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Articles Posted in Unsuitable Investment Advice

Marc Korsch (Marc Frederick Korsch, CRD#5525226) is a currently registered broker and investment advisor employed with Arkadios Capital (CRD#: 282710) of Sarasota, FL. His previous employers include Centaurus Financial, Inc. (CRD#:30833) and Trustmont Financial Group, Inc. (CRD#:18312) both of Sarasota, and Capital Financial Services, Inc. (CRD#:8408), of Port Charlotte, FL. He has been in the industry since 2009.  A client filed a dispute on 10/29/2020 alleging that from July 2014 to the current date, Marc Korsch breached his fiduciary duty by investing their funds into high-risk investments that were unsuitable for their portfolio. The client requests damages of $100,000. Korsch denies the allegations and will defend the matter. The dispute is currently listed as “pending.”Marc Korsch (Marc Frederick Korsch, CRD# 5525226) is a currently registered broker and investment advisor employed with Arkadios Capital (CRD#: 282710) of Sarasota, FL. His previous employers include Centaurus Financial, Inc. (CRD#:30833) and Trustmont Financial Group, Inc. (CRD#:18312) both of Sarasota, and Capital Financial Services, Inc. (CRD#:8408), of Port Charlotte, FL. He has been in the industry since 2009. Continue reading ›

Investment management company Griffin Capital is an investment management firm that specializes in alternative investments. Based in Los Angeles and founded in 1995, the company owns, manages, sponsors, or co-sponsors programs worth more than $20 billion in assets. It has more than 200,000 investors.Griffin Capital is an investment management firm that specializes in alternative investments. Based in Los Angeles and founded in 1995, the company owns, manages, sponsors, or co-sponsors programs worth more than $20 billion in assets. It has more than 200,000 investors. Continue reading ›

Investors who own GWG L Bonds have grown increasingly concerned after GWG announced in a form 8-K filed with the SEC that it would not pay investors dividends owed for January 15, 2022.  Silver Law Group represents GWG L Bonds investors, and may be able to help you recover your losses. Contact us at 800-975-4345 for a no-cost, confidential consultation.  The SEC is investigating GWG Holdings (GWGH), a Dallas, Texas-based financial services company that sells alternative investments and life insurance. GWG L Bonds may be in financial trouble, that could lead to investors losing a significant amount of their principal investment.  The company has been late on deadlines to file its annual report, which caused NASDAQ to threaten to delist the company. In April, 2021, the company paused sales of their L Bonds.  The recent 8-K stated that the GWG’s board of directors authorized management to retain the services of a restructuring advisor. GWG’s stock has plummeted on the bad news, trading as low as $2.36 after starting 2022 at $9.60.Investors who own GWG L Bonds have grown increasingly concerned after GWG announced in a form 8-K filed with the SEC that it would not pay investors dividends owed for January 15, 2022.

Silver Law Group represents GWG L Bonds investors, and may be able to help you recover your losses. Contact us at 800-975-4345 for a no-cost, confidential consultation. Continue reading ›

Jeffrey Warren (CRD:#2707969) is a former registered broker whose last known employer was Oppenheimer & Co. Inc. (CRD#:249) of Boca Raton, FL. He was previously employed with Wachovia Securities, LLC (CRD#:19616), also of Boca Raton, UBS Financial Services Inc. (CRD#:8174) of Weehawken, NJ, and Prudential Securities Incorporated (CRD#:7471) of New York, NY. Warren has been in the industry since 1996.  On February 10, 2021, a customer filed a dispute with requested damages of $125,000. The customer alleged that in January of 2021, Warren deposited a check from a deceased client’s trust without the approval of the trust’s beneficiaries. The customer was also a beneficiary of said trust. The firm denied the client’s claim.Jeffrey Warren (CRD:#2707969) is a former registered broker whose last known employer was Oppenheimer & Co. Inc. (CRD#:249) of Boca Raton, FL. He was previously employed with Wachovia Securities, LLC (CRD#:19616), also of Boca Raton, UBS Financial Services Inc. (CRD#:8174) of Weehawken, NJ, and Prudential Securities Incorporated (CRD#:7471) of New York, NY. Warren has been in the industry since 1996. Continue reading ›

