Stockbroker Misconduct

Laidlaw Broker Paul Prestia Barred By FINRA After $160K In Tax Liens

September 5, 2018 | Silver Law Group

Paul Joseph Prestia (CRD #4477149) is a former registered broker whose last employer was Laidlaw & Company (UK) Ltd. (CRD #119037) of Melville, NY. His previous employers include Network 1 Financial Securities Inc. (CRD #13577) of Huntington Station NY and MidAmerica Financial Services, Inc. (CRD #47351.) No current employment information is available. He began in the industry in 2003.

Thomas-Hogle-Barred-by-FINRA-After-Alleged-Lack-of-Cooperation-With-Investigation-300x200 Prestia has been barred by FINRA in all capacities after he failed to respond to a request for information. After receiving a Notice of Suspension and Suspension from Association letters dated April 25, 2018, and May 21, 2018, and failing to respond three months after his suspension FINRA barred him indefinitely.

Prior to the FINRA action, Prestia’s other disclosures are four tax liens:

FINRA Bars Broker Meaghan Johnson After Allegations in Eight Customer Complaints Totaling $1.3M in Damages

September 5, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Former broker and investment advisor Meaghan Marie Johnson (CRD #5754123) has been barred by FINRA after customers filed eight complaints in 2017. She was previously employed by Northwestern Mutual Investment Services, LLC (CRD #2881) of McLean, VA, and briefly by Signator Investors, Inc. (CRD #468) of Vienna, VA. She resigned from Northwestern on 01/19/2017, and began as a registered representative in the financial industry in 2010.

Johnson was, at the time of her resignation, under an internal review by Northwestern after client complaints filed towards her colleague. Multiple allegations of client signature forgery brought questions of Johnson’s potential for involvement in the same actions. The eight customer complaints were filed after Johnson left the firm. The total amount of these eight complaints is $1,314,616.13.

FINRA sent two requests to Johnson for documents and related information, but she did not comply and failed to provide the requested information. FINRA later sent a request to Johnson to appear in a hearing for on-the-record testimony on April 13, 2018. On April 12, 2018, Johnson refused, informing FINRA staff that she would not appear for testimony on the requested date, nor in the future.

FINRA Bans Broker Ramon Herrera

August 31, 2018 | Silver Law Group

Ramon Arturo Herrera (CRD #6021170) is a former registered broker and investment advisor, barred by FINRA. His last registered employer was Wells Fargo Clearing Services, LLC (CRD #19616) of Union City, NJ.

A customer dispute was filed by a client’s POA on 01/13/2018. The POA alleged that from 04/17/2018 through 11/17/2018, one of two financial advisors assigned to her conducted excess trading and made and an unauthorized withdrawal of $75,010 from her personal savings account. The FA in question was not named in the complaint. The case was settled for $105,000.

The next customer dispute was filed on 04/04/2018, alleging that Herrera withdrew funds from multiple client accounts without their permission. That case is pending, and the requested damages total $20,000.

FINRA Suspends IFS Broker James Flynn

August 31, 2018 | Silver Law Group

Abern-Barred-by-FINRA-for-Failing-to-Cooperate-200x300 James Travis Flynn (CRD #3082615) is a former registered broker and investment advisor who has been suspended by FINRA after he failed to respond to a request for information. Flynn’s suspension is effective 6/25/2018, and unless he complies with the requests for information, he will be automatically barred on 9/4/2018. He is prohibited from associating with any FINRA member in any capacity.

Flynn was last registered with IFS Securities (CRD #40375) of Greenville, SC, until 2/20/2018. There are 18 disclosures of varying types in his record, including judgments, a bankruptcy, and two employment discharges. The first, from IFS Securities, came after allegations of “trading ahead of authorization.” The second, on 2/10/2017, was by Voya Financial Advisors, Inc., (CRD#:2882) after allegations that Flynn “provided misleading information to the Firm during a complaint investigation.”

Although Flynn is barred from association with any FINRA company, he is still under FINRA’s jurisdiction, and FINRA can still conduct arbitration.

Bradley Tennison Discharged and Barred By FINRA After Selling Away Allegations

August 29, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Bradley Joseph Tennison (CRD #1561988) is a former registered broker and investment advisor who has recently been barred by FINRA. He was last registered with Genos Wealth Management of Mesa, AZ. He was previously employed with Oberlin Financial Corp. (CRD #103717) of Bryan, OH, First Allied Securities, Inc. (CRD #32444) of San Diego, CA, and D.E. Frey & Company, Inc. (CRD #23595) of Denver, CO. No current employment information is available. He has been in the industry since 1989.

Tennison has six disclosures, three of which are related to a client dispute that is currently pending. On 4/24/2018, a former firm client contacted Genos Wealth with a written complaint requesting assistance with a $300,000 investment Tennison recommended, called “The Joseph Project.” The letter alleges no statements were ever issued, and she was unsuccessful in getting her capital back or any of the promised returns. The client was told by Tennison that it was a 12 month “investment” with a 5% enhancement. She wired the $300K from her bank directly to where Tennison instructed her.

