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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for October 2025, 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
William Shane Garrow BOK Financial Securities, Inc
Banc of America Investment Services, Inc
Noah Dewayne Shaw Citigroup Global Markets Inc.
Merrill Lynch, Pierce, Fenner & Smith Inc.

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According to FINRA Disciplinary actions for October 2025, 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
Amber Nicole Cook US Bancorp Investments, Inc
Bernie Mohar Edward Jones
Kathleen Rashleigh UBS Financial Services Inc
Merill Lynch, Pierce, Fenner & Smith Inc.
George Stratis TD Securities (USA) LLC
Credit Suisse First Boston Corporation
Anna Marie Verzosa
Andrew S. Walters First Kentucky Securities Corp
Charles Schwab & Co
Nathan Reed Waters
Kevin Tong You Northwestern Mutual Investment Services LLC

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According to FINRA Disciplinary actions for October 2025, 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
Robert George Gorham Equitable Advisors, LLC
Oppenheimer & Co Inc.
Cynthia Lynn Wadkinson Suntrust Investment Services, Inc.
Wells Fargo Advisors, LLC

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Shammi Samaroo (CRD# 6267861), a financial broker recently barred after refusing to produce documents and information requested by FINRA in connection with an investigation. Shammi Samaroo was employed by NYLife Securities LLC. for 8 years in Sunrise, Florida.  NYLife Securities recently permitted him to resign while under internal review for potential violations of their company policies. The details of NYLife’s specific concerns were not disclosed.Shammi Samaroo (CRD# 6267861), a financial broker recently barred after refusing to produce documents and information requested by FINRA in connection with an investigation.

Shammi Samaroo was employed by NYLife Securities LLC. for 8 years in Sunrise, Florida. NYLife Securities recently permitted him to resign while under internal review for potential violations of their company policies. The details of NYLife’s specific concerns were not disclosed. Continue reading ›

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Jody Vander Weide (CRD# 2571083) was barred after 29 years working as a broker in Grand Rapids, Michigan and Fort Wayne Indiana. At the time of the incident he was working at Osaic Wealth, Inc. Prior to that, he spent 17 years at Sigma Financial Corporation, where he was discharged for violating the firm’s policies by engaging in an undisclosed outside business activity as an unlicensed investment advisor representative. Regulatory allegations against Weide included making false or misleading statements to his firms and to the Securities and Commercial Licensing Bureau.  Specifically, he misrepresented the reason for his termination by Sigma Financial Corporation.  He also suggested that he was unaware of the wrongfulness of charging unauthorized fees to customers without his broker dealer firm’s approval and attempted to erase his paper trail. He also made false statements about his registration application. Jody Vander Weide (CRD# 2571083) was barred after 29 years working as a broker in Grand Rapids, Michigan and Fort Wayne Indiana. At the time of the incident he was working at Osaic Wealth, Inc. Prior to that, he spent 17 years at Sigma Financial Corporation, where he was discharged for violating the firm’s policies by engaging in an undisclosed outside business activity as an unlicensed investment advisor representative. Continue reading ›

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Santiago Torres Jr. (CRD# 5644622), a financial broker in Sinking Spring, Pennsylvania, with 14 years of industry experience, has been permanently barred from associating with any FINRA member firm after failure to provide information and documents to FINRA and failing to appear for on-the-record testimony. Torres Jr. had allegations from customers (his wife’s cousin and other family members) of falsified customer documents and misappropriated funds. According to public records, the customers in this case were Torres Jr.’s wife’s cousin and other family members. Multiple family members made allegations of damage due to misappropriated funds, specifically CDs and Annuity fixed CDs. Three of these complaints have settled for the amounts of $190,000, $17,500.00 and $45,000. At the time of the alleged misconduct, Torres Jr. was employed by Truist Investment Services, Inc. September 2024 Truist Investment Services terminated Torres Jr’s employment. Santiago Torres Jr. (CRD# 5644622), a financial broker in Sinking Spring, Pennsylvania, with 14 years of industry experience, has been permanently barred from associating with any FINRA member firm after failure to provide information and documents to FINRA and failing to appear for on-the-record testimony. Continue reading ›

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James Thaddeus Walesa (CRD# 1061209), a financial broker, with 39 years of industry experience, has been sued by FINRA, for selling away. At the time of the alleged misconduct, James Walesa was registered with Arkadios Capital in Park Ridge, Illinois. His BrokerCheck history shows 18 disclosures.  One was in 2013 and the remaining 17 between 2020-2025.  These allegations include recommending unsuitable investments, often in companies where he held ownership, operational, or management roles.  Complaints raise concerns about breach of contract, fiduciary duty violations, negligence, failures in due diligence, and misrepresentations or omissions related to alternative investments.James Thaddeus Walesa (CRD# 1061209), a financial broker with 39 years of industry experience, has been sued by FINRA, for selling away.

