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Articles Posted in Stockbroker Misconduct

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Arkady Ginsburg (CRD:#5256747) is a registered broker who is currently employed with Aegis Capital Corp. (CRD#:15007) of New York, NY. He was previously employed with Rockwell Securities LLC (CRD#:142483) of New York, NY, and S.W. Bach & Company (CRD#:43522) of Port Washington, NY. He has been in the industry since 2006. Scott Hananel (CRD:#3080827) is a previously registered broker last employed with Aegis Capital Corp. (CRD#:15007) of Melville, NY,  Gunnallen Financial, Inc (CRD#:17609) of Farmingdale, NY, and Milestone Group Management LLC (CRD#:44486) of Lake Success, NY. He has been in the industry since 1998. Both brokers worked for Aegis and suspended by FINRA for similar allegations. Ginsburg has only one customer dispute, filed on 2/12/2018. The customer alleged “unauthorized trading and unsuitable investment recommendations.” The client requested damages of $32,398.00, and the firm settled the claim for $12,635.22.Arkady Ginsburg (CRD:#5256747) is a registered broker who is currently employed with Aegis Capital Corp. (CRD#:15007) of New York, NY. He was previously employed with Rockwell Securities LLC (CRD#:142483) of New York, NY, and S.W. Bach & Company (CRD#:43522) of Port Washington, NY. He has been in the industry since 2006. Continue reading ›

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Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. LPL Financial discharged Mandel on 1/19/2022 for “selling away.” He allegedly solicited both firm and non-firm customers to invest in a company not approved by LPL Financial. He failed to notify the firm of his intentions as well as request the firm’s approval in writing. Mandel was briefly associated with Randy Neumann Wealth Management after LPL Financial. This firm discharged him a few days after LPL Financial, on 1/22/22, due to the allegations. FINRA began an investigation into Mandel’s activities and determined that he had solicited many customers for an investment into a tequila production company. Some of the customers were from LPL Financial, some were not.Michael Mandel (Michael Walter Mandel, CRD# 4939165) is a currently registered broker and investment advisor last registered with LPL Financial (CRD:#6143) of Upper Saddle River, NJ. His previous employers were Royal Alliance Associates, Inc. (CRD:# 23131), of Old Tappan, NJ, and UBS Financial Services (CRD:# 8174 ) of Paramus, NJ. He has been in the industry since 2005. Continue reading ›

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Eric Nicolassy (Eric Edward Nicolassy CRD# 6244539) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the industry since 2014. On 10/04/2021, a client filed a dispute with allegations of “Suitability, Excessive Trading, Unauthorized Trading, Breach of Fiduciary Duty.”  The client’s requested damages total $103,056.69. Nicolassy denies the allegations. This dispute is currently pending. FINRA initiated an investigation into this client dispute. Its findings concluded that from August 2018 through July 2019, Nicolassy excessively and unsuitably traded in four customer accounts, one of whom was an 83-year-old retired real estate broker. Between 5/29/2019 and 5/16/2019, Nicolassy also exercised discretionary authority to effect at least 18 trades in four customer accounts without getting prior written authorization from them. This activity occurred during his employment at Woodstock Financial Group. The elderly customer paid $71,409.09 in commissions and $10,410 in trade costs and margin interest, experiencing losses of more than $125,000.Eric Nicolassy (Eric Edward Nicolassy CRD# 6244539) is a broker currently registered with Network 1 Financial Securities Inc. (CRD#: 13577) of Red Bank, NJ. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), also of Red Bank, NJ, Alexander Capital, L.P. (CRD#:40077) and Woodstock Financial, both of Staten Island, NY. He has been in the industry since 2014. Continue reading ›

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If you were an investor in GWG Holdings L Bond series, you know by now that the company has filed for Chapter 11 bankruptcy. The company failed to pay its dividend considering its recent financial issues.

If you’re in the class of people who have invested in a product you believed would pay handsome dividends, you may be wondering what to do next. As an investor, there are a few options are available to help recover your losses. Continue reading ›

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Silver Law Group represents several investors who purchased GWG L Bonds through brokerage firm Newbridge Securities.  Silver Law Group has filed securities arbitration claims on behalf of these clients seeking to recover investment losses caused by Newbridge’s recommendation to purchase L Bonds. Amongst other brokers at Newbridge recommending GWG L Bonds was Michael Whitaker, who operates in The Villages, Florida. Background On GWG L Bonds GWG Holdings is a Dallas-based financial services firm that offers a variety of services including life insurance and alternative investments. GWG sold billions of dollars worth of L Bonds over the past several years, and investors are now concerned about the status of these investments and the potential loss of principal. Generally speaking, L Bonds are a relatively new financial product that purportedly offers higher yields than typical publicly traded, fixed income bonds. The bonds are supposed to help finance the purchase of the policies but offer significant risk to the investors. According to a prospectus published by GWG for the offering of $2 billion of L Bonds, the bonds were sold with varying maturity terms ranging from 2 years to 7 years, with interest rates ranging from 5.50% to 8.50%. These bonds have significant risk and are not like traditional corporate bonds and other conservative investments.Silver Law Group represents several investors who purchased GWG L Bonds through brokerage firm Newbridge Securities. Silver Law Group has filed securities arbitration claims on behalf of these clients seeking to recover investment losses caused by Newbridge’s recommendation to purchase L Bonds. Amongst other brokers at Newbridge recommending GWG L Bonds was Michael Whitaker, who operates in The Villages, Florida. Continue reading ›

