Unsuitable Investment Advice

Suspended Newbridge Securities Corp. Broker David Fagenson Under Investigation for Unsuitable Recommendations in Elderly Customer Accounts

May 21, 2019 | Silver Law Group

Silver Law Group is investigating Boca Raton, Florida-based Newbridge Securities Corporation broker David Fagenson (CRD# 1652012) after FINRA suspended him for eight (8) months for alleged misconduct in elder customer brokerage accounts.

According to Fagenson’s FINRA BrokerCheck report, FINRA suspended the Florida-based broker in November 2018. FINRA suspended Fagenson after he entered into an Acceptance, Waiver & Consent (AWC) that found Fagenson engaged in excessive and unsuitable trading in three (3) senior customer brokerage accounts while employed by UBS Financial Services Inc. Continue reading ›

FINRA Suspends Danard (Dan) Brown After Arbitration Judgment

May 20, 2019 | Silver Law Group

Dan Brown (CRD#: 3184347) is a previously registered broker whose last employer was Joseph Stone Capital L.L.C. (CRD#:159744) of Center Moriches, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340), Legend Securities, Inc. (CRD#:44952, expelled by FINRA on 4/17/2017) and Tryco Securities, Inc. (CRD#:104025), all of Miller Place, NY. Three of his former employers have been expelled by FINRA. He has been in the business since 1999. Continue reading ›

Richard Pittman, Cetera Advisors, Customer Disputes Total $1M

May 20, 2019 | Silver Law Group

Richard Lynn Pittman (CRD#: 2845145) is a registered broker and investment advisor currently employed with Cetera Advisors LLC (CRD#: 10299) of Memphis, TN. His previous employers include Investors Capital Corp. (CRD#:30613), also of Memphis, Washington Square Securities, Inc. (CRD#:2882) of Des Moines, IA, and WMA Securities, Inc. (CRD#:32625) of Duluth, GA. He has been in the industry since 1997.

Richard Pittman has three disclosures, all recent customer disputes. The most recent dispute, filed on 10/31/2018, alleges that Pittman made unsuitable recommendations on investments that were purchased in 2008. Damages requested total $300,000. Pittman denies the allegations, and the case is currently pending. Continue reading ›

Recent Cases For Robert Child Settled For Total Of $2.5M

May 20, 2019 | Silver Law Group

Robert David Child (CRD#: 500359) is a former registered broker and investment advisor whose last employer was National Securities Corporation (CRD#:7569) of Boca Raton, FL. Previous employers include Vfinance Investments, Inc (CRD#:44962 and #25121), also of Boca Raton, and UBS Painewebber Inc. (CRD#:8174) of Weehawken, NJ. He has been in the industry since 1976.

Child is the subject of 13 disclosures dating back to 1983. His most recent was filed on 10/31/2016, alleging breach of fiduciary duty and contract, suitability and negligence. The client requested damages of $250,000, and the case settled for $135,000. No additional information is available. Continue reading ›

Robert Witt Barred By FINRA

May 17, 2019 | Silver Law Group

Robert Daniel Witt (CRD#: 2926506) is a previously registered broker and investment advisor whose last employer was Voya Financial Advisors, Inc. (CRD#:2882) of Libertyville, IL. His previous employers include ING Financial Partners, Inc. (CRD#:2882) of Bloomington, IN, Oneamerica Securities, Inc. (CRD#:4173) and American United Life Insurance Company (CRD#:1075), both of Indianapolis, IN. No current employment information is available. He has been in the industry since 1997. Continue reading ›

FINRA Bars Omar K. Henry

May 16, 2019 | Silver Law Group

Omar K. Henry (CRD#: 5751648) is a former registered broker and investment advisor whose last employer was Cetera Advisors LLC (CRD#:10299) of New York, NY. His previous employers include J.P. Morgan Securities LLC (CRD#:79) of Franklin, NJ, and Chase Investment Services Corp. (CRD#:25574) of Sussex, NJ. He has been in the industry since 2010.

On 09/27/2018 and 10/22/2018, FINRA sent two Notices of Suspension to Henry after he failed to respond to a request for information. On 12/31/2018, after failing to request termination of his suspension, FINRA barred Henry indefinitely, and in all capacities. No additional information is available. Continue reading ›

Christopher Bice Of SagePoint Financial Subject Of 5 Disclosures For $1.75 Million

April 12, 2019 | Silver Law Group

Broker Christoper Bice is a broker employed by SagePoint Financial of Greensboro, NC. His publicly-available FINRA BrokerCheck report includes five disclosures, four customer disputes and one employment separation after allegations. Broker Christoper Bice (CRD#: 3222439) is a currently-registered broker employed by SagePoint Financial, Inc (CRD#: 133763) of Greensboro, NC. He has been in the industry since 1999.

Bice’s publicly-available FINRA BrokerCheck report includes five disclosures, four customer disputes and one employment separation after allegations. Continue reading ›

NAIFA Files Anti-Investor Lawsuit Against New York State

February 20, 2019 | Silver Law Group

The National Association of Insurance and Financial Advisors of New York State Inc. (“NAIFA”) filed a lawsuit on November 16 in the New York Supreme Court alleging New York regulation requiring insurance agents and brokers to act in the best interest of their clients when selling life insurance and annuity products is unfair. It is arguing that the state’s Department of Financial Services overstepped its boundaries by promulgating the rule without legislative or constitutional authorization.

The suit also states the insurance sales standard contradicts existing New York insurance law, as it requires insurance sales professionals to prioritize their clients before their firms. Many investors remain confused why insurance agents or financial advisors are not required to act in the clients’ best interest.

Donald Damick, an agent with Nationwide Insurance Companies and past president of NAIFA New York State, has stated that this rule has put him and many other in an impossible situation, as agents are under contractual obligations to act as an agent of the insurer, not of the customer. “I can lose my NYDFS license if I do not follow the state’s insurance statutes, and now I can also face penalties under the regulation’s best-interest standard,” he said.

Boca Raton, Florida: Silver Law Group Securities Arbitration Attorneys Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

Have-You-Invested-Money-with-William-“Billy”-Nelson-and-Lost-300x200 Silver Law Group is investigating claims against brokers and financial advisors who committed misconduct in Boca Raton, Florida and the surrounding area.

Boca Raton is located in Palm Beach County, Florida on the east coast of the state. The city is located less than 50 miles away from Miami and less than 20 miles away from Silver Law Group offices. As of July 2015, Boca Raton’s estimated population is just over 93,000.

Boca Raton is home to the main campus of Florida Atlantic University, also known as FAU. Additionally, major supplier of office products and services Office Depot has its global headquarters in Boca Raton.

Orlando, Florida: Silver Law Group Securities Fraud Attorneys Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

iStock-492125706-300x200 Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in Orlando, Florida and the surrounding area.

Orlando is located in Orange County, Florida and has a population of just under 2.5 million as of July 2015, the third-largest metropolitan area in Florida.

Orlando is also known as the “Theme Park Capital of the World,” featuring numerous high-profile theme parks such as Disney’s Magic Kingdom, Disney’s Epcot, Universal Studios, and Seaworld. In fact, the theme parks attracted over 66 million visitors to Orland in 2015 alone.