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Articles Posted in FINRA Arbitration

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An investor who lost $1  million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. The investor, a longtime banking client of Hancock Whitney, is seeking return of his principal and other damages. The investor lost the entirety of his principal when Northstar Bermuda filed for Chapter 15 bankruptcy amid a run on surrender requests. The debt-ridden Bermuda-based Northstar Financial Services (Bermuda) is now in liquidation proceedings, and Greg Lindberg, the owner of its holding company, is also facing SEC charges of misconduct. Silver law Group Has Filed Claims on Behalf of Northstar Financial Services (Bermuda) Investor Victims to Recover Losses Silver Law Group founder Scott Silver and the Law Firm of David Chase have filed claims on behalf of defrauded investors in Northstar to recover their investment losses. These Northstar investors were pitched on the safety and security of Northstar’s fixed and variable rate annuity-type products by their U.S.-based brokerage firms, including Truist Investment Services, Inc. (SunTrust), Bankoh Investment Services, J.P. Morgan Securities, and Ocean Financial Services.An investor who lost $1 million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. Continue reading ›

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We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away. Then the company crashed and burned. The L Bonds, as they were called, required patience from investors. After all, the policy payout would come when the original policyholder died. Last August, the company temporarily halted the sales of their L Bonds, leading to a series of events that ended with GWG Holdings declaring bankruptcy in April of 2022. Investors in L Bonds were left with nothing. So, what happened to the investor’s funds that were going to earn them great returns?We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away.

Then the company crashed and burned. Continue reading ›

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If Cabot Lodge Securities sold you L Bonds from GWG Holdings, Silver Law Group may be able to help you recover your investment losses. GWG Holdings filed for bankruptcy in April, 2022 and it is expected that L Bonds investors will lose a significant amount of their principal.  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. GWG L Bonds Are Speculative Investments GWG Holdings (GWGH) is a Texas-based financial services company that offers life insurance and alternative investments. L Bonds are a type of bond that buys life insurance policies from the policy holder. Bond investors’ money finances the life insurance policy, and investors are paid when the policy holder dies. L Bonds can offer a higher return than other bonds, but they also involve considerable speculation and high risk. Many investors claim that their broker-dealers, such as Cabot Lodge, did not inform them of the risks of investing in GWG L Bonds when they sold them and instead described them as a safe and secure source of income.If Cabot Lodge Securities sold you L Bonds from GWG Holdings, Silver Law Group may be able to help you recover your investment losses. GWG Holdings filed for bankruptcy in April, 2022 and it is expected that L Bonds investors will lose a significant amount of their principal.

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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Jesus Rodriguez (CRD#: 4888685) is a former broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of El Paso, Texas. His former employers are Citigroup Global Markets Inc. (CRD#:7059) and    Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of El Paso.  He has been in the industry since 2005. Rodriguez has a total of nine disclosures, all from 2021. The earliest, filed on 7/15/2021, alleges that Rodriguez used a customer’s credit line for his own personal benefit. This claim is currently pending, and requests damages of $61,431.00. He voluntarily resigned from Morgan Stanley on 8/6/2021 when the allegations came to light. Two customer disputes filed on 8/23/2021 have nearly identical allegations of improper withdrawals (one from 2017 through 2020). These two disputes were settled for $376,532.96 and $30,470.00, respectively.Jesus Rodriguez (CRD# 4888685) is a former broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of El Paso, Texas. His former employers are Citigroup Global Markets Inc. (CRD# 7059) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691), also of El Paso. He has been in the industry since 2005. Continue reading ›

