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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for April 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
  Tracy Adams   Avantax Investment Services, Inc.
  Ameriprise Financial Services, Inc.
  Jason Anderson   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  LPL Financial LLC
  Solomon Apprey   Pruco Securities, LLC
  AXA Advisors, LLC
  Ronald Bartsch   Union Capital Company
  Liberty Partners Financial Services, LLC
  Spyridon Chandrinos   Millennium Advisors, LLC
  Nelson Polun   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Jeffrey Sandwell   LPL Financial LLC
  National Planning Corporation
  Jon Scheier   Edward Jones

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According to FINRA Disciplinary actions for April 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
  John Arnold   Voya Financial Advisors, Inc.
  LPL Financial LLC
  Zachary Bader   National Securities Corporation
  Craig Scott Capital, LLC
  Peter Brown   Oppenheimer & Co. Inc.
  Bear, Stearns & Co. Inc.
  Riza Hernandez   Lincoln Financial Securities Corporation
  Wells Fargo Clearing Services, LLC

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According to FINRA Disciplinary actions for April 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
  Adam Belardino   MML Investors Services, LLC
  MSI Financial Services, Inc.
  Trent Drake   Cambridge Investment Research, Inc.
  Pacer Financial, Inc.
  Nathaniel Eklund   J.P. Morgan Securities LLC
  Geneos Wealth Management, Inc.
  Idean Esfahani   Wells Fargo Clearing Services, LLC
  Adam Feierstein   Proequities, Inc.
  Woodbury Financial Services, Inc.
  Ngonidzashe Parirenyatwa   Wells Fargo Clearing Services, LLC
  Planco Financial Services, LLC
  Laquita Pettis   Wells Fargo Clearing Services, LLC
  George Stills Jr.   Securian Financial Services, Inc.
  AXA Advisors, LLC
  Tim Viohl   U.S. Bancorp Investments, Inc.
  LPL Financial LLC

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According to FINRA Disciplinary actions for March 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
  Christian Evans   Morgan Stanley
  Highland Capital Funds Distributor, Inc.
  Mark Grenier   David Lerner Associates, Inc.
  Maxim Group LLC
  Harry Lum Jr.   Horace Mann Investors, Inc.
  Allstate Financial Services, LLC
  Dorinda Lumpkin   BBVA Securities Inc.
  Timothy Melvin   Horace Mann Investors, Inc.

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According to FINRA Disciplinary actions for March 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
  Jason Allen   Wells Fargo Clearing Services, LLC
  Morgan Stanley
  Carl Birkelbach   Birkelbach Investment Securities, Inc.

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Mark Hopkins (Mark Lewton Hopkins CRD#: 2653473) is a former registered broker who was registered with American Portfolios Financial Services, Inc. (CRD# 18487) of Grand Blanc, Michigan from 2009 until he was permitted to resign in 2018.  Hopkins worked in the industry since the 1990s. Hopkins also did business under the name Worklife Wealth Management. Hopkins’ BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA) contains several recent disclosures, including two customer disputes, a regulatory action initiated by FINRA, as well as a Complaint filed by the United States Securities and Exchange Commission (SEC). Hopkins Was Permitted To Resign From His Position At American Portfolios Financial Services, Inc. Hopkins’ FINRA BrokerCheck Report reveals that in December 2018, Hopkins was permitted to resign amid allegations that he “accepted customers funds for an investment not on the books of the [broker-dealer] without obtaining pre-approval.”Mark Hopkins (Mark Lewton Hopkins CRD#: 2653473) is a former registered broker who was registered with American Portfolios Financial Services, Inc. (CRD# 18487) of Grand Blanc, Michigan from 2009 until he was permitted to resign in 2018.  Hopkins worked in the industry since the 1990s. Hopkins also did business under the name Worklife Wealth Management. Continue reading ›

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In our Silver Law securities arbitration and investment arbitration blogs, we highlight individuals who were caught taking financial advantage of their investment clients. In many cases, the investors are elderly, and sometimes, inexperienced at investing. And in some cases, the brokers and advisors are elderly themselves, caught committing fraud after a successful decades-long career. These individuals should understand what constitutes fraud, particularly against elderly clients. Still, they do it anyway. Many times, these elderly clients do not completely understand the complex investment information they are presented with. Some may be too polite to ask questions or challenge the representative. In other cases, they may be experiencing the beginnings of cognitive decline that isn’t  obvious and hasn’t yet been detected by family or their physician. This lapse in mental acuity can allow a fast-talking broker to convince them of something to which they would otherwise say “no.” The Increasing Elderly Demographic Although California has the largest number of elderly citizens, Florida has the highest percentage of elderly residents in the US. A full 19% of Florida’s population is over 65, and the numbers are increasing. It’s estimated that by 2050, elderly people in the US will top 80 million. Many of these elderly are financially well-off, and some are millionaires. A number of them will pass along their wealth to their children and grandchildren. These sums may be transferred more than once through parentage. So it’s highly likely that these elders can and will be targeted for fraud by any number of people. From distant family members who are suddenly friendly to caretakers, neighbors, brokers and financial advisors, and “new friends,” they all see an elderly person with money as an easy target.  In our Silver Law securities arbitration and investment arbitration blogs, we highlight individuals who were caught taking financial advantage of their investment clients. In many cases, the investors are elderly, and sometimes, inexperienced at investing. And in some cases, the brokers and advisors are elderly themselves, caught committing fraud after a successful decades-long career. These individuals should understand what constitutes fraud, particularly against elderly clients. Still, they do it anyway. Continue reading ›

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The SEC today filed a complaint and a request for jury trial involving claims against Knight Nguyen Investments of Katy, Texas, along with: Christopher Lopez, majority owner and “partner” Forrest Jones, investment advisor and “partner” Jayson Lopez, brother of Christopher and “partner” Although Christopher Lopez is not a registered broker, he was previously registered the SEC and the state of Texas for several years. The complaint alleges that Christopher Lopez and Forrest Jones represented themselves and the firm as experts in “low risk alternative investments.” However, the complaint explains, Chris Lopez had no experience with securities prior to founding Knight Nguyen, nor with the so-called “alternative investments.” Additionally, the investments did not meet the firms’ so-called investment “standards.”The SEC today filed a complaint and a request for jury trial involving claims against Knight Nguyen Investments of Katy, Texas, along with:

  • Christopher Lopez, majority owner and “partner”
  • Forrest Jones, investment advisor and “partner”
  • Jayson Lopez, brother of Christopher and “partner”

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Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities industry since 1999. FINRA And Arizona Corporation Commission Investigate Scott Reed After learning of allegations concerning Reed following his termination from Wells Fargo, the Financial Industry Regulatory Authority (FINRA) began an investigation into Reed’s conduct.  Among other things, FINRA made the following findings of fact: Reed solicited individuals to invest in securities issued by a software and web development company based in Pasadena, California; Reed received selling compensation of $191,340 from the company for his role in soliciting and facilitating the investments; and Reed failed to provide Wells Fargo with prior notice or obtain the firm’s advance approval for his participation in these private securities transactions.Scott Reed (Scott Wayne Reed CRD# 3007033) is a previously registered broker and investment advisor whose most recent employer was First Financial Equity Corporation (CRD#: 16507). Prior to that, Reed spent four years at Wells Fargo Clearing Services, LLC (CRD#: 19616) in Scottsdale, Arizona. Reed has been in the securities industry since 1999. Continue reading ›

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