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Articles Posted in Selling away

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Todd Lesk (Todd Michael Lesk CRD# 2788300) is a former registered broker and investment advisor most recently employed with Cambridge Investment Research, Inc. (CRD# 39543) of Coral Springs, FL. His previous employers include LPL Financial LLC (CRD# 6413), also of Coral Springs, Invest Financial Corporation (CRD# 12984) of Fort Lauderdale, and Middlebury Securities LLC(CRD#122602) of Boca Raton. He has been in the industry since 1997.  A customer dispute filed on 9/19/2023 alleges that from December of 2021 through November of 2022, Lesk made recommendations that were unsuitable. The client requests damages of $1,000,000, and the claim is currently “pending.”  Todd Lesk (Todd Michael Lesk CRD# 2788300) is a former registered broker and investment advisor most recently employed with Cambridge Investment Research, Inc. (CRD# 39543) of Coral Springs, FL. His previous employers include LPL Financial LLC (CRD# 6413), also of Coral Springs, Invest Financial Corporation (CRD# 12984) of Fort Lauderdale, and Middlebury Securities LLC(CRD#122602) of Boca Raton. He has been in the industry since 1997.  Continue reading ›

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Randall Skrabonja (Randall George Skrabonja CRD# 1858245) is a previously registered broker and investment advisor last employed with Green Vista Capital, LLC (CRD# 293630) of Winter Park, FL. His previous employers include Sagepoint Financial, Inc. (CRD# 133763) of Fort Lauderdale, FL, MetLife Securities Inc. (CRD# 14251) of West Palm Beach, FL, and Metropolitan Life Insurance Company (CRD# 4095) of New York, NY.  He has been in the industry since 1988. Skrabonja’s CRD record contains seven different disclosures. The first is his discharge by Green Vista Capital. The firm discharged Skrabonja on 5/4/2023 after allegations of selling away without firm approval, meaning selling securities that were not vetted, endorsed, or sold by the firm.Randall Skrabonja (Randall George Skrabonja CRD# 1858245) is a previously registered broker and investment advisor last employed with Green Vista Capital, LLC (CRD# 293630) of Winter Park, FL. His previous employers include Sagepoint Financial, Inc. (CRD# 133763) of Fort Lauderdale, FL, MetLife Securities Inc. (CRD# 14251) of West Palm Beach, FL, and Metropolitan Life Insurance Company (CRD# 4095) of New York, NY. He has been in the industry since 1988. Continue reading ›

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James Simpson (James Earl Simpson CRD# 424828) is a former registered broker and investment adviser whose last known employer was Equitable Advisors, LLC (CRD#:6627) of Toledo, OH. His previous employer was The Equitable Life Assurance Society Of The United States (CRD#:4039) of New York, NY. He has been in the industry since 1972. in Simpson's nearly 50-year career, he has a total of five disclosures, three of which are customer disputes. The most recent was filed on 9/24/2021, in which the client alleged misappropriations of funds for an investment sold outside of the firm. This is known as “selling away,” since the product being sold is not part of the firm's offerings. At this writing, the claim is currently listed as pending. A previous disclosure filed on August 6, 2021, also still pending, contains allegations that Simpson sold her an unsuitable variable annuity and misinformed her about a mutual fund investment. No specified damages are listed in either one of these claims.James Simpson (James Earl Simpson CRD# 424828) is a former registered broker and investment adviser whose last known employer was Equitable Advisors, LLC (CRD#:6627) of Toledo, OH. His previous employer was The Equitable Life Assurance Society Of The United States (CRD#:4039) of New York, NY. He has been in the industry since 1972. Continue reading ›

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Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. LPL Financial discharged Mandel on 1/19/2022 for “selling away.” He allegedly solicited both firm and non-firm customers to invest in a company not approved by LPL Financial. He failed to notify the firm of his intentions as well as request the firm’s approval in writing. Mandel was briefly associated with Randy Neumann Wealth Management after LPL Financial. This firm discharged him a few days after LPL Financial, on 1/22/22, due to the allegations. FINRA began an investigation into Mandel’s activities and determined that he had solicited many customers for an investment into a tequila production company. Some of the customers were from LPL Financial, some were not.Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. Continue reading ›

