Stockbroker Misconduct

FINRA Hands Satya Brata Shaw Six-Month Suspension and $10K Fine

September 13, 2018 | Silver Law Group

Satya Brata Shaw (CRD #1229175) is a former registered broker and investment advisor last employed by Center Street Securities, Inc. (CRD #26898) of Wesley Chapel, FL, until November of 2016. His previous employers include Madison Avenue Securities, Inc. (CRD #23224) and AXA Advisors, LLC (CRD #6627) of Tampa, FL and MONY Securities Corporation (CRD #4386) of New York, NY. No current employment information is available. He has been in the industry since 1984.

Business Ventures and Suspension

Shaw was recently fined $10,000 and suspended by FINRA for six months, effective 08/07/2018 for numerous violations, including:

H.J. Sims Broker Laurence Green Accused Of Churning, Unsuitability

September 12, 2018 | Silver Law Group

Laurence Green (CRD #604082) is a formerly registered broker. His last registration was with Herbert J. Sims & Co. Inc. (CRD #3420) of Ellijay, GA, and was with them from 2002 until January of 2018. His previous employers include Ryan, Beck & Co., LLC. (CRD #3248) of Florham Park, NJ, Gruntal & Co., L.L.C. (CRD #372) of New York, NY, and A. F. Best Securities, Inc. (CRD #14335) of Coral Springs, FL. No current employment information is available. He began in the industry in 1980.

Green is the subject of two current disclosures, both customer disputes that are similar and listed as “pending.” The first was filed on 05/09/2018 by a customer who accuses Green of unsuitability, investing in risky oil and gas securities and churning, causing economic losses. No damages are specified.

The second customer complaint alleges “unsuitable investments, churning, breach of fiduciary and excessive trading” during 2013. In this case, the customer is requesting damages of $375,000.

Broker Hector May Investigated For Possible Ponzi Scheme And Defrauding Clients of $3.4M

September 11, 2018 | Silver Law Group

Hector May (CRD #323779) is a former registered broker and investment advisor, last employed with Securities America, Inc. (CRD #10205) of New York City. His previous employers include Prime Capital Services, Inc. (CRD #18334) of Poughkeepsie, NY, Equico Securities, Inc. (CRD #6627) and The Equitable Life Assurance Society Of The United States (CRD #4039) of New York City. He has been in the industry since 1973.

May has three disclosures filed this year. The first, on 03/08/2018, is an official criminal investigation by the US Department of Justice for a “suspected felony.” No additional information is available.

On 3/9/2018, May was discharged from Securities America due to “Misappropriation of client assets.”

James Edward Knee

September 11, 2018 | Silver Law Group

James Edward Knee (CRD #1852920) is a former registered broker and investment advisor who was last employed with Voya Financial Advisors, Inc. (CRD #2882) of Concord, NH. He was previously employed by Ameriprise Financial Services, Inc. (CRD #6363), Investors Capital Corp. (CRD #30613) and Cambridge Investment Research, Inc. (CRD #39543), all of Concord. He has been in the industry since 1988.

Knee is the subject of nine disclosures. One is regarding his discharge from Voya Financial Advisors, one is an unknown pending investigation in the state of New Hampshire, and one is a regulatory action initiated by FINRA. Of the six customer disputes, three were denied and three were settled.

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-300x200-300x200 FINRA barred Knee on 05/18/2018 after he refused to appear for on-the-record testimony. He was the subject of allegations of funds misappropriation during his tenures with both Voya and Ameriprise. After signing an Acceptance, Waiver & Consent (AWC) letter, Knee was indefinitely barred in all capacities.

Former Broker Thomas Logue Subject Of Multiple Disclosures

September 11, 2018 | Silver Law Group

Thomas Joseph Logue (CRD #1700554) is a former registered broker and investment advisor who was last employed by American Independent Securities Group, LLC (CRD #135288) of Hinsdale, IL. His previous employers include Investors Capital Corp. (CRD #30613) and First Midwest Securities, Inc. (CRD #21786), also of Hinsdale. No current employment information is available. He has been in the industry since 1990.

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 There are five customer disclosures in Logue’s record, the most recent of which was filed on 2/6/18. Two of these disputes were closed with no action, including the most recent one.

One customer action was filed on 12/8/2017, with allegations of “unsuitability” and requested damages of $127,520.30. This case is currently listed as “pending.”

Broker Dana Davis Subject Of Customer Disputes, Excessive Trading

September 11, 2018 | Silver Law Group

Dana H. Davis (CRD #1707708) is a currently registered broker currently employed by Newbridge Securities Corporation (CRD #104065) of New York, NY. His previous employers include First Montauk Securities Corp. (CRD #13755) of Hauppage, NY, Global Capital Securities Corporation (CRD #16184) of Englewood, CO, and Gilford Securities Incorporated (CRD #8076) of New York, NY. He has been in the industry since 1989.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Davis’ most recent customer dispute was filed on 01/08/2018. In it, the customer alleges that Davis engaged in “misrepresentation, unsuitable and excessive trading, negligent supervision and breach of fiduciary duty.” The customer requests damages of $250,000. This case is currently listed as “pending.”

