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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for June 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
  Gerald Cocuzzo   Newbridge Securities Corporation
  IAA Financial LLC
  Kevin Hobbs   PFS Investments Inc.
  James Myers   NYLife Securities LLC
  Kenneth Schaefer   Ameriprise Financial Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

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According to FINRA Disciplinary actions for June 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
  Shoaib Qureshi   J.P. Morgan Securities LLC
  First Republic Securities Company, LLC
  Annie Simons

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According to FINRA Disciplinary actions for June 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
  James Brown   American Independent Securities Group, LLC
  Edward Jones
  Chun Elmejjad   Equitable Advisors, LLC
  Sylviah Kemunto
  Jonathan Long   Cambridge Investment Research, Inc.
  Cetera Financial Specialists LLC
  Thomas Prieur   Lincoln Financial Advisors Corporation
  Carlos Ramirez   Citizens Securities, Inc.
  Key Investment Services LLC
Shaquane Smith-Thompson   J.P. Morgan Securities LLC

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Joseph Beam (Joseph Farrell Beam CRD# 5407778) is a former registered broker and investment advisor last employed with Capital Investment Group, Inc. (CRD# 14752) of Flat Rock, NC. His previous employment was with Suntrust Investment Services, Inc. (CRD# 17499) of Hendersonville, NC.  No additional employment information is available. He began in the industry in 2007. Beam is the subject of six customer disputes filed from 7/19/2022 through 4/18/2024. Of the six, four are “pending” and two have been settled. All six include descriptions of unsuitable recommendations, breach of contract, failing to conduct due diligence, and breach of fiduciary duty, and other allegations. Each disclosure described recommendations for and purchases of GWG Holdings’ L-Bond products that ultimately led to losses.Joseph Beam (Joseph Farrell Beam CRD# 5407778) is a former registered broker and investment advisor last employed with Capital Investment Group, Inc. (CRD# 14752) of Flat Rock, NC. His previous employment was with Suntrust Investment Services, Inc. (CRD# 17499) of Hendersonville, NC.  No additional employment information is available. He began in the industry in 2007. Continue reading ›

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Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients. "Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy," Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. The firm in question is E1 Asset Management (CRD# 46872) of Jersey City, NJ. In the arbitration, the client requested $4 million in damages. Three FINRA arbitrators awarded the client compensatory damages of $1.6 million, interest of $578,000, and legal fees of $420,000, for a total of $2,598,000.Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients.

“Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy,” Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. Continue reading ›

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According to FINRA Disciplinary actions for May 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
  Kwame Aduesi   Morgan Stanley
  J.P. Morgan Securities LLC
  Brittany Anderson
  Gianluca De Berardinis   Morgan Stanley
  Quad Capital, LLC
  Brian Hill
  Monu Joseph   Rosenblatt Securities Inc.
  CIBC World Markets Corp.
  Quintosha Thomas

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According to FINRA Disciplinary actions for May 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
  Helen Andrews   Morgan Stanley
  Barclays Capital Inc.
  Christine Dormier   UBS Financial Services Inc.
  Wells Fargo Investments, LLC
  David Ferneding   Stifel, Nicolaus & Company, Incorporated
  Wells Fargo Clearing Services, Inc.
  Matthew Grady   Barclays Capital Inc.
  American Research & Management Company
  Leonardo Hernandez III   Citigroup Global Markets Inc.
  LPL Financial LLC
  Seth Horowitz   J.P. Morgan Securities LLC
  UBS Financial Services Inc.
  Jeffrey Nemesi   Falcon Square Capital, LLC
  Donald Smith   Provident Private Capital Partners, Inc.
  Vestax Securities Corporation

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According to FINRA Disciplinary actions for May 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
  Ian Geeves   Vanderbilt Securities, LLC
  LPL Financial LLC
  Ned Seitler   Charles Schwab & Co., Inc.
  Neuberger Berman Management Inc.
  Timothy Sullivan   International Assets Advisory, LLC
  SII Investments, Inc.
  Kirkland Wilson   Cetera Advisor Networks LLC
  Securian Financial Services, Inc.

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Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with  Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. A customer dispute filed on 6/2/2023 alleged that funds were withdrawn from her account from September 1, 2022, to February 3, 2023, without her knowledge. Morgan Stanley Wealth Management settled this dispute for $395,710.21.Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with  Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. Continue reading ›

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