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Articles Posted in Misappropriation

Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011.  Whitacre has three disclosures: two from his previous employers and one disciplinary action from FINRA.  Wealth Management Advisors placed Whitacre on leave while the firm investigated allegations that he misdirected client funds for his own personal use. During this leave period, he became employed by Arkadios Capital. However, when Arkadios discovered the leave and the reasons behind it, they contacted Wealth Management Advisors and were notified of the “confirmatory findings from the internal review.” Both firms terminated Whitacre on 7/16/2021 based on these findings.Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011. Continue reading ›

Darryl Cohen (Darryl Matthew Cohen CRD# 2786613) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Westlake Village, CA. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Westlake Village, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1997.  After a spate of customer disputes with similar allegations, Morgan Stanley terminated Cohen’s employment on 3/9/21. The reason was due to “Allegations relating to the representative's facilitation of outside client business and transactions not disclosed to or approved by Morgan Stanley and use of an unapproved platform to engage in inappropriate communications with clients.”Darryl Cohen (Darryl Matthew Cohen CRD# 2786613) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Westlake Village, CA. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Westlake Village, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1997. Continue reading ›

Anthony DiDonna (Anthony Vincent DiDonna CRD# 7283414) is a former registered broker last employed with Equitable Advisors, LLC (CRD#:6627) of Woodbury, NY. He began working in the industry with Equitable in 2020, and has no other employers of record.  Equitable Advisors terminated DiDonna’s employment on 4/27/2021 for “unauthorized transactions and misappropriation of client funds.”  On 4/28/2021, a customer filed a dispute indicating that they “did not authorize transfers from their accounts to fund new investments that were unauthorized.” They also indicated that a signature on their account opening documents were “forged.” This claim is currently listed as “pending.” No additional information is available.  FINRA’s investigation began on 12/14/2021, and DiDonna failed to provide documents and information as requested. Therefore, he was barred indefinitely and permanently by FINRA from association with any member, effective 3/17/2022.Anthony DiDonna (Anthony Vincent DiDonna CRD# 7283414) is a former registered broker last employed with Equitable Advisors, LLC (CRD#:6627) of Woodbury, NY. He began working in the industry with Equitable in 2020, and has no other employers of record. Continue reading ›

Ronald Molo (Ronald Terrence Molo CRD# 4371241) is a former registered broker and investment advisor whose last employer was Edward Jones (CRD#:250) of Joliet, IL. He began working for Edward Jones on 05/15/2001. The firm terminated him on 06/15/2021 and has no other employment in the industry. Following Molo’s termination, three customers filed disputes on 6/16/2021, 6/18/2021, and 6/22/2021 with identical allegations of “former FA stole funds from them by wiring client funds to a bank account controlled by former FA's spouse under the guise that they were making an investment.” It is not known if these were all filed by the same client or three different clients.Ronald Molo (Ronald Terrence Molo CRD# 4371241) is a former registered broker and investment advisor whose last employer was Edward Jones (CRD#:250) of Joliet, IL. He began working for Edward Jones on 05/15/2001. The firm terminated him on 06/15/2021 and has no other employment in the industry. Continue reading ›

Eric Hollifield (Eric Shea Hollifield CRD:# 3091319) is a former registered broker and investment advisor whose last employer was LPL Financial LLC (CRD#:6413) of Dacula, GA. Hollifield was previously registered with Sterne Agee Financial Services, Inc. (CRD#:18456), also of Dacula, H&R Block Financial Advisors, Inc. (CRD#:5979) of Duluth, GA, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY.  He has been in the industry since 1998.  On 8/25/2021, a customer filed a dispute alleging that Hollifield misappropriated funds from her account beginning in August 2020, through the present date. This claim is pending, and the client requests damages of $1,240,000.00.  As a result, LPL Financial notified FINRA on 9/10/2021 when the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) terminating Hollifield’s association with the firm. LPL Financial officially discharged Hollifield on 8/12/2021, listing the reason as failing to disclose his outside business activities.  Hamilton Investment Counsel, LLC listed its own discharge of employment on 9/1/2021, citing the same reason of failure to disclose outside business activities to the firm. No information is available from Hollifield’s brief association with Hamilton. Eric Hollifield (Eric Shea Hollifield CRD:# 3091319) is a former registered broker and investment advisor whose last employer was LPL Financial LLC (CRD#:6413) of Dacula, GA. Hollifield was previously registered with Sterne Agee Financial Services, Inc. (CRD#:18456), also of Dacula, H&R Block Financial Advisors, Inc. (CRD#:5979) of Duluth, GA, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY.  He has been in the industry since 1998. Continue reading ›

