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Articles Posted in Stockbroker Misconduct

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Tyler Delahunt (Tyler Dean Delahunt CRD#: 4419594) is a formerly registered broker and investment advisor whose last known employer was Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Atlanta, Georgia. His previous employers include PFS Investments Inc. (CRD#:10111) of Duluth, Georgia and Raymond James Financial Services, Inc. (CRD#:6694) of Alpharetta, Georgia.  Delahunt has been in the industry since 2001. Tyler Delahunt Discharged By Merrill Lynch For “Selling Away” According to Delahunt’s CRD Report, published online by FINRA, Merrill Lynch discharged Delahunt in August 2020. The allegations against Delahunt in connection with his discharge involve “improper solicitation of clients related to an outside investment and participating in financial arrangements involving clients.” Solicitation of clients for an outside investment not approved by a broker’s employing firm is often referred to in the securities industry as “selling away”. After Delahunt’s Discharge, FINRA Initiated an Investigation FINRA began an investigation after receiving paperwork from Merrill Lynch with the reasons for his termination.  According to FINRA’s Letter of Acceptance, Waiver, and Consent with Delahunt (AWC), FINRA was investigating “whether Delahunt had solicited clients in a private securities transaction without approval of Merrill Lynch and whether he had accepted loans or other funds from clients without notice to his firm.” The AWC indicates that Delahunt failed to respond to FINRA’s inquiry, in violation of FINRA Rules.Tyler Delahunt (Tyler Dean Delahunt CRD#: 4419594) is a formerly registered broker and investment advisor whose last known employer was Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Atlanta, Georgia. His previous employers include PFS Investments Inc. (CRD#:10111) of Duluth, Georgia and Raymond James Financial Services, Inc. (CRD#:6694) of Alpharetta, Georgia.  Delahunt has been in the industry since 2001. Continue reading ›

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Michael Fahsholtz (Michael Anthony Fahsholtz CRD#: 2057306) is a former broker and investment advisor who was registered with broker-dealer Stifel, Nicolaus & Company, Incorporated (CRD#:793) from 2011 until he left the brokerage industry in 2020. Fahsholtz was based in Wenatchee, Washington. Fahsholtz’s FINRA BrokerCheck Report, published by the Financial Industry Regulatory Authority (“FINRA”) indicates that he is the subject of five pending securities arbitration claims, and that three other disputes lodged against Fahsholtz have been settled. FINRA Arbitration Claims Against Fahsholtz Pile Up Over Past Three Years Fahsholtz is facing five pending customer disputes, all of which concern his recommendations that customers invest in corporate debt instruments and unit investment trusts (UITs).  Many of the disputes contain the same allegations, including:Michael Fahsholtz (Michael Anthony Fahsholtz CRD#: 2057306) is a former broker and investment advisor who was registered with broker-dealer Stifel, Nicolaus & Company, Incorporated (CRD#:793) from 2011 until he left the brokerage industry in 2020. Fahsholtz was based in Wenatchee, Washington. Fahsholtz’s FINRA BrokerCheck Report, published by the Financial Industry Regulatory Authority (“FINRA”) indicates that he is the subject of five pending securities arbitration claims, and that three other disputes lodged against Fahsholtz have been settled. Continue reading ›

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According to FINRA Disciplinary actions for January 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
  Jason Anderson   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  LPL Financial LLC
  Solomon Apprey   Pruco Securities, LLC
  AXA Advisors, LLC
  Harry Lum, Jr.   Horace Mann Investors, Inc.
  Allstate Financial Services, LLC
  Timothy Melvin   Horace Mann Investors, Inc.
  Jeffrey Sandwell   LPL Financial LLC
  Trilogy Financial Services
  Jon Scheier   Edward Jones

