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Articles Posted in Stockbroker Misconduct

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Joseph Todd (Joseph Michael Todd CRD# 1830390) is a previously registered broker and investment advisor whose last known employer was Centaurus Financial (CRD# 30833) of Crystal River, FL. Previously, Todd has worked for Investors Capital Corp. (CRD# 30613) and Edward Jones (CRD# 250) of Homosassa, FL and Invest Financial Corporation (CRD# 12984) of Appleton, WI. He has been in the industry since 1988. Joseph Todd is the subject of three recent customer disputes with similar allegations of trading indiscretion, recommendation of illiquid investments, and stealing of funds that were intended for investment in safe and liquid fixed income securities through July of 2022. Those disputes were filed on 7/21/2022, 12/16/2022, and 1/6/2023, with collective requested damage amounts of $146,500. These claims are currently pending. Centaurus Financial discharged Todd on 7/21/2022 citing its reasons as “violated Firm policy and industry rules with respect to an allegation of selling away and the receipt of customer funds.” Todd allegedly refused to cooperate with the ongoing investigation and was subsequently terminated.Joseph Todd (Joseph Michael Todd CRD# 1830390) is a previously registered broker and investment advisor whose last known employer was Centaurus Financial (CRD# 30833) of Crystal River, FL. Previously, Todd has worked for Investors Capital Corp. (CRD# 30613) and Edward Jones (CRD# 250) of Homosassa, FL and Invest Financial Corporation (CRD# 12984) of Appleton, WI. He has been in the industry since 1988. Continue reading ›

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Most investors believe that their brokers will trade on their behalf with their best interests in mind. In fact, they’re required to in accordance with Regulation Best Interest, or Reg BI. In a nutshell, brokers must always use the investor’s best interest as their benchmark before making any recommendation. This includes vetting an investment and completing due diligence following their broker-dealer’s recommendations. Unfortunately, not every broker follows that rule, nor any other rule, resulting in losses for the investor. One method is when a broker continually trades in an investor’s account, but the investor sees no reasonable gains. Sometimes, the excess trading is done on margin, leading to additional charges and risks. The investor loses money and pays increasing amounts of commissions, fees, and other expenses. This process is known as churning. Churning DefinitionMost investors believe that their brokers will trade on their behalf with their best interests in mind. In fact, they’re required to in accordance with Regulation Best Interest, or Reg BI. In a nutshell, brokers must always use the investor’s best interest as their benchmark before making any recommendation. This includes vetting an investment and completing due diligence following their broker-dealer’s recommendations. Continue reading ›

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­­Andrew Miles (­­Andrew William Miles CRD# 5986774) is a former registered broker and investment advisor last employed with Green Vista Capital, LLC (CRD#:293630) of Winter Park, FL until 3/10/2021. Previously, he was registered with The Strategic Financial Alliance, Inc. (CRD#:126514) of Vero Beach, FL. He has been in the industry since 2011. Andrew Miles is the subject of eight customer disputes with similar allegations, and five are currently listed as “pending”: Filed 5/2/2023, this dispute contains multiple allegations of unsuitability, negligence, fraud, breach of contract, violation of and aiding and abetting violation of the Florida Securities And Investor Protection Act, and “equitable rescission” (annulment of a contract). The customer requests damages of $700,000.Andrew Miles (­­Andrew William Miles CRD# 5986774) is a former registered broker and investment advisor last employed with Green Vista Capital, LLC (CRD#:293630) of Winter Park, FL until 3/10/2021. Previously, he was registered with The Strategic Financial Alliance, Inc. (CRD#:126514) of Vero Beach, FL. He has been in the industry since 2011. Continue reading ›

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Ron Filoramo (Ronald Ernest Filoramo CRD# 3270398) is a former broker and investment advisor last employed with Morgan Stanley (CRD# 149777) of Fort Lauderdale, FL. His previous employers include Wells Fargo Advisors, LLC (CRD# 19616) of Hallandale, FL,   UBS Financial Services Inc. (CRD# 8174) of Weehawken, NJ, and Ladenburg Capital Management Inc. (CRD# 14623) of Bethpage, NY. He has been in the industry since 1999. Filoramo’s most recent employer, Morgan Stanley, terminated his employment on 05/01/2023. In the Uniform Termination Notice for Securities Industry Registration (Form U5,) dated 03/31/2023, Morgan Stanley acknowledged that Filoramo was discharged after allegations that he “fraudulently induced clients to transfer funds to purported investments that were never made.”  Ron Filoramo (Ronald Ernest Filoramo CRD# 3270398) is a former broker and investment advisor last employed with Morgan Stanley (CRD# 149777) of Fort Lauderdale, FL. His previous employers include Wells Fargo Advisors, LLC (CRD# 19616) of Hallandale, FL, UBS Financial Services Inc. (CRD# 8174) of Weehawken, NJ, and Ladenburg Capital Management Inc. (CRD# 14623) of Bethpage, NY. He has been in the industry since 1999. Continue reading ›

