Stockbroker Misconduct

Allegis Discharges Brandon Stimpson For Ignoring Firm Policies, Code Of Ethics

May 17, 2019 | Silver Law Group

Brandon Curt Stimpson (CRED#: 4299623) is a currently registered investment advisor and former registered broker. His last employer of record is Allegis Investment Services, LLC (CRD#:168557) of North Logan, UT. Previous employers include Signator Financial Services, Inc. (CRD#:19061), also of North Logan, Insphere Securities, Inc. (CRD#:136433) of Salt Lake City, UT, and Equity Services of Logan, UT. Current employment information is not listed. He has been in the business since 2000.

Stimpson is the subject of nine disclosures, the latest a “separation employment after allegations.” Allegis Investment Advisors discharged Stimpson on 12/13/2017 after he “failed to follow firm policies and code of ethics.” Additional details are not available. Continue reading ›

Robert Witt Barred By FINRA

May 17, 2019 | Silver Law Group

Robert Daniel Witt (CRD#: 2926506) is a previously registered broker and investment advisor whose last employer was Voya Financial Advisors, Inc. (CRD#:2882) of Libertyville, IL. His previous employers include ING Financial Partners, Inc. (CRD#:2882) of Bloomington, IN, Oneamerica Securities, Inc. (CRD#:4173) and American United Life Insurance Company (CRD#:1075), both of Indianapolis, IN. No current employment information is available. He has been in the industry since 1997. Continue reading ›

FINRA Bars Richard Minichino

May 17, 2019 | Silver Law Group

Richard Vincent Minichino II (CRD#: 5760826) is a former registered broker and investment advisor whose last employer was Next Financial Group, Inc. (CRD#:46214) of New York, NY. His previous employers include Wunderlich Securities, Inc. (CRD#:2543), also of New York, J.P. Morgan Securities LLC (CRD#:79) of Peekskill, NY, and Chase Investment Services Corp. (CRD#:25574) of Yorktown Heights, NY. He has been in the industry since 2010.

Minichino was the subject of two FINRA actions that ultimately led to his bar from working as a broker. The first was filed on 6/25/2018, in response to his failure to comply with an arbitration award and/or settlement agreement. He was suspended effective 9/13/2018 indefinitely, until the amount due is paid (which is not listed.) Continue reading ›

Broker Sierra Alexandria CrockerBarred By FINRA After Fraud Arrest

May 16, 2019 | Silver Law Group

Sierra Alexandria Crocker, a previously registered who worked for Voya Financial Partners, was terminated following an arrest, then barred by FINRA. Sierra Alexandria Crocker (CRD #6725624) is a previously registered broker whose last known and only broker employer was Voya Financial Partners, LLC (CRD#:34815) of Jacksonville, FL. She began in the industry in 2016, and no current employment information is available.

Crocker’s employment with Voya was terminated on 03/02/2018 after she was arrested “for a violation of Section 817.034(4)(A)3 of the Florida Statutes for organized fraud.” According to available arrest information, she was released on a $10,000 bond. Continue reading ›

Jonathan Ebel Subject Of Three Disclosures On His BrokerCheck Report

May 16, 2019 | Silver Law Group

Jonathan Ebel (CRD#: 5902719) is a registered broker currently employed with Laidlaw & Company (UK) LTD. (CRD#:119037) of Melville, NY. He was previously employed with Rockwell Global Capital LLC (CRD#:142485) and Ekn Financial Services Inc. (CRD#:113525), also of Melville. He has been in the industry since 2011. Ebel is currently employed by Network 1 Financial.

Ebel has one customer dispute, filed on 5/22/2018, alleging “excessive and unsuitable trading from 2016-2018.” The client requested damages of $71,000, and the claim was settled for $30,000. Ebel denies the claim. Continue reading ›

FINRA Ends Bar On Broker Francisco Valenzuela

May 16, 2019 | Silver Law Group

Francisco Javier Valenzuela (CRD#: 2786970) is a previously registered broker and investment advisor whose last employer was Morgan Stanley (CRD#:149777) of Tucscon, AZ. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of Tucson, Chase Investment Services Corp. (CRD#:25574) of Nogales, AZ, and Banc One Securities Corporation (CRD#:16999) of Chicago, IL. No current employment information is available. He has been in the industry since 1996.

