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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for September, 2024, 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
John Boatright Newbridge Securities Corporation
Summitt Brokerage Services, Inc.
Robert Boyer Wells Fargo Clearing Services, LLC
Credit Suisse Securities (USA) LLC
Paul Feller
Wentworth Gardner CUNA Brokerage Services, Inc.
AXA Advisors, LLC
Sevag Haddadian Wells Fargo Clearing Services, LLC
Morgan Stanley
Carol Miller Wells Fargo Clearing Services, LLC
Wells Fargo Advisors LLC
Jason Pirnie Pallas Capital Advisors, LLC
UBS Financial Services, Inc.
Gretchen Wallace Oppenheimer & Co., Inc.
Morgan Stanley
David Wolfe Hamilton Grant, LLC
Aaron Capital Incorporated

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According to FINRA Disciplinary actions for September 2024, 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
Matthew Davis Charles Schwab & Co., Inc.
Fidelity Brokerage Services LLC
Madison Kelly PFS Investments Inc.
Sean Mostero LPL Financial LLC
Cetera Advisors LLC
Shoaib Qureshi J.P. Morgan Securities LLC
First Republic Securities Company, LLC
Annie Simons

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According to FINRA Disciplinary actions for August 2024, 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
  Ned Seitler   Charles Schwab & Co., Inc.
  Neuberger Berman Management, Inc.
  Kirkland Wilson   Cetera Advisor Networks LLC
  Securian Financial Services, Inc.

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According to FINRA Disciplinary actions for August 2024, the following individuals were suspended 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Fanar Almosleh   U.S. Bancorp Investments, Inc.
  Zev Bishop   Raymond James Financial Services, Inc.
  Nicholas Camp   Bank of America, N.A.
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Jessica Cottee   Valic Financial Advisors, Inc.
  Park Avenue Securities LLC
  Samuel Girgiss   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Vanessa Hendrickson   NYLife Securities LLC
  Mariah Nagy   J.P. Morgan Securities LLC
  Zayed Regalado   NYLife Securities LLC
  Jeffery Sanders   Woodmen Financial Services, Inc.
  Daniel Turner   Vanguard Marketing Corporation

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According to FINRA Disciplinary actions for August, 2024, 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
  George Apolonides   Spartan Capital Securities, LLC
  Southeast Investments, N.C., Inc.
  Gerald Cocuzzo   Newbridge Securities Corporation
  IAA Financial LLC
  Howard Graham   Stonex Securities Inc.
  Wells Fargo Clearing Services, LLC
  James Stuart   Richfield Orion International Inc.
  Intervest International Equities Corporation
  Kostas Tsamos   Spartan Capital Securities, LLC
  Southeast Investments, N.C., Inc.

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Silver Law Group founder Scott Silver weighed in on the recent suspension of broke Luis E. Nin (CRD# 4372587) after he was discovered trading in a deceased client’s account.  In the article for Advisor Hub, Mr. Silver said, “This broker’s conduct violates the most fundamental foundational requirement that a broker owes a client—don’t buy a stock that the client has not authorized.”  While registered with UBS Financial Services (CRD# 8174) of Newport Beach, CA, Lin was notified that the authorized person for a trust had died. Lin was the registered representative for this trust.  After learning of the person’s death, Lin placed ten trades in this trust account between June 29, 2022, and July 6, 2022. Although Lin spoke with a relative of the deceased about the trading, that relative did not have trading authority for the account. Later Lin wrongly told the firm that the customer had spoken to and received prior authorization from the now-deceased client. All customer-provided authorizations expire when the customer dies. Silver Law Group founder Scott Silver weighed in on the recent suspension of broke Luis E. Nin (CRD# 4372587) after he was discovered trading in a deceased client’s account.

