Stockbroker Misconduct

Silver Law Group is Investigating Thomas Lawrence of Ameritas Investment Corp.

March 2, 2018 | Silver Law Group

Silver Law Group is investigating financial advisor Thomas Lawrence of Chapel Hill, Tennessee. FINRA recently brought a regulatory complaint against Lawrence regarding allegations that he borrowed $39,000 from an elderly customer, in violation of FINRA rules and he has failed to repay the loan.

Thomas Lawrence was a financial advisor and registered representative of Ameritas Investment Corp. from 2006 to December 2016. He worked at a branch office in Chapel Hill, Tennessee. He also works with the Lawrence Financial Group.

Contact Our Firm if You’ve Invested with Thomas Lawrence

Silver Law Group is Investigating Mark Perry of Royal Alliance Associates, Inc.

March 2, 2018 | Silver Law Group

Silver Law Group is currently investigating former Royal Alliance Associates, Inc. financial advisor Mark Perry (CRD# 1219294) regarding unsuitable investment recommendations to elderly clients. Perry was registered with Independent Financial Group, LLC in Mt. Pleasant, South Carolina and with Cambridge Investment Research, Inc. in Mt. Pleasant, South Carolina. Previously, Perry was registered with Royal Alliance Associates, Inc. in Mt. Pleasant, South Carolina from 2003 to 2015, when he was terminated regarding, “Under internal review for violations of firm’s email correspondence policy. In connection with the firm’s review of a customer complaint, the firm reviewed email correspondence from Mr. Perry to the customer that contained promissory and/or predictive statements, in violation of the firm policy.”

In September 2017, Perry consented to the FINRA sanctions and to the entry of findings that he made unsuitable investment recommendations to four elderly, retired customers, which caused them collectively to see realized and unrealized losses of approximately $200,000. FINRA found that Perry over concentrated the customers’ accounts in precious metal sector securities, and that he recommended that the customers purchase and hold leveraged mutual funds and/or Exchange Traded Funds (ETFs) in their accounts for extended time periods of up to 963 days, which was unsuitable for his customers. Additionally, FINRA found that Perry falsified the account records of the four elderly customers referenced above by misstating each customer’s risk tolerance in order to recommend that the customer purchase high-risk securities. FINRA also found that Perry sent emails to a customer that mislead and made promissory statements about the investments in the customer’s account. Perry also failed to disclose two customer complaints regarding trading losses to his member firms. Perry was sanctioned to 18 months suspension, which will end in March 2019.

Contact Our Firm if You’ve Invested with Mark Perry

Angel Aquino of Morgan Stanley Claims for Puerto Rico Bonds

February 27, 2018 | Silver Law Group

Investment broker Angel Edgardo Aquino-Velez (CRD#: 2687333) is no longer working as a broker, according to FINRA. Velez was previously registered as a broker, with the last place of employment listed as Morgan Stanley (CRD# 149777). His name is also listed as “Angel Edgardo Aquino,” “Angel E AquinoVelez” and, “Angel Edgardo AquinoVelez.” Velez worked for Morgan Stanley from 2010 through 2017, for Merrill Lynch from 2006 through 2009, and UBS Financial Services, Inc./UBS Financial Services, Inc. of Puerto Rico from 2000 through 2006. Since leaving Morgan Stanley in 2017, Velez is not listed as working as a broker, or in any financial services capacity requiring registration.

Silver Law Group represents other investors in claims against Morgan Stanley relating to Angel Aquino. Since 2001, Velez has had a number of customer disputes have been filed against him. Many were settled by Merrill Lynch during his tenure of employment. FINRA arbitration claims filed during Velez’s tenure at Morgan Stanley are still open, with the most recent involving “unsuitability with respect to Puerto Rico investments,” from 2013 to 2017, among other things (“inter alia.”) No money damages are specified in the latest dispute, but previous disputes dating back to July of 2016 have a combined outstanding total of $17,559,000. Morgan Stanley agreed to pay one customer dispute the amount of $80,000, resolving a securities arbitration of “unsuitability with respect to the Puerto Rico closed-end fund investment – 2012 to 2013.” Customer complaints include “unsuitability” and “misrepresentation” in relation to investments Velez was involved with.

Contact Our Firm if You’ve Invested with Angel Aquino

Silver Law Group Files FINRA Arbitration Claim Alleging Excessive use of Margin, High Commissions and Elder Financial Fraud on behalf of an Unsophisticated Retiree

February 7, 2018 | Silver Law Group

Silver Law Group, a law firm specializing in securities and investment fraud, has filed a securities arbitration claim with FINRA on behalf of an elderly investor alleging stockbroker misconduct and the unsuitable use of margin and excessive trading.

FINRA recently issued investor guidance highlighting “Purchasing on Margin, Risks Involved with Trading in a Margin Account.” FINRA describes the risks including the following:

You can lose more funds than you deposit in the margin account;

Silver Law Group Investigates Garden State Securities, Inc. Broker Jason Eric Zwibel for Potential Securities Violations

February 7, 2018 | Silver Law Group

Silver Law Group is investigating claims against Garden State Securities, Inc. (“Garden State”) broker Jason E. Zwibel (“Zwibel”) for possible unsuitable investment recommendations. Zwibel is currently employed by the Garden State office located in Wellington, Florida.

