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Articles Posted in Stockbroker Misconduct

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As the coronavirus has caused the market to decline precipitously starting in February, 2020, many leveraged exchange-traded funds (ETFs), inverse ETFs, and exchange-traded notes (ETNs) have stopped trading, causing massive losses for investors. Leveraged ETFs, Inverse ETFs, and ETNs An exchange traded fund (ETF) is a security that tracks an underlying index, such as the S&P 500, by holding the same securities as the index. Traditional ETFs track their indexes on a one-to-one basis, so that if the index increases by 1%, the ETF also increases by 1%. As the coronavirus has caused the market to decline precipitously starting in February, 2020, many leveraged exchange-traded funds (ETFs), inverse ETFs, and exchange-traded notes (ETNs) have stopped trading, causing massive losses for investors.

Leveraged ETFs, Inverse ETFs, and ETNs

An exchange traded fund (ETF) is a security that tracks an underlying index, such as the S&P 500, by holding the same securities as the index. Traditional ETFs track their indexes on a one-to-one basis, so that if the index increases by 1%, the ETF also increases by 1%. Continue reading ›

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According to FINRA Disciplinary actions for March 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 Bressman   FCG Advisors, LLC
  Mary Ann Dineen   UBS Financial Services Inc.
  David Fagenson   Newbridge Securities Corporation
  UBS Financial Services Inc.
  Mark Figueroa   Spartan Capital Securities, LLC
  Arive Capital Markets
  Karen Kopatz   Raymond James & Associates, Inc.
  Morgan Keegan & Company, Inc.
  Jordan Rodriguez   NYLife Securities LLC
  Frederick Stow   Raymond James & Associates, Inc.
  Wells Fargo Advisors, LLC
  Mark Wetherell   Kovack Securities Inc.
  Invest Financial Corporation
  Marcus Wright   Farmers Financial Solutions, LLC
  J.P. Morgan Securities LLC

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According to FINRA Disciplinary actions for March 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:

NAME FORMER EMPLOYERS
  Barry Carson   Farmers Financial Solutions
  Lynn Cawthorne   Cambridge Investment Research, Inc.
  Investment Professionals, Inc.
  Prithviraj Dhandapani   LPL Financial LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Davrion Hemphill
  Fernando Landicho   Transamerica Financial Advisors,Inc.
  World Group Securities, Inc.
  Megan McAlinden

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According to FINRA Disciplinary actions for March 2020, 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
  Eric Abrahams   Burch & Company, Inc.
  Stillwater Structured Finance, LLC
  Ronny Acluche   Citizens Securities, Inc.
  Morgan Stanley
  Mark Adams Sr.   Ameriprise Financial Services, Inc.
  Banc of America Investment Services, Inc.
  Omer Ali-Taha   BB&T Investment Services, Inc.
  Fairfax Wealth, LLC
  John Baron   Morgan Stanley
  J.P. Morgan Securities LLC
  Antonio Costanzo   Titus Rockefeller, LLC
  IFS Securities
  Peter Ingraham   Morgan Stanley
  UBS Financial Services Inc.
  Bruce Katz   Gilford Securities Incorporated
  Raymond James & Associates, Inc.
  Andrew Mandala   Burch & Company, Inc.
  Stillwater Structured Finance, LLC
  Steve Morris   Wynston Hill Capital, LLC
  Halcyon Cabot Partners, Ltd.
  Donald Padilla   National Securities Corporation
  Kestra Investment Services, LLC
  Thomas Polston   Stifel, Nicolaus & Company, Incorporated
  Advest, Inc.
  Virgil Richmond II   Wells Fargo Clearing Services, LLC
  J.P. Morgan Securities LLC
  Matthew Siliato   Wynston Hill Capital, LLC
  Spartan Capital Securities, LLC
  Steven Thrush   Summit Brokerage Services, Inc.
  Cambridge Investment Research, Inc.
  John Wyshak   Raymond James & Associates, Inc.
  Wedbush Securities Inc.

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Silver Law Group has filed a FINRA dispute resolution claim against Wells Fargo and one of its brokers on behalf of a client who lost over $1,000,000 as a result of bad real estate investment advice he received from his broker. Silver Law Group has filed arbitration claims against Wells Fargo. If you have investment losses, contact us today for a no-cost consultation at 855-755-4799.Silver Law Group has filed a FINRA dispute resolution claim against Wells Fargo and one of its brokers on behalf of a client who lost over $1,000,000 as a result of bad real estate investment advice he received from his broker.

Silver Law Group has filed arbitration claims against Wells Fargo. If you have investment losses, contact us today for a no-cost consultation at 855-755-4799. Continue reading ›

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Christopher Tolmacs (CRD#: 4648724), a barred broker formerly with Triad Advisors, Inc. (CRD#: 25803) in Portage, MI, is the subject of 18 disclosures on his publicly available FINRA BrokerCheck report. Christopher Tolmacs has been in the industry since 2003. Before joining Triad Advisors in 2008, he previously worked for ING Financial Partners, Inc. (CRD#: 2882) and Vanguard Capital (CRD#: 22081).Christopher Tolmacs (CRD#: 4648724), a barred broker formerly with Triad Advisors, Inc. (CRD#: 25803) in Portage, MI, is the subject of 18 disclosures on his publicly available FINRA BrokerCheck report.

