Unsuitable Investment Advice

Tampa, Florida: Silver Law Group Stockbroker Misconduct Lawyers Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

Florida-Broker-Peter-Gouzos-Banned-by-FINRA-300x206 Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in Tampa, Florida and the surrounding area.

Tampa is located in Hillsborough County, Florida. It is located on the west coast of Florida on the Tampa Bay near the Gulf of Mexico. As of July 2015, Tampa’s population is estimated to be 369,075. Tampa is part of the Tampa Bay Metropolitan area, which consists of St. Petersburg and Clearwater.

Tampa features numerous attractions such as the Tampa Bay Lightning, the Tampa Bay Buccaneers, the theme park Busch Gardens, the Florida Aquarium, and crystal blue gulf beaches.

The Villages, Florida: Silver Law Group, Elder Financial Fraud Attorneys, Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in The Villages, Florida and the surrounding area.

The Villages is located in Sumter County, Florida. According to FOX Business, The Villages is the fastest-growing city in America. The city, one of the fastest-growing retirement communities, also shares the same name as The Villages retirement community. It’s a Manhattan-sized city “with more golf carts than New York has taxis,” according to a Bloomberg report. Continue reading ›

Paul Murans Settles $250K Customer Dispute, Fights Unsuitability Allegations

February 19, 2019 | Silver Law Group

Have-You-Lost-Money-Investing-With-Bennett-Broad-300x225 Paul William Murans (CRD #3266607, aka “Peace Murans”) is a registered broker and investment advisor currently employed with Thurston Springer Financial (CRD #8478) of Indianapolis, IN. His previous employers include UBS Financial Services Inc. (CRD #8174) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691), also of Indianapolis, and UBS Painewebber Inc. (CRD #8174) of Weehawken, NJ. He has been in the industry since 1999.

Murans is the subject of six disclosures, two of which are employment separations. His most recent disclosure was filed on 11/18/2018, carried over from his previous employment with UBS Financial Services. The client claims that from 12/2/2013 through 10/20/2017, Murans misrepresented a “life settlement contract” that was ultimately unsuitable, and unauthorized trading of “structured products.” The client also alleged that she was completely unaware that she was borrowing from her loan account. Murans denies the allegations, and has requested copies of the complaint, as has Thurston Springer Financial, but UBS has not supplied the requested information to verify the complaint. The case was settled for $250,000.

A customer dispute filed on 5/16/2018 is currently listed as “pending.” The customer alleges “Unsuitable investments, unauthorized credit line agreement, unauthorized trades, uninvested funds, lost market opportunity,” and requests damages of $183,000. Murans denies the allegations.

Broker Erik Pica Subject Of Four Disclosures Totaling Over $900K

February 19, 2019 | Silver Law Group

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 Erik Patrick Pica (CRD #4829533) is a currently registered broker employed with Joseph Stone Capital L.L.C. (CRD #159744) of New York, NY. His previous employers include Global Arena Capital Corp (CRD #16871, expelled by FINRA on 4/1/2016), First Midwest Securities, Inc. (CRD #21786), Chicago Investment Group, LLC (CRD #11853, expelled by FINRA on 9/14/2010) and Eastbrook Capital Group LLC (CRD #39781, expelled by FINRA on 9/23/2009), all of New York City. He has been in the industry since 2004.

Pica is the subject of seven disclosures, all customer disputes. The first one was filed on 5/10/2018, alleging “unauthorized trade of 6000 shares Rite Aid Corp unauthorized trade of 550 shares Valeant Pharmaceutical.” The client requests damages of $7,613.65. This case is currently pending.

The next customer dispute was filed on 5/4/2018, with allegations of negligence, over-concentration and suitability.” This client requests damages of $293,000. This case is also currently “pending.”

Katherine Nishnic

February 19, 2019 | Silver Law Group

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224-300x224 Katherine Greer Nishnic (CRD #2499553, a/k/a Katherine Greer Martinson, Katherine Diane Nishnic, Katherine G. Nishnic) is a currently registered broker employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC. Her previous employers include J.P. Turner & Company, L.L.C. (CRD #43177), Gunnallen Financial, Inc (CRD #17609) and First Allied Securities, Inc. (CRD #32444), also of Lexington, SC. She has been in the industry since 1994.

Nishnic is the subject of three disclosures, all recent customer disputes. The first was filed on 11/18/2018, alleging that Nishnic made unsuitable recommendations as well as “other allegations” that were not disclosed. The client is asking for damages of $100,000. Nishnic denies the allegations, and indicates that this may be a client’s family creating the dispute. This case is currently “pending.”

The next customer dispute was filed on 8/21/2017, alleging that the products sold to the client while she and her late husband were customers of Nishnic’s at a different brokerage were unsuitable. This client requests damages of $95,000. Nishnic also denies these allegations. The case was ultimately closed without any action.

