Misrepresentation and Omission of Material Facts

Former Broker Thomas Logue Subject Of Multiple Disclosures

September 11, 2018 | Silver Law Group

Thomas Joseph Logue (CRD #1700554) is a former registered broker and investment advisor who was last employed by American Independent Securities Group, LLC (CRD #135288) of Hinsdale, IL. His previous employers include Investors Capital Corp. (CRD #30613) and First Midwest Securities, Inc. (CRD #21786), also of Hinsdale. No current employment information is available. He has been in the industry since 1990.

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 There are five customer disclosures in Logue’s record, the most recent of which was filed on 2/6/18. Two of these disputes were closed with no action, including the most recent one.

One customer action was filed on 12/8/2017, with allegations of “unsuitability” and requested damages of $127,520.30. This case is currently listed as “pending.”

Broker Patrick Maddren

September 11, 2018 | Silver Law Group

Patrick Maddren (CRD #4665903) is a currently registered broker with Westpark Capital, Inc. (CRD #39914) of Fort Lauderdale, FL. His previous employers include Laidlaw & Company (UK) LTD. (CRD #119037), also of Fort Lauderdale, Dawson James Securities, Inc. (CRD #130645) of Boca Raton, FL, and Prestige Financial Center, Inc. (CRD #30407) of New York, NY. Two of his previous employers, Prestige and Sky Capital LLC (CRD #114657) of New York, were expelled by FINRA. He has been in the industry since 2004.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 A customer dispute filed on 3/31/2016 alleges that Maddren “Failure to follow instructions, material misrepresentations and omissions, excessive trading and commissions, unauthorized trading, unsuitable recommendations, breach of contract. The customer requested damages of $1,000,000.00, and the case was settled for $295,000. Maddren denies the allegations, and was not named in the arbitration.

Maddren is the subject of four disclosures. Two of these are tax liens—one filed on 08/14/2012, for $75,630.00, and one filed on 06/26/2012 for $225,256.80. In the second disclosure, it is noted that Maddren was unaware of these liens and was made aware by his accountant. He is taking steps to remedy the liens.

FINRA Bars Former Raymond James Broker Stephen Murray After Allegations, Tax Lien

September 5, 2018 | Silver Law Group

Stephen Allen Murray (CRD #343722) is a former registered broker and investment advisor who was last employed by Raymond James & Associates, Inc. (CRD #705) of Palm Beach Gardens, FL. He was previously employed by Morgan Keegan & Company, Inc. (CRD #4161) of Jupiter, FL and First Financial Equity Corporation (CRD #16507) of Scottsdale, AZ. No current employment information is available. He began in the industry since 1973.

Murray is the subject of 10 different disclosures, dating back to 1982. The most recent, a regulatory action, occurred after he failed to respond to a FINRA request for information. Three letters were issued regarding the suspension, and Murray did not respond to any of them. He became permanently barred from associating with any FINRA representative as of 8/7/2018. No additional information is available.

The next disclosure was filed on 05/26/2017, a customer dispute alleging “churning, unauthorized trading; negligence, violation of FINRA rules . . .breach of contract, and breach of fiduciary duty. Activity date is: 6/2010 thru 4/2017.” The customer requested damages of $100,000, and the case was settled for $60,000.

UBS Financial Advisor Walter Stucker

August 27, 2018 | Silver Law Group

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Walter M. Stucker (CRD #2197844) is a registered broker and investment advisor, currently registered with Wells Fargo Clearing Services, LLC (CRD #19616) of Fort Worth, TX. He was previously employed by UBS financial services inc. (CRD #8174) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691), also of Fort Worth. He has been in the industry since 1991.

Stucker is the subject of three disclosures, the most recent filed on 04/08/2018. This customer arbitration claim alleges that he “unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated with those investments” from 2011 to 2017. The customer is requesting damages of $600,000. This case is currently pending.

The prior complaint, filed on 12/18/2017, was filed by a client’s attorney alleging “misrepresentation, suitability issues and over concentration in oil and gas limited partnerships” from July 27, 2011 to December 18, 2017. The client requested damages in the amount of $632,907.00; however, this claim was ultimately denied.

Broker Michael B. Barnett Allegedly Invests Client Funds in Speculative Securities

August 21, 2018 | Silver Law Group

Michael Barnett (CRD #5792242) is a currently registered broker and investment advisor working with J.J.B. Hilliard, W.L. Lyons, LLC of Marion, IL (CRD #453). He has been with Hilliard Lyons since 2012. Previously, Barnett was registered with Edward Jones (CRD #250) of Herrin, IL. He has been in the industry since 2010.

Bahram-Mirhashemi-Facing-Allegations-of-Elder-Financial-Fraud-300x200 Barnett has three pending customer complaints in 2018, with the damages requested totaling $133,529.56. Two of these claims involve allegations of over-concentration and losses related to a company called Breitburn Energy (BBEP), and that the company was unsuitable for the clients. Both complaints include allegations of breach of contract and fiduciary duty, violation of Kentucky Consumer Protection Act, Kentucky Blue Sky Law, and the Illinois Consumer Fraud Act. The third 2018 complaint, also pending, allege “breach of fiduciary duty, violation of Illinois’ Securities Act (Section 815 ILCS 5/12 et al.), negligence/negligent misrepresentation/omission, breach of contract, restitution, common law fraud, and negligent supervision.”

In 2017, Barnett had two additional customer complaints. In one case, the client alleges “unauthorized trading in an unsuitable security.” The second complaint alleges “misrepresentation, unsuitable investments, and unauthorized trading in a single security beginning in 2014 through 2015.” The client has requested damages of $1.5 million.

