Securities Arbitration

Silver Law Group is Investigating Marcus Parker of Wells Fargo Clearing Services, LLC

May 30, 2018 | Silver Law Group

Marcus Parker was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Parker consented to the sanction and to the entry of findings that he refused to respond to FINRA’s requests for documents and information in connection with its investigation of Parker’s termination from his member firm. The findings stated that according to the firm’s Uniform Termination Notice for Securities Industry Registration (Form U5) filing, it terminated Parker’s registration for his failure to appear for an interview and be questioned about misappropriations from client accounts.

Contact Our Firm if You’ve Invested with Marcus Parker

If you invested with Marcus Parker or Wells Fargo 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. FINRA or securities arbitration can be a fast way to recover investment losses.

Scott Silver Speaks at Class Action Mastery and Mass Tort Med School Conference

May 30, 2018 | Silver Law Group

Scott Silver was happy to address a packed room of accomplished class action and mass tort lawyers to discuss securities and investment fraud cases and handling FINRA arbitration claims. HB Litigation Conferences is a leading conference coordinator and coordinated a unique conference in the NASDAQ building in Times Square. Scott’s talk focused on elder financial fraud cases, representing investors in securities or FINRA arbitration claims and potential future stockbroker misconduct cases. As a recognized leader in securities arbitration, Scott is a passionate investor advocate, a proponent of improving the FINRA arbitration process and primarily represents investors in securities arbitration claims.

Silver Law Group is one of New York City’s top law firms for representing investors in securities and FINRA arbitration claims. Our attorneys have years of experience and are admitted to practice in Florida and New York representing investors nationwide. If you need a speaker on securities and investment fraud matters, please contact Scott Silver at ssilver@silverlaw.com and visit us at www.silverlaw.com.

Colorado Investigates California-Based Peter Gerhard Klaas For High Risk Trading, Seeking License Revocation

April 13, 2018 | Silver Law Group

Peter Gerhard Klaas (CRD# 2381681) is currently registered as a broker and investment advisor, and is employed at El Segundo, CA-based Cetera Advisor Networks since 05/2017. He is registered with Cetera in both Murray, UT and Las Vegas, NV, and licensed in Arizona, Idaho, Nevada and Utah.

Klaas was previously employed with Allegis Investment Services (05/2014-03/2017,) Signator Financial Services (04/2011-06/2014), and LPL Financial (09-2007-05/2011.)

The Colorado Division of Securities is currently investigating broker Klaas for along with broker Heath Bowen (CRD# 4824684) for putting advisory clients in high-risk and complex option trades that said clients didn’t understand. CDS is not requesting monetary damages in this pending investigation, but is asking for the revocation of Klaas’ licensure. This investigation began while Klaas was employed with Allegis.

Silver Law Group is Investigating Gary Adkin of Stifel, Nicolaus & Company

April 6, 2018 | Silver Law Group

Gary Adkin (CRD# 3084484) is the subject of a pending customer dispute alleging $1,550,000 in damages. Adkin has been with the Palm Beach, Florida office of Stifel, Nicolaus & Company since 2015. He was previously registered with Barclays Capital, also located in Palm Beach. Silver Law Group is a South Florida-based law firm that handles securities arbitration and investment fraud cases.

In the pending dispute, Claimants allege that Adkin was negligent and failed to exercise responsibility in connection with their account. FINRA requires its members to “have a reasonable basis to believe that a recommended transaction or investment strategy” is suitable for a customer given their individual needs.

Contact Our Firm if You’ve Invested with Gary Adkin

Silver Law Group is Investigating Patrick Maddren of Laidlaw & Company

March 6, 2018 | Silver Law Group

Laidlaw & Company financial advisor Patrick Maddren (CRD# 4665903) is the subject of a customer complaint for excessive trading and commissions. Maddren has been registered with Westpark Capital, Inc. in Fort Lauderdale, Florida since August 2017. Previously, he was registered with Laidlaw & Company in Fort Lauderdale, Florida from 2017 to September 2017. A recent customer arbitration claim was settled for $295,000. A brokerage firm has a duty to supervise its stockbrokers and prevent excessive trading or commissions. If a firm fails to properly supervise a financial advisor or otherwise mismanage a portfolio, an investor may have legal rights.

Contact Our Firm if You’ve Invested with Patrick Maddren

If you invested with Patrick Maddren 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.

Silver Law Group is Investigating William Harrison of Stifel Nicolas & Company

March 5, 2018 | Silver Law Group

Stifel Nicolaus & Company broker/adviser William Harrison is involved in a pending customer dispute. William Harrison has spent 29 years in the securities industry and has been registered with Stifel Nicolaus & Company in Boca Raton, Florida since 2009. Palm Beach County is home to a large retirement community and FINRA arbitration claims are generally heard in FINRA’s Boca Raton office.

