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Articles Posted in Stockbroker Misconduct

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James Flynn VOYA Financial

Silver Law Group, a nationally-recognized law firm representing investors, continues to file FINRA arbitration claims on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (a/k/a Jim Flynn CRD# 3082615) of Greenville, South Carolina. 

The claims request compensation to recover investment losses suffered by our clients and allege that Voya Financial failed to supervise Flynn while he was a registered representative of Voya. Continue reading ›

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Kristian M. Gaudet (CRD#: 4190811) is a former registered broker whose last employer was Ameritas Investment Corp. (CRD#:14869) of Cut Off, Louisiana. He was previously employed by The Advisors Group, Inc. (CRD#:14035) of Bethesda, MD and Princor Financial Services Corporation (CRD#:1137) of Des Moines, IA. No current employment information is available. He has been in the industry since 2000.FINRA initiated an investigation after it became suspicious that Gaudet was involved in fraudulent activity. On 12/10/2018, following an internal firm investigation, Ameritas discharged Gaudet after discovering that he was using client funds for personal use.Kristian M. Gaudet (CRD#: 4190811) is a former registered broker whose last employer was Ameritas Investment Corp. (CRD#:14869) of Cut Off, Louisiana. He was previously employed by The Advisors Group, Inc. (CRD#:14035) of Bethesda, MD and Princor Financial Services Corporation (CRD#:1137) of Des Moines, IA. No current employment information is available. He has been in the industry since 2000.

FINRA initiated an investigation after it became suspicious that Gaudet was involved in fraudulent activity. On 12/10/2018, following an internal firm investigation, Ameritas discharged Gaudet after discovering that he was using client funds for personal use. Continue reading ›

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Gavelsmall-2-300x200Suitability for Retail Customers

FINRA rule 2111 ensures that firms and people associated with firms deal with customers fairly. The rule is composed of three main parts: reasonable basis suitability, customer-specific suitability, and quantitative suitability. FINRA will observe unsuitable recommendations to retail investors and also deficiencies in some firms; supervisory systems.

In the past, FINRA has observed situations where customers’ financial needs were not considered. Registered representatives failed to think about cumulative fees, sales charges, and commissions. Failure to understand the specific features and terms of products recommended to customers was a common contributor to the problems that FINRA observed. Continue reading ›

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Silver Law Group is investigating Boca Raton, Florida-based Newbridge Securities Corporation broker David Fagenson (CRD# 1652012) after FINRA suspended him for eight (8) months for alleged misconduct in elder customer brokerage accounts.According to Fagenson’s FINRA BrokerCheck report, FINRA suspended the Florida-based broker in November 2018. FINRA suspended Fagenson after he entered into an Acceptance, Waiver & Consent (AWC) that found Fagenson engaged in excessive and unsuitable trading in three (3) senior customer brokerage accounts while employed by UBS Financial Services Inc.Silver Law Group is investigating Boca Raton, Florida-based Newbridge Securities Corporation broker David Fagenson (CRD# 1652012) after FINRA suspended him for eight (8) months for alleged misconduct in elder customer brokerage accounts.

According to Fagenson’s FINRA BrokerCheck report, FINRA suspended the Florida-based broker in November 2018. FINRA suspended Fagenson after he entered into an Acceptance, Waiver & Consent (AWC) that found Fagenson engaged in excessive and unsuitable trading in three (3) senior customer brokerage accounts while employed by UBS Financial Services Inc. Continue reading ›

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Silver Law Group is investigating former Salinas, California-based, Independent Financial Group broker David Marshall after some customers have come forward alleging he recommended his customers invest with unregistered brokers. According to Marshall’s FINRA BrokerCheck report, Marshall was registered with Independent Financial Group at its Salinas, California branch from July 2015 to October 2017 and is now unregistered. Marshall ran his brokerage business through his own company, Marshall Wealth Management, according to his detailed CRD report. Marshall Wealth Management was also a registered investment adviser.Silver Law Group is investigating former Salinas, California-based, Independent Financial Group broker David Marshall after some customers have come forward alleging he recommended his customers invest with unregistered brokers.

According to Marshall’s FINRA BrokerCheck report, Marshall was registered with Independent Financial Group at its Salinas, California branch from July 2015 to October 2017 and is now unregistered. Marshall ran his brokerage business through his own company, Marshall Wealth Management, according to his detailed CRD report. Marshall Wealth Management was also a registered investment adviser. Continue reading ›

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When you’re considering working with a financial professional, how do you pick the right person? Do you choose someone with an impressive-sounding title/designation that makes it seem like they have expertise helping people just like you, such as “senior specialist” if you’re a senior citizen?While a designation like that might inspire confidence, before you work with anyone, you may be surprised to learn what really goes into getting these designations. It might not mean what you think it means.

