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Silver Law Group Files a FINRA Arbitration Claim Against Centaurus Financial Concerning Unsuitable Recommendations by a Broker

August 9, 2018 | Silver Law Group

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.

Century Securities Associates Broker Bernard McLaughlin Jr. Under Investigation After Declaring Bankruptcy

June 14, 2018 | Silver Law Group

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.

Former Transamerica Financial Advisors Broker Robert Perta Under Investigation After Customer Files a $4.2 Million Complaint

June 14, 2018 | Silver Law Group

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.

South Florida Raymond James Broker Victor T. Connor Under Investigation After Customer Brings $300,000 Complaint Alleging Unsuitability

June 14, 2018 | Silver Law Group

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

Former South Florida-based LPL Financial Broker Pedro O. Diaz Under Investigations After Termination from LPL Financial

June 14, 2018 | Silver Law Group

Silver Law Group is investigating former Coconut Creek, Florida-based LPL Financial broker Pedro O. Diaz (CRD# 4877003) after LPL Financial discharged him for short-term trading in mutual funds. Short-term trading in mutual funds, according to Diaz’s FINRA BrokerCheck report, a violation of LPL Financial’s policies.

LPL Financial had employed Diaz since March 2010 and terminated him in December 2017. Now, Newbridge Securities Corporation employs Diaz at its Boca Raton, Florida branch.

Diaz, who has been in the securities industry at South Florida brokerage firms for 12 years, also is an insurance agent. Diaz sells fixed annuities and spends 10 percent of his time doing so.

FINRA Bars Former LPL Financial Broker Sonya Camarco After SEC Brings Charges Alleging Misappropriation of $2.8 Million of Client Funds

June 14, 2018 | Silver Law Group

Silver Law Group is investigating former Colorado Springs, Colorado-based LPL Financial LLC broker Sonya Camarco (CRD# 2427529) after FINRA permanently barred her from the industry.

According to Camarco’s FINRA BrokerCheck report, FINRA barred Camarco in September 2017 after she failed to respond to its inquiry for information.

Sonya Camarco’s Employment with LPL Financial

FINRA-barred New Jersey Broker Robert B. Delguercio Under Investigation Due to 15 Disclosures on his BrokerCheck Report

June 14, 2018 | Silver Law Group

Silver Law Group is investigating former Herbert J. Sims & Co. Inc. (“HJ Sims”) broker Robert B. Delguercio (CRD# 2639851) after FINRA permanently barred him from the acting as a broker or otherwise associating with a brokerage firm.

According to Delguercio’s FINRA BrokerCheck report, FINRA barred the New Jersey-based broker after he refused to appear for FINRA-requested on-the-record testimony related to a FINRA arbitration claim filed by his customers.

Robert B. Delguercio’s Extensive List of BrokerCheck Disclosures

Fort Lauderdale, Florida Westpark Capital Broker Patrick H. Maddren Under Investigation After Churning Complaint Settles for $300,000

June 14, 2018 | Silver Law Group

Silver Law Group is investigating Westpark Capital broker Patrick H. Maddren over churning claims.

Maddren, who is based out of the Fort Lauderdale, Florida Westpark Capital branch was the subject of a customer complaint that settled.

In March 2016, a customer filed a FINRA arbitration alleging that Maddren failed to follow instructions, made material misrepresentations and omissions, excessively traded in order to incur commissions, made unauthorized trades and unsuitable recommendations. The FINRA arbitration settled for almost $300,000.

Former Cuna Brokerage Services Broker Stacy Cheney-Jamison Under Investigation After Customer Files Investment Fraud Claim

May 7, 2018 | Silver Law Group

Silver Law Group is investigating former Cuna Brokerage Services broker Stacy E. Cheney-Jamison after a customer filed an investment fraud claim against the brokerage firm.

In March 2018, a customer filed an arbitration complaint against Cuna Brokerage Services (“Cuna”) in Georgia. The customer complaint alleges several counts of wrongdoing, including breach of fiduciary duty and breach of contract, unauthorized transactions, violation of the Georgia RICO Act, and violations of the Georgia Securities Act. The complaint alleges $350,000 in damages.

The FINRA arbitration claim also alleges Cheney-Jamison used her relationship with the IBM Southeastern Employees Credit Union (“IBM”) in Cobb County, Georgia to solicit investors.

What is the Parking REIT and What Brokerage Firms Sold the Non-traded REIT?

April 26, 2018 | Silver Law Group

Silver Law Group is investigating the Parking REIT after the company ceased paying its shareholders dividends and distributions. If you’ve invested in the Parking REIT or its affiliates, we may be able to help you recover your money.

The Parking REIT’s and its CEO’s Background

The Parking REIT was formerly two (2) separate non-traded REITs: MVP REIT and MVP REIT II. MVP REIT II changed its name to the Parking REIT and, in December 2017, the two (2) REITs merged.