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Articles Posted in Unsuitable Investment Advice

At the end of March 2020, Allianz Global Investors (Allianz) liquidated two investment vehicles—Structured Alpha 1000 and 1000 Plus—following substantial losses to the funds, resulting in clients losing millions of dollars. According to news reports, other related Allianz Funds, including Structured Alpha 250, 350, and 500, also suffered heavy losses. Recently, the Securities and Exchange Commission (SEC) requested information about the funds.  The Structured Alpha Funds were a group of investment opportunities offered and managed by Allianz Global Investors. According to marketing materials incorporated into a recent lawsuit against Allianz, the three main principles of the Alpha Funds’ strategy were:  Capitalize on long-term and short-term volatility; Perform irrespective of the market environment; and Employ a three-prong strategy that will (1) profit during normal market conditions, (2) protect against a market crash, and (3) navigate as wide a range of equity-market outcomes as possible.At the end of March 2020, Allianz Global Investors (Allianz) liquidated two investment vehicles—Structured Alpha 1000 and 1000 Plus—following substantial losses to the funds, resulting in clients losing millions of dollars. According to news reports, other related Allianz Funds, including Structured Alpha 250, 350, and 500, also suffered heavy losses. Recently, the Securities and Exchange Commission (SEC) requested information about the funds. Continue reading ›

SagePoint Financial has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1.3 million in restitution to customers for alleged failings related to unit investment trusts (UITs). SagePoint was also ordered by FINRA to pay $300,000 for supervisory violations related to UITs.DID YOUR SAGEPOINT ADVISOR SELL YOU UITs?

SagePoint Financial has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1.3 million in restitution to customers for alleged failings related to unit investment trusts (UITs). SagePoint was also ordered by FINRA to pay $300,000 for supervisory violations related to UITs. Continue reading ›

Dennis Ayre (Dennis Phillip Ayre. CRD# 536174) is a registered broker in Beverly Hills, California. Dennis Ayre has 4 disclosures on his publicly-available FINRA BrokerCheck report, all customer disputes, with most alleging suitability issues. Ayre is currently registered with Hilltop Securities Inc. (CRD# 6220). He was previously registered with Oppenheimer & Co. Inc. (CRD# 249), Merrill Lynch, Pierce, Fenner & Smith Inc. (CRD# 7691), Wells Fargo Advisors (CRD# 19616), and First Republic Securities Company, LLC (CRD# 105108). He has been in the industry since 2008.Dennis Ayre (Dennis Phillip Ayre. CRD# 536174) is a registered broker in Beverly Hills, California. Dennis Ayre has 4 disclosures on his publicly-available FINRA BrokerCheck report, all customer disputes, with most alleging suitability issues.

Ayre is currently registered with Hilltop Securities Inc. (CRD# 6220). He was previously registered with Oppenheimer & Co. Inc. (CRD# 249), Merrill Lynch, Pierce, Fenner & Smith Inc. (CRD# 7691), Wells Fargo Advisors (CRD# 19616), and First Republic Securities Company, LLC (CRD# 105108). He has been in the industry since 2008. Continue reading ›

Jeremy Rosen (Jeremy Seth Rosen CRD# 5513416) is a broker currently registered with Nationwide Planning Associates, Inc. (CRD# 31029) in Easton, Pennsylvania.  Jeremy Rosen has multiple customer disputes alleging unsuitable investments. In the securities industry since 2008, he was previously registered with Berthel, Fisher & Company Financial Services, Inc. (CRD# 13609) and Planned Financial Programs, Inc. (CRD# 3049).Jeremy Rosen (Jeremy Seth Rosen CRD# 5513416) is a broker currently registered with Nationwide Planning Associates, Inc. (CRD# 31029) in Easton, Pennsylvania.

Jeremy Rosen has multiple customer disputes alleging unsuitable investments. In the securities industry since 2008, he was previously registered with Berthel, Fisher & Company Financial Services, Inc. (CRD# 13609) and Planned Financial Programs, Inc. (CRD# 3049). Continue reading ›

Mark Cline (Mark Alan Cline CRD #3206962) is a currently registered broker currently employed with National Securities Corporation (CRD#: 7569) of Wildwood, FL, employed since 2014. His previous employers include Great Nation Investment Corporation (CRD#19981), United Equity Securities, LLC (CRD#47261), and CCF Investments, Inc. (CRD# 136571), all of Fort Lauderdale, FL. Cline has a total of twelve state licenses and two SRO licenses. He has been in the industry since 1999. From 12/11/2019 through 12/31/2019, a total of twelve customer disputes were filed against Cline alleging “suitability.” No other information is currently available on any of these disputes. There is no indication as to whether these disputes were for one client or multiple clients.

