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Articles Posted in FINRA Arbitration

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Did you lose money investing in GWG Holdings Inc. L Bonds? Our securities and investment fraud attorneys are representing investors on a contingency fee basis to help recover our clients losses.  Read more about our experience handling these types of cases at securitiesfraudattorneys.com.   Scott Silver, Esq, is the chairman of the securities fraud group of the American Association of Justice and a frequent author and speaker on investment fraud matters. Silver Law Group is representing investors in claims against the broker-dealers who sold GWG L Bonds to investors. Claims to recover investment losses allege that the broker-dealers failed to conduct adequate due diligence on the investment, among other causes. Our securities fraud attorneys have already filed multiple FINRA arbitration claims. If you're an investor who believed that the L bonds would be a benefit to your portfolio, you're not alone. Unfortunately, the highly touted L bonds Were neither publicly traded nor liquid, and highly risky.Did you lose money investing in GWG Holdings Inc. L Bonds? Our securities and investment fraud attorneys are representing investors on a contingency fee basis to help recover our clients losses. Read more about our experience handling these types of cases at securitiesfraudattorneys.com. Scott Silver, Esq, is the chairman of the securities fraud group of the American Association of Justice and a frequent author and speaker on investment fraud matters. Continue reading ›

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Silver Law Group is representing GWG Holding L Bonds investors.  GWG stopped paying dividends in January, 2022. GWG then suspended sales of the L Bonds. Following the company’s Chapter 11 bankruptcy in April, investors are wondering if they will be able to recover any of their money from this company. GWG’s L Bonds were very risky investments that the company should have only recommended to sophisticated institutional investors that had a high tolerance for risk. Many of the L Bond investors were retirees looking for a stable and secure income source. The L Bonds were totally unsuitable for retirees with a more conservative investment objective who were interested in their principal being kept safe. Unfortunately, these investors were sold a risky, illiquid investment by brokers and their firms who failed in due diligence before recommending these L Bonds. What An Investor Can Do to Recover GWG Losses While you may recover something from GWG’s bankruptcy, it’s a long wait and a long shot that most of the principal will be recovered. The company’s Chapter 11 is a reorganization, and it may be many months before they release any information about what happens next.Silver Law Group is representing GWG Holdings L Bonds investors. GWG stopped paying dividends in January, 2022. GWG then suspended sales of the L Bonds. Following the company’s Chapter 11 bankruptcy in April, investors are wondering if they will be able to recover any of their money from this company. Continue reading ›

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According to FINRA Disciplinary actions for May 2022, 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
  Maria Acevedo   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Alicia Chester   BBVA Securities Inc.
  Anthony DiDonna   Equitable Advisors, LLC
  Travis Eiland   HD Vest Insurance Services
  HD Vest Investment Services
  Jeremy Fortner   Wells Fargo Clearing Services, LLC
  JP Morgan Chase Securities, LLC
  Marc Korsch   Arkadios Capital
  Centaurus Financial, Inc.
  Scott Levine   Ascendiant Capital Markets, LLC
  BMA Securities
  Mario Martinez   Mutual of Omaha Investors Services, Inc.
  AIG Capital Services, Inc
  Jun Ouyang   Morgan Stanley & Co., LLC
  Stephen Wenske   Edward Jones

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FINRA’s arbitration process has an increased focus after a recent court ruling found that the process wasn’t entirely as neutral as the agency claims. In February, two former Wells Fargo customers won a court decision against Wells Fargo that ruled the bank had been involved in subtle manipulation of FINRA’s arbitration process. The customer showed in court that a Wells Fargo attorney had a “secret agreement” with FINRA to keep plaintiff-friendly arbitrators out of his cases to increase his chances of winning. His increased wins saw customers lose their cases due to an unfair advantage. Wells Fargo is now appealing the decision. Now increased scrutiny on FINRA and its alleged neutrality has also called into question their entire dispute resolution process.FINRA’s arbitration process has an increased focus after a recent court ruling found that the process wasn’t entirely as neutral as the agency claims.

