A National Securities Arbitration & Investment Fraud Law Firm
Jackie Wadsworth (CRD #2342163) is a barred broker who formerly worked with IMS Securities in Houston, Texas (CRD#: 35567). She previously worked with Retirement Investment Group (CRD#: 7421), also in Houston. She has been in the industry since 1993.
Wadsworth is the subject of 9 disclosures, eight of them customer disputes, starting in 1999. Continue reading ›
Silver Law Group, a nationally-recognized law firm representing investors, continues to file FINRA arbitration claims on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (a/k/a Jim Flynn CRD# 3082615) of Greenville, South Carolina.
The claims request compensation to recover investment losses suffered by our clients and allege that Voya Financial failed to supervise Flynn while he was a registered representative of Voya. Continue reading ›
Kristian M. Gaudet (CRD#: 4190811) is a former registered broker whose last employer was Ameritas Investment Corp. (CRD#:14869) of Cut Off, Louisiana. He was previously employed by The Advisors Group, Inc. (CRD#:14035) of Bethesda, MD and Princor Financial Services Corporation (CRD#:1137) of Des Moines, IA. No current employment information is available. He has been in the industry since 2000.
FINRA initiated an investigation after it became suspicious that Gaudet was involved in fraudulent activity. On 12/10/2018, following an internal firm investigation, Ameritas discharged Gaudet after discovering that he was using client funds for personal use. Continue reading ›
Scott J. Donato (CRD#: 2336331) is a former registered broker and investment advisor who was last employed with Morgan Stanley (CRD#:149777) of Miami, FL, until 2017. He previously worked for two different Morgan Stanley companies, (CRD#: 8209 and 7556) since 1993. No current employment information is available.
Scott Donato is the subject of 10 disclosures dating back to 2001. The most recent, on 12/11/2018, is a FINRA regulatory action in which he failed to respond to a request for information from FINRA. He was notified by letter of his suspension on 3/14/2019, and failed to request a termination of his suspension by the three month deadline. FINRA barred Donato indefinitely in all capacities effective 3/14/2019. Continue reading ›
Almost 37,000 consumers are left paying $6.3 million in monthly premiums for insurance plans with Simple Health Plans LLC. The Federal Trade Commission is working on permanently closing the company. However, until a federal judge keeps the company permanently closed, the consumers still need to pay.
Simple Health has been shut down since October 31 when it was served a temporary restraining order. The FTC is accusing the health insurance company of running a huge scam that convinced thousands of consumers into thinking they were buying high quality health insurance policies. They were led to believe that the health insurance they were buying would cover things like hospital stays, visits to primary care physicians and specialists, and prescription drugs. In actuality, Simple Health LLC sold their consumers a package of discount plans and limited-benefit hospital coverage that only paid a maximum of $3,200 a year. Simple Health’s co-founder Steven J Dorfman and his affiliated companies made more than $150 million since 2013. Continue reading ›
Suitability for Retail CustomersFINRA rule 2111 ensures that firms and people associated with firms deal with customers fairly. The rule is composed of three main parts: reasonable basis suitability, customer-specific suitability, and quantitative suitability. FINRA will observe unsuitable recommendations to retail investors and also deficiencies in some firms; supervisory systems.
In the past, FINRA has observed situations where customers’ financial needs were not considered. Registered representatives failed to think about cumulative fees, sales charges, and commissions. Failure to understand the specific features and terms of products recommended to customers was a common contributor to the problems that FINRA observed. Continue reading ›
Silver Law Group is investigating Wellington, Florida based company Winfield Capital Partners, LP and its principals, Richard W. Hartnett and Taryn E. Hartnett.
Winfield Capital Partners is an investment fund managed by Winfield Capital GP LLC. Winfield Capital Partners began soliciting investors in or around 2016 after it filed a Form D with the Securities and Exchange Commission (SEC). According to Winfield Capital Partners’ filed Form D, the fund sought to raise approximately $55 million in investor funds. Continue reading ›
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 ›
Silver Law Group is investigating former Salinas, California-based, Independent Financial Group broker David Marshall after some customers have come forward alleging he recommended his customers invest with unregistered brokers.
According to Marshall’s FINRA BrokerCheck report, Marshall was registered with Independent Financial Group at its Salinas, California branch from July 2015 to October 2017 and is now unregistered. Marshall ran his brokerage business through his own company, Marshall Wealth Management, according to his detailed CRD report. Marshall Wealth Management was also a registered investment adviser. Continue reading ›
When you’re considering working with a financial professional, how do you pick the right person? Do you choose someone with an impressive-sounding title/designation that makes it seem like they have expertise helping people just like you, such as “senior specialist” if you’re a senior citizen?
While a designation like that might inspire confidence, before you work with anyone, you may be surprised to learn what really goes into getting these designations. It might not mean what you think it means. Continue reading ›
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