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Articles Posted in FINRA Arbitration

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Did you purchase GWG Holdings’ L-Bonds through your broker at Dempsey Lord Smith before they declared bankruptcy in April of 2022? If so, you may realize that recovery of your principal is in jeopardy, and you may not recover anything. Silver Law Group may be able to help you recover your investment losses. Silver Law Group represents GWG L Bonds investors in FINRA arbitration claims to recover their investment losses. Contact us at 800-975-4345 for a no-cost, confidential consultation.Did you purchase GWG Holdings’ L-Bonds through your broker at Dempsey Lord Smith before they declared bankruptcy in April of 2022? If so, you may realize that recovery of your principal is in jeopardy, and you may not recover anything. Silver Law Group may be able to help you recover your investment losses.

Silver Law Group represents GWG L Bonds investors in FINRA arbitration claims to recover their investment losses. Contact us at 800-975-4345 for a no-cost, confidential consultation. Continue reading ›

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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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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

Continue reading ›

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