At the time of the alleged misconduct, James Walesa was registered with Arkadios Capital in Park Ridge, Illinois. His BrokerCheck history shows 18 disclosures. One was in 2013 and the remaining 17 between 2020-2025. These allegations include recommending unsuitable investments, often in companies where he held ownership, operational, or management roles. Complaints raise concerns about breach of contract, fiduciary duty violations, negligence, failures in due diligence, and misrepresentations or omissions related to alternative investments. Continue reading ›

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Nicholas Armellino (CRD# 3189691), a broker working for GMS Group in Jersey City, New Jersey, was recently barred because he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation that originated from a regulatory tip submitted to FINRA. This refusal to provide testimony during a regulatory investigation violated FINRA Rule 8210. He did not admit or deny the findings. Armellino did initially cooperate with FINRA’s investigation, but then he stopped. Nicholas Armellino had 11 disclosures during his 25 years of working as a broker. Five of these investor disputes from 2006 through 2016 were settled by the brokerage firm giving the client money in return for the damages.  They included allegations such as unauthorized trading, making unsuitable investments and misrepresentations regarding certain securities, failing to provide the client with several notices of material events prior to the customer’s purchase of a bond and excessive trading in an unsuitably leveraged account. Two of the investor disputes were denied, which means that the broker and or their firm revied the customer’s complaint and determined that it is unfounded or lacks merit. It does not necessarily mean the complaint was false, but they did not find sufficient evidence to support the customer.Nicholas Armellino (CRD# 3189691), a broker working for GMS Group in Jersey City, New Jersey, was recently barred because he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation that originated from a regulatory tip submitted to FINRA. This refusal to provide testimony during a regulatory investigation violated FINRA Rule 8210. He did not admit or deny the findings. Armellino did initially cooperate with FINRA’s investigation, but then he stopped. Continue reading ›

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Mohammed A. Salim (CRD# 7126671), a financial broker, with five years of industry experience, has been permanently barred from associating with any FINRA member firm following allegations of unauthorized sales and improper transfers of funds from a customer’s account to cover his personal creditors. At the time of the alleged misconduct, Salim was employed by Morgan Stanley in Deer Park, New York. The firm disclosed that it had terminated Salims’ registration due to concerns involving unauthorized sales and customer fund transfers. According to FINRA, while Salim did not admit or deny the findings, he chose not to appear for on-the-record testimony after initially cooperating with the investigation.   FINRA regulates the brokerage industry and investigate when things go awry.  To prevent similar misconduct, firms are encouraged to strengthen internal controls that detect unusual account activity including unauthorized transfers or third-party payments.  Regular audits, close supervision of broker activity, and implementing robust customer verification policies can reduce the risk of financial exploitation and help protect investors.  Investors themselves should also monitor their account statements carefully and immediately report any discrepancies.Mohammed A. Salim (CRD# 7126671), a financial broker, with five years of industry experience, has been permanently barred from associating with any FINRA member firm following allegations of unauthorized sales and improper transfers of funds from a customer’s account to cover his personal creditors. Continue reading ›

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According to FINRA Disciplinary actions for September 2025, 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
Neil S. Cohen Merill Lynch, Pierce, Fenner & Smith Inc.
Metlife Securities
Jim Carl Dedmon Jr. Wells Fargo Clearing Services LLC
Morgan Stanley
Hamish Andre Grason UBS Financial Services Inc
Merill Lynch, Pierce, Fenner & Smith Inc.
Adrian Malcolm Ince Standard New York, Inc.
ICBC Standard Securities Inc.
Marcelo Jorcin Insight Securities Inc
Jihoon Park MML Investors Services LLC
Frey D. Pena Perez J. P. Morgan Securities
Patrick Aaron Pistor Equitable Advisors LLC
Jason J. Ratkovich J. P. Morgan Securities
Joseph Alan Seidler RBC Capital Markets LLC
Wells Fargo Clearing Services LLC
Anand Anthony Sookbir JP Morgan Securities LLC
Patsy Ann Turrentine Prospera Financial Services Inc
Rodman & Renshaw Inc.

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