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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for October 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
  Michael Albarella   HSBC Securities (USA) Inc.
  People’s Securities, Inc.
  Curt Giacobbe   MML Investors Services, LLC
  Eagle Strategies LLC
  Dean Grosskreutz   Allstate Financial Services, LLC
  Morgan Keegan & Company, 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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Ronald Birnbaum (Ronald David Birnbaum CRD# 238250) is a broker and investment advisor currently registered with Advisory Group Equity Services Ltd. and Trust Advisory Group Ltd. In Newton, Massachusetts. Ronald Birnbaum sold his clients private placements in GPB Capital, which Massachusetts securities regulators accuse of violating securities laws by misleading investors. Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation. GPB Capital Investments Holdings GPB Capital Holdings, an alternative asset management company founded in 2013 by Scientologist David Gentile, raised $1.8 billion by using broker-dealers across the country to sell private placement investments to investors. GPB is in the business of buying and managing companies such as car dealerships and garbage companies. A private placement in GPB couldn’t be sold, but investors liked the high dividends it paid.Ronald Birnbaum (Ronald David Birnbaum CRD# 238250) is a broker and investment advisor currently registered with Advisory Group Equity Services Ltd. and Trust Advisory Group Ltd. In Newton, Massachusetts. Ronald Birnbaum sold his clients private placements in GPB Capital, which Massachusetts securities regulators accuse of violating securities laws by misleading investors. Continue reading ›

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Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation. GPB Capital Investments Don’t Perform For Investors GPB Capital Holdings is an alternative asset management company founded in 2013 by Scientologist David Gentile. The company raised $1.8 billion by having broker-dealers across the country sell private placement investments to retail investors. GPB said it would deliver returns to investors by buying and managing income producing companies such as car dealerships and garbage companies. The investment was illiquid, meaning it couldn’t be sold, but investors were drawn to the high dividends. Owning GPB has not gone the way investors had hoped. The attractive dividend is no longer being paid. The company is being sued by a former business partner and investors, and investigated by FINRA, the SEC, and the New York Business Integrity Commission. In November, 2019, GPB’s Chief Compliance Officer and Managing Director was criminally indicted for obstruction of justice.Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Continue reading ›

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Robert Buffington (CRD#:5220332) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD# 15007) of New York, NY. Prior employers include Gunnallen Financial, Inc (CRD#:17609), Maxim Group LLC (CRD#:120708) and Bear, Stearns & Co. Inc. (CRD#:79), all of New York. He has been in the industry since 2007. No current employment information is available. Buffington is the subject of four disclosures, all customer disputes. The most recent was filed on 3/9/2020, with allegations of unsuitability, and breaches of contract and fiduciary duty in an unspecified time frame. This dispute requests damages of $642,224.00. Two previous disputes were filed on 1/17/2020 and 1/21/2020, respectively. Both contain allegations of unsuitability, churning, common law fraud, and breaches of contract and fiduciary duty. The dispute filed on 1/17 claims a timeframe of November 2018 through the present. The other dispute has an unspecified time frame. All three of these disputes are pending.Robert Buffington (CRD#:5220332) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD# 15007) of New York, NY. Prior employers include Gunnallen Financial, Inc (CRD#:17609), Maxim Group LLC (CRD#:120708) and Bear, Stearns & Co. Inc. (CRD#:79), all of New York. He has been in the industry since 2007. No current employment information is available. Continue reading ›

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Marcello Lattuca (CRD: #2149434) is a registered broker currently registered with NBC Securities (CRD: #17870) in Massapequa, NY. His previous employers include JHS Capital Advisors, LLC (CRD#:112097), also of Massapequa, Gunnallen Financial, Inc. (CRD#:17609) of Plainview NY, and Kirlin Securities Inc. (CRD#:21210, expelled by FINRA in 2009) of Syosset, NY. He has been in the industry since 1991. NBC Securities promotes itself as a full service broker/dealer and registered investment advisor providing investment services to retail and institutional clients. We offer financial advice and solutions through a diverse menu of investment products and services.Marcello Lattuca (CRD: #2149434) is a registered broker currently registered with NBC Securities (CRD: #17870) in Massapequa, NY. His previous employers include JHS Capital Advisors, LLC (CRD#:112097), also of Massapequa, Gunnallen Financial, Inc. (CRD#:17609) of Plainview NY, and Kirlin Securities Inc. (CRD#:21210, expelled by FINRA in 2009) of Syosset, NY. He has been in the industry since 1991. Continue reading ›