Upon examination, it was discovered that this “investment opportunity” was not something recommended or offered by the firm, and there were no records available. Tennison was “minimally responsive” to the firm’s request for information. On 4/25/2018, Genos Wealth discharged Tennison after he admitted that the former client’s money was wired to a third party that wasn’t investment related.

UBS Financial Advisor Walter Stucker

August 27, 2018 | Silver Law Group

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Walter M. Stucker (CRD #2197844) is a registered broker and investment advisor, currently registered with Wells Fargo Clearing Services, LLC (CRD #19616) of Fort Worth, TX. He was previously employed by UBS financial services inc. (CRD #8174) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691), also of Fort Worth. He has been in the industry since 1991.

Stucker is the subject of three disclosures, the most recent filed on 04/08/2018. This customer arbitration claim alleges that he “unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated with those investments” from 2011 to 2017. The customer is requesting damages of $600,000. This case is currently pending.

The prior complaint, filed on 12/18/2017, was filed by a client’s attorney alleging “misrepresentation, suitability issues and over concentration in oil and gas limited partnerships” from July 27, 2011 to December 18, 2017. The client requested damages in the amount of $632,907.00; however, this claim was ultimately denied.

Former Broker Frank Zito Discharged From Merrill Lynch

August 27, 2018 | Silver Law Group

Frank Howard Zito (CRD #2766336) is a former registered broker and investment advisor. He was most recently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Ridgeland, MS. He was previously registered with Morgan Keegan & Company, Inc. (CRD #4161) and Amsouth Investment Services, Inc. (CRD #15692), both of Jackson, MS. He began in the industry in 1996.

Former-New-York-Life-Broker-Jonathan-Williams-Barred-by-FINRA-as-a-Result-of-Outside-Business-Activities-300x200 Zito is the subject of three disclosures. He was discharged by Merrill Lynch on 6/25/2018 for “Conduct including failure to adhere to Firm standards regarding selling away and failure to fully disclose participation in an outside business activity.” (“Selling away” is when a broker sells securities that are not being offered by the brokerage firm they are working for. This is a violation of securities regulations.)

The discharge follows a customer dispute filed on 5/18/2018 with allegations of selling away, as well as unsuitable investment recommendations from 2013 until January 2018. The customer is requesting damages of $571,000.00. This dispute is currently pending.

Client Alleges Broker Robert Yasnis Churned Accounts

August 27, 2018 | Silver Law Group

Broker Robert Ruvein Yasnis (CRD #2399141) is a currently registered broker employed with Worden Capital Management LLC (CRD #148366) of New York, NY. His previous employers include Laidlaw & Company (UK) Ltd. (CRD #119037) of Melville, NY, Buckman, Buckman & Reid, Inc. (CRD #23407) of New York, NY, and Stephen A. Kohn & Associates, Ltd. (CRD #41067) of Lakewood, CO. He has been registered with a total of 18 brokerages (four of which have been expelled by FINRA) and has been in the industry since 1993.

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Yasnis is the subject of a currently pending customer dispute in which he is alleged to have engaged in “churning, unauthorized and unsuitable trading from 2014-2017.” The client is requesting damages of $148,119.00.

Christopher Kane Subject of $871K Customer Dispute

August 27, 2018 | Silver Law Group

Broker Christopher Kane (Christopher Brandon Kane CRD #5486515), was formerly registered with National Securities Corporation (CRD #7569) in South Norwalk, CT. He was previously employed with Laidlaw & Company (Uk) Ltd. (CRD #119037) of Stamford, CT and the now-defunct HFP Capital Markets LLC of New York, NY (CRD #44351; FINRA expelled this company on 06/25/2014.) He has been in the industry since 2007, and registered as a broker since 2010.

Kane has only one disclosure in his FINRA record, which was filed on 6/11/2018. In it, the client alleges “churning, unauthorized and unsuitable trading from 2012-2017.” Requested damages total $871,256.00. Kane was employed with Laidlaw & Company at the time of the allegations. The case is currently pending, and no additional information is available.

Did You Invest With Christopher Kane?

Former Broker Shaun Hayes Accused Of Unauthorized Trading

August 27, 2018 | Silver Law Group

Investment advisor Shaun Eugene Hayes (CRD #4963876) is a former broker who has been employed with McElhenny Sheffield Capital Management in Dallas, TX since 8/17. He was previously registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Fort Worth, and AXA Advisors, LLC (CRD #6627) of New York, NY. He was also employed by Bank of America in Fort Worth, but was not registered there. He has been in the industry since 2005.

Hayes is the subject of seven customer complaints, with all but one filed on 12/15/2017. Of these, four have been settled. All of the complaints allege unauthorized trading through different time periods from 2012 through 2017. The four settled cases have total damages of $355,000. No damage amounts are listed in the remaining three cases.

Did You Invest With Shaun Hayes?