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Articles Posted in Stockbroker Misconduct

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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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Peter Girgis (Peter N. Girgis CRD: 4520444) is a registered broker currently employed with SW Financial (CRD#: 145012) of New York, NY. His previous employers include Worden Capital Management LLC (CRD#:148366) and Legend Securities, Inc. (CRD#:44952, expelled by FINRA, 04/17/2017), also of New York, NY, and Joseph Gunnar & Co. LLC (CRD#:24795) of Staten Island, NY. One other former employer, Brookstone Securities, Inc. (CRD#:13366) of Staten Island, was also expelled by FINRA on 10/09/2012. He has been in the industry since 2002. On 9/15/2020, FINRA filed a note to begin a preliminary determination to recommend disciplinary action against Girgis. This came after an allegation that he engaged in excessive trading and churning as well as recommended an “unsuitable active trading strategy” to his clients. FINRA has not yet taken any further action in the matter. A client dispute filed on 2/21/2017 filed against Peter Girgis alleged churning and excessive commissions on his part. The client requested damages of $21,000, and the firm settled for $4,999.00. The report is based on a notification to FINRA and a request for arbitration. Girgis’ comment indicated that because the amount was under $5,000 and settled prior to arbitration, it was not reportable to FINRA.Peter Girgis (Peter N. Girgis CRD: 4520444) is a registered broker currently employed with SW Financial (CRD#: 145012) of New York, NY. His previous employers include Worden Capital Management LLC (CRD#:148366) and Legend Securities, Inc. (CRD#:44952, expelled by FINRA, 04/17/2017), also of New York, NY, and Joseph Gunnar & Co. LLC (CRD#:24795) of Staten Island, NY. One other former employer, Brookstone Securities, Inc. (CRD#:13366) of Staten Island, was also expelled by FINRA on 10/09/2012. He has been in the industry since 2002. Continue reading ›

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Raymond Ferro (Raymond Anthony Ferro, Jr. CRD#: 1927831) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Danbury, CT. His previous employers include Next Financial Group, Inc. (CRD#:46214) and LPL Financial Corporation (CRD#:6413), also of Danbury, CT, and Wachovia Securities, LLC (CRD#:19616) of Ossining, NY. He has been in the industry since 1997. Ferro is the subject of six disclosures, including a 2014 tax lien of $15,205.26. The most recent is a client dispute filed on 12/7/2020. The claimants allege that Ferro sold them unsuitable investment products, and they request damages of $600,000. This claim is pending. The next client dispute was filed on 10/26/2020. The client alleges that she gave Ferro a total of 28 personal checks for funds that were intended to be used for “unspecified investments.” The client requests damages in the amount of $140,852.00, and the claim is pending.Raymond Ferro (Raymond Anthony Ferro, Jr. CRD#: 1927831) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Danbury, CT. His previous employers include Next Financial Group, Inc. (CRD#:46214) and LPL Financial Corporation (CRD#:6413), also of Danbury, CT, and Wachovia Securities, LLC (CRD#:19616) of Ossining, NY. He has been in the industry since 1997. Continue reading ›

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John Krohn (John Michael Krohn CRD#:2722975) is a former registered broker and investment advisor whose last known employer was Principal Securities, Inc. (CRD#:1137) of West Des Moines, IA. He has been in the industry since 1996, when he began at the firm. Krohn is the subject of three client disputes with similar allegations. They first dispute was filed on 2/25/2019, with allegations that he “solicited large investments from them into venture capital companies owned, managed, or controlled at least in part by Krohn.” The client requests damages of $28,000,000.00. The second claim, filed on 2/25/2020, alleges that the firm failed to supervise John Krohn, which included selling away and his outside business activities that caused them to suffer losses. This client requests damages of $1,200,000.00.John Krohn (John Michael Krohn CRD#:2722975) is a former registered broker and investment advisor whose last known employer was Principal Securities, Inc. (CRD#:1137) of West Des Moines, IA. He has been in the industry since 1996, when he began at the firm. Continue reading ›