Edward Turley (Edward L Turley/Ed Turley/Edward Lawrence Turley, CRD# 1872294) is a previously-registered broker and investment adviser who last worked for JP Morgan Securities in San Francisco, California.  Turley was previously registered with Lehman Brothers in New York City, CS First Boston Corporation, and Morgan Stanley & Co. Inc. He had worked in the industry since 1988.  Disclosures  Edward Turley has eight disclosures on his publicly-available FINRA BrokerCheck report, including 1 employment separation after allegations and seven customer disputes:Edward Turley (Edward L Turley/Ed Turley/Edward Lawrence Turley, CRD# 1872294) is a previously-registered broker and investment adviser who last worked for JP Morgan Securities in San Francisco, California.

Turley was previously registered with Lehman Brothers in New York City, CS First Boston Corporation, and Morgan Stanley & Co. Inc. He had worked in the industry since 1988. Continue reading ›

Kevin Schaefer (Kevin Joseph Schaefer CRD:# 1286030) is a registered broke and investment advisor currently employed with Wells Fargo Clearing Services, LLC (CRD#: 19616) of San Francisco, CA. His previous employers include Morgan Stanley Smith Barney LLC (CRD#:149777) and UBS Financial Services Inc. (CRD#:8174), both of San Francisco, and Smith Barney Shearson Inc. (CRD#:7059) of New York, NY. He has been in the industry since 1984. Schaefer is the subject of two currently pending disputes. The first, filed on 6/12/2020, alleges “unsuitable investment recommendations and misrepresentations.” The client requests damages of $1,000,000. The second, filed on 6/4/2020, alleges “unsuitable investment recommendations, failure to follow instructions and misrepresentations from 2012 until 2020.”  The client requests damages of $300,000. Another previous dispute was settled. Filed 5/27/2008, the client alleges that the shares of stock that were purchased were supposed to be auction rate security bonds. The client requested damages of $5,000. Ultimately, the firm agreed to repurchase the ARS securities pursuant to an agreement with “several regulatory bodies.” Schaefer did not participate in the settlement.Kevin Schaefer (Kevin Joseph Schaefer CRD:# 1286030) is a registered broke and investment advisor currently employed with Wells Fargo Clearing Services, LLC (CRD#: 19616) of San Francisco, CA. His previous employers include Morgan Stanley Smith Barney LLC (CRD#:149777) and UBS Financial Services Inc. (CRD#:8174), both of San Francisco, and Smith Barney Shearson Inc. (CRD#:7059) of New York, NY. He has been in the industry since 1984. Continue reading ›

Mazair Monshi (CRD#: 2629721, aka “Mazi Monshi”) is a currently registered broker and investment advisor employed with IFP Securities, LLC (CRD#: 297287) of Boca Raton, FL. His previous employers include LPL Financial LLC (CRD#:6413) and Ameriprise Financial Services, Inc. (CRD#:6363), also of Boca Raton, and Raymond James Financial Services (CRD#:6694) of Boynton Beach, FL. He has been in the industry for 24 years. Monshi is the subject of a currently pending customer dispute filed on 9/9/2020 alleging that he made recommendations for unsuitable investments for BDCs, REITS, and “other high-commission illiquid investment recommendations.” BDCs, or Business Development Company, is one that makes money by investing in companies, including up-and-coming companies, with debt financing. The BDC collects the interest payments and passes them onto the BDC shareholders who are purchasing a part of the company or are “counseling” (taking over) the company’s management. Owning stock and senior secured bonds and loans are additional ways for a BDC to profit. While publicly traded BDCs allow investors access to their monies, venture capital and private equity funds do not.Mazair Monshi (CRD#: 2629721, aka “Mazi Monshi”) is a currently registered broker and investment advisor employed with IFP Securities, LLC (CRD#: 297287) of Boca Raton, FL. His previous employers include LPL Financial LLC (CRD#:6413) and Ameriprise Financial Services, Inc. (CRD#:6363), also of Boca Raton, and Raymond James Financial Services (CRD#:6694) of Boynton Beach, FL. He has been in the industry for 24 years. Continue reading ›