Mark Cline (Mark Alan Cline CRD: #3206962) is a currently registered broker currently employed with National Securities Corporation (CRD#: 7569) of Wildwood, FL, employed since 2014. His previous employers include Great Nation Investment Corporation (CRD#:19981), United Equity Securities, LLC (CRD#:47261), and CCF Investments, Inc. (CRD#:136571), all of Fort Lauderdale, FL. Cline has a total of twelve state licenses and two SRO licenses. He has been in the industry since 1999. Continue reading ›

Robert Perlman (CRD# 1892131) is a currently-registered broker with UBS Financial Services who has 3 customer disputes on his publicly-available FINRA BrokerCheck report, including 1 that seeks $750,000 in damages related to investment in the UBS Yield Enhancement Strategy (YES). Robert Perlman (Robert Benjamin Perlman) has been in the securities industry since 1988 when he started at Lehman Brothers (CRD# 7506). He then worked for Credit Suisse Securities (USA) LLC (CRD# 816) before joining UBS (CRD# 8174) in 2015. He works in New York City.Robert Perlman (CRD# 1892131) is a currently-registered broker with UBS Financial Services who has 3 customer disputes on his publicly-available FINRA BrokerCheck report, including 1 that seeks $750,000 in damages related to investment in the UBS Yield Enhancement Strategy (YES).

Robert Perlman (Robert Benjamin Perlman) has been in the securities industry since 1988 when he started at Lehman Brothers (CRD# 7506). He then worked for Credit Suisse Securities (USA) LLC (CRD# 816) before joining UBS (CRD# 8174) in 2015. He works in New York City. Continue reading ›

Richard Wesselt (a/k/a Rich Wesselt, Richard M Wesselt, CRD#: 2195569), a currently-registered broker with Fortune Financial Services, Inc. (CRD#: 42150) in Collegeville, Pennsylvania, is the subject of 16 disclosures on his publicly-available FINRA BrokerCheck report.  Wesselt has been a broker since 1992 and previously worked for The O.N. Equity Sales Company (CRD#: 2936), Stern Agee Financial Services, INC. (CRD#: 18456), American Investment Services, Inc. (CRD#: 21111 expelled), W.S. Griffith & Co., Inc. (CRD# 10410), and PML Securities Company (CRD#: 4082).Richard Wesselt (a/k/a Rich Wesselt, Richard M Wesselt, CRD#: 2195569), a currently-registered broker with Fortune Financial Services, Inc. (CRD#: 42150) in Collegeville, Pennsylvania, is the subject of 16 disclosures on his publicly-available FINRA BrokerCheck report.

Wesselt has been a broker since 1992 and previously worked for The O.N. Equity Sales Company (CRD#: 2936), Stern Agee Financial Services, INC. (CRD#: 18456), American Investment Services, Inc. (CRD#: 21111 expelled), W.S. Griffith & Co., Inc. (CRD# 10410), and PML Securities Company (CRD#: 4082). Continue reading ›

Katherine Greer Nishnic (CRD# 2499553) of Centaurus Financial, Inc. in Lexington, South Carolina, faces seven pending customer disputes, six of which arose this year. Prior to joining Centaurus Financial in 2015, Nishnic worked for First Allied Securities, Gunnallen Financial, Inc., and J.P. Turner & Company, a firm that has since been shut down due to numerous regulatory problems.Katherine Greer Nishnic (CRD# 2499553) of Centaurus Financial, Inc. in Lexington, South Carolina, faces seven pending customer disputes, six of which arose this year. Prior to joining Centaurus Financial in 2015, Nishnic worked for First Allied Securities, Gunnallen Financial, Inc., and J.P. Turner & Company, a firm that has since been shut down due to numerous regulatory problems. Continue reading ›

Approximately one year ago a customer lodged a dispute with the Financial Industry Regulatory Authority (FINRA) against broker Jeanpierre Ayala (a/k/a J.P. Ayala) (CRD# 2765730) due to conduct that occurred while Ayala was employed by Laidlaw & Company in Fort Lauderdale, Florida. Ayala is currently registered with Westpark Capital in Boca Raton, Florida.Approximately one year ago a customer lodged a dispute with the Financial Industry Regulatory Authority (FINRA) against broker Jeanpierre Ayala (a/k/a J.P. Ayala) (CRD# 2765730) due to conduct that occurred while Ayala was employed by Laidlaw & Company in Fort Lauderdale, Florida. Ayala is currently registered with Westpark Capital in Boca Raton, Florida.

According to Ayala’s CRD Report, published by FINRA, the customer alleged misrepresentation and recommendation of unsuitable investments over the course of 2013-2017 and now seeks $200,000. Ayala denies these allegations. The dispute arises out of private placement investments, including a real estate investment trust (REIT). The dispute is currently pending resolution. Continue reading ›

Silver Law Group recently filed FINRA arbitration claims against a broker-dealer for the recommendation and sale of an unsuitable Regulation D (“Reg D”) private placement. The broker-dealer marketed the investment as having huge upside because the company’s initial public offering (“IPO”) was coming up. However, despite repeated promises to customers, the IPO never came and customers’ investments are now worthless.Silver Law Group recently filed FINRA arbitration claims against a broker-dealer for the recommendation and sale of an unsuitable Regulation D (“Reg. D”) private placement. The broker-dealer marketed the investment as having huge upside because the company’s initial public offering (“IPO”) was coming up. However, despite repeated promises to customers, the IPO never came and customers’ investments are now worthless.

The suit alleges that much of the company’s marketing materials was designed to mislead investors into believing the company was profitable and poised for a lucrative IPO. The broker-dealer failed to conduct adequate due diligence on the company and passed this false or misleading information along to its customers. The broker-dealer turned a blind eye to the risks its customers faced because it received a high commission for the capital raised. Continue reading ›

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