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Kevin Schaefer (Kevin Joseph Schaefer CRD:# 1286030) is a registered broker and investment advisor currently employed with Wells Fargo Clearing Services, LLC (CRD#: 19616) of San Francisco, CA. His previous employers include Morgan Stanley Smith Barney LLC (CRD#:149777) and UBS Financial Services Inc. (CRD#:8174), both of San Francisco, and Smith Barney Shearson Inc. (CRD#:7059) of New York, NY. He has been in the industry since 1984. Schaefer is the subject of two currently pending disputes. The first, filed on 6/12/2020, alleges “unsuitable investment recommendations and misrepresentations.” The client requests damages of $1,000,000. The second, filed on 6/4/2020, alleges “unsuitable investment recommendations, failure to follow instructions and misrepresentations from 2012 until 2020.”  The client requests damages of $300,000.Kevin Schaefer (Kevin Joseph Schaefer CRD:# 1286030) is a registered broker and investment advisor currently employed with Wells Fargo Clearing Services, LLC (CRD#: 19616) of San Francisco, CA. His previous employers include Morgan Stanley Smith Barney LLC (CRD#:149777) and UBS Financial Services Inc. (CRD#:8174), both of San Francisco, and Smith Barney Shearson Inc. (CRD#:7059) of New York, NY. He has been in the industry since 1984. Continue reading ›

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William Athes (William Nicholas Athes CRD#: 3165470) is a currently registered broker employed by SW Financial (CRD#: 145012 of Melville, NY.) His previous employers include Worden Capital Management LLC (CRD#:148366), also of Melville, K.C. Ward Financial (CRD#:145135) of Ronkonkoma, NY, and Securities America, Inc. (CRD#:10205) of Port Jefferson, NY. He has been in the industry since 1999. A client filed a dispute on 5/4/2020 alleged that from 5/2/2019 to 4/23/2020, Athes engaged in unsuitable trading, breach of contract and fiduciary duty, and churning. This claim is pending, and the client requests damages of $84,932.35. Following this dispute, FINRA began an investigation and issued a preliminary determination on 9/14/2020 to recommend disciplinary action against Athes after allegations of churning, unsuitable recommendations, and other similar allegations.William Athes (William Nicholas Athes CRD#: 3165470) is a currently registered broker employed by SW Financial (CRD#: 145012 of Melville, NY.) His previous employers include Worden Capital Management LLC (CRD#:148366), also of Melville, K.C. Ward Financial (CRD#:145135) of Ronkonkoma, NY, and Securities America, Inc. (CRD#:10205) of Port Jefferson, NY. He has been in the industry since 1999. Continue reading ›

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Linda Howard (Linda Karen Howard CRD#: 1922648) is a registered broker and investment advisor currently employed with Edward Jones (CRD#:250) of San Antonio, TX. Her previous employers include BA Investment Services, Inc. (CRD#:12965) of Oakland, CA and Invest Financial Corporation (CRD#:12984) of Appleton, WI. She has been in the industry since 1990. A customer dispute filed on 9/20/2020 by an attorney for a client’s estate alleges that from March 2018 through December 2019, Howard worked with a former power of attorney agent to open accounts in the client’s name. The allegations also include the designation of beneficiaries other than the client’s estate, and working to deplete the estate’s assets. There is no response from Howard or the firm. A previous customer dispute filed on 3/27/2017 allege that Howard forged the client’s signature for an unauthorized purchase, and requested damages of $7,000. The claim was denied following the firm’s investigation.Linda Howard (Linda Karen Howard CRD#: 1922648) is a registered broker and investment advisor currently employed with Edward Jones (CRD#:250) of San Antonio, TX. Her previous employers include BA Investment Services, Inc. (CRD#:12965) of Oakland, CA and Invest Financial Corporation (CRD#:12984) of Appleton, WI. She has been in the industry since 1990. Continue reading ›

