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Articles Posted in Stockbroker Misconduct

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Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. FINRA began an investigation after it received a telephone call to its Securities Helpline for Seniors. While employed with Cetera Investment Services, Summers accepted “multiple appointments and designations from one of the firm’s elderly clients.” The client, age 82, made Summers a: Successor trustee of his living trust, allowing Summers to receive 90% of the assets upon this customer’s death Personal representative of the customer’s estate in the will Sole beneficiary for an annuity Agent with power of attorney and medical power of attorney (Summers never used these POAs, and is no longer an agent)Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. Continue reading ›

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Donatas Belys Vildzius (CRD#: 2202883) is a former broker and registered investment advisor whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Danbury, CT. His previous employers include Rockwell Global Capital LLC (CRD#:142485), also of Danbury, Source Capital Group, Inc. (CRD#:36719), of Westport, CT, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1992. Vildzius is the subject of twelve disclosures, including two civil judgments from 2012 totaling $9,062 and multiple regulatory sanctions. The most recent action was initiated by FINRA after Vildzius was found to have churned the accounts of two clients with excess trading. This action occurred between August 2015 and April 2017, when he recommended a short-term trading strategy that involved in-and-out trading. The result of these trades was a high turnover rate and excessive fees.   Following Vildzius’ recommendations, the clients both executed the unsuitable trades. This also gave Vildzius de facto control over both customer accounts. After following Vilzus’ recommendations, the two clients suffered losses totaling $32,240, and paid commissions and fees totaling $33,449. After signing the Acceptance, Waiver & Consent (AWC) Letter, FINRA fined Vildzius $5,000 and suspended him from any association with any FINRA member firm for six months, beginning 10/9/2020.Donatas Belys Vildzius (CRD#: 2202883) is a former broker and registered investment advisor whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Danbury, CT. His previous employers include Rockwell Global Capital LLC (CRD#:142485), also of Danbury, Source Capital Group, Inc. (CRD#:36719), of Westport, CT, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1992. Continue reading ›

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Joseph Michaletz (CRD#: 1327534, aka “Joseph Gerard Michaeletz”, “Joseph Gerald Michaeletz” and “Joe Michaletz”) is a currently registered broker and investment advisor currently employed with Dai Securities of Mankato, MN. His previous employers include Concorde Investment Services, LLC (CRD#:151604), Triad Advisors, Inc. (CRD#:25803) and Transamerica Financial Advisors, Inc. (CRD#:3600), all also of Mankato, MN. He has been in the industry since 1984. Silver Law Group represents clients of Joseph Michaletz for claims to recover investment losses suffered in GPB Capital Holdings. Joseph Michaletz Disclosures From 5/29/2020 through 3/24/2021, eight client disputes were filed against Joseph Michaletz and remain listed as pending. The collective allegations include: Unsuitable recommendations Over-concentrations of private placements Negligent due diligence in private placements Breaches of fiduciary duty Fraudulent/negligent misrepresentations and omissions Breach of contract Failure to superviseJoseph Michaletz (CRD#: 1327534, aka “Joseph Gerard Michaeletz”, “Joseph Gerald Michaeletz” and “Joe Michaletz”) is a currently registered broker and investment advisor currently employed with Dai Securities of Mankato, MN. His previous employers include Concorde Investment Services, LLC (CRD#:151604), Triad Advisors, Inc. (CRD#:25803) and Transamerica Financial Advisors, Inc. (CRD#:3600), all also of Mankato, MN. He has been in the industry since 1984. Continue reading ›

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According to FINRA Disciplinary actions for October 2021, 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
  Matthew Berman
  Thomas Bonik   NTB Financial Corporation
  LInsco/Private Ledger Corp.
  James Clements   Allstate Financial Services, LLC
  State Farm VP Management Corp.
  Henrique Lucena   Laidlaw & Company
  Morgan Stanley
  Lionel Scott   Arive Capital Markets
  Cape Securities Inc.
  Ricardo Uliambre   Morgan Stanley Smith Barney LLC
  UBS Financial Services Inc.
   Paul Vizanko   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