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William Conn (William Joseph Conn CRD# 1477107, aka “Bill Conn”) is a currently registered broker and investment advisor with International Assets Advisory, LLC (CRD#: 10645) of San Francisco, CA. His previous employers include Raymond James & Associates, Inc. (CRD#:705, broker and investment advisor) J.P. Morgan Securities LLC (CRD#:79), and Deutsche Bank Securities Inc. (CRD# 2525), all of San Francisco. He was both a broker and investment advisor at all three and began in the industry in 1986. Conn’s CRD has a total of seven disclosures, six of which are customer disputes. The most recent dispute was filed on 07/23/2023 by two clients who allege that Conn placed them in inappropriate and aggressive investments. One client alleges that his account was “invested in speculative positions” with evidence of churning. There is no requested amount of damages, and this claim is currently listed as “pending.”William Conn (William Joseph Conn CRD# 1477107, aka “Bill Conn”) is a currently registered broker and investment advisor with International Assets Advisory, LLC (CRD#: 10645) of San Francisco, CA. His previous employers include Raymond James & Associates, Inc. (CRD#:705, broker and investment advisor) J.P. Morgan Securities LLC (CRD#:79), and Deutsche Bank Securities Inc. (CRD# 2525), all of San Francisco. He was both a broker and investment advisor at all three and began in the industry in 1986. Continue reading ›

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According to FINRA Disciplinary actions for October 2023, 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
  Carl Birkelbach   Birkelbach Investment Securities, Inc.
  Ronald Diaz   Morgan Stanley
  J.P. Morgan Securities LLC
  Albert Foronda   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Jorge Baquero   Spartan Capital Securities, LLC
  Eduardo Martinez   National Securities Corporation
  PHX Financial, Inc.

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According to FINRA Disciplinary actions for October 2023, 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
  Daniel Ditch   PFS Investments Inc.
  Stephen Jones   Equitable Advisors, LLC
  Robert Luley Jr.   Pruco Securities LLC
  Madison Avenue Securities, LLC
  Jack McBride   Newbridge Securities Corporation
  B. Riley Wealth Management
  Hector Negrete   Transamerica Financial Advisors, Inc.
  World Group Securities, Inc.
  Shawn O’Connell   Morgan Stanley
  Merrill Lynch, Pierce ,Fenner & Smith Incorporated
  Steven Thompson   Network 1 Financial Securities Inc.
  SW Financial

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According to FINRA Disciplinary actions for October 2023, 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
  David Burch   Raymond James & Associates, Inc.
  Morgan Stanley
  Timothy Claypool   Northwestern Mutual Investment Services, LLC
  Farmers Financial Solutions, LLC
  Ebony Parks   LPL Financial LLC
  Wells Fargo Clearing Services, LLC
  Rashawn Russell   Deutsche Bank Securities Inc.
  Daniel Santos   PFS Investments Inc.

Continue reading ›

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According to FINRA Disciplinary actions for September 2023, 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
  Laurence Allen   NYPPEX, LLC
  Northeast Securities, Inc.
  Joseph Desapio   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  DeVere Dudley   Raymond James Financial Services, Inc.
  Edward Jones
  Austin Dutton Jr.   American Trust Investment Services, Inc.
  PRIMEX
  Adam Ezrilov   LPL Financial LLC
  RBC Capital Markets, LLC
  Samuel Girgiss   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Dennis Hanrahan   Spartan Capital Securities, LLC
  John Thomas Financial
  Timothy Henry   Wells Fargo Clearing Services, LLC
  Credit Suisse Securities (USA) LLC
  Kenneth Klaiman   Raymond James & Associates, Inc.
  Deutsche Bank Securities Inc.
  Ramon Perez   Morgan Stanley
  UBS Financial Services Inc.
  David Sauer   BGC Financial, L.P.
  Morgan Stanley
  Michael Schunk   NYPPEX, LLC
  Commerce One Financial Inc.
  James Shelburne   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

Continue reading ›

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