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Articles Posted in Stockbroker Misconduct

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Jermaine Benjamin (CRD# 6152653, Jermaine K Benjamin, Jermaine Kahlil Benjamin) is a former registered broker and investment advisor last employed by Raymond James Financial Services, Inc. (CRD# 6694) of St. Petersburg, FL, and Pruco Securities, LLC. (CRD# 5685) of Tampa, FL. He has been in the industry since 2013. Benjamin moved from Pruco Securities to Raymond James Financial Services in July of 2020, and filed its Uniform Termination Notice of Securities Industry Registration (Form U5) at that time.  This customer dispute was filed on 5/18/22 alleging “unauthorized transactions and misappropriation/defalcation.”  Although the claim was subsequently denied, it triggered an update to the Form U5 filed by Pruco, since Benjamin had already transferred his employment to Raymond James.Jermaine Benjamin (CRD# 6152653, Jermaine K Benjamin, Jermaine Kahlil Benjamin) is a former registered broker and investment advisor last employed by Raymond James Financial Services, Inc. (CRD# 6694) of St. Petersburg, FL, and Pruco Securities, LLC. (CRD# 5685) of Tampa, FL. He has been in the industry since 2013. Continue reading ›

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Leslie Jackson (Leslie Don Jackson CRD# 2176917) is a previously registered broker and investment advisor last employed with Momentum Independent Network Inc. (CRD# 17587), of Dallas Texas, where he spent his entire 31-year career. He began in the industry at Momentum in 1991. Momentum discharged Jackson on 12/9/2022 and filed a Uniform Termination Notice for Securities Industry Registration (Form U5) on January 6, 2023. In it, Momentum listed the reason for his termination as “violation of firm policy.” No additional information was listed.  Leslie Jackson (Leslie Don Jackson CRD# 2176917) is a previously registered broker and investment advisor last employed with Momentum Independent Network Inc. (CRD# 17587), of Dallas Texas, where he spent his entire 31-year career. He began in the industry at Momentum in 1991. Continue reading ›

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Jose Candelario (Jose Manuel Candelario Padilla CRD# 4847560) is a previously registered broker and investment advisor last registered with Nationwide Planning Associates Inc. (CRD# 31029) of Hato Rey, PR. His previous employers included Oriental Financial Services Corp. (CRD# 29753) of Ponce, PR, Samuel A Ramirez & Co., Inc. (CRD# 6963) of Hato Rey, PR, and R-G Investments Corporation (CRD# 113293) of San Juan, PR. No current employment or registration information is available. He has been in the business since 2004. Padilla is the subject of 49 disclosures dating back to 2006, 47 of which are customer disputes.  Jose Candelario (Jose Manuel Candelario Padilla CRD# 4847560) is a previously registered broker and investment advisor last registered with Nationwide Planning Associates Inc. (CRD# 31029) of Hato Rey, PR. His previous employers included Oriental Financial Services Corp. (CRD# 29753) of Ponce, PR, Samuel A Ramirez & Co., Inc. (CRD# 6963) of Hato Rey, PR, and R-G Investments Corporation (CRD# 113293) of San Juan, PR. Continue reading ›

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Fernando Silva (CRD# 7326519) is a former registered broker and investment advisor last employed with Morgan Stanley (CRD#:149777) of Tucson, AZ. His prior employer was Wells Fargo Clearing Services, LLC (CRD#:19616), also of Tucson. He has been in the business since 2021. Morgan Stanley terminated Silva’s employment on 9/8/2022 amid concerns that had had misappropriated client funds. The firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) on 9/23/2022 with the same allegation of misappropriation. Upon receipt of the Form U5 from Morgan Stanley, FINRA began an investigation based on the information provided. On 10/14/2022 and 11/1/2022, FINRA sent requests for information to Silva regarding the investigation into the Form U5 allegations. In an email correspondence on November 14, 2022, Silva stated for the record that he would at no time provide any of the requested information.Fernando Silva (CRD# 7326519) is a former registered broker and investment advisor last employed with Morgan Stanley (CRD#:149777) of Tucson, AZ. His prior employer was Wells Fargo Clearing Services, LLC (CRD#:19616), also of Tucson. He has been in the business since 2021. Continue reading ›