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Gregory Williams (Gregory Jon Williams CRD#: 1561089) is a previously registered broker and investment advisor whose last known employer was Forta Financial Group, Inc. (CRD#:28784) of Greenwood Village, CO. His previous employers include Morgan Stanley Smith Barney (CRD#:149777) and Citigroup Global Markets Inc. (CRD#:7059) of Denver, CO, and Banc One Securities Corporation (CRD#:16999) of Chicago, IL. He has been in the industry since 1986. Williams is currently the subject of four pending customer disputes with nearly identical allegations of unsuitability, misrepresentation, and negligence. The claims were filed between 3/31/2020 and 10/26/2020. The collective requested damages total $1,349,000. In two of the four claims, the firm denies the claims and will defend themselves. A previous customer dispute filed on 3/29/2020 involving multiple claimants also included allegations of unsuitability, negligence, fraud, and misrepresentation. This case went into FINRA arbitration. Although the six claimants requested damages of $578,821.00, ultimately, only two of the claimants were awarded anything, damages totaling $45,818.00. The other four claimants were denied damages.

Gregory Williams (Gregory Jon Williams, CRD# 1561089) is a previously registered broker and investment advisor whose last known employer was Forta Financial Group, Inc. (CRD#:28784) of Greenwood Village, CO. His previous employers include Morgan Stanley Smith Barney (CRD#:149777) and Citigroup Global Markets Inc. (CRD#:7059) of Denver, CO, and Banc One Securities Corporation (CRD#:16999) of Chicago, IL. He has been in the industry since 1986. Continue reading ›

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David Bibo (David Omori Bibo CRD#: 2602436) is a registered broker currently employed with WESTERN INTERNATIONAL SECURITIES, INC. (CRD#: 39262) of San Jose, CA. He was previously employed with Myclearing.Com (CRD#:104161) and Interfirst Capital Corporation (CRD#:7659), both of Los Angeles, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1995. Bibo is the subject of two currently pending customer disputes regarding unsuitable recommendations. The first, filed on 12/18/2019, requests damages in the amount of $1,500,000. The second, filed on 9/22/2020, requests $300,000 in damages. Two previous filed on 5/15/2019 with concerns over “reasonableness of investment” requested $50,000 each. These claims were both denied.David Bibo (David Omori Bibo CRD#: 2602436) is a registered broker currently employed with WESTERN INTERNATIONAL SECURITIES, INC. (CRD#: 39262) of San Jose, CA. He was previously employed with Myclearing.Com (CRD#:104161) and Interfirst Capital Corporation (CRD#:7659), both of Los Angeles, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1995. Continue reading ›

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Wayne Miller (Wayne Ivan Miller CRD#: 4813645) is a registered broker and previously registered investment advisor currently employed with Aeon Capital Inc. (CRD#: 164004) of Scottsdale, AZ. His previous employers include American Asset Advisory, LLC (CRD#:168444), Accelerated Capital Group (CRD#:41270, expelled by FINRA on 11/26/2019) and Longview Financial Group, Inc. (CRD#:38286), also of Scottsdale. He has been in the industry since 2004. Wayne Miller Disclosures Miller is the subject of eight disclosures, seven of which are related to his tenure at the now-defunct  Accelerated Capital Group. He was named in these disputes due to being named “owner and control person” while at ACG until he left on 2/2/2018. Miller left the firm more than a year before the firm was expelled by FINRA for misleading advertising and failing to establish and maintain a supervisory system. Before its expulsion, the firm was subjected to censures and fines for misconduct. The most recent was filed on 9/25/2020, and alleged “unsuitable placements of alternative investments,” with requested damages of $13,204,427.00. Miller was not the broker of record, and denies the allegations. This claim is pending.Wayne Miller (Wayne Ivan Miller CRD#: 4813645) is a registered broker and previously registered investment advisor currently employed with Aeon Capital Inc. (CRD#: 164004) of Scottsdale, AZ. His previous employers include American Asset Advisory, LLC (CRD#:168444), Accelerated Capital Group (CRD#:41270, expelled by FINRA on 11/26/2019) and Longview Financial Group, Inc. (CRD#:38286), also of Scottsdale. He has been in the industry since 2004. Continue reading ›

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