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Dana Vietor (Dana Bruce Vietor CRD# 873129) is a previously registered broker whose last known employer was CFD Investments, Inc. (CRD#:25427) of Dallas, TX. His previous employers include Oakbridge Financial Services (CRD#:16323, expelled by FINRA in 2016) of Nisswa, MN, Cape Securities Inc. (CRD#:7072) of Irving, TX, and Allied Beacon Partners, Inc. (CRD#:46227, expelled by FINRA in 2013) of Independence, Iowa.  He has been in the industry since 1981. FINRA began an investigation into Vietor’s records, discovering that he engaged in the sale of promissory notes that were called “deposit agreements.” According to the allegations, these agreements totaled over $3 million. However, Vietor failed to disclose this information to the investors. He also did not receive written approval from his member firm for these private security transactions. According to FINRA’s investigation findings, Vietor, along with his other business partners, engaged in a startup business venture in need of funding. These deposit agreements raised the needed capital for these entities associated with the startup. Because Vietor is part of the management team for these entities, and he has membership interests in each one, Vietor also received indirect selling compensation while involved in these private transactions.Dana Vietor (Dana Bruce Vietor CRD# 873129) is a previously registered broker whose last known employer was CFD Investments, Inc. (CRD#:25427) of Dallas, TX. His previous employers include Oakbridge Financial Services (CRD#:16323, expelled by FINRA in 2016) of Nisswa, MN, Cape Securities Inc. (CRD#:7072) of Irving, TX, and Allied Beacon Partners, Inc. (CRD#:46227, expelled by FINRA in 2013) of Independence, Iowa.  He has been in the industry since 1981. Continue reading ›

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John Edgar Simmons, Jr. (CRD: #4878890) is a former registered broker and insurance advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Gulf Breeze, FL. He was previously employed with Investors Capital Corp. (CRD#:30613) of Pensacola, FL, LPL Financial in McMinnville, TN, and Edward Jones (CRD#:250), also of McMinnville. He has been in the industry since 2005. LPL terminated Simmons employment and filed a Form U5 with FINRA on 9/17/2020 indicating his discharge from the firm. The stated reason for his discharge was the result of an internal review investigating Simmons involvement in a private securities transaction. He neither notified the firm nor sought permission. During the course of FINRA’s investigation, staff sent Simmons a letter requesting he supply information and documentation related to the allegations in the Form U5. FINRA staff sent the letter on 02/24/2021. Simmons’ attorney responded by letter on 3/9/2021, acknowledging receipt of the FINRA request and indicating that he would not provide any information now or in the future. His denial violates FINRA Rules 8210 and 2010, and led to a letter of Acceptance, Waiver & Consent (AWC). The letter includes a bar on any involvement with a FINRA member in any capacity. John Edgar Simmons, Jr. (CRD: #4878890) is a former registered broker and insurance advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Gulf Breeze, FL. He was previously employed with Investors Capital Corp. (CRD#:30613) of Pensacola, FL, LPL Financial in McMinnville, TN, and Edward Jones (CRD#:250), also of McMinnville. He has been in the industry since 2005. Continue reading ›

