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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for December 2020, 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
  Jamie Bennett   Silber Bennett Financial, Inc.
  Silver Portal Capital LLC
  Chelsea Flohr   J.P. Morgan Securities LLC
  Jon Foster   Wells Fargo Clearing Services, LLC
  Mark Grenier   David Lerner Associates, Inc.
  Maxim Group LLC
  Dorinda Lumpkin   BBVA Securities Inc.
  Jorge Pica   Suntrust Robinson Humphrey, Inc.
  Stephens Inc.
  Aaron Pierett   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Wells Fargo Clearing Services, LLC
  Alexander Walker   Fidelity Brokerage Services LLC

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According to FINRA Disciplinary actions for December 2020, 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
  Michael Albarella   HSBC Securities (USA) Inc.
  People’s Securities, Inc.
  Dean Grosskreutz   Allstate Financial Services, LLC
  Morgan Keegan & Company, Inc.

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Keith Simmons (Keith Frederick Simmons CRD: #730619) is a broker and investment advisor with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Miami, FL. He has been with Merrill Lynch since 1981, and is registered in 30 states. Simmons is the subject of a customer dispute filed on 5/29/2020 by a client who alleges “unsuitable investment recommendations.”  The client requests damages of $8,000,000. No additional information is available. The dispute is currently listed as “pending.” A previous customer dispute filed on 12/2/2009 alleges “misrepresentation regarding the liquidity and risk of auction rate securities in June 2008.”  This case involved the sale of auction rate securities.  Merrill Lynch settled for $300,000, the cost of repurchasing these securities. The case was settled to avoid the continued cost and uncertainty of litigation. Simmons took no part in the settlement. A customer dispute filed on 10/17/1997 alleged that Simmons “oversold” a client’s shares without authorization. The client requested reinstatement of the shares, worth $9,000. Merrill Lynch settled the matter for $9,000 to avoid litigation.Keith Simmons (Keith Frederick Simmons CRD: #730619) is a broker and investment advisor with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Miami, FL. He has been with Merrill Lynch since 1981, and is registered in 30 states. Continue reading ›

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Broker Troy Goldberg (CRD#: 2342989) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD#: 7569) of Boca Raton, FL. Previous employers include Brookshire Securities Corporation (CRD#:44347) and Newbridge Securities Corporation (CRD#:104065), both of Fort Lauderdale, FL and Preferred Securities Group, Inc. (CRD#:35704), also of Boca Raton. Two of Goldberg’s previous employers were expelled by FINRA in 1999: Monroe Parker Securities, Inc. (CRD#:31204) of Purchase, NY and Biltmore Securities, Inc (CRD#:25023) of Fort Lauderdale. Registered in 30 states, he has been in the industry since 1993. National Securities Corporation and Troy Goldberg Between 11/6/2019 and 1/29/2020, six customer disputes were filed alleging Goldberg made “unsuitable recommendations” in regards to private placements. It is not indicated whether these cases are the same client or more than one. The total requested damages for these pending claims comes to $640,000. However it is noted that the customer was an accredited investor, and Goldberg isn’t a “named respondent” in the FINRA arbitration.Broker Troy Goldberg (CRD#: 2342989) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD#: 7569) of Boca Raton, FL. Previous employers include Brookshire Securities Corporation (CRD#:44347) and Newbridge Securities Corporation (CRD#:104065), both of Fort Lauderdale, FL and Preferred Securities Group, Inc. (CRD#:35704), also of Boca Raton. Continue reading ›

