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Articles Posted in Stockbroker Misconduct

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Camden, South Carolina 2025 – Donald Franklin Spivey (CRD#: 847360), a financial broker with 45 years of experience, has been barred from the securities industry after refusing to appear for on the record testimony requested by FINRA. The testimony was part of an investigation into whether certain recommendations he made were suitable for, or in the best interests of his clients. Spivey worked at Carter, Terry & Company, Inc. for 18 years at the time of this event and had no prior customer complaints. According to the findings, he initially cooperated with FINRA’s investigation but later stopped doing so. Without admitting or denying the findings, Spivey consented to the sanction and signed an Acceptance, Waiver and Consent, which formally documents his refusal to testify.Camden, South Carolina 2025 – Donald Franklin Spivey (CRD#: 847360), a financial broker with 45 years of experience, has been barred from the securities industry after refusing to appear for on the record testimony requested by FINRA. The testimony was part of an investigation into whether certain recommendations he made were suitable for, or in the best interests of his clients. Continue reading ›

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According to FINRA Disciplinary actions for December 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
Jim Carl Dedmon Jr. Wells Fargo Clearing Services LLC
Morgan Stanley
Jihoon Park MML Investors Services, LLC
Frey D Pena Perez JP Morgan Securities LLC
George Stratis TD Securities LLC
Credit Suisse First Boston Corporation
Anna Marie Verzosa
Kevin Tong You

 

 Northwestern Mutual Investment

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Cobleskill, New York 2025 – Meredith Webber (CRD#: 2435263), a financial broker with 26 years of experience, has been barred from the securities industry after failing to provide documents or appear for on the record testimony requested by FINRA. The requests were part of an investigation into whether she misappropriated funds from two elderly customers. At the time of the incident, Webber had been with Raymond James Financial Services for one year. FINRA asked Meredith Webber for her receipt of loan funds from an elderly customer, as well as bank account statements, phone records, and electronic communications. Her failure to provide the requested records or cooperate with testimony hindered the regulator’s investigation into possible misconduct.   Webber also has one prior customer dispute on record from 2020. In that case, a client alleged she assisted the other joint account owner in misappropriating funds to a bank account that he could not access.Cobleskill, New York 2025 – Meredith Webber (CRD#: 2435263), a financial broker with 26 years of experience, has been barred from the securities industry after failing to provide documents or appear for on the record testimony requested by FINRA. The requests were part of an investigation into whether she misappropriated funds from two elderly customers. Continue reading ›

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Sapulpa, Oklahoma 2025 – Tiffany Keigley (CRD#: 4507001), a financial broker with 17 years of experience, was permanently barred from the security industry in July 2025. She had spent 15 years at Morgan Stanley before her employment was terminated, after which the firm filed a Form U5 that triggered a FINRA investigation. Tiffany Keigley was accused of using a client’s individual brokerage account with cash management services to pay personal expenses for herself and her family, without the client’s knowledge or consent.  The total amount misappropriated from the client’s account was $108,440.20. She had been using funds from this account from July 2017 through October 2024.  When FINRA requested documents related to the case, Keigley refused to provide all the requested information, a violation of FINRA’s investigative rules.Sapulpa, Oklahoma 2025 – Tiffany Keigley (CRD#: 4507001), a financial broker with 17 years of experience, was permanently barred from the security industry in July 2025. She had spent 15 years at Morgan Stanley before her employment was terminated, after which the firm filed a Form U5 that triggered a FINRA investigation. Continue reading ›

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Cody M. Anderson (CRD# 5999762) a financial broker with 12 years of industry experience, has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). This disciplinary action follows Anderson’s failure to request termination of a prior suspension, which stemmed from allegations that he submitted multiple fictitious variable annuity applications. Cody Anderson was registered with Equitable Advisors in Buffalo, New York at the time of misconduct. The firm discharged him after discovering he submitted multiple fictitious annuity applications, prompting FINRA to open its investigation.  When the regulator later requested information about the matter, Anderson did not respond.  Cody M. Anderson (CRD# 5999762) a financial broker with 12 years of industry experience, has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). This disciplinary action follows Anderson’s failure to request termination of a prior suspension, which stemmed from allegations that he submitted multiple fictitious variable annuity applications. Continue reading ›

