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Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Aegis' underwriting included propping up companies “constantly on the verge of delisting and bankruptcy.” These failing stocks were sold to Aegis' retail brokerage customers, then traded and re-traded “at significant markups and markdowns,” with considerable financial incentives for brokers who did. Trading in these worthless stocks led to Aegis’ investors losing at least $5 billion, according to the report. These companies included:Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Continue reading ›

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An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. The action resulted from the client’s purchase of Colorado Bankers’ Life annuities. In the arbitration, the retiree’s legal counsel argued that Citizens Securities violations included breach of contract and warranties, promissory estoppel; violation of state securities statutes; state insurance statute violations; breach of fiduciary duty; claims under common law; and vicarious liability. Citizens Securities heavily promoted these annuities, offering high commissions and incentives to brokers for selling them. But when North Carolina regulators seized company assets, investors’ money was frozen and unavailable. Most were elderly retirees and investors who bought Colorado Bankers’ Life annuities for the income from the dividends and were then left without that income.An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. Continue reading ›

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James Roy Paige (CRD# 1726609) is a broker and investment advisor currently registered with Wells Fargo Clearing Services, LLC (CRD# 19616) of Vero Beach, FL. Previously, he was registered with Morgan Stanley, (CRD# 8209 and CRD# 7556) also of Vero Beach, and Blinder, Robinson & Co., Inc. (CRD# 5096, no location given.) He has been in the industry since 1987. In a dispute filed on 2/6/2024, a customer alleged that Paige made recommendations to them that were “unsuitable and too risky for Claimants' investment knowledge and needs.”  No requested damages are listed.James Roy Paige (CRD# 1726609) is a broker and investment advisor currently registered with Wells Fargo Clearing Services, LLC (CRD# 19616) of Vero Beach, FL. Previously, he was registered with Morgan Stanley, (CRD# 8209 and CRD# 7556) also of Vero Beach, and Blinder, Robinson & Co., Inc. (CRD# 5096, no location given.) He has been in the industry since 1987. Continue reading ›

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FINRA’s Arbitration Panel recently awarded “emotional distress damages” to two investors involved in a claim against Ages Financial Services involving the sale of GWG Holding’s ill-fated L-Bonds. Silver Law Group has represented many GWG investors. The two investors received $75,000 each. It is one of FINRA’s largest awards for emotional distress damages in its history. Ages Financial Services is a Boston-based broker-dealer that sold the investors the L-Bonds for $246,000. In the claim, the six investors claimed breach of fiduciary duty, suitability, and additional allegations, along with compensatory damages of $648,000. FINRA’s total award came to $1.08 million, including attorneys' fees and interest. What Are Emotional Distress Damages In FINRA Arbitration? Many personal injury claims include requests and damages for “pain and suffering.” This is non-economic damages for the grief caused by an accident that caused a plaintiff to experience financial losses. Similarly, emotional distress damages for an investment claim are awarded to a claimant in arbitration for the grief caused by the loss of their investment.FINRA’s Arbitration Panel recently awarded “emotional distress damages” to two investors involved in a claim against Ages Financial Services involving the sale of GWG Holding’s ill-fated L-Bonds. Silver Law Group has represented many GWG investors. The two investors received $75,000 each. It is one of FINRA’s largest awards for emotional distress damages in its history. Continue reading ›

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Keith Dagostino (CRD# 2837860) is a broker currently registered with EF Hutton of Woodbury, NY. His previous employers include Aegis Capital Corp. (CRD# 15007) And Oppenheimer & Co. Inc. (CRD# 249), both of Melville, NY, and Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Oyster Bay, NY. He has been in the industry since 1997.  Silver Law Group represents investors in claims against Aegis Capital relating to accounts managed by Keith Dagostino. Dagostino is the subject of eighteen disclosures, all customer disputes. Fifteen of these disputes were filed since 3/6/2023, and seven are still pending.   Keith Dagostino (CRD# 2837860) is a broker currently registered with EF Hutton of Woodbury, NY. His previous employers include Aegis Capital Corp. (CRD# 15007) And Oppenheimer & Co. Inc. (CRD# 249), both of Melville, NY, and Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Oyster Bay, NY. He has been in the industry since 1997.  Continue reading ›