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According to FINRA Disciplinary actions for May 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
  Maria Acevedo   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Alicia Chester   BBVA Securities Inc.
  Anthony DiDonna   Equitable Advisors, LLC
  Travis Eiland   HD Vest Insurance Services
  HD Vest Investment Services
  Jeremy Fortner   Wells Fargo Clearing Services, LLC
  JP Morgan Chase Securities, LLC
  Marc Korsch   Arkadios Capital
  Centaurus Financial, Inc.
  Scott Levine   Ascendiant Capital Markets, LLC
  BMA Securities
  Mario Martinez   Mutual of Omaha Investors Services, Inc.
  AIG Capital Services, Inc
  Jun Ouyang   Morgan Stanley & Co., LLC
  Stephen Wenske   Edward Jones

Continue reading ›

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According to FINRA Disciplinary actions for May 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
  Thomas Corsaro   Bankers Life Securities, Inc.
  SagePoint Financial, Inc.
  Ryan Darby   Fidelity Brokerage Services LLC
  Hector Flores Jr.   MML Investors Services, LLC
  NYLife Securities LLC
  Teresa Gomez   UBS Financial Services Inc.
  Pruco Securities, LLC
  Christopher McFadden   Equitable Advisors, LLC
  LPL Financial LLC
  Ann Montgomery   LPL Financial LLC
  National Planning Corporation
  Michael Pau   MML Investors Services, LLC
  MSI Financial Services, Inc.
  Sean Winkler   Vanguard Marketing Corporation

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According to FINRA Disciplinary actions for May 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
  Kevin Harms   Chelsea Financial Services
  Salomon Whitney Financial
  David Morris   Stifel, Nicolaus & Company, Incorporated
  UBS Financial Services Inc.
  Aleksandr Osaulenko   First Standard Financial Company LLC
  Alexander Capital, LP
  Yousuf Saljooki   Worden Capital Management LLC
  Salomon Whitney Financial

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According to Morgan StanleyAccording to Morgan Stanley, the “Pelican Bay Group” is an elite team of 20 Morgan Stanley financial advisors and additional staff that manage wealth for high net worth families. As of December 31, 2021, the Pelican Bay Group reportedly manages approximately $4 billion in assets. However, the Group has come under scrutiny since a client recently filed a complaint against Managing Director Antony Gallea, claiming that Gallea had misrepresented the firm’s options trading strategy. Misrepresentations Violate FINRA Rules Under FINRA Rule 2020, brokers cannot use any manipulative, deceptive, or other fraudulent device or contrivance to induce the purchase or sale of any security. And if they violate that rule, FINRA can take a range of actions against the broker, including suspending the broker’s license and ordering the broker to compensate their clients. Morgan Stanley FINRA Arbitration Claims According to BrokerCheck, the recent allegations are not the first complaints FINRA has received about Gallea. While allegations are not proof of wrongdoing, if you’ve been investing with Gallea or the Pelican Bay Group, you may want to review your investments including any options strategies., the “Pelican Bay Group” is an elite team of 20 Morgan Stanley financial advisors and additional staff that manage wealth for high net worth families. As of December 31, 2021, the Pelican Bay Group reportedly manages approximately $4 billion in assets. However, the Group has come under scrutiny since a client recently filed a complaint against Managing Director Anthony Gallea, claiming that Gallea had misrepresented the firm’s options trading strategy. Continue reading ›

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In January 2022, FINRA, the organization that regulates and oversees Broker-Dealers and Wall Street brokers, received a securities arbitration claim regarding Anthony Gallea, a Managing Director and financial advisor at Morgan Stanley. In the complaint, a client alleged that Anthony Gallea misrepresented his options trading strategy, resulting in the client’s sustaining unspecified damages. And this is not the first time there have been complaints made against him by his customers. Silver Law Group represents investors in claims against financial advisors and others for breach of fiduciary duty, suitability and other claims. Our attorneys frequently assist investors in claims for misconduct relating to unsuitable options strategies, excessive fees and material misrepresentations. Stockbrokers Have A Duty Not To Misrepresent Or Mislead Investors FINRA’s Rule 2020 states: “No member shall effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.”In January 2022, FINRA, the organization that regulates and oversees Broker-Dealers and Wall Street brokers, received a securities arbitration claim regarding Anthony Gallea, a Managing Director and financial advisor at Morgan Stanley. In the complaint, a client alleged that Anthony Gallea misrepresented his options trading strategy, resulting in the client’s sustaining unspecified damages. And this is not the first time there have been complaints made against him by his customers. Continue reading ›

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