Misrepresentation and Omission of Material Facts

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.

Recro Pharma’s Investment Banker and Underwriter was Aegis Financial in Recro Pharma’s 2014 IPO

July 23, 2018 | Silver Law Group

Recro is a specialty pharmaceutical company that develops non-opioid therapeutics for the treatment of pain in the post-operative setting. Recro offers its products to the medical industry. The Company’s lead product is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor (“IV meloxicam”) to be used for the management of moderate to severe pain.

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Recro Pharma is the subject of a class action complaint that alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) IV meloxicam lacked supporting clinical data to show sufficient clinical benefits to receive U.S. Food and Drug Administration (“FDA”) approval; and (ii) as a result, Recro’s public statements were materially false and misleading at all relevant times.

On May 24, 2018, Recro announced that the FDA had declined to approve Recro’s New Drug Application (“NDA”) for IV meloxicam. In its Complete Response Letter, the FDA stated that the drug’s analgesic effects did not meet FDA expectations and raised questions related to chemistry, manufacturing and controls data.

FINRA Bars Broker Christopher Hibbard After Separation from Merrill Lynch

June 28, 2018 | Silver Law Group

Christopher Lee Hibbard (CRD #3176484) is a previously registered broker and investment advisor who has been barred from association with any FINRA-associated broker. His most recent employer was Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Louisville, KY, from 07/16/2010 through 01/26/2018. His previous employers include Morgan Keegan & Company, Inc. (CRD #4161), also of Louisville, and A. G. Edwards & Sons, Inc. (CRD #4) of St. Louis, MO. He has been in the industry since 1999.

Hibbard was discharged from Merrill Lynch on 01/08/2018, after allegations of “unauthorized transactions and theft.” His registration was officially terminated on 01/26/2018. As a result, FINRA conducted an inquiry and requested information from him, to which Hibbard failed to respond. As of 05/10/2018, FINRA permanently barred Hibbard from associating with any FINRA member in any capacity.

Additionally, the US Attorney’s Office in the Western District of Kentucky is investigating allegations of Hibbard’s unauthorized use of client funds during his tenure at Merrill, Lynch.

National Securities Corporation and Restoration Robotics, Inc. Subject of Class Action

June 28, 2018 | Silver Law Group

A class action has been filed against Restoration Robotics, Inc. (“HAIR”), National Securities Corporation (“National Securities”) and others. The complaint alleges that Restoration Robotics negligently issued untrue statements of material facts in, and omitted to state material facts required to be started from, the prospectus issued in connection with the Initial Public Offering (“IPO”). At the time of the IPO, Restoration Robotics sold approximately 4 million shares at a price of $7.00 per share. Restoration Robotics stock has dropped dramatically trading under $3.00 a share on June 22, 2018.

National Securities served as an underwriter for the Company’s IPO agreeing to purchase 2,145,000 shares of the Company common stock, exclusive any over-allotment option. National Securities previously served as Restoration Robotics investment banker raising several million dollars in a Reg D offering in 2016. According to the complaint, National Securities collected fees from commissions and discounts in excess of $1,100,000 in the IPO.

According to the class action complaint, Restoration Robotics was incorporated in 2002 under the laws of the State of Delaware. At the time of the IPO, the Company also had three wholly-owned subsidiaries: (i) Restoration Robotics, Inc. Limited, (ii) Restoration Robotics Europe Limited, Incorporated, and (iii) Restoration Robotics Korea Yuhan Hoesa, Incorporated.

Broker Adam Goodman Subject of FINRA Arbitration Claims

June 22, 2018 | Silver Law Group

Adam Goodman (CRD #2263780) is a currently registered broker and investment advisor employed by Stoever, Glass & Company Inc. (CRD #7031) of Boca Raton, FL.

His previous employers include Herbert J. Sims & Co. Inc. (CRD #3420) and Wien Securities Corp. (CRD #10467.) He has been in the industry since 1994 moving from H.J. Sims to Stoever in 2018.

Goodman has three customer disputes in his career, with the most recent filed on April 3, 2018. The customer alleges “high pressure sales,” unsuitable investments, fraud and negligence, and is requesting damages in the amount of $25,000.

Centaurus Financial

June 1, 2018 | Silver Law Group

Centaurus Financial has been the recipient of multiple FINRA actions, including 11 regulatory events and 8 reported arbitration claims. Not all of these are major issues, but they could be relevant to an investor doing business with Centaurus.

