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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for April 2025, 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
Mark Brosa

 

 Ameriprise Financial Services, LLC
Edward Jones
Ryan D. Clayton Merrill Lynch, Pierce, Fenner
First Citizens Investor Services
Christopher Paul Hale JP Morgan Securities
MML Investor Services LLC
Desmond Lawrence James-Jones Equitable Advisors LLC
Gustavo Santos Miramontes Oppenheimer & Co.inc.
Wedbush Securities Inc.
Ryan K. Taleghani Morgan Stanley
Merrill Lynch
Vanessa Arlene Webber

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According to FINRA Disciplinary actions for April 2025, 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
Anthony Richard Bottini III Merrill Lynch
JEU Emmanuel Delgado Lopez PFS Investments Inc.
Jerome Oliver Harris Farmers Financial Solutions LLC
Thomas Christopher Johnson NYLife Securities LLC
Amanda E Kriss J.P. Morgan Securities
Chase Investment Services Corp
Michael Oakley Thomas Thrivent Investment Management

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Stewart Ginn (a/k/a Stewart Taylor or Paxton Ginn Jr.), who is the owner of Paxton Financial Services, has been a broker Independent Financial Group, LLC since 2015. In 2023 Ginn was suspended by FINRA after FINRA found that Ginn “excessively traded five customers’ accounts” even though “[n]one of the five customers was an aggressive investor” and “three of the customers were retired seniors,” resulting in millions of dollars in losses. According to the Financial Industry Regulatory Authority (FINRA), such misconduct violated FINRA Rules and Regulation Best Interest. As a result, Ginn was suspended from acting as a FINRA broker for 18 months, was fined $50,000, and was ordered to pay restitution of $115,000 plus interest.Stewart Ginn (a/k/a Stewart Taylor or Paxton Ginn Jr.), who is the owner of Paxton Financial Services, has been a broker Independent Financial Group, LLC since 2015. In 2023 Ginn was suspended by FINRA after FINRA found that Ginn “excessively traded five customers’ accounts” even though “[n]one of the five customers was an aggressive investor” and “three of the customers were retired seniors,” resulting in millions of dollars in losses. Continue reading ›

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Silver Law Group founder and managing partner Scott Silver recently commented on a case in which a former Wells Fargo customer requested to have an arbitration decision overturned because he felt that he was “improperly induced” into signing a release agreement prior to seeking arbitration. “This case highlights the way big brokerage firms clean up situations with bad brokers by protecting themselves instead of protecting their customers and advising them of significant misconduct,”  Scott said in an email to AdvisorHub The case stems from a former Wells Fargo broker, Scott Wayne Reed (CRD# 3007033), of Scottsdale, AZ, who persuaded his brokerage customers into investing in a private software company without the firm’s approval, known as “selling away.”  The now-defunct entity, called Pebblekick, was a streaming company based in Pasadena, CA. Reed solicited six investors, invested $200,000 of his own funds into the company, and received a commission of $191,340 for his work recruiting six new investors. As a result, FINRA barred Reed from the industry in 2021. Kenneth Grover, the client, originally signed an agreement with Wells Fargo that would forgive his margin call debt with the firm after his broker, Reed, was barred. Grover’s signing of the release agreement in exchange for the debt forgiveness also dismissed any other claim he might have against the wirehouse.Silver Law Group founder and managing partner Scott Silver recently commented on a case in which a former Wells Fargo customer requested to have an arbitration decision overturned because he felt that he was “improperly induced” into signing a release agreement prior to seeking arbitration.

“This case highlights the way big brokerage firms clean up situations with bad brokers by protecting themselves instead of protecting their customers and advising them of significant misconduct,”  Scott said in an email to AdvisorHub Continue reading ›

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Sean Righter (CRD# 5419832) is a previously registered broker and currently registered investment advisor. His last known employer was Morgan Stanley (CRD# 149777) of Irvine, CA. Prior to Morgan Stanley, Righter was employed with Citigroup Global Markets Inc. (CRD# 7059) of Laguna Nigel, CA. He has been in the industry since 2007. A customer dispute filed on 3/12/25 alleges that Righter executed an “unsuitable” investment strategy in a client’s account. This unsuitability went from January 2021 through January 2025. The client requests damages of $1,300,000. This claim is currently “pending.”Sean Righter (CRD# 5419832) is a previously registered broker and currently registered investment advisor. His last known employer was Morgan Stanley (CRD# 149777) of Irvine, CA. Prior to Morgan Stanley, Righter was employed with Citigroup Global Markets Inc. (CRD# 7059) of Laguna Nigel, CA. He has been in the industry since 2007. Continue reading ›

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Charles Weldon (Charles Raymond Weldon, CRD# 1030659, aka “C. Raymond Weldon”) is a currently registered broker and investment advisor currently employed with Independent Financial Group, LLC (CRD# 7717) of Boca Raton, Fl, and as an investment advisor with Weldon & Company (CRD# 129099), also of Boca Raton. His previous employers include The Investment Center, Inc. (CRD# 17839), and Cetera Advisor Networks LLC (CRD# 13572), also of Boca Raton. He has been in the industry since 1984. Weldon is the subject of seven disclosures, all customer disputes. Two claims are pending, and five have been settled. No disciplinary action has been recorded in his CRD. The most recently filed dispute was filed on 3/10/2025, alleging unsuitable investment recommendations that led to losses. Additionally, the claimants allege that the broker dealer failed to adequately supervise the representative (Weldon.) The claimants are requesting damages of $500,000.01. In his rebuttal, Weldon claims that the accounts transferred from Cetera, and were not IFG accounts, and will be defended by the firm. This claim is currently pending.Charles Weldon (Charles Raymond Weldon, CRD# 1030659, aka “C. Raymond Weldon”) is a currently registered broker and investment advisor currently employed with Independent Financial Group, LLC (CRD# 7717) of Boca Raton, Fl, and as an investment advisor with Weldon & Company (CRD# 129099), also of Boca Raton. His previous employers include The Investment Center, Inc. (CRD# 17839), and Cetera Advisor Networks LLC (CRD# 13572), also of Boca Raton. He has been in the industry since 1984. Continue reading ›