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Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with  Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. A customer dispute filed on 6/2/2023 alleged that funds were withdrawn from her account from September 1, 2022, to February 3, 2023, without her knowledge. Morgan Stanley Wealth Management settled this dispute for $395,710.21.Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with  Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. Continue reading ›

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William King (William Worthen King CRD# 1432593, aka “Bill King”) is a previously registered broker and investment advisor who spent his entire 37-year career at Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Vero Beach, FL beginning in 1985.  King voluntarily resigned from Merrill Lynch on 4/21/2023 after allegations of “unsuitable and unauthorized trading in certain clients' accounts.” No additional information is available.   Since 8/17/22, a total of 19 customer disputes have been filed in King’s record, with the most recent filed on 10/15/2023. Most filed between 4/15/2023 and 10/15/2023 are currently in pending status.  Eight of the disputes were denied. Three claims filed in 2022 were settled for a collective total of $332,500.  William King (William Worthen King CRD# 1432593, aka “Bill King”) is a previously registered broker and investment advisor who spent his entire 37-year career at Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Vero Beach, FL beginning in 1985.  Continue reading ›

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Jose Candelario (Jose Manuel Candelario Padilla CRD# 4847560) is a previously registered broker and investment advisor last registered with Nationwide Planning Associates Inc. (CRD# 31029) of Hato Rey, PR. His previous employers included Oriental Financial Services Corp. (CRD# 29753) of Ponce, PR, Samuel A Ramirez & Co., Inc. (CRD# 6963) of Hato Rey, PR, and R-G Investments Corporation (CRD# 113293) of San Juan, PR. No current employment or registration information is available. He has been in the business since 2004. Padilla is the subject of 49 disclosures dating back to 2006, 47 of which are customer disputes.  Jose Candelario (Jose Manuel Candelario Padilla CRD# 4847560) is a previously registered broker and investment advisor last registered with Nationwide Planning Associates Inc. (CRD# 31029) of Hato Rey, PR. His previous employers included Oriental Financial Services Corp. (CRD# 29753) of Ponce, PR, Samuel A Ramirez & Co., Inc. (CRD# 6963) of Hato Rey, PR, and R-G Investments Corporation (CRD# 113293) of San Juan, PR. Continue reading ›

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­­Andrew Miles (­­Andrew William Miles CRD# 5986774) is a former registered broker and investment advisor last employed with Green Vista Capital, LLC (CRD#:293630) of Winter Park, FL until 3/10/2021. Previously, he was registered with The Strategic Financial Alliance, Inc. (CRD#:126514) of Vero Beach, FL. He has been in the industry since 2011. Andrew Miles is the subject of eight customer disputes with similar allegations, and five are currently listed as “pending”: Filed 5/2/2023, this dispute contains multiple allegations of unsuitability, negligence, fraud, breach of contract, violation of and aiding and abetting violation of the Florida Securities And Investor Protection Act, and “equitable rescission” (annulment of a contract). The customer requests damages of $700,000.Andrew Miles (­­Andrew William Miles CRD# 5986774) is a former registered broker and investment advisor last employed with Green Vista Capital, LLC (CRD#:293630) of Winter Park, FL until 3/10/2021. Previously, he was registered with The Strategic Financial Alliance, Inc. (CRD#:126514) of Vero Beach, FL. He has been in the industry since 2011. Continue reading ›

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Structured notes are a lesser-known investment vehicle for individual retail investors. These are hybrid-style investments that combine several different types of investments based on something else, such as the S&P 500, interest rates, commodities, foreign currency exchanges, or one or more securities. An investor’s return is linked to this outside element, making them “derivative” investments instead of direct ones. Issued by financial institutions and sold to investors by broker-dealers, structured notes have two elements, the embedded derivative, and a bond element. The note’s returns will depend on the repayment of the underlying bond by the issuer, and a premium paid based on the linked asset. The return on a structured note depends on the issuer repaying the underlying bond and paying a premium based on the linked asset.Structured notes are a lesser-known investment vehicle for individual retail investors. These are hybrid-style investments that combine several different types of investments based on something else, such as the S&P 500, interest rates, commodities, foreign currency exchanges, or one or more securities. Continue reading ›

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