Kenneth Welsh (Kenneth Andrews Welsh CRD:# 4657872) is a former registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Fairfield, New Jersey. Previously, he was employed with three divisions of Smith Barney (CRD#: 149777, 8209, and 7556), also of Fairfield. He has been in the industry since 2004.  On October 28, 2021, The Securities & Exchange Commission (SEC) charged Welsh with misappropriation of $2.86 million from client accounts. Many of these clients were elderly investors, described by the SEC as “financially unsophisticated.”  Prior to any transfer, the complaint alleges, Welsh circumvented the firm’s policies to carry them out. He also sold and traded in the customer accounts to ensure available cash for his unauthorized activity. Welsh made these sales within days of the illicit transfers.Kenneth Welsh (Kenneth Andrews Welsh CRD:# 4657872) is a former registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Fairfield, New Jersey. Previously, he was employed with three divisions of Smith Barney (CRD#: 149777, 8209, and 7556), also of Fairfield. He has been in the industry since 2004. Continue reading ›

David Volpe (David John Volpe CRD# 2543478) is a former registered broker who has previously worked for First Financial Equity Corporation, LPL Financial LLC, and National Planning Corporation, all in Scottsdale, Arizona. Volpe began his career in the securities industry in 1996. David Volpe Discharged From Firms For Improper Private Transactions & Borrowing From Customers According to Volpe’s BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA), Volpe has been discharged from two different brokerage firms: In December 2018, Volpe was discharged from LPL for an alleged “violation of the Firm’s private securities transactions policy for involvement in capital-raising efforts without prior disclosure.” Similarly, in April 2019, Volpe was discharged from First Financial for an alleged “failure to notify firm of private securities transaction involvement and violation of firm policy regarding borrowing funds from a client.” Following these discharges, Volpe was investigated FINRA. According to FINRA’s Letter of Acceptance, Waiver and Consent, Volpe failed to respond to FINRA’s request for information and documents, resulting in “a bar from associating with any FINRA member firm in any capacity.”David Volpe (David John Volpe CRD# 2543478) is a former registered broker who has previously worked for First Financial Equity Corporation, LPL Financial LLC, and National Planning Corporation, all in Scottsdale, Arizona. Volpe began his career in the securities industry in 1996. Continue reading ›

Raymond Ferro (Raymond Anthony Ferro, Jr. CRD#: 1927831) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Danbury, CT. His previous employers include Next Financial Group, Inc. (CRD#:46214) and LPL Financial Corporation (CRD#:6413), also of Danbury, CT, and Wachovia Securities, LLC (CRD#:19616) of Ossining, NY. He has been in the industry since 1997.  Ferro is the subject of six disclosures, including a 2014 tax lien of $15,205.26.  The most recent is a client dispute filed on 12/7/2020. The claimants allege that Ferro sold them unsuitable investment products, and they request damages of $600,000. This claim is pending.  The next client dispute was filed on 10/26/2020. The client alleges that she gave Ferro a total of 28 personal checks for funds that were intended to be used for “unspecified investments.” The client requests damages in the amount of $140,852.00, and the claim is pending.Raymond Ferro (Raymond Anthony Ferro, Jr. CRD#: 1927831) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Danbury, CT. His previous employers include Next Financial Group, Inc. (CRD#:46214) and LPL Financial Corporation (CRD#:6413), also of Danbury, CT, and Wachovia Securities, LLC (CRD#:19616) of Ossining, NY. He has been in the industry since 1997. Continue reading ›

Edward Matthes (Edward Earl Matthes CRD:# 2788055, aka “Ed Matthes”) is a former registered broker and investment advisor whose last known employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. Previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc, MML Investors Services, Inc. (CRD#:10409) of Chesterfield, MO, and Thrivent Investment Management Inc. (CRD#:18387) of Minneapolis, MN. He has been in the industry since 1996. Matthes is the subject of 25 disclosures dating back to 2005. The most recent disclosures leading to charges began on 3/12/2019 after he was dismissed from Mutual of Omaha. The firm alleged that he created fictitious account statements for clients and deposited client money into his own bank accounts. The FBI began an investigation three days after Matthes’ termination, on 3/15/2019.Edward Matthes (Edward Earl Matthes CRD:# 2788055, aka “Ed Matthes”) is a former registered broker and investment advisor whose last known employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. Previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc, MML Investors Services, Inc. (CRD#:10409) of Chesterfield, MO, and Thrivent Investment Management Inc. (CRD#:18387) of Minneapolis, MN. He has been in the industry since 1996. Continue reading ›

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