Stockbroker Misconduct

Royal Alliance Associates Arbitration Lawyer

June 1, 2018 | Silver Law Group

The recent arrest of former broker Gary Basralian (CRD #14385) for defrauding two clients of $2.1 million also raises allegations of failure to supervise about his brokerage firm, Royal Alliance Associates (CRD #23131.) According to news reports, Basralian embezzled money from two elderly women and used the funds for his own expenses. When the discrepancies were discovered, the elderly victims’ attorney notified both the FBI and DOJ. Both agencies took immediate action, and Basralian was arrested May 23, 2018 on charges of wire and investment adviser fraud. He could face as much as 25 years in prison.

The stockbroker in question allegedly deliberately sought out vulnerable victims who might not notice that he was stealing funds directly from their accounts. Basralian is, himself, 70 years of age—so he likely embezzled from his contemporaries. When the law firm representing the two victims contacted Royal Alliance, Basralian was not immediately terminated, but allowed to resign. He signed a FINRA agreement and was barred from being a broker or affiliated with any broker firms.

But what about the brokerage firm, Royal Alliance, that failed to stop him? And why didn’t Royal Alliance notice or stop Basralian’s unethical activities over a ten-year period? Allegations against Royal Alliance in this case include inadequate supervision of brokers and lax anti-money laundering compliance that allowed this to not only happen, but continue. But this is not the first time Royal Alliance has been host to broker misbehavior, with several instances of “failure to supervise” kinds of sanctions.

Broker Gary Basralian Barred, Arrested After Allegations Of Using Client’s Moneys For His Own Expenses

June 1, 2018 | Silver Law Group

FINRA has barred former broker Gary Basralian (CRD# 14385) after allegations of stealing more than $2 million from two clients and using the money to pay his personal expenses. He is charged with two counts of wire fraud and one count of investment adviser fraud. His last employer was Royal Alliance Associates, Inc. (CRD# 23131) of Maplewood, NJ, from 11/19/1989 through 12/20/2017.

His previous employment record includes (locations not available):

Integrated Resources Equity Corporation (CRD# 6403), from 07/18/1984 through 11/19/1989

FINRA Bars Stifel Nicolaus Broker John M. James After Refusing To Testify

June 1, 2018 | Silver Law Group

Former broker John M. James (CRD #4609872) has been barred after failing to provide on-the-record testimony involving allegations from a previous employer. His refusal put him in violation of FINRA Rules 8210 and 2010.

James was last employed with Stifel, Nicolaus & Company, Incorporated (CRD#:793) Of Golden Valley, MN. James was previously employed with:

Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Wayzata, MN, from 06/16/2006 to 03/24/2016

Silver Law Group is Investigating Lawrence Hagedorn of Ascend Financial Services, Inc.

May 31, 2018 | Silver Law Group

Lawrence Hagedorn is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity. Lawrence Hagedorn was registered with O.N. Equity Sales Company.

Contact Our Firm if You’ve Invested with Lawrence Hagedorn

If you invested with Lawrence Hagedorn and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.

Silver Law Group is Investigating Larry Wolfe of Herbert J. Sims & Co., Inc.

May 31, 2018 | Silver Law Group

Larry Wolfe is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

Wolfe consented to the sanctions and to the entry of findings that he exercised discretion in the accounts of customers, by submitting sell orders to sell one particular security in each customer account without obtaining prior written authorization from the customers or written approval of the accounts as discretionary from his member firm.

Contact Our Firm if You’ve Invested with Larry Wolfe

Silver Law Group is Investigating Marcus Parker of Wells Fargo Clearing Services, LLC

May 30, 2018 | Silver Law Group

Marcus Parker was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Parker consented to the sanction and to the entry of findings that he refused to respond to FINRA’s requests for documents and information in connection with its investigation of Parker’s termination from his member firm. The findings stated that according to the firm’s Uniform Termination Notice for Securities Industry Registration (Form U5) filing, it terminated Parker’s registration for his failure to appear for an interview and be questioned about misappropriations from client accounts.

Contact Our Firm if You’ve Invested with Marcus Parker

If you invested with Marcus Parker or Wells Fargo and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group. FINRA or securities arbitration can be a fast way to recover investment losses.

Silver Law Group is Investigating Jeffrey Palish of Wells Fargo Clearing Services, LLC for Elder Financial Fraud

May 30, 2018 | Silver Law Group

Jeffrey Palish was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Palish, a former Wells Fargo stockbroker, consented to the sanction and to the entry of findings that over approximately three years, he converted more than $180,000 for his personal use from an elderly customer by accepting the money with no intent or ability to repay the customer.

Contact Our Firm if You’ve Invested with Jeffrey Palish

If you invested with Jeffrey Palish and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group. Our attorneys have extensive experience with elder financial fraud and representing victims of elder investment fraud.

Silver Law Group is Investigating Truitt Ficklin of Cetera Investment Services LLC

May 30, 2018 | Silver Law Group

Truitt Ficklin, a former financial advisor with Cetera Investment Services, LLC, is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

Contact Our Firm if You’ve Invested with Truitt Ficklin of Cetera Investment Services, LLC

If you invested with Truitt Ficklin and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.

Silver Law Group is Investigating Phillip Johnson of SunTrust Investment Services, Inc.

May 30, 2018 | Silver Law Group

Phillip Johnson was assessed by FINRA a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Johnson, a previous advisor with SunTrust Investment Services and DH Hill Securities, consented to the sanctions and to the entry of findings that he borrowed $528,000 from a customer, but failed to notify or obtain written approval of the loan in advance from his member firm. The findings stated that Johnson made an inaccurate statement on firm compliance questionnaires related to borrowing from a firm customer. The brokerage firm did not permit loans between registered persons and customers who were not close family members. Johnson and the customer are not family members.

Contact Our Firm if You’ve Invested with Phillip Johnson or your Financial Advisor Improperly Borrowed Money

If you invested with Phillip Johnson and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group. Stockbrokers are in a unique position of trust and are rarely allowed to borrow money from clients.

FINRA Bars Broker Kenneth Stewart Tyrell For Failure To Disclose Outside Business Dealings

May 25, 2018 | Silver Law Group

On 12/8/2017, FINRA permanently barred former registered broker Kenneth Stewart Tyrell (CRD #2457452) from acting as a broker or having any affiliation with a broker-dealer firm. Tyrell was both a previously registered broker and a previously registered investment advisor. His last employer was Cary Street Partners, (CRD #128089) of Richmond, VA, from 08/25/2016 until 10/06/2017 (officially.) He is not currently registered with any financial service-related firm.

Tyrell’s previous employment history includes:

UBS Financial Services (CRD #8174) of Vienna, VA, from 11/14/2008 to 09/07/2016. Tyrell was discharged from this firm; see below for details.