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According to FINRA Disciplinary actions for October 2021, 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
  Brett Bauer   BrokerBank Securities, Inc.
  CapitalQuest Securities, Inc.
  Carmine Berardi   First Standard Financial Advisory, LLC
  Alexander Capital, LP
  Jason Fekete   Ameritas Investment Company, LLC
  Lincoln Financial Securities Corporation
  Geoffrey Garratt   Spartan Capital Securities, LLC
  First Standard Financial Company
  Trevor Gordon   Sandlapper Securities, LLC
  James Harold Goode, Jr.
  Thomas Hagan   Morgan Stanley
  Wells Fargo Advisors, LLC
  Andre Labarbera   Titus Rockefeller, LLC
  IFS Securities
  Michael Leahy   First Standard Financial Company LLC
  Alexander Capital, LP
  David Levy   Titus Rockefeller, LLC
  IFS Securities
  Leslie Markus Jr.   Lincoln Investment
  Ameriprise Financial Services, Inc.
  Scott Reynolds   Avatar Securities, LLC
  Spartan Securities Group, Ltd.
  Richard Stoyeck   Titus Rockefeller, LLC
  Newport Coast Securities, Inc.
  Gopi Vungarala   Pershe Kaplan Sterling Investments
  Sutterfield Financial Group, Inc.
  Robert Wong   Jefferies LLC
  Scott-Macon Securities, Inc.

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According to FINRA Disciplinary actions for October 2021, 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
  Arely Alvarez  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Bradley Holts   World Capital Brokerage, Inc.
  Supreme Alliance LLC
  Johnnie Jones   Network 1 Financial Securities Inc.
  National Securities Corporation
  Stacie Orr   Allstate Financial Services, LLC
  Ryan Ott   Equitable Advisors, LLC
  Dominic Scalzi   Deutsche Bank Securities, Inc.
  Banc of America Investment Services, Inc.
  Andre Senegal   OneAmerica Securities, Inc.
  NYLIfe Securities LLC
  Kyle Stevens   SECU Brokerage Services, Inc.
  Rosemary Vrablic   Deutsche Bank Securities Inc.
  Banc of America Investment Services, Inc.

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Kenneth Welsh (Kenneth Andrews Welsh CRD:# 4657872) is a former registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Fairfield, New Jersey. Previously, he was employed with three divisions of Smith Barney (CRD#: 149777, 8209, and 7556), also of Fairfield. He has been in the industry since 2004. On October 28, 2021, The Securities & Exchange Commission (SEC) charged Welsh with misappropriation of $2.86 million from client accounts. Many of these clients were elderly investors, described by the SEC as “financially unsophisticated.” Prior to any transfer, the complaint alleges, Welsh circumvented the firm’s policies to carry them out. He also sold and traded in the customer accounts to ensure available cash for his unauthorized activity. Welsh made these sales within days of the illicit transfers.Kenneth Welsh (Kenneth Andrews Welsh CRD:# 4657872) is a former registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Fairfield, New Jersey. Previously, he was employed with three divisions of Smith Barney (CRD#: 149777, 8209, and 7556), also of Fairfield. He has been in the industry since 2004. Continue reading ›

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Marc Reda (Marc Augustus Reda CRD:#2757330) is a registered broker currently employed with SPARTAN CAPITAL SECURITIES, LLC (CRD# 146251) of New York, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340) of Staten Island, NY, PHX Financial, Inc. (CRD#:144403) and Laidlaw & Company (UK) Ltd. (CRD#:119037) also of New York City. FINRA expelled three of his previous employers: John Thomas Financial (CRD#:40982) of New York, NY, on 10/31/2013 Prestige Financial Center, Inc. (CRD#:30407), also of New York, NY, on 5/23/2011 Clark Street Capital, Inc. (CRD#:38304) of Levittown, NY, on 2/24/2005 He has been in the industry since 1999.Marc Reda (Marc Augustus Reda CRD:#2757330) is a registered broker currently employed with SPARTAN CAPITAL SECURITIES, LLC (CRD# 146251) of New York, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340) of Staten Island, NY, PHX Financial, Inc. (CRD#:144403) and Laidlaw & Company (UK) Ltd. (CRD#:119037) also of New York City. Continue reading ›

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Daniel O’Neil and Douglas Szempruch, two brokers working for Aegis Capital Corp. (CRD#:15007) in Melville, NY, have faced disciplinary action FINRA after both were separately involved in improper activities. Daniel O’Neil (Daniel James O’Neil CRD#:1358245) is a former registered broker with Aegis, who discharged him on 7/29/2021 for failing to notify the firm about a “pending enforcement investigation” by FINRA. The investigation focused on “conduct inconsistent with firm standards.”Daniel O’Neil and Douglas Szempruch, two brokers working for Aegis Capital Corp. (CRD#:15007) in Melville, NY, have faced disciplinary action FINRA after both were separately involved in improper activities.

Daniel O’Neil (Daniel James O’Neil CRD#:1358245) is a former registered broker with Aegis, who discharged him on 7/29/2021 for failing to notify the firm about a “pending enforcement investigation” by FINRA. The investigation focused on “conduct inconsistent with firm standards.” Continue reading ›

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