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Articles Posted in Misappropriation

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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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Patrick Thayer (Patrick Noel Thayer, CRD# 5735955) is a previously registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD# 6413) of Lebanon, OH. His other employers were Parkland Securities, LLC (CRD#:115368), Sagepoint Financial, Inc. (CRD#:133763), and H.D. Vest Investment Services (CRD#13686), also of Lebanon.  He has been in the industry since 2010. Thayer’s first dispute was filed on 11/18/2022 by a client who alleged he misappropriated $45,250 from her account from 01/02/2019 through 9/28/2022. This claim is still pending as of this writing.Patrick Thayer (Patrick Noel Thayer, CRD# 5735955) is a previously registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD# 6413) of Lebanon, OH. His other employers were Parkland Securities, LLC (CRD#:115368), Sagepoint Financial, Inc. (CRD#:133763), and H.D. Vest Investment Services (CRD#13686), also of Lebanon. He has been in the industry since 2010. Continue reading ›

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Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners' Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Philip Riposo was terminated from United Planners on 3/3/2022 after the firm discovered that he was accepting and depositing client checks made out to the name of his “Doing Business As” name (DBA), Riposo Asset Management. Additionally, Philip Riposo also created fictitious account statements and provided them to the clients from whom he received money for his DBA. The firm prohibits both activities. Upon investigation by United Planners, Riposo admitted to both, and was subsequently terminated. United Planners issued a Uniform Termination Notice of Securities Industry Registration (Form U5) on 3/8/2022, detailing the reasons for termination. FINRA began its own investigation on 3/9/2022, requesting that Riposo appear for on-the-record testimony via videoconference on two occasions. The first was 3/15/2022, in which Riposo failed to appear, as well as the second, 3/28/2022. Riposo failed to appear on both occasions, violating FINRA Rules 8210 and 2010.Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Continue reading ›

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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 ›

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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 ›

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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 ›

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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 ›

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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 ›

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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 ›

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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 ›

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