A previous complaint, filed on 10/10/2007, alleged that Davis engaged in churning, unauthorized trading, fraud, breach of fiduciary duty, among other things. The client requested $150,000 in damages, and the case was settled for $75,000. A broker’s comment states Davis was discharged as part of the settlement.

Broker Patrick Maddren

September 11, 2018 | Silver Law Group

Patrick Maddren (CRD #4665903) is a currently registered broker with Westpark Capital, Inc. (CRD #39914) of Fort Lauderdale, FL. His previous employers include Laidlaw & Company (UK) LTD. (CRD #119037), also of Fort Lauderdale, Dawson James Securities, Inc. (CRD #130645) of Boca Raton, FL, and Prestige Financial Center, Inc. (CRD #30407) of New York, NY. Two of his previous employers, Prestige and Sky Capital LLC (CRD #114657) of New York, were expelled by FINRA. He has been in the industry since 2004.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 A customer dispute filed on 3/31/2016 alleges that Maddren “Failure to follow instructions, material misrepresentations and omissions, excessive trading and commissions, unauthorized trading, unsuitable recommendations, breach of contract. The customer requested damages of $1,000,000.00, and the case was settled for $295,000. Maddren denies the allegations, and was not named in the arbitration.

Maddren is the subject of four disclosures. Two of these are tax liens—one filed on 08/14/2012, for $75,630.00, and one filed on 06/26/2012 for $225,256.80. In the second disclosure, it is noted that Maddren was unaware of these liens and was made aware by his accountant. He is taking steps to remedy the liens.

Former Boston, Massachusetts-based Morgan Stanley Brokers Under Investigation for Allegedly Stealing Almost Half a Million from Elderly Client

September 7, 2018 | Silver Law Group

Silver Law Group is investigating claims against former Boston, Massachusetts-based Morgan Stanley brokers James Polese (CRD# 2636427) and Cornelius Peterson (CRD# 5769919) after FINRA barred both of them for allegedly stealing $450,000 from an elderly client.

Both Boston, Massachusetts brokers were charged by the Securities and Exchange Commission (the “SEC”) in January 2018 and agreed to plead guilty to the charges conspiracy, advisor fraud and bank fraud.

The SEC alleges in its complaint that Polese and Peterson misappropriated money from their Morgan Stanley customers starting in 2014. According to the SEC, Polese and Peterson fraudulently misappropriated $350,000 in March 2016 from an elderly customer. Polese and Peterson used a portion of the money to make investments in their own names, and directed a larger portion to Polese’s personal bank account. Then, according to the SEC, from March through May 2017, Polese made numerous unauthorized transactions from the same elderly customer’s account totaling approximately $93,000 to pay Polese’s credit card and college tuition expenses for Polese’s children.

FINRA Bars Broker Herbert Voss, Jr. After Allegations of Unauthorized Trading

September 5, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Herbert Voss, Jr. (CRD #1014475) is a previously registered broker and investment advisor, whose was last registered with StockCross Financial Services, Inc. (CRD #6670) of Beverly Hills, CA. His previous employers include UBS Financial Services Inc. (CRD #8174), also of Beverly Hills, and Waterhouse Securities, Inc. (CRD #7870). No current employment information is available. He has been in the industry since 1982.

FINRA began investigating Voss after allegations that he engaged in unauthorized trading in a customer’s account. After FINRA sent Voss a letter on 4/25/2018 requesting on-the-record testimony in the investigation, his counsel responded that Voss declined the request to testify at any time. Voss was then barred in all capacities by FINRA from associating with any associated brokerage, effective 5/23/2018. StockCross then discharged Voss from his employment.

Voss’ most recent customer complaint was filed on 12/15/2017, alleging “Poor Performance, Fiduciary Breach and Failure to Supervise.” Damages requested total $550,000. Voss’ response was that the facts are being discussed by counsel for both parties. The case is currently listed as “pending.”

FINRA Bars Former Raymond James Broker Stephen Murray After Allegations, Tax Lien

September 5, 2018 | Silver Law Group

Stephen Allen Murray (CRD #343722) is a former registered broker and investment advisor who was last employed by Raymond James & Associates, Inc. (CRD #705) of Palm Beach Gardens, FL. He was previously employed by Morgan Keegan & Company, Inc. (CRD #4161) of Jupiter, FL and First Financial Equity Corporation (CRD #16507) of Scottsdale, AZ. No current employment information is available. He began in the industry since 1973.

Murray is the subject of 10 different disclosures, dating back to 1982. The most recent, a regulatory action, occurred after he failed to respond to a FINRA request for information. Three letters were issued regarding the suspension, and Murray did not respond to any of them. He became permanently barred from associating with any FINRA representative as of 8/7/2018. No additional information is available.

The next disclosure was filed on 05/26/2017, a customer dispute alleging “churning, unauthorized trading; negligence, violation of FINRA rules . . .breach of contract, and breach of fiduciary duty. Activity date is: 6/2010 thru 4/2017.” The customer requested damages of $100,000, and the case was settled for $60,000.