Securities Arbitration

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry

August 15, 2016 | Silver Law Group

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry on silverlaw.com

Wayne Anthony Schultz has been permanently barred from the securities industry.

Silver Law Group is investigating allegations against Wayne Anthony Schultz in relation to notes that he issued to an elderly customer. FINRA brought enforcement action against Schultz after he continually refused to provide the documentation and information they requested in relation to the customer dispute.

Schultz’s employment history dates back to 1992 and includes working for Cadaret, Grant and Company in Syracuse, New York; Your Money Matters Brokerage Services in Somerset, New Jersey; TFS Securities in Annandale, New Jersey; Sterne Agee Financial Services in Branchburg, New Jersey; and most recently for Adirondack Trading Group, also in Branchburg, New Jersey.

New York Broker John Labarca Permanently Barred from the Securities Industry

August 12, 2016 | Silver Law Group

New York Broker John Labarca Permanently Barred from the Securities Industry on silverlaw.com

24-year career ends amid allegations of breach of fiduciary duty and negligence

Allegations made against John Labarca, a broker that was formerly employed by National Securities Corporation in New Jersey, include executing unauthorized transactions, breach of fiduciary duty and acting negligently.

FINRA requested that he provide information and documentation in connection with their investigation of the allegations made against him, but Labarca refused to respond or cooperate with the request. As a result, he was permanently barred from the industry.

FINRA Suspends Christopher Kelly from Securities Industry for Four Months

August 12, 2016 | Silver Law Group

FINRA Suspends Christopher Kelly from Securities Industry for Four Months on silverlaw.com

Jupiter, FL broker allegedly borrowed money from customers without disclosing the arrangement or seeking an exception to his member firm’s rule that prohibits it

After 17 years in the securities industry, Christopher Kelly, a broker in Jupiter, Florida, has been suspended for four months by the FINRA. Silver Law is investigating the allegations against Kelly, who was most recently employed by LPL Financial in Jupiter, Florida from 2005 to 2014. He was also a registered representative for Banc of America Investment Services; Merrill Lynch, Pierce, Fenner and Smith; and Prudential Securities.

FINRA alleges that Kelly borrowed $150,000 from customers, an action that is in violation of his member firm’s borrowing policy. It is also alleged that he did not disclose this borrowing arrangement with his firm or seek an exception to the rule that prohibits this arrangement. Kelly was terminated from LPL Financial soon after these allegations were made.

Darnell Deans Fails to Pay FINRA Fines As Agreed, Is Permanently Barred

August 10, 2016 | Silver Law Group

Darnell Deans Fails to Pay FINRA Fines As Agreed, Is Permanently Barred on silverlaw.com

Broker is also accused of failure to disclose unsatisfied tax liens in excess of $250,000 and borrowing $266,000 from firm customers without consent.

Darnell Deans, most recently registered with Blackbook Capital, LLC in New York, is once again in hot water with FINRA.

A new disclosure on his BrokerCheck record shows that he allegedly failed to pay fines and/or costs of $10,000 in FINRA Case #2012030677101. In February 2015, a FINRA complaint was filed against Deans, alleging the following:

Broker Ricardo Broome Permanently Barred From FINRA

August 8, 2016 | Silver Law Group

Broker Ricardo Broome Permanently Barred From FINRA on silverlaw.com

Allegations of unauthorized trading and unauthorized use of margin, along with failure to respond, drive FINRA decision

Multiple customer disputes and tax liens line Ricardo A. Broome’s FINRA-generated BrokerCheck report. Most recently, allegations against Broome include unauthorized trading and unauthorized use of margin. Damages granted in customer disputes against Broome in his 12 years in the securities industry equal almost $50,000.

Tax liens and/or judgments against Broome during the same time period equal almost $40,000. Ultimately, however, Broome failed to respond to a FINRA request for information in late 2015, and as a result, FINRA permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

Michigan-based Broker Merid Amde Suspended and Fined $20,000 By FINRA

August 5, 2016 | Silver Law Group

Michigan-based Broker Merid Amde Suspended and Fined $20,000 By FINRA on silverlaw.com

Allegations include violation of firm policy, unsuitability, excessive trading, unsolicited trade confirmations, among others.

During a 27-year career in the securities industry, Michigan broker Merid Amde has a total of six disclosure events listed on his BrokerCheck record. The most recent disclosure event landed the broker with a 3-month suspension from association with any FINRA member in all capacities and a fine of $20,000.

A closer look at the allegations listed on the most recent settlement agreement indicates the following:

South Florida Broker Giovanni Acevedo Accused of Converting Funds and Providing False Information to FINRA

August 5, 2016 | Silver Law Group

South Florida Broker Giovanni Acevedo Accused of Converting Funds and Providing False Information to FINRA on silverlaw.com

Voya Financial Advisors, Inc. discharges Acevedo and FINRA permanently bars him as a result of alleged misconduct

Not only is former ING Financial Partners, Inc (now known as Voya Financial Advisors, Inc.) broker Giovanni Acevedo accused of converting over $160,000 in customer funds for his own personal use, he is also accused of lying to FINRA investigators when questioned about the related customer complaints.

According to FINRA, Acevedo made recommendations to three separate customers and took actions as follows:

Paul Steffany Barred After Allegations of Forgery and Conversion

August 2, 2016 | Silver Law Group

Paul Steffany Barred After Allegations of Forgery and Conversion on silverlaw.com

Seasoned broker permanently barred from all securities activity after allegations of conversion and forgery

The Financial Industry Regulatory Authority (FINRA) took action against Raymond James stockbroker Paul Steffany in October of 2015, after allegations surfaced that he illegally converted funds as executor of a client’s trust and forged signatures on checks that were made payable to the individual’s estate. Steffany is permanently barred from all future FINRA activity after consenting to the FINRA findings.

FINRA reports indicate that Paul Steffany acted as the executor and trustee of the estate of a customer from his registered firm, Raymond James. This estate was established for the benefit of the customer’s son and grandchildren. During the time he served in this capacity, he allegedly paid himself $193,900 for his role as trustee between 2007-2014. The FINRA found that a minimum of $112,742 of what converted was excessive given the minimal time and effort devoted to this trust.

New York Broker Gregory Flemming Suspended by FINRA

August 2, 2016 | Silver Law Group

New York Broker Gregory Flemming Suspended by FINRA on silverlaw.com

Long history of misconduct ends seventeen-year career

Gregory Flemming, Jr. has a troubled past when it comes to his career in the securities industry. In addition to allegations of failing to disclose tax warrants, a tax lien and a judgment on his U4 (required industry documentation), he has also been accused of negligent misrepresentation, unsuitable private placement and failure to follow instructions to enter a stop loss order, the culmination of which is a permanent suspension from the industry.

Flemming has also been the subject of criminal charges, including one guilty charge for reckless endangerment in the first degree and another for criminal impersonation, disorderly conduct and aggravated unlicensed operator.

Barbara Fife Barred from Securities Industry After Two Decades

August 1, 2016 | Silver Law Group

Allegations concerning customer funds lead to permanent FINRA bar

Barbara Fife consented to the sanction that she failed to provide documents and information requested by FINRA during an investigation into accusations that she converted funds from a customer.

In October of 2015, a client reported that she wrote checks directly to Fife and that the funds were never invested or deposited into the the customer’s accounts. Damages in the amount of $257, 5000 were awarded to the client.