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Mario Martinez (Mario L. Martinez, CRD# 6144561) is a former registered broker and investment advisor last employed with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) of Fort Lauderdale, FL. He was previously employed with AXA Advisors, LLC (CRD# 6627) of Miami, FL, and has been in the industry since 2013. On December 18, 2024, a customer filed a dispute alleging that Martinez misappropriated funds, and that she also loaned money to him. The dispute was settled for $331,242.55. No additional information is available.Mario Martinez (Mario L. Martinez, CRD# 6144561) is a former registered broker and investment advisor last employed with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) of Fort Lauderdale, FL. He was previously employed with AXA Advisors, LLC (CRD# 6627) of Miami, FL, and has been in the industry since 2013. Continue reading ›

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When a broker-dealer terminates a broker, it doesn't mean the problems are gone. Some firms continue to deal with those problems for some time. In the case of United Planners’ Financial Services of America, they are still handling the fallout from the firm's former broker, Philip Anthony Riposo (CRD# 400056), who was fired in March of 2022. United Planners and Riposo’s clients, Susan Cushing and Curtis Miller brought a FINRA arbitration against  United Planners’ in 2023, and were recently awarded $346,000 in damages, plus interest, in a recent FINRA arbitration.When a broker-dealer terminates a broker, it doesn’t mean the problems are gone. Some firms continue to deal with those problems for some time. In the case of United Planners’ Financial Services of America, they are still handling the fallout from the firm’s former broker, Philip Anthony Riposo (CRD# 400056), who was fired in March of 2022.

United Planners and Riposo’s clients, Susan Cushing and Curtis Miller brought a FINRA arbitration against  United Planners’ in 2023, and were recently awarded $346,000 in damages, plus interest, in a recent FINRA arbitration. Continue reading ›

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Have you suffered losses after your broker recommended buying shares of the Aegis-underwritten company Farmmi? This is one of many Aegis-backed companies that has cost investors big losses.  Silver Law Group is a securities law firm that looks after investors’ interests. If you or someone you know have suffered losses from an Aegis investment recommendation, contact Attorney Scott Silver at ssilver@silverlaw.com or toll-free at (800) 975-4345 for a free consultation. Farmmi ( FAMI) is a China-based agricultural firm specializing in the production of edible mushrooms and the development of its exclusive agrarian technology. It runs an extensive network of family farms to grow its products. The company’s US headquarters is in San Francisco, with an additional 636,000 square foot warehouse and transportation facility in Los Angeles opened in 2024. Farmmi recently opened a similar facility in Somerset, NJ. The company exports its products throughout Southeast Asia, China, and Japan, as well as Europe, the Middle East, and North America.Have you suffered losses after your broker recommended buying shares of the Aegis-underwritten company Farmmi? This is one of many Aegis-backed companies that has cost investors big losses.

Silver Law Group is a securities law firm that looks after investors’ interests. If you or someone you know have suffered losses from an Aegis investment recommendation, contact Attorney Scott Silver at ssilver@silverlaw.com or toll-free at (800) 975-4345 for a free consultation. Continue reading ›

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Sanford Simmons (Sanford Graham Simmons CRD# 1018907, aka, “Sandy Simmons Jr, Sanford Graham Simmons Jr, Sanford Graham (Jr) Simmons”) is a previously registered broker and investment advisor last employed with Saxony Securities, Inc. (CRD# 115547) of Castle Rock, CO. Recent employers include Patrick Capital Markets, LLC (CRD# 16518), also of Castle Rock, Colorado Financial Service Corporation (CRD# 104343) of Centennial, CO, and Wealthforge Securities, LLC (CRD# 152550) of San Clemente, CA. He has been in the industry since 1981. Saxony Securities allowed Simmons to resign on or about 10/1/2024 after he “failed to appear for a scheduled 8210 inquiry.”  FINRA’s Rule 8210 requires individuals to provide on-the-record testimony for anything that is subject to an investigation. Brokers and other associated individuals are required under FINRA’s rules to comply with requests for information and testimony. Sanford Simmons (Sanford Graham Simmons CRD# 1018907, aka, “Sandy Simmons Jr, Sanford Graham Simmons Jr, Sanford Graham (Jr) Simmons”) is a previously registered broker and investment advisor last employed with Saxony Securities, Inc. (CRD# 115547) of Castle Rock, CO. Recent employers include Patrick Capital Markets, LLC (CRD# 16518), also of Castle Rock, Colorado Financial Service Corporation (CRD# 104343) of Centennial, CO, and Wealthforge Securities, LLC (CRD# 152550) of San Clemente, CA. He has been in the industry since 1981. Continue reading ›

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