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Stuart Pearl (Stuart L. Pearl CRD#: 1500833, aka “Stu Pearl”) is a currently registered investment advisor and previously registered broker whose last known employment was with David A. Noyes & Company (CRD#:205) of Indianapolis, IN. Previous employers include Ameriprise Financial Services, Inc. (CRD#:6363), Morgan Stanley Smith Barney (CRD#:149777) and Citigroup Global Markets Inc. (CRD#:7059) of Deerfield, IL. He has been in the industry since 1986. Pearl is the subject of eight disclosures, the most recent of which was filed on 5/18/2020. This customer dispute alleges that Stuart Pearl created a margin trading account without discussing it with the client first. The client requests damages in the amount of $2,088,124.00. This case is currently listed as “pending.” A previous customer dispute filed on 3/10/2019 alleges that Pearl “put on a large hedge position in customer's account without the customer's knowledge.”  The client requested damages in the amount of $85,000, and the company settled for $42,500.Stuart Pearl (Stuart L. Pearl CRD#: 1500833, aka “Stu Pearl”) is a currently registered investment advisor and previously registered broker whose last known employment was with David A. Noyes & Company (CRD#:205) of Indianapolis, IN. Previous employers include Ameriprise Financial Services, Inc. (CRD#:6363), Morgan Stanley Smith Barney (CRD#:149777) and Citigroup Global Markets Inc. (CRD#:7059) of Deerfield, IL. He has been in the industry since 1986. Continue reading ›

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Cynthia Cowden (Cynthia Diane Cowden CRD#: 2054676) is a former registered broker and investment advisor whose last known employer was NPB Financial Group, LLC (CRD#:137743) of Lake Isabella, CA. Her previous employers include Tricor Financial, LLC (CRD#:142518) and Next Financial Group, Inc. (CRD#:46214), also of Lake Isabella, and Advantage Capital Corporation (CRD#:146) of Atlanta, GA. She has been in the industry since 1990. A client dispute filed on 1/29/2020 alleged that Cowden committed:  Negligence, suitability, negligent misrepresentation and omission; intentional misrepresentation and omission; fraud; violation of California securities laws. Control person liability; breach of fiduciary duty; failure to supervise; unsuitability; over concentration, breach of FINRA rules; breach of contract; loss of investment opportunity; and financial elder abuse. The client requested damages of $80,589.00, and the firm settled the claim for $57,000. FINRA responded to complaints from their Senior Helpline from a married couple and a single investor regarding the unsuitable recommendations they received from Cowden. From August 2016 through December 2017, Cowden recommended very high-risk investments to them. All three lived in California, and were inexperienced investors.Cynthia Cowden (Cynthia Diane Cowden CRD#: 2054676) is a former registered broker and investment advisor whose last known employer was NPB Financial Group, LLC (CRD#:137743) of Lake Isabella, CA. Her previous employers include Tricor Financial, LLC (CRD#:142518) and Next Financial Group, Inc. (CRD#:46214), also of Lake Isabella, and Advantage Capital Corporation (CRD#:146) of Atlanta, GA. She has been in the industry since 1990. Continue reading ›

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Forrest Jones (Forrest Andrew Jones, CRD# 4880765) is a former registered broker and investment advisor whose last known employer was Merrill, Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Conroe, TX. His previous employers include Fortune Financial Services, Inc. (CRD#:42150) of Montgomery, TX, McNally Financial Services Corporation (CRD#:121196) of The Woodlands, TX, and MetLife Securities Inc. (CRD#:14251) of Houston, TX. He has been in the industry since 2005. The US Securities and Exchange Commission (SEC) began an investigation into Jones’ business practices on 6/24/2020. The agency began investigating these allegations involving omission and misrepresentations in the offerings of private placements, including promissory notes. On 5/13/21, the SEC then filed its complaint against Jones, along with Knight Nguyen Investments, Christopher Knight Lopez and his brother, Jayson Lopez after raising at least $3.7 million from retail investors and advisory clients in at least five fraudulent securities offerings. Many of the investors were older and inexperienced. Jones and the Lopez brothers promised them solid investments with guaranteed high returns. However, the company, Jones, and the Lopez brothers recommended to and sold the investors very high-risk products that failed to meet the firm’s own criteria for investments. Furthermore, these investments were owned, controlled and/or associated with the Lopez brothers, who made multiple omissions and misstatements about the potential for the investments. The Lopez brothers also misappropriated and misused some of the investor funds and produced falsified financial statements for the defrauded investors, according to the SEC.