When you’re considering working with a financial professional, how do you pick the right person? Do you choose someone with an impressive-sounding title/designation that makes it seem like they have expertise helping people just like you, such as “senior specialist” if you’re a senior citizen?

While a designation like that might inspire confidence, before you work with anyone, you may be surprised to learn what really goes into getting these designations. It might not mean what you think it means. Continue reading ›

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The Massachusetts Securities Division has charged former investment adviser, Bruce Colin Worthington, with allegedly withdrawing $100,000 from a client's bank account.Worthington has been charged with fraudulently misappropriating the investment funds of a retiree and using the money for personal use. He was affiliated with Founders Financial Securities for about five years, and before that, he was with Commonwealth Financial Network.The Massachusetts Securities Division has charged former investment adviser, Bruce Colin Worthington, with allegedly withdrawing $100,000 from a client’s bank account.

Worthington has been charged with fraudulently misappropriating the investment funds of a retiree and using the money for personal use. He was affiliated with Founders Financial Securities for about five years, and before that, he was with Commonwealth Financial Network. Continue reading ›

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Barred advisor Aaron Parthemer, who had a practice in Florida that catered to NFL and NBA players, invested some of his clients' money in a Miami Beach nightclub that he partially owned. He also engaged in other activities that ultimately caught the attention of regulators. According to FINRA disciplinary records, he owned a tequila promotion business and sent gift baskets of the liquor to NFL and NBA teams. In 2015, FINRA barred Parthemer for engaging in outside business activities without firm approval. He allegedly loaned his clients $399,000 against firm policy, convinced eight clients to invest $3 million in private securities transactions, and provided false information to his employers and FINRA. Last year, the SEC penalized him $160,000.This is the latest case related to the conduct of barred advisor Aaron Parthemer, who had a practice in Florida that catered to NFL and NBA players.

Parthemer invested some of his clients’ money in a Miami Beach nightclub that he partially owned. He also engaged in other activities that ultimately caught the attention of regulators. According to FINRA disciplinary records, he owned a tequila promotion business and sent gift baskets of the liquor to NFL and NBA teams. Continue reading ›

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FINRA has alleged that in 2011 and 2012, Ami Forte engaged in unsuitable trading with the account of a client who was very near death. With this account, Forte generated more than $9 million in commissions in less than a year. In 2016, Forte was fired by Morgan Stanley after the estate of Roy M. Speer, co-founder of the Home Shopping Network, sued Morgan Stanley for $40 million. In March 2016, a FINRA panel gave more than $34 million to the Speer estate for its claim against Morgan Stanley.FINRA has alleged that in 2011 and 2012, Ami Forte engaged in unsuitable trading with the account of a client who was very near death. With this account, Forte generated more than $9 million in commissions in less than a year. In 2016, Forte was fired by Morgan Stanley after the estate of Roy M. Speer, co-founder of the Home Shopping Network, sued Morgan Stanley for $40 million.

In March 2016, a FINRA panel gave more than $34 million to the Speer estate for its claim against Morgan Stanley. Continue reading ›

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Christopher Duke Bennet (CRD#: 2510231) is a former registered broker and investment advisor whose last employer was J.J.B. Hilliard, W.L. Lyons, LLC (CRD#:453) of Louisville, KY. He began with Lyons in 1995, and worked solely for the firm until 2018. No current employment information is available. There is no indication that he is retired, or is working with another broker-dealer.Bennet is the subject of 14 disclosures that begin in 2016, most of which are customer disputes. Bennet has a total of seven pending customer claims, four settlements, one award, and one claim which has been denied.Christopher Duke Bennet (CRD#: 2510231) is a former registered broker and investment advisor whose last employer was J.J.B. Hilliard, W.L. Lyons, LLC (CRD#:453) of Louisville, KY. He began with Lyons in 1995, and worked solely for the firm until 2018. No current employment information is available. There is no indication that he is retired, or is working with another broker-dealer.

Bennet is the subject of 14 disclosures that begin in 2016, most of which are customer disputes. Bennet has a total of seven pending customer claims, four settlements, one award, and one claim which has been denied. Continue reading ›

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