Valenzuela failed to respond to a request for information from FINRA, and was subsequently barred in all capacities from 10/11/2018 through 11/16/2018. He is no longer barred from affiliating with a FINRA member firm. Continue reading ›

Wintercap SA International Fraud Scheme That Allegedly Generated More Than $165 Million of Illegal Sales

February 21, 2019 | Silver Law Group

FINRA-Permanently-Bars-Gary-Eugene-Donovan-for-Stock-Manipulation-300x200 The SEC obtained a preliminary injunction against two individuals and their companies on October 26, 2018. The fraudulent actions of these individuals resulted in more than $165 million of illegal sales and stock in at least 50 microcap companies.

According to the SEC, U.K. citizen Roger Knox and his Swiss-based company, Wintercap SA, was involved in antifraud and violating federal securities laws. German citizen Michael T. Gastauer and six of his entities were involved in aiding and abetting Knox and Wintercap’s violations of the same provisions. The court had originally entered a temporary restraining order and asset freeze on October 2, 2018.

The SEC’s complaint states that Knox and Wintercap aided microcap securities holders in evading federal securities laws that restrict sales by large shareholders. Knox and Wintercap gave anonymous access to brokerage accounts in order to sell shares in the U.S. market. They also helped sellers conceal the amount of stock they wanted to sell. Gastauer allegedly established several U.S. corporations to aid and abet the fraud, and allowed Knox to use certain bank accounts to distribute the proceeds of his illegal stock sales.

New York Securities Boiler Room Scheme Targeting Seniors

February 21, 2019 | Silver Law Group

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The SEC has brought additional charges against a Long-Island, New York-based boiler room that was sued for defrauding elderly and unsophisticated investors. The latest charges allege that Christian Romandetti, CEO of First Choice Healthcare Solutions Inc., the boiler room, and four others have committed fraud within the company’s shares and have generated more than $3.3 million of illegal profits. The new charges also allege that the parties generated more than $560,000 in kickbacks for Romandetti.

The SEC’S statement alleges that Romandetti and the other parties lied to more than 100 victims in a scheme that inflated First Choice’s stock price from less than $1 per share to $3.40 per share. From September 2013 until June 2016, the parties used several accounts to disguise their trading, and engaged in fraudulent trading practices. Elite Stock Research, a boiler room run by one of the defendants, Anthony Vassallo, was hired to promote First Choice to investors.

The SEC originally charged Elite Stock Research with bilking victims out of more than $10 million through fraudulent sales tactics and lies about penny stocks. Seven of the 13 individuals have pleaded guilty to criminal charges brought by the U.S. Attorney’s Office for the Eastern District of New York. The litigation against the 13 individuals is still continuing.

Ex-lawmaker Convicted of Stealing $3 million From Widows

February 21, 2019 | Silver Law Group

Why-South-Florida-is-a-Target-for-Ponzi-Schemers-300x200 A securities agent and former state legislator, Robert Kenneth Lindell, is found guilty on 15 counts of securities fraud, intentional evasion of income tax, and failure to pay Maine income tax, in what authorities call one of Maine’s worst cases of elder financial abuse. He defrauded two widows out of more than $3 million.

“Mr. Lindell was a trusted financial professional in Maine,” said Judith Shaw, the Maine securities administrator. “But more than that, he was like family to these women. He groomed them for years in order to perpetrate these crimes, preying on their trusting nature and vulnerabilities.” Continue reading ›

Did You Lose Money With Atlanta, Georgia Stockbroker Sean Kelly?

February 21, 2019 | Silver Law Group

On October 25, 2018, the SEC obtained a court order to halt the alleged fraudulent actions of a registered stock broker and his companies.

The complaint by the SEC states that Sean Kelly used his companies, Lion’s Share Financial of East Cobb, Inc., Lion’s Share and Associates, Inc., and Lion Share Tax Services, LLC, to raise $1 million from a variety of investors. There were 12 investors, which included retirees. Kelly promised he would invest their funds into different investment products, but his promise was a lie. Instead of investing their funds into private placements and real estate, he used it on his own personal expenses. He continued to steal their money after receiving a SEC subpoena, and didn’t show up to his scheduled testimony. He used their money to buy Super Bowl tickets, expensive vacations, and also for cash withdrawals. The SEC alleges that Kelly has engaged in this fraud scheme since 2014, when he was still affiliated with Capital Financial Services.

Kelly was a representative of Center Street Securities from August 2017 to October 2018. He worked with Capital Financial Services from August 2012 to August 2017 in Marietta, Georgia. His records show that he filed for bankruptcy twice, in 2009 and in 2014.