Christopher Tolmacs has been in the industry since 2003. Before joining Triad Advisors in 2008, he previously worked for ING Financial Partners, Inc. (CRD#: 2882) and Vanguard Capital (CRD#: 22081). Continue reading ›

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Silver Law Group has filed a FINRA arbitration claim against Kalos Capital, Inc. (CRD# 44337) regarding broker Eric Weschke (CRD# 3486324) and losses our client suffered by investing in GPB Capital Holdings.   Eric Weschke has been in the industry since 1994, and works out of Setauket, New York. Before joining Kalos in 2011, Weschke was registered with Harrison Douglas, Inc. (CRD# 16515), Alternative Wealth Strategies (CRD#130933), Equity Services, Inc. (CRD# 265), Self Trading Securities, Inc. (CRD# 38439), and Tasin & Company, Inc. (CRD# 30709).Silver Law Group has filed a FINRA arbitration claim against Kalos Capital, Inc. (CRD# 44337) regarding broker Eric Weschke (CRD# 3486324) and losses our client suffered by investing in GPB Capital Holdings.

Eric Weschke has been in the industry since 1994, and works out of Setauket, New York. Before joining Kalos in 2011, Weschke was registered with Harrison Douglas, Inc. (CRD# 16515), Alternative Wealth Strategies (CRD#130933), Equity Services, Inc. (CRD# 265), Self Trading Securities, Inc. (CRD# 38439), and Tasin & Company, Inc. (CRD# 30709). Continue reading ›

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FINRA requested comments on its proposed rule to limit registered representatives from being “named as a customer’s beneficiary or holding a position of trust for or on behalf of a customer.” Silver Law Group, a nationally-recognized investor rights law firm, has submitted a comment letter to FINRA that states our support for addressing this issue. Submitted by managing partner, Scott Silver, Esq., he comments that our firm has seen a rise in cases involving stockbrokers who improperly borrow money from clients, pressure clients to make the financial advisor part of the estate, and other trust and estate issues.FINRA requested comments on its proposed rule to limit registered representatives from being “named as a customer’s beneficiary or holding a position of trust for or on behalf of a customer.” Silver Law Group, a nationally-recognized investor rights law firm, has submitted a comment letter to FINRA that states our support for addressing this issue. Submitted by managing partner, Scott Silver, Esq., he comments that our firm has seen a rise in cases involving stockbrokers who improperly borrow money from clients, pressure clients to make the financial advisor part of the estate, and other trust and estate issues. Continue reading ›

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Matthew Crafa (Matthew William Crafa) (CRD#: 3114277), a currently-registered broker with Royal Alliance Associates, Inc (CRD#: 23131) in Garden City, New York, is the subject of 2 disclosures on his publicly-available FINRA BrokerCheck report, which are both customer disputes. Mr, Crafa allegedly sold GPB to many residents in Boca Raton, Florida.Matthew Crafa (Matthew William Crafa) (CRD#: 3114277), a currently-registered broker with Royal Alliance Associates, Inc (CRD#: 23131) in Garden City, New York, is the subject of 2 disclosures on his publicly-available FINRA BrokerCheck report, which are both customer disputes. Mr, Crafa allegedly sold GPB to many residents in Boca Raton, Florida.

Crafa has been at Royal Alliance Associates since 2007. Before that, he worked for Oppenheimer & Co Inc. (CRD#: 249), Ladenburg, Thalmann & Co. Inc. (CRD#: 505), Quick & Reilly, Inc. (CRD#: 11217), Prudential Securities Incorporated (CRD#: 7471), Dean Witter Reynolds Inc. (CRD#: 7556), Royce Investment Group, Inc. (CRD#: 10494). Continue reading ›

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Robert Montes (Robert Frederico Montes) (CRD#: 835488), a barred broker formerly with Morgan Stanley (CRD#: 149777) in Palm Harbor, Florida, is the subject of 4 disclosures on his BrokerCheck report. Montes has been in the industry since 1977. Before joining Morgan Stanley, he worked for Wells Fargo Advisors (CRD#: 19616), Prudential Securities Incorporated (CRD#: 7471), Salomon Smith Barney (CRD#: 7059), Lehman Brothers (CRD#: 7506), E.F. Hutton & Company (CRD#: 235), Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691), and Oppenheimer & Co. (CRD#: 630).Robert Montes (Robert Frederico Montes) (CRD#: 835488), a barred broker formerly with Morgan Stanley (CRD#: 149777) in Palm Harbor, Florida, is the subject of 4 disclosures on his BrokerCheck report.

Montes has been in the industry since 1977. Before joining Morgan Stanley, he worked for Wells Fargo Advisors (CRD#: 19616), Prudential Securities Incorporated (CRD#: 7471), Salomon Smith Barney (CRD#: 7059), Lehman Brothers (CRD#: 7506), E.F. Hutton & Company (CRD#: 235), Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691), and Oppenheimer & Co. (CRD#: 630). Continue reading ›

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