In February, two former Wells Fargo customers won a court decision against Wells Fargo that ruled the bank had been involved in subtle manipulation of FINRA’s arbitration process. The customer showed in court that a Wells Fargo attorney had a “secret agreement” with FINRA to keep plaintiff-friendly arbitrators out of his cases to increase his chances of winning. His increased wins saw customers lose their cases due to an unfair advantage. Wells Fargo is now appealing the decision. Continue reading ›

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Wells Fargo and its counsel were found to have manipulated the FINRA arbitration process, according to a Georgia state court, which in January, 2022 vacated an arbitration award in favor of Wells Fargo. The Public Investors Advocate Bar Association (PIABA) and its president called for an investigation by the SEC as well as Congressional hearings. FINRA Dispute Resolution Investors who have disputes with their FINRA-registered broker-dealers are required to use FINRA’s Dispute Resolution forum. Disputes are resolved through non-judicial arbitration and mediation proceedings. Investors frequently bring FINRA arbitration claims after losing money with investments sold to them by their broker-dealer, claiming the investments were unsuitable, that adequate due diligence wasn’t preformed, or other causes. Arbitration is typically faster and less expensive than court.Wells Fargo and its counsel were found to have manipulated the FINRA arbitration process, according to a Georgia state court, which in January, 2022 vacated an arbitration award in favor of Wells Fargo. The Public Investors Advocate Bar Association (PIABA) and its president called for an investigation by the SEC as well as Congressional hearings. Continue reading ›

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GWG L Bonds are a relatively new financial product that purportedly offers higher yields than typical publicly-traded, fixed-income bonds. These bonds have significant risk and are not like traditional corporate bonds and other conservative investments. Silver Law Group has been retained by investors to pursue securities arbitration claims against brokerage firms who recommended GWG bonds alleging that the brokerage firms due diligence was negligent, material risks were not properly disclosed or materially misrepresented to them or their account was improperly concentrated in GWG bonds and other illiquid alternative investments. Continue reading ›

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Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. Foley has two disclosures in his CRD, the first of which involves failing to supervise two representatives at Wynston Hill who were involved in “churn and burn,” or excessively trading in customers accounts, and a third firm representative who falsified the firm’s records. This activity occurred during Foley’s tenure, from January through June of 2019. Foley was a designated principal responsible for supervising the registered representatives assigned to Wynston Hill’s New York City branch office. His job included the review of orders to look for frequent or excessive trading, margin trades, unsuitable recommendations, higher-than-normal commissions and other “red flags.” Foley discussed these issues with the firm’s chief compliance officer but took no other action. Customers of two of the representatives would need growth in excess of 100% per year in their accounts to cover the commissions and other costs that were involved with their accounts.Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. Continue reading ›

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Northstar Financial Services (Bermuda) offered investment and annuity-type products to investors outside the United States.  The company was based in Bermuda and claimed to offer various benefits such as tax shelters that were not available to U.S.-based investors.  Northstar relied on a network of financial advisors and brokerage firms across the United States and abroad to sell its products to investors. Unfortunately, Northstar has collapsed and is undergoing liquidation (similar to bankruptcy) proceedings in Bermuda, where it is expected that investors will suffer heavy losses. Brokers and financial advisers are obligated to conduct due diligence and monitor the investments they recommend, to ensure that the investments they recommend are appropriate for their customers, and to diversify their customers’ portfolios to at least minimize the risks of products like Northstar. Silver Law Group has filed arbitration claims on behalf of Northstar investors against selling broker-dealers such as SunTrust (now Truist), Ocean Financial Services, and Cetera Investment Services for the improper sale of Northstar Financial Services (Bermuda).  Silver Law Group has helped its clients recover and continues to litigate other cases.Northstar Financial Services (Bermuda) offered investment and annuity-type products to investors outside the United States.  The company was based in Bermuda and claimed to offer various benefits such as tax shelters that were not available to U.S.-based investors.  Northstar relied on a network of financial advisors and brokerage firms across the United States and abroad to sell its products to investors. Continue reading ›

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