FINRA Arbitration

Minnesota Broker Mark David Holt Barred by FINRA

September 20, 2016 | Silver Law Group

Minnesota Broker Mark David Holt Barred by FINRA on silverlaw.com

Holt has lost his license and been permanently barred by the regulatory agency

Mark D. Holt has lost his license and can no longer act as a broker or representative in the financial services industry. According to the Financial Industry Regulatory Authority (FINRA), Holt is the subject of 11 disclosures, several customer complaints, two criminal complaints, and one regulatory sanction.

His 14-year career included work for several firms, most recently with Harbour Investments in North Oaks, Minnesota from 2007 to 2013, and before that with Geneos Wealth Management in Shoreview, Minnesota from 2005 to 2007. He was also employed by Linsco/Private Ledger Corporation in Boston, Massachusetts from 2000 through 2005 and by Securities America in Lavista, Nebraska from 1999 through 2000.

New Jersey Broker Glenn King Barred by FINRA

September 19, 2016 | Silver Law Group

New Jersey Broker Glenn King Barred by FINRA on silverlaw.com

Allegations against King include making fraudulent misrepresentations to clients

Glenn King, a former broker based in New Jersey, has been barred from acting as a broker by the Financial Industry Regulatory Authority (FINRA) for misconduct. A veteran in the securities industry with a career that dates back to 1992, King has received 19 customer complaints and is the subject of several investigations and two financial disclosures.

According to FINRA, King allegedly made fraudulent misrepresentations and neglected to provide the required prospectus to clients in association with Unit Investment Trusts (UITs) while employed by Royal Alliance Associates, a national financial advisory firm. The FINRA report states that King made his elderly clients believe that he would use their investment funds to purchase safe, no-risk bonds and that he would not charge commissions for these transactions. However, investigations show that he purchased 44 UITs that caused his clients to lose tens of thousands of dollars while he made $38,000 in commissions. These FINRA allegations and an internal review by his member firm caused King to be terminated from Royal Alliance Associates in June of 2011.

What to Expect from FINRA Dispute Resolution

August 29, 2016 | Silver Law Group

What to Expect from FINRA Dispute Resolution on silverlaw.com

FINRA dispute resolution resolves disputes between customers and stockholders or Wall Street involved in fraudulent or negligent broker activity

If you’re an investor and have a dispute with a securities firm or broker that can’t be settled through a mutual agreement or outside settlement, the case may be arbitrated or mediated in FINRA’s dispute resolution forum.

Will FINRA hear my case?

Minnesota Broker John Heath Allegedly Steals Funds from a Client’s Annuity

August 26, 2016 | Silver Law Group

Minnesota Broker John Heath Allegedly Steals Funds from a Client’s Annuity on silverlaw.com

FINRA issues permanent bar from securities industry after failing to respond to the allegations and two counts of theft while employed at Independent Financial Group

As of July 2016, Minnesota broker John Vernon Health has been barred by FINRA. His history in the financial services industry dates back to 1993 when he was employed by Gardener Financial Services in Minneapolis. He was also employed by Royal Alliance Associates in New York from April 1993 to July 2001 and by QA3 Financial Group in Minnesota from July 2001 to February 2011.

During his most recent position at Independent Financial Group, Heath was suspended by the FINRA for failing to respond to requests for information regarding a complaint from a client for allegedly stealing funds from an annuity. Because he failed to provide the requested information and request a termination of his suspension, Heath was subsequently permanently barred by FINRA and was terminated by Independent Financial Group in March 2016.

How FINRA’s Handling the Problem of Unpaid Securities Arbitration Awards

August 25, 2016 | Silver Law Group

How FINRA’s Handling the Problem of Unpaid Securities Arbitration Awards on silverlaw.com

Millions of dollars in awards go unpaid by defunct brokerage firms, boiler rooms, and unscrupulous brokers—what is FINRA doing to address this growing issue?

A recent report from the Public Investors Arbitration Bar Association (PIABA) says that 75 awards (approximately one third of all money awarded to clients in FINRA arbitration) during the year 2013 went unpaid.

Unlike many other types of business, brokers and financial advisors are not required to carry insurance, meaning there isn’t another source of assets to pay client awards if the firm’s assets dry up. While most large firms pay arbitration awards as quickly as possible in order to maintain their reputation and avoid further legal action, many smaller firms can’t or don’t pay many of their awards.

FINRA’s New Rule Requires Member Firms’ Websites to Link to BrokerCheck Reports

August 24, 2016 | Silver Law Group

FINRA’s New Rule Requires Member Firms’ Websites to Link to BrokerCheck Reports on silverlaw.com

Financial regulatory authority making it even easier for investors to access broker and firm histories

As of June 6th, 2016, FINRA member firms are required to place a link on their website to their BrokerCheck reports. This gives potential clients and investors more information than ever before about the brokers and firms they’re thinking of investing with.

What is BrokerCheck?

How to Prepare for a FINRA Hearing

August 23, 2016 | Silver Law Group

How to Prepare for a FINRA Hearing on silverlaw.com

If you want to succeed, you may want an excellent attorney, the right paperwork, and, perhaps most importantly, a clear goal in mind for what you want out of FINRA’s dispute resolution process.

Whether you’ve decided to file a FINRA arbitration claim or a request for mediation, adequate preparation is essential to if you want to give yourself the best chance of being awarded the funds you’ve lost through broker fraud or other FINRA sales practice violations.

Preparing for an arbitration hearing

Murphy’s Misconduct

May 6, 2016 | Silver Law Group

Murphy’s Misconduct on silverlaw.com

New Jersey broker Edward T. Murphy permanently barred by FINRA due to multiple allegations of misconduct.

Multiple serious client complaints have plagued Wells Fargo broker, Edward T. Murphy over the last several years and he has now been permanently barred from all securities activity by the Financial Industry Regulatory Authority (FINRA). The ban comes after Murphy failed to request that this suspension be terminated within three months of the date of the notice of the suspension. He also failed to respond to an FINRA request for information. As a result, he is automatically barred from association with any FINRA member in any capacity.

Allegations include negligence, breach of fiduciary duty, fraud and others

Broker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA

May 3, 2016 | Silver Law Group

Broker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA on ilverlaw.com

Allegations of churning, unsuitability, and questionable exercise of discretion surround barred broker.

William Siegel began his securities industry career in 2001 with Citigroup Global Markets Inc. in New York. Shortly after moving to Morgan Stanley & Co. in 2007, Siegel received his first complaint arising out of the sale of an auction rate security (ARS). The timing of the sale preceded the widespread auction failure and illiquidity that took place in mid-February 2008 and resulted in damages granted in the amount of $500,000.00.

In 2011, another complaint was registered against Siegel alleging churning in the customer’s account. Churning is the term used when a broker excessively trades within a customer account largely to generate commissions, without regard to the customer’s investment objectives.

LPL Financial Broker Eugene Smietana Discharged from Firm and Permanently Barred by FINRA

March 21, 2016 | Silver Law Group

LPL Financial Broker Eugene Smietana Discharged from Firm and Permanently Barred by FINRA on silverlaw.com

Have you invested funds with Eugene Smietana?

For investors who may have utilized the services of LPL Financial LLC broker Eugene Smietana out of Traverse City, Michigan, may have potential claims against LLP.

As of September 2015, FINRA has permanently barred Smietana from acting as a broker or otherwise associating with firms that sell securities to the public.