Stockbroker Misconduct

Silver Law Group announces FINRA Arbitration filing against former Morgan Stanley Broker Angel E. Aquino-Velez

September 29, 2017 | Silver Law Group

Silver Law Group is investigating claims against Miami-based stockbroker Angel E. Aquino-Velez. According to FINRA records, Mr. Aquino is no longer registered with Morgan Stanley. Aquino’s FINRA BrokerCheck record shows (11) total Customer Disputes with (3) of those disputes still pending resolution. The pending claims allege unsuitability and misrepresentation with respect to municipal bond investments primarily relating to Puerto Rico. The damages being sought in the 3 pending complaints total over $6.9 million.

Silver Law Group has filed on behalf of a customer a securities arbitration claim against Aquino and Morgan Stanley alleging the customer lost several million dollars in Puerto Rico municipal bonds because of Morgan Stanley’s negligence. The allegations against Morgan Stanley and Aquino include unsuitable investment recommendations, failure to diversify, and failure to supervise based on investments in Puerto Rico municipal bonds.

For aggrieved investors, brokers and brokerage firms are required to recommend suitable investments and abide by other securities rules. In some cases with Puerto Rican bonds, these brokers and brokerage firms have failed to make reasonable recommendations among other forms of misconduct.

Silver Law Group is investigating former Texas-based IMS Securities, INC broker Jackie D Wadsworth for five pending FINRA arbitrations and a litany of disclosures on her FINRA BrokerCheck report

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Texas-based IMS Securities, INC (CRD#35567) broker Jackie D Wadsworth (CRD#2342163 ) for five pending FINRA arbitrations and a litany of disclosures on her FINRA BrokerCheck report.

According to Wadworths’s FINRA BrokerCheck report, she has five pending FINRA arbitrations filed in the past that allege unsuitable recommendations, failure to supervise, fraud, breach of duty of loyalty, and negligence for an aggregate amount of over $7.1 million.

FINRA’s BrokerCheck tool is a valuable way to examine a broker’s background. The investor tool discloses FINRA arbitrations that have been settled, are pending or have been denied; bankruptcies, civil judgments and tax liens, employment separations and other discharges, criminal proceedings, and regulatory actions. According to an InvestmentNews report, only about 12 percent of financial advisors have any type of disclosure events on their records.

Former Puerto Rico-based Popular Securities Broker Manuel Angel Mejia-Gomez Under Investigation

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Puerto Rico-based Popular Securities, LLC (CRD# 8096) broker Manuel Angel Mejia-Gomez (CRD# 2259727) after FINRA suspended him.

According to Mejia-Gomez’s FINRA BrokerCheck report, FINRA suspended and fined Mejia-Gomez in December 2016 for three months and fined him $15,000. According to Mejia-Gomez’s BrokerCheck report, he exercised discretionary authority in customers’ accounts. On multiple occasions, Mejia-Gomez liquidates securities in the account of a customer in order to meet the customer’s cash flow obligations.

The FINRA suspension follows Mejia-Gomez’s resignation from Popular Securities in January 2015. Popular Securities permitted Mejia-Gomez to resign because he allegedly conducted unauthorized trades to amass commissions. Prior to that, in December 2014 a complaint alleging unauthorized trading against Mejia-Gomez was settled.

Christopher P. Anthony, Formerly of Rhodes Securities, Under Investigation for a $2 Million Customer Dispute

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Texas-based Rhodes Securities, Inc. (CRD# 19610) broker Christopher P. Anthony (CRD# 1157930) after a customer filed a $2 million FINRA arbitration against him.

According to Anthony’s FINRA BrokerCheck report, a customer filed a FINRA arbitration complaint in January 2017 against Anthony alleging breach of fiduciary duty, negligence, breach of contract and damages in the amount of $2 million.

Another customer dispute was filed in August 2016 alleging unsuitable investments, churning, failure to supervise between the early 2014 to Spring 2015. The complaint alleges $100,000.00 in damages.

SEC Halts Chicago-based Fraud Targeting Seniors Involving Daniel H. Glick, Formerly of Transamerica Financial Advisors

June 6, 2017 | Silver Law Group

The SEC announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars.

