Stockbroker Misconduct

Broker Howard Utz The Subject Of Two Investigations

August 13, 2018 | Silver Law Group

Howard Raymond Utz (CRD #2672208) is a former broker whose last registered employer was Hazard & Siegel, Inc. (CRD #2048) of Mars, PA, from 09/24/2015 through 06/01/2018. His previous employers include Securities America, Inc. (CRD #10205) and Sunset Financial Services, Inc. (CRD #3538), both of Mars, PA. No current employment information is available. He has been in the industry since 1995.

Former-New-York-Life-Broker-Jonathan-Williams-Barred-by-FINRA-as-a-Result-of-Outside-Business-Activities-300x200 Utz was discharged on 6/1/2018 from Hazard & Siegel as a result of allegations that he failed to report outside business activities and private security transactions. It was also alleged that Utz accepted and received checks in his own name and converted them to personal use. No other information is available from this disclosure.

Two additional disclosures indicating an investigation are also in his record. The first, filed on 05/25/2018, indicate that the FBI is conducting an investigation into Utz’s activities. However, no additional information is available. The second, filed on 01/30/2018, indicate the SEC was also conducting an investigation, but again, no additional information is listed nor available.

Broker Ray Reese Subject Of Five Customer Dispute Disclosures

August 13, 2018 | Silver Law Group

Ray Gene Reese (CRD #1694620) is a FINRA Broker and Investment Advisor with Money Concepts Capital Corp (CRD #12963) of Farmington, MO. His previous employers include Pruco Securities Corporation (CRD #5685) and The Prudential Insurance Company Of America (CRD #680), of Newark, NJ, Hibbard Brown & Co., Inc. (CRD #18246) and Sherwood Capital, Inc. (CRD #10474). He has been in the industry since 1987.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Reese is the subject of five disclosures, all customer disputes dating back to 1999. The latest, filed on 05/08/2018, involved Reese misrepresented a publicly traded, illiquid product. The customer requested damages of $75,000. Reese countered that he had indeed informed the client of its illiquid nature. After the customer stated that they did not need the money for 11-20 years, the firm found that this was a suitable investment based on the provided information. Additionally, the clients indicated that the accounts were not held in their name; at the time, they were in a brokerage account by Pershing LLC. This dispute was denied.

The next customer dispute is dated 05/07/2018, and is currently listed as “pending.” These clients claim “unsuitability, negligence, breach of contract” as well as breaches of Missouri statutes related to losses of funds deposited in their accounts in 1999 and 2000. The clients also claim that they made a down payment on a whole life insurance policy, with Reese stating that the premiums would never increase, and to ignore letters from the insurance company regarding unpaid premiums. Furthermore, the clients allege that Reese converted money for his own use and ignored their requests to see their file. Reese denies all the allegations, was not the individual who sold the client their insurance policies, and indicated that the clients took loans against their $400,000 investment and personal distributions in excess of $400,000. The clients are requesting damages in the amount of $650,000.

FINRA Bars Broker Scott Palmer

August 13, 2018 | Silver Law Group

FINRA has barred former financial advisor and broker Scott Palmer (CRD #817586) after multiple customer disputes. His last employer was Janney Montgomery Scott, LLC (CRD #463) of Hackensack, NJ, from 03/02/2007 to 06/13/2017. He was allowed to resign after “Loss of Confidence related to complaint disclosure history.”

Palmer is not currently registered as a broker or investment advisor, and no record of current employment is available. He is barred from any and all affiliations with any FINRA member firm, in any capacity.

Palmer was previously employed with:

FINRA Bars Broker John Maccoll After Fraud Allegations

August 10, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Former UBS broker John Maccoll (CRD #839441) has been indefinitely barred from affiliation with any FINRA member in any capacity as of 07/02/2018.

His most recent employer was UBS Financial Services Inc. (CRD #8174) of Birmingham, MI. Previously, he was employed with Morgan Stanley DW Inc. (CRD #7556) of Purchase, NY, E. F. Hutto n & Company Inc. (CRD #235), Loeb Partners (CRD #7534) and Hornblower, Weeks, Noyes & Trask Incorporated (CRD #7394). No current employment information is available. Maccoll has been in the industry since 1977.

On 3/15/2018, UBS discharged Maccoll after he refused to cooperate with the firm’s investigation into allegations he misappropriated money from a client. He later disclosed that he had misappropriated money from a total of 13 clients.

FINRA Bars Gregory LeVine For Failure To Respond

August 10, 2018 | Silver Law Group

FINRA has barred former registered broker Gregory Alan LeVine (CRD #2401300) indefinitely on 04/09/2018, after he failed to respond to a request for information. LeVine is currently not registered with any FINRA member. His last employer was First Allied Advisory Services, (CRD #32444) of Fort Lauderdale, FL, where he is listed as currently employed, but not registered.

