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Articles Posted in FINRA Arbitration

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According to FINRA Disciplinary actions for July 2023, 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
  Michael Borning   Pruco Securities, LLC
  Wells Fargo Clearing Services, LLC
  Conway Donaldson   Morgan Stanley Smith Barney
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Bridget Fernandez   UBS Financial Services Inc.
  Wachovia Securities, Inc.
  Christopher Polinaire   Network 1 Financial Securities Inc.
  Arive Capital Markets
  Tariq Sales   Spartan Capital Securities, LLC
  Newbridge Securities Corporation
  Troy West   Innovation Partners, LLC
  Southeast Investments, N.C. Inc.

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According to FINRA Disciplinary actions for July 2023, the following individuals were barred 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:

NAME FORMER EMPLOYERS
  Michael Cutrone   Neuberger Berman BD LLC
  Ronald Diaz   Morgan Stanley
  J.P. Morgan Securities LLC
  Mulan Greenway
  David Morris   Stifel, Nicolaus & Company, Incorporated
  UBS Financial Services Inc.
  Josette Santos   Wells Fargo Clearing Services, LLC

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Matthew Boehm (Matthew John Boehm CRD# 4418029) is a registered broker and investment advisor currently employed with Woodbury Financial Services, Inc. (CRD# 421) of East Peoria, IL. He was previously employed with Lion Street Advisors, LLC (CRD# 167610 as an investment advisor), and also of East Peoria, and Lion Street Financial, LLC (CRD# 165828, as a broker) of Peoria, and Woodbury Financial Services, Inc. (CRD# 421 as a broker and investment advisor) of Bonita Springs, FL. He has been both a broker and investment advisor throughout his career, which began in 2003. Boehm has only one disclosure in this CRD, a recently filed customer dispute which is currently pending. Filed on 1/31/2023, the client is requesting damages of $75,000. The customer alleges they  purchased GWG Holding’s now-defunct L-Bonds from Boehm. In August of 2022, she filed a securities arbitration, claiming that while at Lion Street Financial he sold her these L-Bonds. In the arbitration, she alleged misrepresentation and failure to supervise the suitability of GWG L-bonds. Lion Street Financial has sought to implead Boehm—bring him into the case—allegedly to settle the claim.Matthew Boehm (Matthew John Boehm CRD# 4418029) is a registered broker and investment advisor currently employed with Woodbury Financial Services, Inc. (CRD# 421) of East Peoria, IL. He was previously employed with Lion Street Advisors, LLC (CRD# 167610 as an investment advisor), and also of East Peoria, and Lion Street Financial, LLC (CRD# 165828, as a broker) of Peoria, and Woodbury Financial Services, Inc. (CRD# 421 as a broker and investment advisor) of Bonita Springs, FL. He has been both a broker and investment advisor throughout his career, which began in 2003. Continue reading ›

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Christopher Kennedy (Christopher Booth Kennedy CRD# 4498061) is a former registered broker and investment advisor last employed with Western International Securities, Inc. (CRD#:39262) of Woodland Hills, CA. His previous employers included Spartan Capital Securities, LLC (CRD# 146251) of New York, NY, Western International Securities, Inc. (CRD# 39262) and Financial West Group (CRD# 16668, expelled by FINRA on 2/13/2020) of Tarzana, CA. He has been in the industry since 2002.  Kennedy was discharged by Western International on 8/27/2021 with cause, “Clients have alleged unauthorized options trading and failure to adhere to discretionary options sales orders.” No additional information is available. However, Kennedy’s CRD includes ten customer disputes dated from 9/10/2021 through 6/9/2022. Of the ten, seven are settled, and three are listed as “pending.” All have allegations of misconduct including improper trading and other breaches of fiduciary duty.  Christopher Kennedy (Christopher Booth Kennedy CRD# 4498061) is a former registered broker and investment advisor last employed with Western International Securities, Inc. (CRD#:39262) of Woodland Hills, CA. His previous employers included Spartan Capital Securities, LLC (CRD# 146251) of New York, NY, Western International Securities, Inc. (CRD# 39262) and Financial West Group (CRD# 16668, expelled by FINRA on 2/13/2020) of Tarzana, CA. He has been in the industry since 2002.  Continue reading ›

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Silver Law Group, a nationally recognized law firm that represents investors, is currently investigating Alliance Bernstein after its customers suffered losses related to their Option Advantage Strategy. If you invested in Alliance Bernstein’s Option Advantage and have questions about your legal rights, or if you have information relevant to this matter, contact Silver Law Group for a no-cost consultation at 800-975-4353 to discuss your potential options. Advisors with global asset management firm Alliance Bernstein encouraged their investment customers to invest in a new and complicated options strategy they called “Options Advantage.” This strategy was described as something for investors who were “seeking incremental return in a low yield environment.”Silver Law Group, a nationally recognized law firm that represents investors, is currently investigating Alliance Bernstein after its customers suffered losses related to their Option Advantage Strategy.