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Apostolos Pitsironis (CRD#: 2804907) is a former registered broker and investment advisor whose last employer was Janney Montgomery Scott LLC (CRD#:463) of Montgomery, NY. Previous employers include Wells Fargo Clearing Services, LLC (CRD#:19616) of Hauppage, NY, RBC Capital Markets, LLC (CRD#:31194) if Jericho, NY, and Morgan Stanley DW INC. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999.Apostolos Pitsironis (CRD#: 2804907) is a former registered broker and investment advisor whose last employer was Janney Montgomery Scott LLC (CRD#:463) of Montgomery, NY. Previous employers include Wells Fargo Clearing Services, LLC (CRD#:19616) of Hauppage, NY, RBC Capital Markets, LLC (CRD#:31194) if Jericho, NY, and Morgan Stanley DW INC. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999. Continue reading ›

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We previously reported on broker Kevin Richard Wilson (CRD #326701), who had two customer disputes filed in 2018. He is currently employed with Worden Capital Management, LLC (CRD#: 148366) of New York, NY. He has been in the industry since 1999. Since our previous report, there have been six more disputes with allegations of unsuitability and over-concentration. Two were settled, and four are listed as “pending.”We previously reported on broker Kevin Richard Wilson (CRD #326701), who had two customer disputes filed in 2018. He is currently employed with Worden Capital Management, LLC (CRD#: 148366) of New York, NY. He has been in the industry since 1999.

Since our previous report, there have been six more disputes with allegations of unsuitability and over-concentration. Two were settled, and four are listed as “pending.” Continue reading ›

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Joshua Stivers (Joshua Daniel Stivers CRD:#5708565) is a currently registered broker and investment advisor currently employed with Kalos Capital, Inc. (CRD#: 44337) of Austin, TX. His previous employers include G.F. Investment Services, LLC (CRD#:132939) and Global Financial Private Capital, LLC (CRD#:132070), both of Austin, TX, and USA Wealth Management LLC (CRD#:122082) of Marble Falls, TX. He has been in the industry since 2009.Joshua Stivers (Joshua Daniel Stivers CRD:#5708565) is a currently registered broker and investment advisor currently employed with Kalos Capital, Inc. (CRD#: 44337) of Austin, TX. His previous employers include G.F. Investment Services, LLC (CRD#:132939) and Global Financial Private Capital, LLC (CRD#:132070), both of Austin, TX, and USA Wealth Management LLC (CRD#:122082) of Marble Falls, TX. He has been in the industry since 2009. Continue reading ›

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Dain Stokes (CRD: #2960801) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Bedford, NH. His previous employers include Edward Jones (CRD#:250) of Manchester, NH, American Express Financial Advisors Inc. (CRD#:6363) and IDS Life Insurance Company (CRD#:6321), both of Minneapolis, MN. He has been in the industry since 1998. On 3/18/2020, a client filed a dispute alleging “misappropriation of funds,” and requesting damages of $375,000. This claim was settled, but no additional information is available.Dain Stokes (CRD: #2960801) is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Bedford, NH. His previous employers include Edward Jones (CRD#:250) of Manchester, NH, American Express Financial Advisors Inc. (CRD#:6363) and IDS Life Insurance Company (CRD#:6321), both of Minneapolis, MN. He has been in the industry since 1998. Continue reading ›

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Victor Rigoni, III is a former registered broker and investment advisor whose last known employer was Cetera Advisor Networks LLC (CRD#:13572) of Lake Forest, IL. His previous employers include Summit Brokerage Services, Inc. (CRD#:34643) and Cambridge Investment Research, Inc. (CRD#:39543), also of Lake Forest, and Edward Jones (CRD#:250) of Antioch, IL. He has been in the industry since 2000. Rigoni was affiliated with North Shore Capital Group and did business through this business. FINRA issued a complaint on 8/3/2020 after it was reported that he failed to disclose multiple state and federal tax liens in a timely fashion, and falsely attested to his compliance in regular company compliance questionnaires. Rigoni has eight liens, totaling $164,521, and were disclosed roughly 3.5 years late on a regular basis. He also failed to report a state lien of $11,304 even after being notified by FINRA of the lien. Although FINRA requests that Rigoni pay for the costs of the disciplinary action, the case is still listed as “pending.” Rigoni denies the allegations.Victor Rigoni, III is a former registered broker and investment advisor whose last known employer was Cetera Advisor Networks LLC (CRD#:13572) of Lake Forest, IL. His previous employers include Summit Brokerage Services, Inc. (CRD#:34643) and Cambridge Investment Research, Inc. (CRD#:39543), also of Lake Forest, and Edward Jones (CRD#:250) of Antioch, IL. He has been in the industry since 2000. Rigoni was affiliated with North Shore Capital Group and did business through this business. Continue reading ›

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