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Articles Posted in Stockbroker Misconduct

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Dustin Shafer (Dustin Paul Shafer) is a currently-registered broker employed by Newbridge Securities Corporation (CRD# 104065) in Springfield, Illinois. He previously worked for Money Concepts Capital Corp (CRD# 12963), Chase Investment Services Corp (CRD# 25574), Banc One Securities Corporation (CRD# 16999), and Edward Jones (CRD# 250). Shafer has been in the industry since 2000.Dustin Shafer (Dustin Paul Shafer) is a currently-registered broker employed by Newbridge Securities Corporation (CRD# 104065) in Springfield, Illinois. He previously worked for Money Concepts Capital Corp (CRD# 12963), Chase Investment Services Corp (CRD# 25574), Banc One Securities Corporation (CRD# 16999), and Edward Jones (CRD# 250). Shafer has been in the industry since 2000. Continue reading

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George Schmidt, Jr. is a barred broker who was last registered with Lincoln Financial Advisors Corporation in Melville, NY. In February, 2020 Schmidt was terminated after an allegation of misappropriation. After that, he was barred from associating with any FINRA member.  Silver Law Group represents investors in cases of stockbroker misconduct, including misappropriation. If you have investment losses, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. George Schmidt, Jr. is a barred broker who was last registered with Lincoln Financial Advisors Corporation in Melville, NY. In February, 2020 Schmidt was terminated after an allegation of misappropriation. After that, he was barred from associating with any FINRA member.

Silver Law Group represents investors in cases of stockbroker misconduct, including misappropriation. If you have investment losses, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. 

Before joining Lincoln Financial (CRD# 3978) in 2012, Schmidt was registered with Hornor, Townsend & Kent, Inc. (CRD# 4031), 1717 Capital Management Company (CRD# 4082), AXA Advisors, LLC (CRD# 6627), and The Equitable Life Assurance Society of the United States (CRD# 1039). Continue reading

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The Securities and Exchange Commission (SEC) is suing Frederick Stow (Frederick Markley Stow), a barred broker last employed by Raymond James in Nashville, Tennessee, for allegedly defrauding two senior citizens of over $943,500.  “As alleged in our complaint, Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself,” said Justin Jefferies, assoc. regional director, SEC’s Atlanta regional office. The SEC seeks the return of alleged ill-gotten gains, interest, injunctive relief, and a penalty. Federal prosecutors also filed criminal charges against Stow.The Securities and Exchange Commission (SEC) is suing Frederick Stow (Frederick Markley Stow), a barred broker last employed by Raymond James in Nashville, Tennessee, for allegedly defrauding two senior citizens of over $943,500.

“As alleged in our complaint, Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself,” said Justin Jefferies, assoc. regional director, SEC’s Atlanta regional office. The SEC seeks the return of alleged ill-gotten gains, interest, injunctive relief, and a penalty.

Federal prosecutors also filed criminal charges against Stow. Continue reading

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Jeffrey Dixson (CRD# 4166311) is a previously registered broker and investment adviser who was last registered with Madison Avenue Securities in Vancouver, Washington. Dixson’s BrokerCheck report includes customer disputes seeking hundreds of thousands of dollars in damages regarding the sale of GPB Capital. Silver Law Group represents investors in claims to recover GPB losses. If you have investments in GPB Capital, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. Jeffrey Dixson (CRD# 4166311) is a previously registered broker and investment adviser who was last registered with Madison Avenue Securities in Vancouver, Washington. Dixson’s BrokerCheck report includes customer disputes seeking hundreds of thousands of dollars in damages regarding the sale of GPB Capital.

Silver Law Group represents investors in claims to recover GPB losses. If you have investments in GPB Capital, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. 

Jeffrey Dixson And GPB Capital

3 of the customer disputes brought against Dixson in 2020 involve the sale of private placement investments in GPB Capital Holdings, an alternative investment company that is now accused of being a Ponzi scheme. Continue reading

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Masood Azad (Masood Husain Azad, CRD# 4798445) is a barred broker last registered with First Allied Securities, Inc. (CRD# 32444) in League City, Texas. He was previously registered with Voya Financial Advisors, Inc. (CRD# 2882). He had been in the industry since 2004.  Masood Azad Disclosures  Masood Azad has 5 disclosures on his publicly-available FINRA BrokerCheck report, including 3 customer disputes, 1 regulatory disclosure, and 1 employment separation after allegations:Masood Azad (Masood Husain Azad, CRD# 4798445) is a barred broker last registered with First Allied Securities, Inc. (CRD# 32444) in League City, Texas. He was previously registered with Voya Financial Advisors, Inc. (CRD# 2882). He had been in the industry since 2004.