In the article for Advisor Hub, Mr. Silver said, “This broker’s conduct violates the most fundamental foundational requirement that a broker owes a client—don’t buy a stock that the client has not authorized.”  Continue reading ›

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Steven Musielski (Steven Dwayne Musielski CRD# 2128821) is a previously registered broker whose last known employer was Cambria Capital, LLC (CRD#:133760) of Anaheim, CA. His previous employers include Spencer Edwards, Inc. (CRD#:22067, expelled by FINRA in 2019), J.P. Turner & Company, L.L.C. (CRD#:43177), and Gunnallen Financial, Inc (CRD#:17609), all of Placentia, CA.  Three of his nine previous employers have been expelled by FINRA. He has been in the industry since 1991. Musielski had recently taken a FINRA cause exam. During the exam, he made comments to the company's compliance department that he had potentially utilized time and price discretion for a longer than he should have. The firm is investigating whether there are records supporting this possible violation of industry rules and firm policies and procedures regarding the use of time and price discretion. Eventually, Musielski voluntarily resigned from Cambria Capital.Steven Musielski (Steven Dwayne Musielski CRD# 2128821) is a previously registered broker whose last known employer was Cambria Capital, LLC (CRD#:133760) of Anaheim, CA. His previous employers include Spencer Edwards, Inc. (CRD#:22067, expelled by FINRA in 2019), J.P. Turner & Company, L.L.C. (CRD#:43177), and Gunnallen Financial, Inc (CRD#:17609), all of Placentia, CA.  Three of his nine previous employers have been expelled by FINRA. He has been in the industry since 1991. Continue reading ›

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David Geake (CRD # 3088891) is a former registered broker and investment advisor at American Trust Investment Services (CRD # 3001). Geake has 20 pending Customer Disputes and a total of 39 total disclosures. He has been in the industry since 2002 and is currently barred from acting as a broker or otherwise associating with a broker-dealer firm. “In July 2023 without admitting or denying the findings, Geake consented to the sanction and to the findings that he participated in a private securities transaction by soliciting elderly investors, a husband and wife, to pledge approximately $15 million of securities as collateral to guarantee a $2.5 million loan from a bank on behalf of a startup company without providing written notice to his firm.David Geake (CRD # 3088891) is a former registered broker and investment advisor at American Trust Investment Services (CRD # 3001). Geake has 20 pending Customer Disputes and a total of 39 total disclosures. He has been in the industry since 2002 and is currently barred from acting as a broker or otherwise associating with a broker-dealer firm. Continue reading ›

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Robert Silvestri (Robert Allen Silvestri CRD# 2037669) is a former registered broker and investment advisor last employed with Aegis Capital Corp. (CRD# 15007) of Dallas, TX. His previous employers include Level Four Financial, LLC (CRD#:25700) of Allen, TX, Morgan Stanley (CRD#:149777), also of Dallas, and UBS Financial Services Inc. (CRD#:8174) of Addison, TX. He has been in the industry since 1990. In a customer dispute filed on 11/29/2022, Silvestri’s “unsuitable recommendations in her fee-based account” opened in February of 2021 sustained losses. Silvestri wrote personal checks to cover some of the customer’s losses in the account. In the dispute, the customer requested damages of $9,500, and the firm settled the claim for $8,000.Robert Silvestri (Robert Allen Silvestri CRD# 2037669) is a former registered broker and investment advisor last employed with Aegis Capital Corp. (CRD# 15007) of Dallas, TX. His previous employers include Level Four Financial, LLC (CRD#:25700) of Allen, TX, Morgan Stanley (CRD#:149777), also of Dallas, and UBS Financial Services Inc. (CRD#:8174) of Addison, TX. He has been in the industry since 1990. Continue reading ›

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Former IFS Securities bond trader Keith Wakefield (CRD# 3250539) has been found guilty of securities and wire fraud as a broker at the now-defunct IFS Securities. He was convicted in federal court in the Northern District of Illinois. The jury found that he inflated the commissions on his trades and entered false and unauthorized trades that caused losses of $30 million to the firm. The losses were originally reported as $10 million. Ultimately, those losses due to inflated commissions, false and unauthorized trades and shorting treasury bonds totaled $30 million. These losses were substantial enough that it led to the eventual shutdown of Atlanta-based IFS Securities in early 2020. IFS did not have funds available to settle the bond trades, according to published reports at the time.Former IFS Securities bond trader Keith Wakefield (CRD# 3250539) has been found guilty of securities and wire fraud as a broker at the now-defunct IFS Securities. He was convicted in federal court in the Northern District of Illinois. The jury found that he inflated the commissions on his trades and entered false and unauthorized trades that caused losses of $30 million to the firm. Continue reading ›

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