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iStock-494312894-300x200Investors who have gone through FINRA arbitration claims against closed boiler-rooms know that collecting an award can be a problem. Brokers and broker-dealers who have actions filed against them are also required to pay fees, as well as any financial restitution they are ordered to pay.

While most of these arbitration actions result in some form of restitution for the defrauded investor, FINRA reports that about 2% of these cases are never paid. Now FINRA has a single page on its website where you can look up companies and brokers who have left their obligations unpaid. The information is available through BrokerCheck on an individual basis, but this is the first time it has been available collectively. Continue reading ›

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American Realty Capital New York City REIT has changed its name, and is now known as New York City REIT (NYCR). The trust recently updated its charter to reflect the new name.Shares of NYCR were initially sold for $25 each. The company’s board recently approved net asset value of $20.26 per share as of June 30, 2018 (published on October 25, 2018.)American Realty Capital New York City REIT has changed its name, and is now known as New York City REIT (NYCR). The trust recently updated its charter to reflect the new name.

Shares of NYCR were initially sold for $25 each. The company’s board recently approved net asset value of $20.26 per share as of June 30, 2018 (published on October 25, 2018.) Continue reading ›

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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.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 ›

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John L. Perry and Robin Johnson are two former financial advisors for Wells Fargo that have brought a complaint against the company. After news broke of Wells Fargo’s extensive misconduct, their partnership with Wells Fargo lost half its business, and suffered significant damage. (A timeline of Wells Fargo’s actions since 2016 is available here, including over 3.5 million fake accounts and extensive over-charging of clients.)It’s one thing when a company terminates your employment. It’s another thing when the company causes you to lose business.

John L. Perry and Robin Johnson are two former financial advisors for Wells Fargo that have brought a complaint against the company. After news broke of Wells Fargo’s extensive misconduct, their partnership with Wells Fargo lost half its business, and suffered significant damage. (A timeline of Wells Fargo’s actions since 2016 is available here, including over 3.5 million fake accounts and extensive over-charging of clients.) Continue reading ›

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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.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 ›

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Robert Lee Basile (CRD#: 2392772, aka “Bob Basile”) is a former registered broker and investment advisor who was last employed with PARK AVENUE SECURITIES LLC (CRD#:46173) of Corona, CA. His previous employers include Waddell & Reed (CRD#:866) of Riverside, CA, National Planning Corporation (CRD#:29604) of Chino, CA, and Edward Jones (CRD#:250) of St. Louis, MO. He began in the industry in 2009. Basile has only one disclosure, filed on 11/16/2018. In it, he was sanctioned and indefinitely barred by FINRA. Without admitting or denying the findings, Basile consented to the sanctions and signed an Acceptance, Waiver and Consent (AWC) letter. In 2014, Basile’s mother opened a brokerage account at Waddel & Reed shortly after he began employment there, with Basile serving as the broker. Between January 2015 and October 2017, Basile began withdrawing funds without his mother’s knowledge or consent to use for his own living expenses. He improperly converted over $130,000 of his elderly mother’s money.

Robert Lee Basile (CRD#: 2392772, aka “Bob Basile”) is a former registered broker and investment advisor who was last employed with PARK AVENUE SECURITIES LLC (CRD#:46173) of Corona, CA. His previous employers include Waddell & Reed (CRD#:866) of Riverside, CA, National Planning Corporation (CRD#:29604) of Chino, CA, and Edward Jones (CRD#:250) of St. Louis, MO. He began in the industry in 2009.

Basile has only one disclosure, filed on 11/16/2018. In it, he was sanctioned and indefinitely barred by FINRA. Without admitting or denying the findings, Basile consented to the sanctions and signed an Acceptance, Waiver and Consent (AWC) letter. Continue reading ›

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You may have heard the term “churning” in discussions of investments and securities. But you probably won’t know what it means unless you’ve actually experienced it. (Hint: it has nothing to do with butter.)“Churning” is when a broker and/or firm conducted extra trading in your account for the sole purpose of earning additional commissions from the transactions. If you’ve ever looked at an account statement and thought, “that’s quite a lot of broker commissions,” it could mean that your account has been churned.Cetera Advisor Networks will be paying about $1.4 million in fines and restitution related to a former broker who made multiple short-term mutual fund purchases. The broker received sales awards in 2013 and 2014 from the firm. FINRA fined Cetera $700,000, and ordered the firm to pay $691,800 in customer restitution.You may have heard the term “churning” in discussions of investments and securities. But you probably won’t know what it means unless you’ve actually experienced it. (Hint: it has nothing to do with butter.)

“Churning” is when a broker and/or firm conducted extra trading in your account for the sole purpose of earning additional commissions from the transactions. If you’ve ever looked at an account statement and thought, “that’s quite a lot of broker commissions,” it could mean that your account has been churned. Continue reading ›

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Back in August, we told you about Bradley Joseph Tennison (CRD#: 156988), who was barred by FINRA after his discharge from Genos Wealth Management of Mesa, AZ. Tennison was discharged for “selling away,” the practice of offering and selling securities that are not offered by the broker’s firm of employment. The firm was unable to locate any records of these investments, and Tennison was not completely cooperative.A new customer dispute was filed on 10/19/2018, alleging that Tennison recommended to the client that he sell his investments in order to invest in a private placement trust that Tennison managed. Tennison also did not disclose to the customer that he was strictly prohibited from recommending these kinds of investments without review and the express approval from Genos. This allegation led to his discharge from Genos in April of 2018. This customer requests damages of $1,200,000. The case is currently pending.Back in August, we told you about Bradley Joseph Tennison (CRD#: 156988), who was barred by FINRA after his discharge from Genos Wealth Management of Mesa, AZ. Tennison was discharged for “selling away,” the practice of offering and selling securities that are not offered by the broker’s firm of employment. The firm was unable to locate any records of these investments, and Tennison was not completely cooperative.

A new customer dispute was filed on 10/19/2018, alleging that Tennison recommended to the client that he sell his investments in order to invest in a private placement trust that Tennison managed. Tennison also did not disclose to the customer that he was strictly prohibited from recommending these kinds of investments without review and the express approval from Genos. This allegation led to his discharge from Genos in April of 2018. This customer requests damages of $1,200,000. The case is currently pending. Continue reading ›

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sec-300x198Back in June, we told you about John Greg Schmidt (CRD#: 708094) who was barred by FINRA after a series of allegations of misappropriation of funds. Since then the Securities and Exchange Commission has also investigated Schmidt, and has now filed a civil action.

Schmidt was discharged by his last employer, Wells Fargo Advisors Financial Network, LLC (CRD#:11025), of Dayton, OH, after allegations of “unauthorized money movement between clients,” and inaccurate account statements that were not generated or approved by Wells Fargo. Continue reading ›

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A new report from FINRA finds that some brokers and brokerage firms are not doing due diligence for their customers when it comes to variable annuities, REITs, and private placements.This new report finds that some firms rely heavily on these types of securities, over-concentrating clients in non-traded investments, including sector-specific investments and complex structured notes.A new report from FINRA finds that some brokers and brokerage firms are not doing due diligence for their customers when it comes to illiquid securities such as variable annuities, REITs, and private placements.

This new report finds that some firms rely heavily on these types of securities, over-concentrating clients in non-traded investments, including sector-specific investments and complex structured notes. Continue reading ›

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