If you invested in Alliance Bernstein’s Option Advantage and have questions about your legal rights, or if you have information relevant to this matter, contact Silver Law Group for a no-cost consultation at 800-975-4353 to discuss your potential options. Continue reading ›

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Silver Law Group is investigating claims involving the AllianceBernstein Options Advantage Program, where investors were offered the opportunity to earn additional return on already-invested funds. The firm’s financial advisors allegedly sold this program as low risk and low volatility, but many investors suffered significant losses. Many investors claim they were told that they could earn an additional 1% to 2% return on assets they’d previously invested in the firm. The so-called “cash-free” option involved using margin to avoid having customers add additional funds to their account. The idea was that using margin would make it less risky to the investor. The existing stocks, bonds, mutual funds, or other investments became the collateral for borrowing on margin.Silver Law Group is investigating claims involving the AllianceBernstein Options Advantage Program, where investors were offered the opportunity to earn additional return on already-invested funds. The firm’s financial advisors allegedly sold this program as low risk and low volatility, but many investors suffered significant losses. Continue reading ›

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What do you do if you’re a citizen of a foreign country and a broker in the US sold you securities that weren’t the solid investment they claimed? The securities law attorneys at Silver Law Group are preparing to act against those brokers and broker-dealers who were involved. These individuals sold investments in the Bermuda-based Northstar Financial Services Bermuda to foreign investors who wanted a US based investment to protect their assets. Investors in Latin America, Japan, China, and Taiwan who invested in Northstar discovered that the solid vehicle they bought into was anything but. Northstar was not available to US or Bermuda-based investors. Brokers who represented the Northstar investment as safe, secure, and that would guarantee their principal. The company was ordered into bankruptcy in Bermuda in 2020, and is now in bankruptcy litigation. With just $8 million in assets, the company has a deficit and debts totaling $260 million.What do you do if you’re a citizen of a foreign country and a broker in the US sold you securities that weren’t the solid investment they claimed?

The securities law attorneys at Silver Law Group are preparing to act against those brokers and broker-dealers who were involved. These individuals sold investments in the Bermuda-based Northstar Financial Services Bermuda to foreign investors who wanted a US based investment to protect their assets. Investors in Latin America, Japan, China, and Taiwan who invested in Northstar discovered that the solid vehicle they bought into was anything but. Northstar was not available to US or Bermuda-based investors. Continue reading ›

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Investors are interested in safe investments that can protect their assets and help them grow. Many investors outside of the US were directed to a Bermuda-based company called Northstar Financial Services (Bermuda). Frequently sold by US-based brokers, their products offered alleged high commissions with additional incentives to brokers and broker-dealers overshadowed the best interest of the customers. Many of the investors were foreign nationals who lost their life savings. Unfortunately, the company and its owners are embroiled in a complicated chronicle that has led to criminal charges for the two people involved that cost investors billions. The company is now in liquidation. Investors are interested in safe investments that can protect their assets and help them grow. Many investors outside of the US were directed to a Bermuda-based company called Northstar Financial Services (Bermuda).

Frequently sold by US-based brokers, their products offered alleged high commissions with additional incentives to brokers and broker-dealers overshadowed the best interest of the customers. Many of the investors were foreign nationals who lost their life savings. Continue reading ›

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scott-silverIt’s not uncommon for employees of nearly any type of business to branch off and form their own company. When that company is a new broker dealer firm and a competitor for the former employer, things get complicated. Especially if that employer is Wells Fargo Advisors.  Continue reading ›

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Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Silver Law Group represents investors in claims against selling broker-dealers for losses relating to GWG L Bonds and violations of Regulation Best Interest and other FINRA rules and regulations.Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Continue reading ›

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