Multiple Complaints Against Former Broker Michael Fitz-Gerald

August 20, 2018 | Silver Law Group

Former broker and investment advisor Michael Edward Fitz-Gerald (aka Michael Edward Fitzgerald, CRD #209062) was last registered with Morgan Stanley (CRD #149777) of San Francisco, CA. Previous employers include Morgan Stanley & Co. Incorporated (CRD #8209) and UBS Financial Services Inc. (CRD #8174), both of San Francisco. He began working in the industry in 1969.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Fitz-Gerald is the subject of six disputes, dating back to 1987. The latest, filed on 6/6/2018, is pending, and requesting damages totaling $240,000 and allege, “inter alia, unsuitability with respect to investments in accounts -2014 to 2015.”

The previous dispute, filed on 2/14/2017, requested damages of $2,348,175.00, and settled for $185,000. The client alleged that his portfolio was insufficiently diversified from 2012 to 2016. A year before, in 2016, another dispute was filed, with the same allegation of insufficient diversification in the account from 2010 through 2015. The damages were unspecified, and case was settled for $50,000.

Jason McBride

August 13, 2018 | Silver Law Group

Broker Jason McBride (CRD #1875972) is a registered broker and investment advisor employed by Presidential Brokerage, Inc. (CRD #28784) of Greenwood Village, CO. He has been with Presidential since 1995. His previous employers include VTR Capital, Inc. (CRD #21404) of New York City, Chatfield Dean & Co., Inc. (CRD #14714) also of Greenwood Village, CO, Venture Trading, Inc. (CRD #21404) of New York City, Marshall Davis, Inc. (CRD #16278), Donald & Co. Securities Inc. (CRD #7776) of Tinton Falls, NJ, Pacific Rim Securities, Inc. (CRD #13155) and Power Securities Corporation (CRD #15527). He has been in the industry since 1988.

McBride has been the subject of five customer disputes in his career. The most recent was filed on 5/1/2018, by a client alleging “unsuitability, breach of fiduciary duty, negligence, failure to supervise, misrepresentation, omission, and breach of contract in the purchase of 2 non traded REITs and a limited partnership between February 2006 and August 2008.” The client is requesting damages in the amount of $251,317.00. Presidential denies the claims, and McBride isn’t actually a named party in the complaint. The firm is defending itself against the claims.

A prior complaint was filed on 12/15/2015 by a disgruntled former employee and her husband. McBride, again, was not a named party in the complaint. The clients alleged “breach of fiduciary duty, breach of contract, negligence and unlawful termination and retaliation.” The wife was employed by Presidential as a Series 7 representative, studying for her Series 7 exam, and working as an assistant to McBride.

Broker Ray Reese Subject Of Five Customer Dispute Disclosures

August 13, 2018 | Silver Law Group

Ray Gene Reese (CRD #1694620) is a FINRA Broker and Investment Advisor with Money Concepts Capital Corp (CRD #12963) of Farmington, MO. His previous employers include Pruco Securities Corporation (CRD #5685) and The Prudential Insurance Company Of America (CRD #680), of Newark, NJ, Hibbard Brown & Co., Inc. (CRD #18246) and Sherwood Capital, Inc. (CRD #10474). He has been in the industry since 1987.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Reese is the subject of five disclosures, all customer disputes dating back to 1999. The latest, filed on 05/08/2018, involved Reese misrepresented a publicly traded, illiquid product. The customer requested damages of $75,000. Reese countered that he had indeed informed the client of its illiquid nature. After the customer stated that they did not need the money for 11-20 years, the firm found that this was a suitable investment based on the provided information. Additionally, the clients indicated that the accounts were not held in their name; at the time, they were in a brokerage account by Pershing LLC. This dispute was denied.

The next customer dispute is dated 05/07/2018, and is currently listed as “pending.” These clients claim “unsuitability, negligence, breach of contract” as well as breaches of Missouri statutes related to losses of funds deposited in their accounts in 1999 and 2000. The clients also claim that they made a down payment on a whole life insurance policy, with Reese stating that the premiums would never increase, and to ignore letters from the insurance company regarding unpaid premiums. Furthermore, the clients allege that Reese converted money for his own use and ignored their requests to see their file. Reese denies all the allegations, was not the individual who sold the client their insurance policies, and indicated that the clients took loans against their $400,000 investment and personal distributions in excess of $400,000. The clients are requesting damages in the amount of $650,000.

Silver Law Group is Investigating Lawrence Fawcett, Jr. of Westpark Capital, Inc.

July 26, 2018 | Silver Law Group

Leon-Vaccarelli-Fined-and-Sanctioned-by-FINRA-300x199-1-300x199 Lawrence Fawcett (CRD #5851474) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Fawcett consented to the sanction and to the entry of findings that he failed to produce documents and information requested by FINRA, and failed to appear for on-the-record testimony, in connection with an investigation regarding his outside business activities. Westpark Capital discharged Lawrence Fawcett following allegations that he conducted business from a non-disclosed location as well as made false representations to Westpark.

Contact Our Firm if You’ve Invested with Lawrence Fawcett Jr.

If you invested with Lawrence Fawcett, Jr. and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group. Westpark Capital has received two securities arbitration claims from former customers of Lawrence Fawcett.

Akers Bioscience and Aegis

July 23, 2018 | Silver Law Group

Akers Bioscience went public in 2014 using Aegis Financial as its investment banker and underwriter. In a subsequent offering in 2017, Akers investment banker and underwriter was Joseph Gunnar.

Akers Bioscience develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company’s state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.

A class action lawsuit has been filed against Akers Biosciences, Inc. (“Akers” or the “Company”) (AKER) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 18-cv-10805, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Akers between May 15, 2017, through June 5, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.