A recent customer dispute filed with the Financial Industry Regulatory Authority (“FINRA”) against Zwibel alleges damages of $2,670,750.00 for unsuitable investments, negligence, and breach of fiduciary duty.

Registered brokers like Jason Zwibel are regulated by federal securities laws and FINRA rules and standards. The suitability of a particular investment is governed by FINRA Rules and require a broker to have “a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable” based upon the investment profile of the customer meaning specifically: the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance.

Silver Law Group is Investigating Claims Against Former Legend Equities Corp. Broker Walter J. Marino for Alleged Unsuitable Recommendations and Charging Excessive Commissions in Customer Accounts

February 7, 2018 | Silver Law Group

Silver Law Group is investigating former Legend Equities Corp. (“Legend”) broker Walter Joseph Marino (“Marino”) for allegations of unsuitable recommendations and charging excessive commissions and fees in customer accounts. Marino was employed by Legend’s Palm Beach Gardens, Florida office prior to his termination in July 2015.

The Financial Industry Regulatory Authority (“FINRA”) suspended Marino on 10/16/2017 for a 1-year period ending 10/15/2018 after Marino, without admitting or denying the findings, consented to FINRA’s findings that he had recommended unsuitable exchanges of variable annuity products to two customers without having a reasonable basis for recommending the transactions while at Legend Equities Corp. The transactions were found to benefit Marino and caused substantial harm to the customers.

In addition, in order to evade supervision, the complaint alleged that Marino lied to Legend about the source of the money used to purchase the new annuity. Instead of stating the new annuity was replacing another annuity, Marino stated on company documents that the purchases were paid for with a check.

TD Ameritrade and Sheaff Brock Investment Advisors, LLC

February 6, 2018 | Silver Law Group

Contact Us If You Have Lost Money Investing with Sheaff Brock Investment Advisors, LLC

Silver Law Group is investigating potential FINRA arbitration claims against TD Ameritrade on behalf of investors who suffered investment losses with Sheaff Brock in stock options as a result of investments managed by Sheaff Brock.

A class action alleges TD Ameritrade customers utilized the investment advisory services of Sheaff Brock through TD Ameritrade’s AdvisorDirect program and suffered significant losses in a risky put income options strategy.

Silver Law Group Announces Filing of FINRA Arbitration Claim on Behalf of Customers of Stifel, Nicolaus & Company, Inc.

February 5, 2018 | Silver Law Group

Silver Law Group is investigating claims against Stifel, Nicolaus & Company, Inc. for the sale of unsuitable investments.

Silver Law Group has filed a securities arbitration claim against Stifel, Nicolaus & Company, Inc. (“Stifel”) alleging the customers suffered significant losses due to unsuitable investments and misrepresentation of fees and commissions. The allegations include unsuitable investments, breach of fiduciary duty, negligence, breach of contract and failure to supervise.

Stifel’s broker allegedly recommended unsuitable investments to conservative retired customers. The investment recommendations included concentrating the accounts in below investment-grade corporate bonds and Puerto Rico bonds. The broker would regularly make the recommendation to sell one bond to purchase another bond with a higher coupon without explaining to the customers that the higher coupon carried higher risk.

Silver Law Group is Investigating Claims Against RBC Capital Markets Broker Bruce Cameron for Unsuitable Investments in Oil and Gas Master Limited Partnerships (MLPs)

January 3, 2018 | Silver Law Group

Silver Law Group continues to investigate investments in oil, gas, and energy companies made by clients through master limited partnerships (“MLPs”) at the recommendation of their brokers. As a result of high oil prices over the past few years, there has been a heightened interest in investments in oil and gas using MLPs. Now with the drop in the price of oil and gas, investors who may have been looking for conservative investments without significant risk are facing substantial drops in their portfolios. Investors are further discovering that conflicts of interest between the investment bank, trading desk, and individual advisor influenced stockbroker’s recommendations.

These alternative investments in oil and gas typical take the form of Master Limited Partnerships (“MLPs”). These types of alternative investments have historically been extremely risky investments that demand a careful suitability analysis and due diligence by financial processionals before they are recommended to the public. More often than not, broker-dealers and brokers are enamored with these types of investments because they, like other alternative investments, also tend to pay high commissions.

In a recent Financial Industry Regulatory Authority (“FINRA”) arbitration proceeding, RBC Capital Markets and its broker Bruce Cameron were ordered to pay a former client $723,000 for losses sustained from investing in MLPs. The claims included overconcentration in unsuitable investments (MLPs), negligence, and failure to supervise. Cameron was registered with the RBC Massachusetts office.

Jeffrey L. Mischel, Wells Fargo

October 19, 2017 | Silver Law Group

Jeffrey L. Mischel

CRD# 1374486

Silver Law Group is examining Carlsbad, California-based Wells Fargo broker Jeffrey L. Mischel after multiple clients filed FINRA complaints alleging misrepresentation relating to the purchase of Puerto Rico municipal bonds.