Stockbroker Misconduct

Silver Law Group Investigates FINRA-Barred Broker Thomas Buck

July 30, 2015 | Silver Law Group

Silver Law Group is investigating Indiana-based stockbroker Thomas Buck, who earlier this week was barred by the Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member firm and was accused by FINRA of improperly charging customers and engaging in unauthorized trading. Mr. Buck, a former top broker for Bank of America Merrill Lynch from 1981 until early-2015, was most recently employed by RBC Wealth Management.

According to FINRA, Buck oversaw $1.3 billion in assets while at Merrill Lynch, which made him Merrill’s top broker in Indiana. Buck is alleged to have almost exclusively steered his clients into using commission-based accounts since at least 2009 despite the fact that it would have been less expensive for the clients to remain in fee-based accounts. In addition, Buck is believed to have placed trades on behalf of clients without obtaining proper authorizations, something that is prohibited under FINRA standards.

“He at times unilaterally placed trades in customer accounts without getting the customers’ acquiescence in advance, or even after placing the trade,” FINRA wrote. “In other instances, customers explicitly or implicitly allowed him to place trades in their account without prior discussion. Buck did not obtain written authorization to do so from either the customers or Merrill Lynch.”

FINRA Suspends Registered Individuals for Violations of FINRA Rules in June 2015

July 13, 2015 | Silver Law Group

According to FINRA Disciplinary actions for June 2015, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Frank Carmen Aquila	Legend Equities Corporation
Frank Carmen Aquila	Legend Capital Corporation
Modesto Biney	Wells Fargo Advisors, LLC
Thomas Howard Caniford	LPL Financial LLC
Thomas Howard Caniford	M Holdings Securities, Inc.
Andrew M. Carter	LPL Financial LLC
Andrew M. Carter	NYLIfe Securities LLC
Fernando Diaz	JP Morgan Securities LLC
Fernando Diaz	Chase Investment Services Corp
Jordan Hart
Steven J. Hiles	NYLife Securities LLC
Erroll Constantine Hyde	H.D. Vest Investment Services
Erroll Constantine Hyde	Advantage Capital Corporation
Dolores Marie Jones
Ariana Grace Kaiser	ING Financial Partners, Inc.
Anthony Uzoma Ogbonna	JP Morgan Securities LLC
Anthony Uzoma Ogbonna	Chase Investment Services Corp
Bernard Popilevsky	JP Morgan Securities LLC
Bernard Popilevsky	Chase Investment Services Corp
Christina Powers
William Michael Quigley	Trident Partners Ltd
William Michael Quigley	Joseph Stevens & Company, Inc.
Michael Joseph Quinn	Independent Financial Group, LLC
Michael Joseph Quinn	LPL Financial LLC
Robert John Sprott	Securities Service Network, Inc.
Robert John Sprott	Walnut Street Securities, Inc.
Daniel Kunihiko Tamaki	NYLife Securities LLC
Mary V. Tropeano

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

FINRA Terminates Brokers’ Licenses in June 2015

July 13, 2015 | Silver Law Group

According to FINRA Disciplinary actions for June 2015, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Jason Wade Cox	Edward Jones
Dillon M. Edwards	Princor Financial Services Corporation
Gino Arturo Fortis	H.D. Vest Investment Services
Gino Arturo Fortis	Foresters Equity Services, Inc.
Herbert Andrew Hood Jr.	Valic Financial Advisors, Inc.
Herbert Andrew Hood Jr.	Merrill Lynch, Pierce, Fenner & Smith Inc.
Rodney Bryan Howell	Transamerica Financial Advisors, Inc.
Melissa Diana Powell
Tina Lynn Reed	Merrill Lynch, Pierce, Fenner & Smith Inc.
Tina Lynn Reed	Wachovia Securities, LLC
Lynn Marie Schmidt	Meritus Financial Group, Inc.
Lynn Marie Schmidt	Rise, Inc.
Mark I. Stark	LPL Financial LLC
Mark I. Stark	Five Star Investment Services, Inc.
Peter Yao	Morgan Stanley
Peter Yao	Merrill Lynch, Pierce, Fenner & Smith Inc.

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

FINRA Bars Wesley C. Smith

July 13, 2015 | Silver Law Group

Earlier this year, the Financial Industry Regulatory Authority (FINRA) barred Wesley Smith from working for any FINRA member. The broker had been previously registered with Edward Jones from January of 2008 to September of 2014. According to the CRD, Mr. Smith had not passed any principal/supervisory exams, but had passed one general industry/product exam and one state securities law exam. Mr. Smith has five customer disputes that have been resolved, and one pending.

