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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for December 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
  Omer Ali-Taha   BB&T Investment Services, Inc.
  Citigroup Global Markets Inc.
  Berkley Badger   Ameriprise Financial Services, Inc.
  Invest Financial Corporation
  John Carlson   Capital Financial Services, Inc.
  Voyager Capital Management, LLC
  Derek D’Alonzo   Ameriprise Financial Services, LLC
  SunTrust Advisory Services, Inc.
  William Friedman   Pinnacle Investments, LLC
  Woodstock Financial Group, Inc.
  Harold Harrison   Lincoln Financial Advisors Corporation
  UBS Financial Services Inc.
  Steven Knuttila   Capital Financial Services, Inc.
  Questar Capital Corporation
  Gaetano Magarelli   Newbridge Securities Corporation
  Ameriprise Financial Services, Inc.
  Sean Martin   Raymond James & Associates, Inc.
  Deutsche Bank Securities Inc.

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BrokersBrokers and financial advisors are under a fiduciary duty to put the client first—a relationship that gets muddied whether the loan is in writing or not. The Financial Industry Regulatory Authority (FINRA) has a rule in place prohibiting a broker from borrowing or lending money to customers in most instances. There are few exceptions to FINRA Rule 3240, which forbids customer loans unless the customer is “in the business of providing credit or loans,” or the customer and broker are members of the same immediate family. FINRA’s Rule 3240 defines immediate family as “parents, grandparents, mother-in-law or father-in-law, husband or wife, brother or sister, brother-in-law or sister-in-law, son-in law or daughter-in-law, children, grandchildren, cousin, aunt or uncle, or niece or nephew, and any other person whom the registered person supports, directly or indirectly, to a material extent.” Unfortunately, brokers routinely violate FINRA rules, borrowing money from unsuspecting clients while failing to disclose these deals to their financial institutions as required. Rule 3240 requires brokers to report customer loans to their financial institutions and get consent beforehand in writing. And even when brokers repay a customer’s loan in full, FINRA prohibits the transaction. While registered investment advisors (RIAs) are not governed by FINRA Rule 3240, they still have a fiduciary duty to put the customer’s financial interest first, which similarly precludes their borrowing money from clients. and financial advisors are under a fiduciary duty to put the client first—a relationship that gets muddied whether the loan is in writing or not. The Financial Industry Regulatory Authority (FINRA) has a rule in place prohibiting a broker from borrowing or lending money to customers in most instances. Continue reading ›

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Jerry Rice (CRD#: 375290) is a previously registered broker advisor whose last known employer was Raymond James Financial Services (CRD#: 6694) of Tinton Falls, New Jersey. His previous employers include Robert Thomas Securities (CRD#: 10147) of St. Petersburg, FL, Smith Barney (CRD#: 7059) of New York City and Lehman Brothers (CRD#: 7506), also of New York City. He has been in the industry since 1968. Jerry Rice was allowed to voluntarily resign from Raymond James after it was discovered that he received monetary gifts in excess of the yearly limits from one of his elderly clients, an 89-year-old widow. He and several family members received a total of $477,000 from this client. However, like many FINRA broker dealers, Raymond James prohibits such gifts and bequests due to a conflict of interest. From 2013 through 2017, Jerry Rice attested in his yearly compliance questionnaires that he understood that brokers were strictly prohibited from receiving monetary gifts from clients without the firm’s permission. Brokers are also prohibited from being named beneficiaries in their wills. Should the broker discover that they have been unknowingly named, he or she is required to immediately notify the firm. The exception is if the client is also an immediate relative.Jerry Rice (CRD#: 375290) is a previously registered broker/advisor whose last known employer was Raymond James Financial Services (CRD#: 6694) of Tinton Falls, New Jersey. His previous employers include Robert Thomas Securities (CRD#: 10147) of St. Petersburg, FL, Smith Barney (CRD#: 7059) of New York City and Lehman Brothers (CRD#: 7506), also of New York City. He has been in the industry since 1968. Continue reading ›

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FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Misappropriation of Client Funds - David Wells, CRD#: 6774493 This broker has two additional names listed in Brokercheck: David Sheldon Wells David Wells He has been in the industry since 2017 and has worked for two broker dealers: Fifth Third Securities, Inc. (CRD#:628) Of Chicago, IL Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Chicago, IL On 06/03/2021, Fifth Third Securities allowed Wells to resign after allegations surfaced that he misappropriated client funds from three of his clients.FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Continue reading ›

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Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. FINRA’s Department of Enforcement filed a complaint against Parikh alleging unsuitable recommendations and excessive trading that led to over $33,000 in losses while generating considerable commissions, including $89,000 for himself. Although none of the accounts were discretionary accounts, Parikh traded as if they were. Therefore, he had de facto control over all his customer accounts. Parikh recommended active short-term trading to these customers with the use of a margin. He failed to consider the costs associated with this type of trading, nor the interest use cost associated with using the margin. This allowed him to trade more often but at a higher cost to the customers. Kishan Parikh also executed trades for two of his customers that had a total principal value of $4.2 million, and that he did not call the customers on the date of the trades.Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. Continue reading ›

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Clyde Jensen (Clyde Anthony Jensen CRD:#5658476) is a registered broker and investment advisor whose last known employer was TD Private Client Wealth LLC (CRD#:164484) of Tampa, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095) of Valrico, FL, Ameriprise Financial Services, Inc. (CRD#:6363) of Fort Meyers, FL, and Morgan Stanley (CRD#:149777) of Tampa, FL. He has been in the industry since 2009. While employed with Ameriprise, a client in her 90s notified Jensen that she wanted him to be the beneficiary of her trust. The trust consisted of nine securities, and at the time was worth $600,000. When Jensen notified his supervisor, the supervisor informed him that the firm’s rules prohibited him and/or his family members to become beneficiaries of a client’s estate. He did so anyway, meeting with the client and her attorney, successor trustee and primary beneficiary of the client’s trust to make Jensen the primary beneficiary and his children as the contingent beneficiaries. Jensen failed to notify Ameriprise, and falsely claimed on compliance documentation that he was not a beneficiary for anyone’s estate.Clyde Jensen (Clyde Anthony Jensen CRD:#5658476) is a registered broker and investment advisor whose last known employer was TD Private Client Wealth LLC (CRD#:164484) of Tampa, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095) of Valrico, FL, Ameriprise Financial Services, Inc. (CRD#:6363) of Fort Meyers, FL, and Morgan Stanley (CRD#:149777) of Tampa, FL. He has been in the industry since 2009. Continue reading ›

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Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Maxim Beliakov (CRD:# 5968432) is a former registered broker whose last employer was Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY, and Chelsea Financial Services (CRD#:47770), also of Staten Island. He has been in the industry since 2011.Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Continue reading ›

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