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Articles Posted in Stockbroker Misconduct

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Dusty Sternadel (Dusty Lynn Sternadel CRD# 5872600) is a former broker and investment advisor who was last registered with Ameriprise Financial Services, LLC (CRD#:6363) of Wichita Falls, TX. Her previous employers were Morgan Stanley (CRD#:149777) and Edward Jones (CRD#:250), also of Wichita Falls. She has been in the industry since 2011. Ameriprise Financial Services terminated her employment on 7/29/2022. In the Form U5 submitted to FINRA following her discharge, the company stated, “The registered representative was terminated for violation of company policies related to misappropriation of client funds.” Although Sternadel is no longer employed by a FINRA broker dealer, she is still subject to jurisdiction under Article V, Section 4 of FINRA’s Bylaws. FINRA has this jurisdiction for two years after separation of employment.  Dusty Sternadel (Dusty Lynn Sternadel CRD# 5872600) is a former broker and investment advisor who was last registered with Ameriprise Financial Services, LLC (CRD#:6363) of Wichita Falls, TX. Her previous employers were Morgan Stanley (CRD#:149777) and Edward Jones (CRD#:250), also of Wichita Falls. She has been in the industry since 2011. Continue reading ›

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According to FINRA Disciplinary actions for December 2022, 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
  Christ Baltas   Worden Capital Management LLC
  Wilmington Capital Securities, LLC
  Matthew Beaver   Grit Wealth Management, LLC
  Ameriprise Financial Services, Inc.
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  James Kirschner   Cetera Advisors LLC
  Ameriprise Financial Services, Inc.
  Justin Iowe   Broadview International LLC
  Keith Wakefield   IFS Securities
  IFS Capital Markets, LLC
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

Continue reading ›

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According to FINRA Disciplinary actions for December 2022, 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
  Jay Dougall   Principal Securities, Inc.
  Waddell & Reed
  Beth Landwehr   J.P. Morgan Securities LLC
  Ameriprise Financial Services, Inc.
  Jamie Lemon
  Linda Leong   Valic Financial Advisors, Inc.
  National Planning Corporation
  Michael Richie   Fidelity Brokerage Services LLC
  Edward Von Der Schmidt   Morgan Stanley & Co. LLC
  RBC Capital Markets, LLC
  Cedric Wade   LPL Financial LLC
  National Planning Corporation

Continue reading ›

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According to FINRA Disciplinary actions for December 2022, 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
  Albert Aviles   Reid & Rudiger LLC
  Spartan Capital Securities, LLC
  Ruth Chambers   Raymond James & Associates, Inc.
  Mutual Trust Co. of America Securities
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  Anthony DiLullo   LPL Financial LLC
  ING Financial Partners, Inc.
  John Fabiano   LPL Financial LLC
  JD Financial Services Inc.
  Samuel Heavrin   J.P. Morgan Securities LLC
  Austin Lazarus   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  J.P. Morgan Secvurities LLC
  Jason Long   State Farm VP Management Corp.
  Pamelia Owensby   UBS Financial Services Inc.
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Alexandra Smith   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

Continue reading ›

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scott-silverIt’s not uncommon for employees of nearly any type of business to branch off and form their own company. When that company is a new broker dealer firm and a competitor for the former employer, things get complicated. Especially if that employer is Wells Fargo Advisors.  Continue reading ›

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Darien Bonney (Darien Euclid Bonney CRD# 4899007) is a former registered broker last employed with MML Investors Services, LLC (CRD#:10409) of Scottsdale, AZ. He was previously employed with NY Life Securities INC. (CRD#:5167), also of Scottsdale. He has been in the industry since 2005. Bonney has two similar customer disputes in the disclosures in his record. The first was filed on 7/12/2022, alleging that in late 2020, Bonney solicited the client to invest in “Spyglass Financial Strategies,” an entity Bonney himself owned. The client was led to believe that the investment would have no risks as it was related to oil. Bonney also drafted the promissory note himself. As of the filing date, the terms of that note have not yet been met, and the client has suffered losses. The client has requested damages of $1,053,250.00, and the case is currently pending. The second disclosure was filed on 9/16/2022 and alleges that Bonney recommended an investment to them “without a reasonable basis.” The claimants allege that Bonney indicated that there were no risks involved despite being unregistered. They have requested that Bonney return their investment but have only received a portion of that money. The clients are requesting damages of $49,000.00, and the case is currently pending.Darien Bonney (Darien Euclid Bonney CRD# 4899007) is a former registered broker last employed with MML Investors Services, LLC (CRD#:10409) of Scottsdale, AZ. He was previously employed with NY Life Securities INC. (CRD#:5167), also of Scottsdale. He has been in the industry since 2005. Continue reading ›

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Back in 2019, we blogged about broker Michael Venturino (CRD #5872439), the subject of multiple customer disputes totaling $1.6 million. Since then, he has additional disclosures, including two judgements, a bankruptcy discharge, and of course, more customer disputes. At this writing, Venturino is still registered and employed with Spartan Capital Securities, LLC (CRD#: 146251) of Garden City, NY. He began his broker career in 2010. In the disciplinary action, FINRA’s investigation found that Venturino exercised de facto control over the accounts of eleven clients while at Aegis and made unauthorized trades in a total of twelve accounts. He made recommendations to the clients of what they should buy and sell as well as unauthorized trading.Back in 2019, we blogged about broker Michael Venturino (CRD #5872439), the subject of multiple customer disputes totaling $1.6 million. Since then, he has additional disclosures, including two judgements, a bankruptcy discharge, and of course, more customer disputes. Continue reading ›

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Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Silver Law Group represents investors in claims against selling broker-dealers for losses relating to GWG L Bonds and violations of Regulation Best Interest and other FINRA rules and regulations.Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Continue reading ›

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We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away. Then the company crashed and burned. The L Bonds, as they were called, required patience from investors. After all, the policy payout would come when the original policyholder died. Last August, the company temporarily halted the sales of their L Bonds, leading to a series of events that ended with GWG Holdings declaring bankruptcy in April of 2022. Investors in L Bonds were left with nothing. So, what happened to the investor’s funds that were going to earn them great returns?We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away.

Then the company crashed and burned. Continue reading ›

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