The SEC has strict rules about how a broker-dealer operates, runs their business and keeps records; any variation from these rules can trigger a sanction or other regulatory process. Centaurus has been the subject of multiple sanctions for various infractions and disputes filed by customers. For these regulatory sanctions, the company has paid $532,156.62 in penalties, fines and fees over the years. In some cases, there were no financial products involved or sold, only regulatory violations.

Centaurus has paid out $3,064,930.66 in securities arbitration awards and judgments.

Silver Law Group is Investigating Joseph Alan Lavigne of Spencer Edwards, Inc.

May 17, 2018 | Silver Law Group

Silver Law Group is currently investigating Centennial, Colorado based broker Joseph Alan Lavigne regarding complaints pertaining to failure to provide due diligence to investor clients and misrepresentation.

Based on FINRA’s BrokerCheck report on Lavigne, a complaint was filed on December 4, 2017 alleging that Lavigne provided misleading information to investor clients during his employment at Spencer Edwards, Inc. The total in damages was $47,034.75.

Lavigne was previously employed at Bathgate Capital Partners LLC from 2002 to 2013. He has been employed at Spencer Edwards, Inc. from 2013 to the present.

Silver Law Group is Investigating John Greg Schmidt of Stifel Nicolaus & Company, Inc. and Wells Fargo Advisors Financial Network LLC

May 17, 2018 | Silver Law Group

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Silver Law Group is currently investigating Dayton, Ohio based broker John Greg Schmidt regarding complaints pertaining to theft of client funds and elder financial abuse.

Based on FINRA’s BrokerCheck report on Schmidt, a complaint was filed on October 9, 2007 alleging that Schmidt caused an investor client upwards of $500,000 worth of damages due to failing to provide due diligence and theft during his employment at Stifel Nicolaus & Company, Inc. and Wells Fargo Advisors Financial Network LLC. The claim was settled for damages of $80,000 in which Schmidt was required to pay $32,500, Wells Fargo was required to pay $32,500, and Stifel, Nicolaus & Company, Inc. was required to pay $15,000. Additionally, a second claim was filed on 12/04/2017 that is still pending regarding an allegation of theft of client funds. As a result of the second claim, Schmidt was given a permanent suspension from the securities industry.

Schmidt was previously employed at Stifel, Nicolaus & Company, Inc. from 2002 to 2006 and Wachovia Securities Financial Network LLC. from 2006 to 2009 until they merged with Wells Fargo. He was employed at Wells Fargo Advisors Financial Network LLC from 2009 to 2017. According to BrokerCheck, several recently filed arbitration claims allege Schmidt misappropriated or absconded with customer money.

Silver Law Group is Investigating Sonya D. Camarco of LPL Financial LLC

May 15, 2018 | Silver Law Group

Silver Law Group is currently investigating Colorado Springs, CO based broker Sonya D. Camarco regarding complaints pertaining to failure to provide due diligence to investor clients, misappropriation of client funds, and misrepresentation.

Bahram-Mirhashemi-Facing-Allegations-of-Elder-Financial-Fraud-300x200 Based on FINRA’s BrokerCheck report on Camarco, a complaint was filed on August 23, 2017 alleging that Camarco since approximately 2004 has misappropriated more than $2.8 million in investor funds from her clients and customers while employed at LPL Financial LLC by using her wholly owned company Camarco Investments, Inc. to funnel investor funds to her personal bank account. The complaint, commenced on August 23, 2017, is still pending; however, the damages are expected to be substantial. As a result of the complaint filed, clients have filed subsequent complaints dated on 12/05/2017 in the amount of $19,436.43 in damages for securities fraud and theft, 10/11/2017 in the amount of $12,664.75 in damages for securities fraud and theft, and on 10/20/2017 alleging damages of $52,234.20 that is still pending for breach of fiduciary duty with respect to an elderly individual, conversion, and fraud. As a result of these claims and additional pending actions, Camarco has received a permanent suspension from the securities industry.

Camarco has been employed at Linsco/Private Ledger Corp. from 2004 to the present. Previously, Camarco was employed at LPL Financial LLC from 2004 to 2017, Morgan Stanley DW Inc. from 2000 to 2004, and Merrill Lynch Pierce, Fenner & Smith Incorporated from 1993 to 2000.