Forrest Jones (Forrest Andrew Jones, CRD# 4880765) is a former registered broker and investment advisor whose last known employer was Merrill, Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Conroe, TX. His previous employers include Fortune Financial Services, Inc. (CRD#:42150) of Montgomery, TX, McNally Financial Services Corporation (CRD#:121196) of The Woodlands, TX, and MetLife Securities Inc. (CRD#:14251) of Houston, TX. He has been in the industry since 2005. Continue reading ›

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Michael Pina (Michael Kris Pina CRD#: 5922058) is a former registered broker whose last known employer was PFS Investments Inc. (CRD#:10111) of Fort Lauderdale, FL. He has been in the industry since 2011, and began working with PFS in 2013. A client filed a dispute on 2/4/2019 alleging that she gave Pina a check for $20,000, under the impression that it was to be invested. The firm settled for the damages requested, which was $20,000. On 3/7/2019, PFS Investments allowed Pina to resign after he admitted borrowing $20,000 from a client. The firm terminated his registration in a Form U5 filed with FINRA, disclosing the circumstances of his termination. Based on the Form U5, FIRNA began its investigation.Michael Pina (Michael Kris Pina CRD#: 5922058) is a former registered broker whose last known employer was PFS Investments Inc. (CRD#:10111) of Fort Lauderdale, FL. He has been in the industry since 2011, and began working with PFS in 2013.

A client filed a dispute on 2/4/2019 alleging that she gave Pina a check for $20,000, under the impression that it was to be invested. The firm settled for the damages requested, which was $20,000. Continue reading ›

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Roger Duval (Roger Allen Duval CRD#: 2503718) is a former registered broker and investment advisor whose last known employer was Pruco Securities, LLC. (CRD#:5685) of Bellevue, WA.  His previous employers include MML Investors Services, LLC (CRD#:10409) and MSI Financial Services, Inc. (CRD#:14251) both of Spokane, WA, and Allstate Financial Services, LLC (CRD#:18272) of Liberty Lake, WA.  He has been in the industry since 1994. Duval is the subject of nine disclosures. A recent client dispute filed on 9/11/2020 alleges that Duval borrowed an unspecified amount of money in March of 2018, and has failed to pay it back. Beginning in January of 2019, Duval made “unspecified unsuitable recommendations,” and began making unauthorized transfers away from the firm without the knowledge and consent of the client. This case is currently “pending,” and no requested damages are noted. On 3/2/2020, a different client dispute alleges that Duval misappropriated funds, and failed to fully disclose facts regarding the client’s investment objective. This claim was denied. No further information is available.Roger Duval (Roger Allen Duval CRD#: 2503718) is a former registered broker and investment advisor whose last known employer was Pruco Securities, LLC. (CRD#:5685) of Bellevue, WA.  His previous employers include MML Investors Services, LLC (CRD#:10409) and MSI Financial Services, Inc. (CRD#:14251) both of Spokane, WA, and Allstate Financial Services, LLC (CRD#:18272) of Liberty Lake, WA.  He has been in the industry since 1994. Continue reading ›

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Peter Ianace (Peter Vincent Ianace CRD#: 3238078) is a formerly registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Plano, TX. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Frisco, TX, Morgan Stanley Smith Barney (CRD#:149777) and Morgan Stanley & Co. Incorporated (CRD#:8209), both of Plano, TX. He has been in the industry since 1999. Ianace is the subject of two current customer disputes, filed on 8/7/2020 and 8/24/2020, with similar allegations of unsuitable recommendations. One client also alleges that Ianace “neglected to reduce the over-concentrated and over-leveraged nature of their accounts.” Both disputes are currently listed as “pending.” FINRA began an investigation into Ianace’s business activities outside of his firm after he failed to report them. Ianace initially cooperated with the investigation, but stopped in August of 2020. After declaring to FINRA staff that he would not provide any further assistance or documentation, FINRA issued an Acceptance, Waiver & Consent (AWC) which Ianace signed.Peter Ianace (Peter Vincent Ianace CRD#: 3238078) is a formerly registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Plano, TX. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Frisco, TX, Morgan Stanley Smith Barney (CRD#:149777) and Morgan Stanley & Co. Incorporated (CRD#:8209), both of Plano, TX. He has been in the industry since 1999. Continue reading ›

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