In January 2018, an arbitration claim was filed alleging William Harrison, while employed at Stifel Nicolaus & Company, committed common law fraud, negligently misrepresented material facts, breached his fiduciary duty, and acted negligently in connection to investments in common and preferred stock. The customer is seeking $100,000 in damages in the pending complaint.

Contact Our Firm if You’ve Invested with William Harrison

Silver Law Group is Investigating UBS Financial Services Broker James Dillon for Potential Unsuitable Recommendations Relating to Puerto Rico Municipal Bonds

March 5, 2018 | Silver Law Group

Silver Law Group is investigating claims against UBS Financial Services (“UBS”) New York-based stockbroker James Dillon (“Dillon”). According to the Financial Industry Regulatory Authority (“FINRA”), Dillon’s FINRA BrokerCheck record shows a pending customer dispute alleging claims of unsuitable concentration in connection with the purchase of Puerto Rico municipal bonds. The damages alleged in the complaint are $500,000.

Silver Law Group is representing investors in claims against UBS and several other brokerage firms relating to the sale and concentration of portfolios in Puerto Rico municipal bonds. Brokers recommended Puerto Rico bonds due to their high coupons without disclosing to investors the risks associated with the Puerto Rican economy and the on-going recession on the island. Many elderly and conservative investors lost substantial portions of their portfolios when the Puerto Rico municipal bonds collapsed in value causing many to lose their entire retirement savings.

Silver Law Group is representing customers of brokerage firms in securities arbitration claims for losses in Puerto Rico municipal bonds alleging that the customers were misled about the risks of the bonds, overconcentration, breach of fiduciary duty, and excessive trading.

Silver Law Group is Investigating Joseph Cotter of Petersen Investments

March 2, 2018 | Silver Law Group

Former North Carolina-based Petersen Investments broker Joseph Cotter has been named in a FINRA Investigation and is currently not affiliated with any broker-dealer firm.

Joseph Cotter was most recently registered with Petersen Investments in Charlotte, North Carolina (2016-2017). Previous registrations include Next Financial Group in Charlotte, North Carolina.

According to his BrokerCheck Report, in May 2017, Joseph Cotter voluntarily resigned from his position at Petersen Investments while under FINRA investigation. In April 2017 FINRA disclosed that it was “forwarding Examination 20160493163 to their Enforcement Department.” In 2016, Cotter was discharged from his position at Next Financial Group after “an internal review of the trading activity in a customer’s accounts and found the level of trading activity to be excessive in light of the customer’s profile and the character of the account.” An arbitration claim against Next Financial Group recently settled for over $300,000 involving Mr. Cotter.

Silver Law Group is Investigating Thomas Lawrence of Ameritas Investment Corp.

March 2, 2018 | Silver Law Group

Silver Law Group is investigating financial advisor Thomas Lawrence of Chapel Hill, Tennessee. FINRA recently brought a regulatory complaint against Lawrence regarding allegations that he borrowed $39,000 from an elderly customer, in violation of FINRA rules and he has failed to repay the loan.

Thomas Lawrence was a financial advisor and registered representative of Ameritas Investment Corp. from 2006 to December 2016. He worked at a branch office in Chapel Hill, Tennessee. He also works with the Lawrence Financial Group.

Contact Our Firm if You’ve Invested with Thomas Lawrence

Silver Law Group is Investigating Mark Perry of Royal Alliance Associates, Inc.

March 2, 2018 | Silver Law Group

Silver Law Group is currently investigating former Royal Alliance Associates, Inc. financial advisor Mark Perry (CRD# 1219294) regarding unsuitable investment recommendations to elderly clients. Perry was registered with Independent Financial Group, LLC in Mt. Pleasant, South Carolina and with Cambridge Investment Research, Inc. in Mt. Pleasant, South Carolina. Previously, Perry was registered with Royal Alliance Associates, Inc. in Mt. Pleasant, South Carolina from 2003 to 2015, when he was terminated regarding, “Under internal review for violations of firm’s email correspondence policy. In connection with the firm’s review of a customer complaint, the firm reviewed email correspondence from Mr. Perry to the customer that contained promissory and/or predictive statements, in violation of the firm policy.”

In September 2017, Perry consented to the FINRA sanctions and to the entry of findings that he made unsuitable investment recommendations to four elderly, retired customers, which caused them collectively to see realized and unrealized losses of approximately $200,000. FINRA found that Perry over concentrated the customers’ accounts in precious metal sector securities, and that he recommended that the customers purchase and hold leveraged mutual funds and/or Exchange Traded Funds (ETFs) in their accounts for extended time periods of up to 963 days, which was unsuitable for his customers. Additionally, FINRA found that Perry falsified the account records of the four elderly customers referenced above by misstating each customer’s risk tolerance in order to recommend that the customer purchase high-risk securities. FINRA also found that Perry sent emails to a customer that mislead and made promissory statements about the investments in the customer’s account. Perry also failed to disclose two customer complaints regarding trading losses to his member firms. Perry was sanctioned to 18 months suspension, which will end in March 2019.

Contact Our Firm if You’ve Invested with Mark Perry