CRD# 10111) of Waukesha, WI  He has been in the industry since 2010.

On 11/9/2023, a customer filed a dispute alleging that Archimede borrowed money and failed to repay the loan, requesting damages of $52,482.12. This claim is currently listed as “pending.” Continue reading ›

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Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients. "Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy," Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. The firm in question is E1 Asset Management (CRD# 46872) of Jersey City, NJ. In the arbitration, the client requested $4 million in damages. Three FINRA arbitrators awarded the client compensatory damages of $1.6 million, interest of $578,000, and legal fees of $420,000, for a total of $2,598,000.Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients.

“Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy,” Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. Continue reading ›

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“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Mr. Silver continued, “The question is why anyone would recommend this product to a client. This case is not about the customer, it’s about the product. The arbitrators appear shocked to hear billions of dollars of this stuff is sold.” These investments were never suitable for individual investors, but that didn’t stop brokers and broker-dealers from selling them. In the continuing fallout over L-Bonds, investors have been filing FINRA arbitration claims against the broker-dealers who sold the L-Bonds to them. FINRA arbitrator Richard Kent Mahrle commented that based on the company’s shaky financial situation, L-Bonds were “not a suitable investment for the [client,] or perhaps anyone.”

In an article in Investment News, Silver Law Group founder Scott Silver weighed in on a FINRA arbitration action involving a broker-dealer and financial advisor who sold a client GWG Holdings’ illiquid L-Bonds.

“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Continue reading ›

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According to FINRA Disciplinary actions for March 2024, the following individuals were suspended from FINRA and cannot currently 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
Kwame Adusei Morgan Stanley
J.P. Morgan Securities LLC
Brittany Anderson
Gianluca De Berardinis Morgan Stanley
Quad Capital, LLC
Brian Hall
Monu Joseph Rosenblatt Securities Inc.
CIBC World Markets Corp.
Sylviah Kemunto
Sebastian Puznowski Equitable Advisors, LLC
AXA Advisors LLC
Carlos Ramirez Citizens Securities, Inc.
Key Investment Services LLC
Shaquane Smith-Thompson J.P. Morgan Securities LLC
Quintosha Thomas

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Los bufetes de abogados Silver Law Group y David R. Chase P.A. han recuperado millones de dólares para los inversores de Northstar Bermuda en los Estados Unidos y en el extranjero, y recientemente presentaron una reclamación para recuperar una inversión de 2 millones de dólares en nombre de un cliente. Las firmas han formado una alianza estratégica para representar a los inversionistas de Northstar Financial Services (Bermudas) en reclamos contra los corredores de bolsa que les vendieron la inversión. Si invirtió en Northstar Financial Services (Bermudas), comuníquese con nosotros de inmediato al (800) 975-4345 para una consulta confidencial sin costo para analizar cómo podemos ayudarlo a recuperar sus pérdidas. Representamos a los inversores en base a honorarios de contingencia, por lo que no cuesta nada contratarnos. Northstar Financial Services (Bermuda) se vendió solo a inversionistas fuera de los EE. UU. y se suponía que proporcionaría ciertos beneficios, como refugios fiscales, que no estaban disponibles para los inversionistas estadounidenses. Asesores financieros y corredores de bolsa de todo Estados Unidos, incluidos Suntrust/Truist, Cetera Investment Services, Ocean Financial Services y Bankoh Investment Services, vendieron productos de Northstar Bermuda.Los bufetes de abogados Silver Law Group y David R. Chase P.A. han recuperado millones de dólares para los inversores de Northstar Bermuda en los Estados Unidos y en el extranjero, y recientemente presentaron una reclamación para recuperar una inversión de 2 millones de dólares en nombre de un cliente. Las firmas han formado una alianza estratégica para representar a los inversionistas de Northstar Financial Services (Bermudas) en reclamos contra los corredores de bolsa que les vendieron la inversión. Continue reading ›

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