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According to FINRA Disciplinary actions for January 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
  Dane Brinkman   Kovack Securities Inc.
  UBS Financial Services Inc.
  Jonah Engler   Global Arena Capital Corp
  HFP Capital Markets LLC
  David Fleming, Jr.   Stifel, Nicolaus & Company, Incorporated
  Sterne, Agee & Leach, Inc.
  Justin Harris   Morgan Stanley
  Wells Fargo Advisors, LLC
  Eric Roark   Ameriprise Financial Services, LLC
  Oppenheimer & Co. Inc.
  Yousuf Saljooki   Worden Capital Management LLC
  Solomon Whitney Financial
  Josef Schaible   Templum Markets LLC
  Auto Aftermarket Securities, LLC
  David Sheppard   Meyers Associates, L.P.
  Aegis Capital Corp.
  Paul Stanford   Santander Securities LLC
  Ameriprise Financial Services, Inc.
  Gary Strange   Cambridge Investment Research, Inc.
  William Joseph Capital Management LLC
  Robert Whittenburg   Ameriprise Financial Services, Inc.
  Wells Fargo Clearing Services, LLC

Continue reading ›

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According to FINRA Disciplinary actions for January 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
  Casey Brougham   Nationwide Securities, LLC
  Nationwide Securities, Inc.
  Derek Edwards   PFS Investments Inc.
  Curt Giacobbe   MML Investors Services, LLC
  NYLife Securities LLC
  Young Ju Kim
  Kevin Lafollette   Nationwide Investment Services Corporation
  Paul McGonigle   LPL Financial LLC
  SII Investments, Inc.
  Naveed Mitha   Suntrust Robinson Humphrey, Inc.
  Jose Montero   J.P. Morgan Securities LLC
  Cleavon Tidball   T. Rowe Price Investment Services, Inc.
  Transamerica Investors Securities Corporation

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Steven Luftschein (Steven Robert Luftschein CRD# 2690117) was recently barred from acting as a broker by the Financial Industry Regulatory Authority (FINRA) following an investigation into allegations that Luftschein violated federal securities laws. Luftschein, who operated in the greater New York area, was registered with Aegis Capital Corp. from 2013-2016, and then with Joseph Stone Capital LLC for the years 2017-2018. FINRA Filed A Disciplinary Complaint In May 2020 In May 2020, the FINRA Department of Enforcement filed a Complaint against Luftschein alleging that “while associated with Aegis Capital Corp. . . . [Luftschein] churned and excessively traded the accounts of three of his Firm customers . . .”.  Specifically, FINRA alleged: Luftschein frequently engaged in unauthorized trading by making purchases and sales of securities without first discussing the transactions with Customers and obtaining their authorization; Luftschein’s churning and excessive trading was unsuitable and caused losses of more than $261,000 in the Customers’ accounts; and Luftschein’s trading in the Customers’ accounts generated gross sales credits and commissions of approximately $136,200, with Luftschein receiving a substantial percentage of this amount. For allegedly engaging in this misconduct, FINRA brought causes of action for (1) Churning in violation of Section 10(b) of the Securities Exchange Act, Rule 10b-5, and FINRA Rules 2020 and 2010, (2) Excessive Trading/Quantitative Unsuitability in violation of FINRA Rules 2111 and 2010, and (3) Unauthorized Trading in violation of FINRA Rule 2010. In January 2021, Luftschein ultimately accepted an offer of settlement wherein he agreed to a bar from association with any FINRA member firm in any capacity.Steven Luftschein (Steven Robert Luftschein CRD# 2690117) was recently barred from acting as a broker by the Financial Industry Regulatory Authority (FINRA) following an investigation into allegations that Luftschein violated federal securities laws. Luftschein, who operated in the greater New York area, was registered with Aegis Capital Corp. from 2013-2016, and then with Joseph Stone Capital LLC for the years 2017-2018. Continue reading ›

