Stockbroker Misconduct

North Florida-based D.H. Hill Broker Charles Stevens and St. Johns Financial Planning Under Investigation

October 11, 2017 | Silver Law Group

Silver Law Group is investigating St. Augustine Florida-based D.H. Hill Securities, LLLP (CRD# 41528) broker Charles T. Stevens (CRD# 1698058) after FINRA sanctioned D.H. Hill Securities over misconduct concerning public non-traded REITs.

Charles Stevens and St. Johns Financial Planning

Stevens’ runs his own St. Augustine, Florida-based D.H. Hill Securities office under the moniker St. Johns Financial Planning. St. Johns Financial Planning and Stevens hold themselves out as an independent agency specializing in retirement and estate markets that has been in business in the St. Augustine, Florida area for the past twenty-five (25) years, according to Stevens’ and his firm’s website.

Greensboro, North Carolina-based Ameritas Investment Corp. Broker Alonza Barnett Under Investigation After FINRA Bar

October 10, 2017 | Silver Law Group

Silver Law Group is investigating Greensboro, North Carolina-based Ameritas Investment Corp. (CRD# 14869) broker Alonza Barnett Jr (CRD# 4577695) after FINRA barred him and a customer brought a complaint alleging $1.75 million in damages.

Barnett’s CRD Report

According to Barnett’s FINRA BrokerCheck report, FINRA barred Barnett in March 2017 after he failed to respond to a FINRA request for information. According to FINRA, Barnett failed to request termination of his suspension within three (3) months of the date of the Notice of Suspension.

Former South Florida-based Raymond James Broker Leon P. Rehak Under Investigation

October 10, 2017 | Silver Law Group

Silver Law Group is investigating former South Florida-based Raymond James & Associates, Inc. (CRD# 705) broker Leon P. Rehak (CRD# 2331058) after a customer brought a FINRA arbitration complaint alleging over half a million dollars in damages.

According to Rehak’s FINRA BrokerCheck report, a customer of Rehak filed a FINRA arbitration against him in November 2016 – a few weeks after he left Raymond James.

According to Rehak’s BrokerCheck report, Rehak, who is currently employed by LPL Financial LLC (CRD# 6413) at its Pompano Beach, Florida location, allegedly committed numerous types of securities misconduct between 2004 and 2011 in a customer’s accounts.

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.