Following FINRA Notice of Suspension and Suspension from Association letters dated November 4, 2014 and December 1, 2014, FINRA, pursuant to Rule 9552(H), barred Mr. Smith from any association with any FINRA member in any capacity. Specifically, the bar resulted due to Mr. Smith’s failure to request termination of his suspension within three months of the date of the Notice of Suspension. While notice of it occurred on November 4^th, Mr. Smith’s actual suspension began on November 28, 2014. A failure to make a request to end a suspension results in an automatic expulsion or bar from association with FINRA. The sanction was officially ordered on February 9, 2015.

Operated by FINRA, the CRD is the central licensing and registration system for the U.S. securities industry and its regulators. It contains the registration records of over 6,500 registered broker-dealers. Additionally, the CRD contains the qualification, employment and disclosure histories of more than 650,000 active registered individuals. Access to the Web CRD is for entitled members only. In order to gain access, firms must go through the entitlement process administered by FINRA.

FINRA Creates Interactive Game Intended to Help Investors Combat Fraud

July 7, 2015 | Silver Law Group

According to the Financial Fraud Research Center, Americans lose $50 billion each year to fraud. Further, research funded by the Financial Industry Regulatory Authority Education Foundation (Foundation) discovered that roughly 80 percent of consumers over the age of 40 said they had been solicited for a potentially fraudulent scheme. In order to combat this, the Foundation has developed an interactive game designed to educate investors on how to spot the tactics used by individuals who commit fraud.

“Con ‘Em If You Can”

The game, called “Con ‘Em If You Can,” was developed by the Foundation and the D2D Fund. It is intended to provide an entertaining way for investors to learn about fraudulent tactics. Fraud criminals use persuasion to take advantage of investors. Often, these individuals ask investors about such items as their health, family, and hobbies and use that information to complete their fraudulent acts. Fraudulent schemes may include promising a quick path to wealth or leading investors to believe that there is a limited supply for something.

Broker Mark Joy Lane Barred by FINRA for Failure to Respond to FINRA Request for Information

June 30, 2015 | Silver Law Group

Mark Joy Lane, a former broker for Cetera Advisor Networks LLC and Walnut Street Securities, Inc., was permanently barred by FINRA from association with any FINRA member in any capacity. Lane worked at Walnut from February 2004 to September 2013 and at Cetera from September 2013 to August 2014.

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Former Oppenheimer Broker Darrell Raymond Permanently Barred by FINRA for Failing to Provide Information

June 16, 2015 | Silver Law Group

FINRA permanently barred Darrell Raymond after Raymond failing to respond to a request by FINRA for information. Raymond worked at Oppenheimer & Co, Inc. from March 2013 until February 2014. Prior to Oppenheimer, he was at Dinosaur Securities and Next Financial Group.

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Josh Abernathy, O.N. Equity Sales Company Broker, Permanently Barred by FINRA

June 16, 2015 | Silver Law Group

A former broker with O.N. Equity Sales Company in Norfolk, Virginia, was permanently barred by FINRA. Josh Abernathy was barred from association in any manner with any FINRA member for failing to provide information requested by FINRA. Abernathy was registered with The O.N. Equity Sales Company from February 2013 until August 2014. Prior to working at O.N., he worked at Next Financial Group and MML Investors Services. Abernathy also owned and controlled his own investment company called Omega Investment Group which he allegedly used to operate a Ponzi scheme.

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Jenna Connett, Formerly a Broker at Morgan Stanley, Permanently Barred by FINRA

June 16, 2015 | Silver Law Group

Jenna Connett was permanently barred by FINRA for association with any FINRA member in any capacity for failing to respond to FINRA’s request for information. Connett worked at Morgan Stanley in Red Bank, NJ from June 2009 until she was suspended by FINRA in July 2014. Prior to working at Morgan Stanley, Connett worked at Citigroup Global Markets.

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Former Securities America Broker Judith Woodhouse Permanently Barred by FINRA

June 16, 2015 | Silver Law Group

Judith Woodhouse, a former broker at Securities America, was permanently barred by FINRA for association with any FINRA member in any capacity for failing to respond to FINRA’s request for information. Woodhouse worked for Securities America from December 2008 through February 2013 and then again from July 2013 through September 2014. It appears that she had a previous suspension in February 2013 for participating in private securities transactions away from her prior firm, EPlanning Securities in 2009. She was fired from Securities America in August 2014 for failure to follow firm policies and procedures relating to the borrowing of funds and relating to responding to supervisory requests.

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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.