Stockbroker Misconduct

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 Florida-Based Newbridge Broker Gaetano Magarelli for Unsuitable Investments And Misrepresentation

January 9, 2018 | Silver Law Group

Gaetano Magarelli

CRD#2227996

Silver Law Group is investigating Boca Raton, Florida-based Newbridge broker Gaetano Magarelli following multiple customer complaints alleging unsuitable investment recommendations, churning and misrepresentation

Former New York-based Garden State Securities Broker Alexander Kibrik Under Investigation For Unsuitable Investment Recommendations and Unauthorized Trading

January 9, 2018 | Silver Law Group

Alexander Kibrik

CRD#5556827

Silver Law Group is investigating Former New York, New York-based Garden State Securities broker Alexander Kibrik following a customer complaint alleging unauthorized investment activity and unsuitable investment recommendations.

New York-based First Standard Financial Broker William Gennity Under Investigation For Unsuitable Investment Recommendations, Breach of Fiduciary Duty and Unauthorized Trading

January 9, 2018 | Silver Law Group

William C. Gennity

CRD#4913490

Silver Law Group is investigating Staten Island, New York-based First Standard Financial Company broker Willam Gennity following a customer complaint alleging unauthorized investment activity, unsuitable investment recommendations and breach of fiduciary duty.

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.

Silver Law Group Wins FINRA Arbitration Award Against Former FINRA-registered Broker Curtis D. Milakovich

December 29, 2017 | Silver Law Group

Silver Law Group won an award against former FINRA-registered broker Curtis D. Milakovich for unsuitable recommendations, churning, and acting as an unregistered investment advisor.

FINRA Renders Award Through Arbitration

On December 22, 2017, a FINRA arbitration panel awarded Silver Law Group’s clients $164,000 in compensatory damages after the arbitration panel found that Milakovich was liable for unsuitable recommendations, breach of fiduciary duty, negligence, and churning.

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.

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.

New York-based SW Financial Broker James W. Flower Under Investigation After FINRA Suspension

October 11, 2017 | Silver Law Group

Silver Law Group is investigating Melville, New York-based SW Financial (CRD# 145012) broker James W. Flower (CRD# 2817701) after FINRA suspended him.

FINRA Suspends Flower

According to Flower’s FINRA BrokerCheck report, FINRA barred Flower after the regulatory organization found that Flower unsuitably recommended an exchange-traded note (“ETN”).

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.