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John Terzis (John Nicholas Terzis CRD# 1805020) is a previously registered broker and investment advisor last employed with LPL Financial LLC (CRD# 6413) of Skokie, IL. His previous employers include IFMG Securities, Inc. (CRD#:14416), also of Skokie, Raymond James Financial Services, Inc. (CRD# 6694) of Glenview, IL, and Vision Investment Services, Inc. (CRD# 46609) of Rosemont, IL. No current employment information is available. He has been in the industry since 1988. John Terzis allegedly borrowed $200,000 from a 69-year-old client who was in ill health without notifying his employer, LPL Financial. The firm had a written policy in place regarding broker-client loans. He assisted the client in transferring funds from her brokerage account to her checking account. He provided a ten-year promissory note in exchange in December of 2019. Additionally, in a compliance questionnaire from October 2020, Terzis answered that he had not solicited loan funds from any clients, nor had he issued or participated in any promissory notes outside of the firm.John Terzis (John Nicholas Terzis CRD# 1805020) is a previously registered broker and investment advisor last employed with LPL Financial LLC (CRD# 6413) of Skokie, IL. His previous employers include IFMG Securities, Inc. (CRD#:14416), also of Skokie, Raymond James Financial Services, Inc. (CRD# 6694) of Glenview, IL, and Vision Investment Services, Inc. (CRD# 46609) of Rosemont, IL. No current employment information is available. He has been in the industry since 1988. Continue reading ›

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John Matson (John Nicholas Matson CRD# 1796541) is a former registered broker and investment advisor last employed with LPL Financial LLC (CRD#:6413) of Manhattan Beach, CA. Previous employers include Ameriprise Financial Services, Inc. (CRD#:6363) of Los Angeles, CA, Citigroup Global Markets Inc. (CRD#:7059) of El Segundo, CA, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1996. LPL Financial terminated Matson’s employment on 11/16/2022 with allegations that he neither notified nor sought approval from the firm for participating in investments that were not approved by LPL.John Matson (John Nicholas Matson CRD# 1796541) is a former registered broker and investment advisor last employed with LPL Financial LLC (CRD#:6413) of Manhattan Beach, CA. Previous employers include Ameriprise Financial Services, Inc. (CRD#:6363) of Los Angeles, CA, Citigroup Global Markets Inc. (CRD#:7059) of El Segundo, CA, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1996. Continue reading ›

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Brian Wurdemann (Brian M. Wurdemann CRD#4206425) is a former registered broker and investment advisor whose last known employer was RBC Capital Markets, LLC (CRD# 31194) of New York, NY. His previous employers include UBS Financial Services Inc. (CRD# 8174) of Paramus, NJ, Morgan Stanley Smith Barney (CRD# 149777) and Citigroup Global Markets Inc. (CRD# 7059), also of New York City.  He has been in the industry since 2000. In a FINRA arbitration action with RBC Capital Markets, the firm alleged that Wurdemann failed to repay a promissory note he entered into with the firm. The action requires Wurdemann to repay RBC in accordance with the note, which includes: $1,488,650.12, plus interest at an annual rate of 0.58% per annum ($23.65 per diem) Collection costs and expenses including reasonable attorneys’ fees “Any further relief as deemed fair and just”Brian Wurdemann (Brian M. Wurdemann CRD# 4206425) is a former registered broker and investment advisor whose last known employer was RBC Capital Markets, LLC (CRD# 31194) of New York, NY. His previous employers include UBS Financial Services Inc. (CRD# 8174) of Paramus, NJ, Morgan Stanley Smith Barney (CRD# 149777) and Citigroup Global Markets Inc. (CRD# 7059), also of New York City.  He has been in the industry since 2000. Continue reading ›

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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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