Cynthia Komarek & Grant Birkley, two brokers formerly registered with SagePoint Financial of Barrington, IL, were terminated on the same day after the firm discovered that they were engaged in making referrals to an outside asset manager who was not approved by the board. Continue reading ›
The Wall Street Journal reported that Fidelity Investments is the subject of a Labor Department probe and a lawsuit by an investor in a T-Mobile 401(k) plan, regarding the disclosure of an “infrastructure fee” it charges mutual funds for using their FundsNetwork asset management platform.
The lawsuit claims that Fidelity conceals the fee, while Fidelity says it fully discloses all fees it charges. Continue reading ›
Silver Law Group represented the Claimant in a FINRA arbitration claim against Texas E&P Partner, Inc. and Mark Plummer. Scott Silver, managing partner of Silver Law Group, a leading securities and investment fraud law firm, said “the Award is significant because we have seen a rise in cases involving private placements and alternative investments and we are grateful that the FINRA Panel recognized the damage caused by Respondent.
The securities arbitration claim alleged that Respondents sold a Reg D private placement to the Claimant without disclosing all of the risks and the investment was unsuitable. The FINRA Statement of Claim further alleged that the Respondents charged excess commissions or markups. Significantly, the FINRA Arbitration Panel found that Respondents are jointly and severally liable for and shall pay to Claimant the sum of $1,000,000.00 in punitive damages pursuant to Mastrobuono v. Shearson Lehman Hutton, Inc., 514 U.S. 52, 64 (1995).
If you’ve lost money investing in unsuitable private placements or Reg “D” offerings, you may be able to recover your investment losses. We take cases on a contingency fee basis, meaning you pay nothing unless we recover. Please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll free at (800) 975-4345.
South Florida businessman Barry Honig of Boca Raton is one of several people named by the SEC in a microcap stock fraud indictment involving manipulation of stock values of three companies. Using a “classic pump-and-dump” technique, the SEC alleges, Honig and others increased the companies’ stock values and dumped them. Investors were left with deflated stock after the scheme was discovered.
The SEC is seeking civil relief penalties and disgorgement of the ill-gotten gains against the defendants and the companies.
Silver Law Group and The Law Firm of David R. Chase filed a FINRA arbitration claim against Independent Financial Group, a securities firm, after its broker improperly recommended the services of an individual who the SEC claims was engaged in a Ponzi scheme.
The statement of claim alleges the Claimant was the client of Independent Financial Group and its broker, Jon Pariser (CRD# 2755015). In or around June 2017, Pariser informed Claimant that he was retiring and that he had a capable and skilled professional who he could recommend to take over — Christopher A. Parris, an unlicensed securities broker.
Pariser allegedly told the Claimant that Parris came highly-recommended and could be trusted, despite the fact that Parris had been suspended by FINRA less than two (2) years prior. The Claimant, according to the statement of claim, was unaware of this fact and relied upon Pariser’s professional opinion.
Silver Law Group has filed a FINRA arbitration claim against MetLife Securities / MSI Financial Services (“MetLife”), ELE Wealth Advisors and their former broker, Gail Milon (CRD# 1766745) after Milon sold an investment in Tallahassee, Florida-based Cambridge Capital Group LLC.
The statement of claim alleges the Claimant had invested with Milon for over a decade. In or around 2017, Milon induced her to invest in Cambridge Capital Group. The investment was supposed to be a short-term, real estate investment.
Milon became involved with Cambridge Capital Group, a company affiliated with Phillip “Tim” Howard of Howard & Associates. Cambridge Capital Group is affiliated with numerous other companies, including but not limited to Cambridge Capital Advisors; Cambridge Capital Wealth Advisors L.L.C.; Cambridge Capital Insurance Agency LLC; Cambridge Capital Funding, Inc.; Cambridge Sports and Entertainment, LLC; and Cambridge Graduate University, Inc. (collectively “Cambridge Capital”).
Silver Law Group has filed a FINRA arbitration claim against Centaurus Financial, Inc. for unsuitable investment recommendations.
The securities arbitration claim alleges the Claimants are both U.S. military veterans who entrusted their life savings to the advisor in 2008 when she was employed by J.P. Turner & Company. They transferred their accounts to Centaurus Financial when the advisor left J.P. Turner & Company. The securities arbitration claim alleges the investors were conservative investors who did not want to risk their principal and jeopardize their retirement.
Centaurus Financial disregarded the Claimants’ wishes and invested their money in a variety of riskier investment products such as non-traded real estate investment trusts (REITs), market-linked CDs, and structured notes.
Silver Law Group is investigating Minnesota-based Century Securities Associates, Inc. broker Bernard McLaughlin Jr. (CRD# 601178) after he declared bankruptcy.
According to McLaughlin’s FINRA BrokerCheck report, McLaughlin declared bankruptcy in August 2017. McLaughlin’s debts incurred in the bankruptcy were discharged in November 2017.
A bankruptcy disclosure indicates that the broker may have financially struggled leading up to the bankruptcy. This financial distress can sometimes lead brokers to recommend unsuitable, risky products with high commissions and fees or engage in other securities misconduct such as excessively trading (churning) customers’ accounts in order to generate higher commissions.
Silver Law Group is investigating former Illinois-based Transamerica Financial Advisors, Inc. broker Robert Perta (CRD# 536528) after a customer filed a claim alleging over $4.2 million in damages.
The complaint, filed in the Federal Court in December 2017, alleges that Perta was involved with a scheme to misappropriate investor money by FINRA-barred broker Daniel Glick (CRD# 2175655). Glick, also formerly employed by Transamerica Financial Advisors, allegedly solicited money from investors into his businesses so he could steal money from his customers. Glick allegedly stole the money and covered it up by lying to his customers and, in some cases, manufacturing false account statements. Across all plaintiffs, the complaint alleges approximately $6.5 million in damages.
In January 2018, the SEC reported that Glick pled guilty to one count of wire fraud in the criminal case against him. According to the plea agreement, from at least 2011 through at least 2017, Glick engaged in a fraudulent scheme to benefit himself by defrauding his clients.
Silver Law Group is investigating Wellington, Florida-based Raymond James Financial Services, Inc. (“Raymond James”) broker Victor T. Connor (CRD# 843521).
According to Connor’s FINRA BrokerCheck report, in September 2017, a Raymond James customer brought a FINRA arbitration alleging unsuitable recommendations, negligent misrepresentation, breach of contract, negligence, and failure to supervise. The complaint alleges approximately $325,000 in damages.
Victor T. Connor’s History in the Industry