Edward Dougherty (Edward Howard Dougherty/Ted Dougherty CRD# 2753847) is a registered broker and previously registered investment adviser currently registered with Woodbury Financial Services, In. in Bayfield, Wisconsin. Woodbury Financial has recently been the subject of arbitration claims alleging the unsuitable recommendation to purchase GPB Automotive and related investments.  Edward Dougherty Disclosures  Edward Dougherty has 4 disclosures on his publicly-available FINRA BrokerCheck report, including 2 financial, 1 employment separation after allegations, and 1 customer dispute:Edward Dougherty (Edward Howard Dougherty/Ted Dougherty CRD# 2753847) is a registered broker and previously registered investment adviser currently registered with Woodbury Financial Services, In. in Bayfield, Wisconsin. Woodbury Financial has recently been the subject of arbitration claims alleging the unsuitable recommendation to purchase GPB Automotive and related investments. Continue reading ›

John Timberlake (John Hillman Timberlake CRD# 2109445) is a previously registered broker and investment adviser who was last registered with Carter, Terry & Company, Inc in Atlanta, Georgia. Before joining Carter, Terry & Company, Timberlake worked for Suntrust Investment Services, Inc.  John Timberlake Disclosures  John Timberlake has 6 disclosures on his publicly-available FINRA BrokerCheck report, including 4 customer disputes, 1 regulatory disclosure, and 1 employment separation after allegations disclosure:  November, 2020: A regulatory disclosure initiated by FINRA resulted in Timberlake being suspended for four month and fined $10,000. “Timberlake consented to the sanctions and to the entry of findings that he used his personal cellular phone to exchange numerous business and securities related text messages with customers without providing copies to his member firms, thereby preventing the firms from preserving the communications. The findings stated that Timberlake confirmed orders, communicated regarding specific securities and related news, and texted the customers information about their profits and losses. The findings also stated that Timberlake sent text messages to a customer that included promissory, exaggerated, unwarranted, and misleading statements.”John Timberlake (John Hillman Timberlake CRD# 2109445) is a previously registered broker and investment adviser who was last registered with Carter, Terry & Company, Inc in Atlanta, Georgia. Before joining Carter, Terry & Company, Timberlake worked for Suntrust Investment Services, Inc. Continue reading ›

Michael Fahsholtz (Michael Anthony Fahsholtz CRD#: 2057306) is a former broker and investment advisor who was registered with broker-dealer Stifel, Nicolaus & Company, Incorporated (CRD#:793) from 2011 until he left the brokerage industry in 2020. Fahsholtz was based in Wenatchee, Washington. Fahsholtz’s FINRA BrokerCheck Report, published by the Financial Industry Regulatory Authority (“FINRA”) indicates that he is the subject of five pending securities arbitration claims, and that three other disputes lodged against Fahsholtz have been settled.  FINRA Arbitration Claims Against Fahsholtz Pile Up Over Past Three Years  Fahsholtz is facing five pending customer disputes, all of which concern his recommendations that customers invest in corporate debt instruments and unit investment trusts (UITs).  Many of the disputes contain the same allegations, including:Michael Fahsholtz (Michael Anthony Fahsholtz CRD#: 2057306) is a former broker and investment advisor who was registered with broker-dealer Stifel, Nicolaus & Company, Incorporated (CRD#:793) from 2011 until he left the brokerage industry in 2020. Fahsholtz was based in Wenatchee, Washington. Fahsholtz’s FINRA BrokerCheck Report, published by the Financial Industry Regulatory Authority (“FINRA”) indicates that he is the subject of five pending securities arbitration claims, and that three other disputes lodged against Fahsholtz have been settled. Continue reading ›

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