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Anthony Bottini III (CRD# 5567091) was a broker and investment advisor who was recently barred from the securities industry.  Bottini worked for 13 years at Merrill Lynch, Pierce, Fenner & Smith Inc. in New York, one of the nation's largest brokerage firms. The Financial Industry Regulatory Authority (FINRA) imposed the bar after Bottini failed to provide information requested during a regulatory inquiry. Cooperation with FINRA is a fundamental requirement for all registered brokers and advisors. Failing to respond to their requests typically leads to a permanent ban from acting as a broker or investment advisor.Anthony Bottini III (CRD# 5567091) was a broker and investment advisor who was recently barred from the securities industry.  Bottini worked for 13 years at Merrill Lynch, Pierce, Fenner & Smith Inc. in New York, one of the nation’s largest brokerage firms. Continue reading ›

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Phillip Curtis Anderson (CRD# 814936) a financial broker with 40 years of industry experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of recommending unrated corporate bonds to senior retail customers. Anderson had been employed at Kingswood Capital Partners LLC in Roseville, California for five years. According to FINRA disclosures one client had at least 96 percent of their net worth, and another had 35 percent of their net worth (excluding their primary residences), invested in unrated corporate bonds sold by Anderson.  Anderson earned $8,280 in commissions from these transactions.  Putting this high percentage of client portfolios in unrated bonds was wholly unsuitable and contrary to the clients’ best interests.Phillip Curtis Anderson (CRD# 814936) a financial broker with 40 years of industry experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of recommending unrated corporate bonds to senior retail customers. Anderson had been employed at Kingswood Capital Partners LLC in Roseville, California for five years. Continue reading ›

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Nicholas James Schiano (CRD# 4429212) a financial broker with 24 years of experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of excessive trading for two senior clients. Schiano had been associated with Spartan Capital Securities, LLC in New York City for the past eight years. According to FINRA’s disclosure report, Schiano’s trading activity generated unusually high turnover rates and cost-to-equity ratios that exceeded established industry benchmarks.   Between September 2017 and March 2022, he executed 102 transactions for one client (Customer A), which resulted in significant losses while generating $45,515 in commissions.  For another client (Customer B), he executed 31 transactions from October 2017 through December 2018, producing comparable losses and $30,510 in commissions.  This level of excessive trading is defined as churning – a practice where brokers excessively buy and sell securities to generate commissions for themselves, rather than prioritizing the client’s investment interests.Nicholas James Schiano (CRD# 4429212) a financial broker with 24 years of experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of excessive trading for two senior clients. Schiano had been associated with Spartan Capital Securities, LLC in New York City for the past eight years. Continue reading ›

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Joseph Jemel Steward (CRD# 3241331) a financial broker with 20 years of experience, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that he engaged in excessive and unsuitable trading that was not in the best interest of his customer. Steward most recently worked at PHX Financial, Inc. in Richmond Hill, New York, where he was employed for three years. According to FINRA disclosures, the customer routinely relied on Steward’s advice and followed his recommendations, giving Steward de facto control over the account.  His trading activity generated a high turnover rate and a cost-to-equity ratio exceeding accepted industry thresholds.Joseph Jemel Steward (CRD# 3241331) a financial broker with 20 years of experience, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that he engaged in excessive and unsuitable trading that was not in the best interest of his customer. Steward most recently worked at PHX Financial, Inc. in Richmond Hill, New York, where he was employed for three years. Continue reading ›

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Eduardo Leon Jr. (CRD# 2232647), a Houston based financial broker with more than 33 years of securities industry experience, has been recently suspended by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that Leon recommended investments that were not in the best interests of his clients. He has spent 31 years at Global Financial Services LLC in Houston. Eduardo Leon Jr.’s record includes four prior customer disputes, all of which were resolved through settlements compensating clients for financial losses. In one case, he engaged in “negligent over-purchasing” of a bond, mistakenly buying more than the authorized amount. Two other disputes stemmed from defaults on bonds that occurred just 21 days after the purchases, causing client losses. The earliest complaint alleged sales practice violations, claiming $750,000 in damages, and was settled for $300,000.Eduardo Leon Jr. (CRD# 2232647), a Houston based financial broker with more than 33 years of securities industry experience, has been recently suspended by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that Leon recommended investments that were not in the best interests of his clients. He has spent 31 years at Global Financial Services LLC in Houston. Continue reading ›

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