Scott Kaup

February 8, 2019 | Silver Law Group

Scott Vincent Kaup (CRD #1002907) is a registered broker and investment advisor currently employed with Summit Brokerage Services, Inc. (CRD #34643) of Stuart, NE. His previous employers include VSR Financial Services, Inc. (CRD #14503), also of Stuart, NE and American General Securities Incorporated (CRD #13626) of Phoenix, AZ. He has been in the business since 1981.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-300x200 Kaup has two disclosures on his record. The first one, filed on 7/13/2018, alleges “unsuitable investment recommendations, material misrepresentations and omissions, and supervisory due diligence failures.” The client is requesting damages of $2,600,000.00. No additional information is available.

The second dispute was filed on 4/25/2016. This claim alleges that Kaup, from 3/30/2001 to 6/14/2010, breached his fiduciary duty, violated common law fraud regulations, made unsuitable recommendations for investments and committed negligence. The claim was settled for $173,000. Kaup denied all claims.

New Customer Disputes For Broker Cindy Chiellini Total $348K In Damages

February 8, 2019 | Silver Law Group

Back in August, we told you about broker Cindy Lucille Porto Chiellini (CRD #1015592) who had three customer disputes on file in her record. Chiellini is still employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-300x200 Since our last report, four customers have filed additional disputes against Chiellini for various complaints and allegations. All four are currently listed as “pending,” and Chiellini denies the allegations in all four disputes.

The most recent dispute was filed on 9/12/2018, with the customers alleging that their investments were “inappropriate and unsuitable based on their investment objectives.” The clients are requesting damages of $150,000.

Two Customer Disputes Filed Against Wenjinn James Chang Worth $125K

February 8, 2019 | Silver Law Group

Wenjinn James Chang (CRD #4536266) is a registered broker and investment advisor currently employed with Independent Financial Group, LLC (CRD #7717) of Rockville, MD. His previous employers include Ameritas Investment Corp. (CRD #14869), also of Rockville, AXA Advisors, LLC (CRD #6627) of New York, NY, and PFS INVESTMENTS INC. (CRD #10111) of Duluth, GA. He has been in the industry since 2002.

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224 Two customer disputes were filed this year against Chang. The most recent was filed on 10/15/2018, requesting damages of $50,000. The customer alleges that Chang over-concentrated in non-traded REITS that were unsuitable and caused losses to the account. Chang denies the allegations, and the firm plans to defend the claim.

His prior dispute was filed on 9/11/2018, alleging that Chang “failed to advise of the risks of the investments made and that the Claimant has suffered losses as a result of the investments made.” Although the client requested damages of $75,000, the firm settled the claim for $10,000 to avoid the costs of litigation. The firm also stated that the settlement was neither an admission of guilt or liability, and there were no facts to support the allegations.

Disgraced Broker Kyusun Kim Terminated By Sandlapper

February 6, 2019 | Silver Law Group

Back in October, we told you about Kyusun Kim (CRD #2864085), a broker who was barred by FINRA after it was discovered he approached individuals who were near or at retirement age, and urged them to liquidate their pensions to invest in “alternative investments.” These investments included risky, non-traded real estate investment trusts (REITs.)

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224-300x224 BrokerCheck now reports that Sandlapper Wealth Management, LLC has discharged him from their employment as of 8/31/2018 after he was barred by FINRA.

The allegations against Kim included wrongful conduct, breaches of fiduciary duty, contract and conduct, violations of securities laws, fraud, financial elder abuse, negligent misrepresentation, inappropriate investments and unsuitable recommendations, as well as one allegation of forged signatures.

Justin Lopez Subject of Two Customer Disputes totaling over $5M

February 6, 2019 | Silver Law Group

Justin William Lopez (CRD #5162263) is a currently registered broker employed with J.P. Morgan Securities LLC (CRD #79) of Mineola, NY. His previous employers are Craig Scott Capital, LLC (CRD #155924, expelled by FINRA on 9/7/2017), Brookstone Securities, Inc. (CRD #13366, expelled by FINRA on 10/9/2012), both of Uniondale, NY, and JHS Capital Advisors, Inc. (CRD #112097) of Tampa, FL. He has been in the industry since 2006.

David-Sullivan-Accused-of-Excessive-Trading-on-More-Than-One-Occasion-300x200-300x200 Lopez has two customer disputes in his FINRA record, the first of which was filed on 7/13/2018, alleging “unauthorized, unsuitable and excessive trading regarding the Equity Listed and Equity OTC investments.” This client requests damages of $5,563,792.00.

The second disclosure, filed on 5/09/2017, has similar allegations of “suitability and excessive trading regarding equity OTC and equity listed investments.” This client requests damages of $55,855.00.