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Broker-dealer Joseph Stone Capital (CRD# 159744/SEC# 8-69014), based in Mineola, NY, has recently been fined by FINRA for allowing eight of its brokers to engage in excessive trading in their customers’ accounts. This practice is known as “churning,” and it always costs a customer money. From January 2015 to June 2020, Joseph Stone Capital and eight of its brokers engaged in excessive trading in several customer accounts and made considerable commissions for themselves and the firm. This caused the customers to over-pay and never see a return on their investments. FINRA made the announcement on September 8, 2022, and levied a fine of $1.04 million against the firm. The firm also failed to create adequate Written Supervisory Procedures (WSPS) that complied with FINRA Rule 2111.Broker-dealer Joseph Stone Capital (CRD# 159744/SEC# 8-69014), based in Mineola, NY, has recently been fined by FINRA for allowing eight of its brokers to engage in excessive trading in their customers’ accounts. This practice is known as “churning,” and it always costs a customer money. Continue reading ›

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Boca Raton-based National Securities Corporation (NSC) has announced that it is closing its doors after 75 years. The recent announcement came after the firm filed termination papers with FINRA. The company’s representatives and advisors are now part of the company that began buying National Securities, B. Riley Wealth Management. Although National Securities is closing, it appears to be a merger with B. Riley. The company bought a large stake in the parent company, National Holdings Corporation in 2018. In 2021, B. Riley purchased the remaining shares. The resulting merger has 900 representatives and $29 billion in client assets. FINRA Sanctions National Securities Corporation On June 23, 2022, FINRA issued sanctions against National Securities Corporation totaling $9 million that includes: Disgorgement of $4.77 million Restitution of $625,000 to customers who purchased private placementsBoca Raton-based National Securities Corporation (NSC) has announced that it is closing its doors after 75 years. The recent announcement came after the firm filed termination papers with FINRA. The company’s representatives and advisors are now part of the company that began buying National Securities, B. Riley Wealth Management. Continue reading ›

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Aegis Capital Corporation (CRD#15007) has reached an agreement with the US Securities and Exchange Commission (SEC) regarding the recommendations and sales of a complex and risky investment called variable interest rate structured products, or VRSP. The SEC filed a cease-and-desist order on July 28, 2022. In response, Aegis submitted an offer of settlement. The action is the result of Aegis representatives making highly unsuitable recommendations to customers in two of their branch offices: Melville, NY, and Boca Raton, Fl. In both cases, the company’s supervisory procedures were not properly followed in relation to these recommendations to retail customers as well as material misstatements and omissions. Institutional customers were not affected. VRSPs These high-risk, illiquid investments are known as “principal at risk” investments because investors may or may not lose their principal. They have 15-year maturity periods and are not traded on any public market. Investors may have to keep them the entire 15-year period, since they are unlikely to be able to sell them on a secondary market.Aegis Capital Corporation (CRD#15007) has reached an agreement with the US Securities and Exchange Commission (SEC) regarding the recommendations and sales of a complex and risky investment called variable interest rate structured products, or VRSP. The SEC filed a cease-and-desist order on July 28, 2022. In response, Aegis submitted an offer of settlement. Continue reading ›

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FiverrLossesSmallIn April 2022, when GWG Holdings, Inc. filed for a Chapter 11 bankruptcy, it left 27,000 investors wondering if the “L Bonds” they were holding were now worthless. If you’re one of those investors, you may be able to recover some of your losses, but you should get an attorney who specializes in recovering clients’ investments to help you. Continue reading ›

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GWG Investors around the nation are still reeling from the recent news that GWG Holdings, Inc. and some of its subsidiaries filed for a Chapter 11 bankruptcy. GWG, a financial services company, owes $1.6 billion in “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market, with promises that the investors would make a profit from gains made after policyholders had died. An estimated 27,000 investors invested with GWG—for an average of $45,000 each. But all is not necessarily lost, as investors pursue various ways to recover their investments including claims against the selling brokerage firms.GWG Investors around the nation are still reeling from the recent news that GWG Holdings, Inc. and some of its subsidiaries filed for a Chapter 11 bankruptcy. GWG, a financial services company, owes $1.6 billion in “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market, with promises that the investors would make a profit from gains made after policyholders had died. Continue reading ›

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