Masood Azad Disclosures

Masood Azad has 5 disclosures on his publicly-available FINRA BrokerCheck report, including 3 customer disputes, 1 regulatory disclosure, and 1 employment separation after allegations: Continue reading

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David Melilli (David John Melilli, CRD# 5254172) is a former broker who recently worked for Cambridge Investment Research, Inc. (CRD# 39543), LPL Financial LLC (CRD# 6413), and SagePoint Financial, Inc. (CRD# 133763), all in Moorestown, NJ. Melilli had been in the industry since 2006, and also worked for Janney Montgomery Scott LLC, Morgan Stanley & Co., Inc, and Lincoln Financial Advisors Corporation.David Melilli (David John Melilli, CRD# 5254172) is a former broker who recently worked for Cambridge Investment Research, Inc. (CRD# 39543), LPL Financial LLC (CRD# 6413), and SagePoint Financial, Inc. (CRD# 133763), all in Moorestown, NJ.

Melilli had been in the industry since 2006, and also worked for Janney Montgomery Scott LLC, Morgan Stanley & Co., Inc, and Lincoln Financial Advisors Corporation. Continue reading

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James Daughtry (James Blake Daughtry, CRD# 3272282) is a currently-barred broker who last worked for Kestra Investment Services, LLC in Dothan, Alabama.  Before joining Kestra in 2015, Daughtry worked for Ameriprise Financial Services, Securities America, Sterne Agee Financial Services, Wachovia Securities, Southtrust Securities, and Liberty Securities Corporation. He had been in the industry from 1999-2020.James Daughtry (James Blake Daughtry, CRD# 3272282) is a currently-barred broker who last worked for Kestra Investment Services, LLC in Dothan, Alabama.

Before joining Kestra in 2015, Daughtry worked for Ameriprise Financial Services, Securities America, Sterne Agee Financial Services, Wachovia Securities, Southtrust Securities, and Liberty Securities Corporation. He had been in the industry from 1999-2020. Continue reading

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One of the most common claims from unhappy investors is against stockbrokers who churn or excessively trade their account to generate commissions for themselves. Every dollar spent on fees, costs, or commissions is money that needs to be recovered through profit just for the investor to break even. The higher the commissions an investor pays, the less likely they are to make a profit.One of the most common claims from unhappy investors is against stockbrokers who churn or excessively trade their account to generate commissions for themselves.

Every dollar spent on fees, costs, or commissions is money that needs to be recovered through profit just for the investor to break even. The higher the commissions an investor pays, the less likely they are to make a profit. Continue reading

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According to FINRA Disciplinary actions for May 2020, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Thomas Bock   Mutual Securities, Inc.
  Securities America, Inc.
  Richard Brown   Arive Capital Markets
  Chelsea Financial Services
  Mary Evans   Mutual Securities, Inc.
  Securities America, Inc.
  Matthew Francis   Morgan Stanley Smith Barney
  Morgan Stanley & Co Incorporated
  James Heafner   Retirement Wealth Advisors, Inc.
  Taylor Capital Management Inc.
  Christopher Kennedy   Oppenheimer & Co, Inc.
  Liberty Tree Advisors, LLC
  Rachael Konz   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Morgan Stanley
  Jonathan Lake   Wells Fargo Clearing Services, LLC
  Morgan Stanley
  Douglas Leone   Salomon Whitney Financial
  Newport Coast Securities, Inc.
  Yousuf Saljooki   Worden Capital Management LLC
  Salomon Whitney Financial
  Ricardo Urrutia   Mutual of Omaha Investor Services, Inc.
  AXA Advisors, LLC
  Frank Wroblewski   National Securities Corporation
  Wells Fargo Clearing Services, LLC

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According to FINRA Disciplinary actions for May 2020, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  George Belesis   Portfolio Advisors Alliance, LLC
  John Thomas Financial
  Dustin Blount   MML Investors Services, LLC
  Northwestern Mutual Investment Services, LLC
  Barry Carson   Farmers Financial Solutions, LLC
  Felix Chu   NYLife Securities LLC
  Brian Colburn   Maxim Group LLC
  The Buckingham Research Group Incorporated
  Prithviraj Dhandapani   LPL Financial LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Michael Drury   Stillpoint Capital LLC
  Davrion Hemphill
  Robert Lee
  Eric Zakarin   Lombard Securities Incorporated
  Independent Financial Group, LLC

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