In the SEC’s complaint, the SEC alleges that Daniel H. Glick (CRD# 2175655) and his unregistered investment advisory firm Financial Management Strategies (“FMS”) took advantage of seniors who entrusted him with millions of dollars’ worth of their retirement savings.

According to the SEC complaint, Glick and his companies raised over $6 million from elderly investors, with most of the money coming from two families. Glick first raised money though Glick & Associates until dissolution in 2014, then through Glick Accounting Services and FMS.

SEC Halts South Florida-based $4.8 Million Boiler Room Scheme Involving State Lottery Tickets

June 6, 2017 | Silver Law Group

The SEC filed charges against a Pompano Beach, Florida-based company, its CEO and its top sales agent in late March 2017, accusing them of conducting a boiler room operation that bilked investors out of almost $5 million.

According to the SEC’s complaint, CEO David Gray and sales agent Joseph A. Vitale (CRD# 5223467), aka Donovan Kelly, were the primary figures in carrying out the scheme.

According to the complaint, the company, LottoNet Operating Corp. (“LottoNet”), purported to be in the business of facilitating the purchase of lottery tickets from lotteries in various states online.

Ryan E. Cox, Formerly of SunTrust Investment Services, Under Investigation For Allegedly Receiving Cash Gifts

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Georgia-based SunTrust Investment Services, Inc. (CRD# 17499) broker Ryan E. Cox (CRD# 3018153) over allegations that he accepted cash gifts from his customers.

According to Cox’s FINRA BrokerCheck report, Cox was discharged in March 2015 by his former employer, Synovus Securities, Inc. (CRD# 14023). Synovus alleged that Cox and his wife received cash payments from an unrelated client and Cox knowingly allowed the naming of a spouse as a beneficiary of the same client’s variable annuity policy without disclosure to Synovus.

FINRA followed up Cox’s discharge with a suspension of two months in December 2016. The suspension was related to Cox’s acceptance of cash gifts and Cox falsely stating that he had not received those cash gifts. FINRA also levied a $15,000 fine on Cox.

Former California and Texas Broker Willard L. Golightly Under Investigation For Multiple Alleged Securities Violations

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Fresno, California- and San Antonio, Texas-based broker Willard L. Golightly (CRD# 4395250) after FINRA permanently barred him from engaging in certain activities in the securities industry.

According to Golightly’s FINRA BrokerCheck report, FINRA suspended Golightly in December 2016 after Golightly failed to comply with an arbitration award or settlement agreement or to respond to a FINRA inquiry. Including the suspension, Golightly has a litany of other disclosures on his FINRA BrokerCheck report.

In September 2015, FINRA barred Golightly for inappropriately concentrating his customers in low-priced securities and failed to respond to red flags. Golightly additionally failed to maintain and enforce his member firm’s written supervisory procedures.

Former Arvest Broker Joe D. Treece Under Investigation for Allegedly Borrowing Money from a Client

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Arkansas-based Arvest Wealth Management (CRD# 42057) broker Joe D. Treece (CRD# 2925735) after FINRA and other state regulators barred him from acting as a broker.

According to Treece’s FINRA BrokerCheck, FINRA permanently barred Treece in October 2016 from acting as a broker or otherwise associating with firms that sell securities to the public after Treece failed to respond to a FINRA request for information.

FINRA then suspended him, according to his BrokerCheck report, in December 2016 after Treece failed to comply with an arbitration award or settlement agreement or failed to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Jupiter, Florida-based Wells Fargo Broker Roberto O. Bastardo Permanently Barred by FINRA

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Jupiter, Florida-based Wells Fargo Advisors, LLC (CRD# 19616) broker Roberto O. Bastardo (CRD# 6570886) after Wells Fargo Advisors discharged him for allegedly attempting to misappropriate customer funds.

According to Bastardo’s FINRA BrokerCheck report, Wells Fargo Advisors discharged Bastardo in September 2016 for attempting to misappropriate over $185,000 from a Wells Fargo Advisors customer. The firm allegedly recovered all but $800 of the misappropriated funds, but authorities were contacted.

FINRA followed up the discharge by permanently barring Bastardo from acting as a broker or otherwise associating with firms that sell securities to the public in November 2016 after Bastardo failed to respond to a FINRA inquiry.