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In 2020 alone, Todd Petersen was the subject of eight investor arbitration claims which relate to the sale of diamonds. Many of these claims have been settled, and Petersen’s employer, SCF Securities, Inc., discharged him, alleging Petersen “misstated and/or omitted material facts and circumstances regarding an outside business activity.” Todd Petersen is a former broker and investment adviser who spent 2015-2019 at SCF Securities, Inc. in Roseville, California, and began working in the securities industry in 1984. Customer Disputes Allege Improper Sales Of Diamonds According to Petersen’s BrokerCheck Report, published by the Financial Industry Regulatory Authority, eight investors have filed FINRA arbitration claims involving allegations of “fraud and breach of duty related to the purchase of diamonds Petersen sold . . .” These investors requested damages ranging from $20,000 to $960,000, and several of these claims were settled for amounts ranging from $9,800 to $351,205. One investor’s claim is still pending. The allegations all arise out of the purchase and sale of diamonds and each investor alleges that the diamond sales were part of an “outside business activity.” Brokers are required to disclose the nature of their outside business activities to their employing brokerage firms so that the firms can ensure that they are upholding their legal and regulatory obligations to their clients, including protecting clients from outside frauds and other misconduct committed by the brokers, especially when outside business activities are investment-related. Failure to do so could result in liability for brokerage firms.In 2020 alone, Todd Petersen was the subject of eight investor arbitration claims which relate to the sale of diamonds. Many of these claims have been settled, and Petersen’s employer, SCF Securities, Inc., discharged him, alleging Petersen “misstated and/or omitted material facts and circumstances regarding an outside business activity.” Continue reading ›

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Peter Ianace (Peter Vincent Ianace CRD# 3238078) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999. Two Pending Investment Arbitration Claims Allege “Unsuitable” Investment Recommendations According to Ianace’s BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA), two of Ianace’s customers recently initiated securities arbitrations—one against Wells Fargo and one against Merrill Lynch—relating to the alleged mishandling of their accounts: One customer alleges Ianace “made unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts” resulting in alleged damages of $13,000,000. Another customer alleges “unsuitable investment recommendations and misrepresentations” resulting in requested damages of $18,000,000. According to FINRA, the types of investments allegedly at issue include commodities. Regardless of the type of investment, FINRA Rules require brokers to have “a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable” based on a variety of factors, including the investor’s age, financial situation, investment objectives, risk tolerance etc. FINRA also requires brokers to “Know Your Customer” so that brokers learn and evaluate these factors before making investment recommendations.Peter Ianace (Peter Vincent Ianace CRD# 3238078) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner & Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999. Continue reading ›

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Mark Hopkins (Mark Lewton Hopkins CRD#: 2653473) is a former registered broker who was registered with American Portfolios Financial Services, Inc. (CRD# 18487) of Grand Blanc, Michigan from 2009 until he was permitted to resign in 2018.  Hopkins worked in the industry since the 1990s. Hopkins also did business under the name Worklife Wealth Management. Hopkins’ BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA) contains several recent disclosures, including two customer disputes, a regulatory action initiated by FINRA, as well as a Complaint filed by the United States Securities and Exchange Commission (SEC). Hopkins Was Permitted To Resign From His Position At American Portfolios Financial Services, Inc. Hopkins’ FINRA BrokerCheck Report reveals that in December 2018, Hopkins was permitted to resign amid allegations that he “accepted customers funds for an investment not on the books of the [broker-dealer] without obtaining pre-approval.”Mark Hopkins (Mark Lewton Hopkins CRD#: 2653473) is a former registered broker who was registered with American Portfolios Financial Services, Inc. (CRD# 18487) of Grand Blanc, Michigan from 2009 until he was permitted to resign in 2018.  Hopkins worked in the industry since the 1990s. Hopkins also did business under the name Worklife Wealth Management. Continue reading ›

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Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities industry since 1999. FINRA And Arizona Corporation Commission Investigate Scott Reed After learning of allegations concerning Reed following his termination from Wells Fargo, the Financial Industry Regulatory Authority (FINRA) began an investigation into Reed’s conduct.  Among other things, FINRA made the following findings of fact: Reed solicited individuals to invest in securities issued by a software and web development company based in Pasadena, California; Reed received selling compensation of $191,340 from the company for his role in soliciting and facilitating the investments; and Reed failed to provide Wells Fargo with prior notice or obtain the firm’s advance approval for his participation in these private securities transactions.Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities industry since 1999. Continue reading ›

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