LeVine’s previous employers include:

Commonwealth Financial Network, (CRD #8032) of Fort Lauderdale, FL, from 05/22/2009 to 07/16/2012

Colorado Investigates California-Based Peter Klaas For High Risk Trading, Seeking License Revocation

August 10, 2018 | Silver Law Group

Peter Gerhard Klaas (CRD #2381681) is a former broker and investment advisor, and was employed at El Segundo, CA-based Cetera Advisor Networks since 05/2017. Klaas was previously employed with Allegis Investment Services (05/2014-03/2017,) Signator Financial Services (04/2011-06/2014), and LPL Financial (09-2007-05/2011.) No current employment information is available.

David-Levy-of-Titus-Rockefeller-LLC-Permanently-Barred-from-Broker-Activity-After-Long-Career-of-Suspicious-Activity-300x200 The Colorado Division of Securities is currently investigating broker Klaas along with broker Heath Bowen (CRD #4824684) for putting advisory clients in high-risk and complex option trades that these clients didn’t understand. CDS is not requesting monetary damages in this pending investigation, but is asking for the revocation of Klaas’ licensure. This investigation began while Klaas was employed with Allegis.

Cetera notified Klaas that he was subject to disqualification stemming from the Consent Cease and Desist Order dated March 12, 2018 filed by the Securities Commissioner of Colorado. On 4/18/2018, Klaas resigned from Centera.

Charles Kenahan

August 10, 2018 | Silver Law Group

Broker Charles Ernest Kenahan (CRD #1351974) is a broker with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Boston, MA, registered since 12/7/2007. Previous employers include Morgan Stanley & Co., Incorporated (CRD #8209) and Morgan Stanley DW Inc. (CRD #7556) of Boston, MA, Smith Barney Inc. (CRD #7059) and Bear, Stearns & Co. Inc. (CRD #79), both of New York City, and Thomson McKinnon Securities Inc. (CRD #829). He has been in the industry since 1985.

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 Kenahan is the subject of three customer disputes in 2018, with the same allegations of excessive trading, unsuitable investments and misrepresentation. The disputes were filed on 05/03/2018, 03/13/2018 and 02/02/2018. The collective timespan of these allegations is December 2007 until 2018. One client is requesting damages, in the amount of $700,000. These are the only disclosures in Kenahan’s 33-year career. He has no disciplinary actions or other disclosures.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. Most cases handled on a contingent fee basis. This means that you won’t pay legal fees unless we are successful. Call us toll free at 800-975-4345, or use our online contact form to get in touch.

FINRA Suspends Broker Brian Hussey Following Allegations Of Unsuitable Recommendations

August 10, 2018 | Silver Law Group

Brian John Hussey, Jr., (CRD #4640067) is a registered broker and investment advisor who is currently suspended by FINRA. His last (and only employer) is Ameriprise Financial Services, Inc. (CRD #6363) of Tampa, FL. He has been in the industry since 2008.

Hussey’s suspension stems from a customer complaint on 9/23/2016 that he recommended unsuitable investments to a customer. The customer, who was also an administrative employee of Ameriprise, requested damages of $88,728.00. The firm settled for $67,019.24.

The customer alleges that Hussey unsuitably recommended that she liquidate two IRAs that she held which was the largest part of her liquid net worth, and invest in penny stocks focused on commercial marijuana. This was inconsistent with the client’s investment “growth” goals for both IRAs. The client lost most of her investments in these speculative securities.

Oscar Francis

August 8, 2018 | Silver Law Group

Oscar Francis (CRD #5094722) is a former registered broker and investment advisor last employed with MML Investors Services, LLC (CRD #10409) of Fort Lauderdale, FL. He was previously employed by AXA Advisors, LLC (CRD #6627), also of Fort Lauderdale, and Raymond James & Associates, Inc. (CRD #705) of Boca Raton, FL. No current employment information is available. He began working in the industry in 2006.

Former-New-York-Life-Broker-Jonathan-Williams-Barred-by-FINRA-as-a-Result-of-Outside-Business-Activities-300x200 Francis is the subject of two investigations stemming from the termination of his employment at MML. The company discharged him on 05/31/2017 “in connection with an investigation into an undisclosed outside business activity, potential selling away and an unauthorized non-securities life insurance transaction.” The first investigation was initiated on 04/21/2017 by the US Department of Justice, for allegations of selling away and outside business activities.

The second investigation was initiated on 10/23/2017 by the Department of Financial Services, State of Florida, regarding Francis’ termination for cause. No additional information is available.

FINRA Bars Broker Sean Brady For Possible Improper Sales Practices

August 8, 2018 | Silver Law Group

Former broker Sean Aaron Brady (CRD #4365173) has been barred by FINRA after multiple customer complaints and he was discharged by his employer. Brady was last employed by First Allied Securities, Inc. (CRD #32444) of St. Louis, MO, discharged on 10/20/2017. He was previously employed by FFP Securities, Inc. (CRD #16337), also of St. Louis, from 03/23/2001 through 05/30/2008. No current employment information is available.

Brady is the subject of six customer disputes, which share similar allegations:

Misrepresentation of net worth