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Michael Anthony Tavel (CRD# 4862463) was recently suspended from acting as a broker by the Financial Industry Regulatory Authority. Tavel was registered with broker-dealer LPL Financial LLC from 2004-2019, operating out of Indianapolis, Indiana. Tavel was also providing investment advice through Charter Advisory Corporation, an SEC-registered Investment Adviser, as well as providing tax services and insurance products through Tavel Insurance & Financial Services, LLC. Tavel Consented To 18-Month Suspension And $20,000 Fine According to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), from 2017-2019, Michael Tavel participated in improper private securities transactions, at least one of which Tavel recommended “without having  a reasonable basis to believe that it was suitable.” Specifically, FINRA states the following in its AWC: Tavel agreed to act as a placement agent for a private issuer purportedly in the business of making commercial loans . . . In 2018, the issuer and its chairman were charged by the SEC with fraud and [the investor] lost his entire investment. Tavel agreed to act as a placement agent for an oil-extraction company . . . Tavel received a total of $19,700 in commissions for the transactions. Tavel failed to provide a written disclosure to LPL in connection with any of these investments, which were done away from the firm, and falsely attested to LPL in August 2018 that he had not solicited any unapproved private placements.Michael Anthony Tavel (CRD# 4862463) was recently suspended from acting as a broker by the Financial Industry Regulatory Authority. Tavel was registered with broker-dealer LPL Financial LLC from 2004-2019, operating out of Indianapolis, Indiana. Tavel was also providing investment advice through Charter Advisory Corporation, an SEC-registered Investment Adviser, as well as providing tax services and insurance products through Tavel Insurance & Financial Services, LLC. Continue reading ›

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Sumitro Pal (CRD# 4763364) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Bethesda, MD, where he was registered from 2009-2018. Pal has worked in the securities industry since 2004. Currently, Pal is the subject of four pending customer disputes, filed between November 2018 and November 2020, which allege damages totaling $1,575,000. Investors’ allegations range from “selling away” to “unsuitability” and “misappropriation of funds for an outside investment.”  The dates of the alleged actions range from October 2007 through September 2018.  Two previous customer disputes were settled for a total of $3,625,000.00. The most recent dispute was filed on 5/4/2018, and alleged, “inter alia, Misappropriation of funds for an outside investment - Oct 2017 to Feb 2018.” This claim was settled for $2,500,000.00.  The earlier claim was filed 9/26/2017 and had similar allegations that “the FA invested his retirement money in high risk corporate bonds including an over-concentration of bonds in the energy sector and also that the FA misrepresented the losses of his investments. 01/01/2013-08/31/2017.” This claim was settled for $112,500.00.Sumitro Pal (CRD# 4763364) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Bethesda, MD, where he was registered from 2009-2018. Pal has worked in the securities industry since 2004. Continue reading ›

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Nicholas Palumbo (Nicholas R Palumbo CRD:# 1069948, aka “Nicholas Richard Palumbo” And “Nick Palumbo”) is a previously registered broker and investment advisor whose last known employer was Park Avenue Securities LLC (CRD#:46173) of Armonk, NY. His previous employers include Guardian Investor Services Corporation (CRD#:6635 of New York, New York, SMA Equities, Inc. (CRD#:3960), and First Investors Corporation (CRD#:305) He has been in the business since 1983. Palumbo has only one disclosure, his dismissal from Park Avenue Securities on 4/17/2020. He was permitted to resign after an investigation into an unapproved private securities transaction in which he was involved. Furthermore, he also solicited clients for this private transaction.Nicholas Palumbo (Nicholas R Palumbo CRD:# 1069948, aka “Nicholas Richard Palumbo” And “Nick Palumbo”) is a previously registered broker and investment advisor whose last known employer was Park Avenue Securities LLC (CRD#:46173) of Armonk, NY. His previous employers include Guardian Investor Services Corporation (CRD#:6635 of New York, New York, SMA Equities, Inc. (CRD#:3960), and First Investors Corporation (CRD#:305) He has been in the business since 1983. Continue reading ›

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Thomas Fross (Thomas Michael Fross CRD:# 4509874) is a registered broker and investment advisor currently employed with LPL Financial of The Villages, FL. He was previously employed with Securities America, Inc. (CRD#:10205), also of The Villages. He has been in the industry since 2002. Fross is currently the subject of a pending dispute over the sale of a client’s securities, filed on 6/10/2020. In it, the client claims that Fross failed to follow instructions in regards to “unsuitable portfolio changes” from 3/26/20 TO 8/21/20. The client requests damages in the amount of $119,716.05. Fross responds that he denies all allegations, that he discussed everything with the customer, and the changes were made in order to move into more conservative investments.Thomas Fross (Thomas Michael Fross CRD:# 4509874) is a registered broker and investment advisor currently employed with LPL Financial of The Villages, FL. He was previously employed with Securities America, Inc. (CRD#:10205), also of The Villages. He has been in the industry since 2002. Continue reading ›

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