$70 MILLION Recovery for Investment Fraud

$44 MILLION Recovery for Ponzi Scheme Victims

$25 MILLION Recovery Against National Brokerage Firm

$9.1 MILLION FINRA Arbitration Award Against Brokerage Firm

$7.9 MILLION Securities Arbitration Award Against Stockbroker

$1 MILLION Securities Arbitration Award for Elder Financial Fraud

Securities Arbitration Lawyers Blog

FINRA Names Individuals Suspended in February 2019 for Failing to Comply with FINRA Rules

April 12, 2019 | Silver Law Group

According to FINRA Disciplinary actions for February 2019, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Grossman, Robert	David Lerner Associates, Inc
	National Planning Corporation
Jacobowitz, Oded	Securities America, Inc
	JP Morgan Securities LLC
James, Garland	Garden State Securities, Inc
	Global Arena Capital Corp
Konz, Rachel	Morgan Stanley
	Wells Fargo Advisors, LLC
Moltz, Brian	MML Investors Services, LLC
	Merrill Lynch, Pierce, Fenner & Smith Inc
Park, Thomas	Wells Fargo Clearing Services, LLC
	Merrill Lynch, Pierce, Fenner & Smith Inc
Royster, Brian	HD Investment Services
	LPL Financial LLC
Staff, Phillip	Ameriprise Financial Services, Inc
	Wells Fargo Advisors, LLC

Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide in securities arbitration to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Our lawyers have extensive experience collecting FINRA arbitration awards, prevailing on Motions to Vacate FINRA arbitration awards and using various collection efforts to enforce FINRA awards after they are received.

Were You Overcharged Mutual Fund Fees By Fidelity?

April 12, 2019 | Silver Law Group

The Wall Street Journal reported that Fidelity Investments is the subject of a Labor Department probe and a lawsuit by an investor in a T-Mobile 401(k) plan, regarding the disclosure of an “infrastructure fee” it charges mutual funds for using their FundsNetwork asset management platform.

The lawsuit claims that Fidelity conceals the fee, while Fidelity says it fully discloses all fees it charges. 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 ›

Did You Purchase GPB From William Crafa Of Royal Financial Associates?

March 25, 2019 | Silver Law Group

Broker William Crafa and Royal Alliance Associates are the subject of a FINRA claim on behalf of investors regarding the solicitation and recommendation to purchase GPB Capital Holdings private placement securities. Broker William Matthew Crafa and wealth management firm Royal Alliance Associates, Inc are the subject of a FINRA claim on behalf of investors regarding the solicitation and recommendation to purchase GPB Capital Holdings private placement securities.

GPB Capital Holdings, a New York-based “alternative asset investment firm” that invests in car dealerships and trash hauling companies, has been the subject of a tremendous amount of bad news lately. After raising $1.8 billion for its private placement funds over 10 years, in 2018 GPB announced it would stop raising new money to focus on fixing accounting and financial statements for its two largest funds, GPB Automotive Portfolio and GPB Holdings II. Continue reading ›

Scott Silver Talks To Investment News About GPB Capital’s Trash Hauling

March 15, 2019 | Silver Law Group

After investigations by the SEC, FBI, and FINRA, GPB Capital may now be the subject of an investigation into one of their New York trash removal companies. After multiple investigations by the SEC, FBI, FINRA, and the State of Massachusetts, GPB Capital may now be the subject of an investigation into one of their private New York commercial trash removal companies, according to an article from Pro Publica.

Five Star Carting falls under the administration of New York City’s Business Integrity Commission (BIC), and they recently paid the company a visit. Pro Publica calls it a “raid,” but the reason for the visit was not disclosed. Continue reading ›

Financial Advisor’s Due Diligence On GPB Capital Holdings

March 13, 2019 | Silver Law Group

Questions have been raised about financial advisor's due diligence related to GPB Capital Holdings' private pacements and Five Star Carting. GPB Capital Holdings is being investigated by the state of Massachusetts, FINRA, the SEC, the New Jersey Bureau of Securities, and the FBI. If that weren’t enough, the New York City Business Integrity Commission, which oversees the city’s private trash industry, is also investigating the company.

The company says it buys “income-producing private companies” with the money it raises by having financial advisers sell private placements to investors. A private placement is a way to raise funding by selling securities to investors in a private, rather than a public, offering. Private placements involve significant risk, are illiquid, and are not suitable for many investors’ goals. Continue reading ›

Silver Law Group Investigating Brokerage Firms that Sold GPB Capital Private Placements

March 11, 2019 | Silver Law Group

Silver Law Group is investigating brokerage firms that sold GPB Capital Holdings private placements. Notable brokerage firms that sold the GPB Capital Holdings investments include Sagepoint Financial, Inc.; Woodbury Financial Services, Inc.; Royal Alliance Associates Inc.; National Securities Corporation; and FSC Securities Corp.

Approximately 63 Brokerage Firms Sold GPB Capital Holdings Investments to Customers

In September 2018, William Galvin, Massachusetts Secretary of the Commonwealth, announced that his office was investigating 63 brokers that sold GPB Capital Holdings investments after receiving a tip from an independent firm. Due to other troubles concerning GPB Capital Holdings and its private placements, our firm is investigating claims against these brokerage firms.

FBI Now Investigating GPB Capital Holdings

March 8, 2019 | Silver Law Group

The FBI is now investigating GBP Capital Holdings. The state of Massachussetts, the SEC, and FINRA are also investigating. In February, we told you about three investigations focused on GPB Capital Holdings. The first is by the state of Massachusetts, with two additional separate investigations by FINRA and the SEC. On Thursday, February 28^th, the FBI, accompanied by officials from the New York City Business Integrity Commission, paid an impromptu visit to GPB’s corporate headquarters.

The announcement was made in a letter sent to investors, explaining that “authorities” made an unannounced visit to their offices, and “collected materials.” While the company did not disclose the identity of the “authorities,” an anonymous industry insider disclosed to the press that the visit was from the FBI and the Commission. Continue reading ›

Massachusetts Questions Fidelity’s Fees

March 8, 2019 | Silver Law Group

The state of Massachusetts is looking into the "infrastructure fees" Fidelity charges for using its platform for 401(k) plans. This follows a lawsuit by an investor in T-Mobile's 401(k) plan that claims Fidelity's fees are concealed. The US Labor Department is also investigating. If you use Fidelity’s platform for your 401(k) investments, you may have some additional, unfamiliar fees to pay. You wouldn’t be the only one—others have noticed, and now the State of Massachusetts has launched an inquiry into Fidelity’s fees. The fees are being charged to some mutual funds for using their platform for access to its retirement plan customers.

The securities division of the Massachusetts Secretary of the Commonwealth sent a letter on February 27^th to Fidelity to ask about what’s called “infrastructure fees.” The letter follows a lawsuit by an investor in T-Mobile USA’s 401(k) plan that claims Fidelity conceals these fees. The US Labor Department is also investigating the fees. Continue reading ›

Laidlaw & Company FINRA Complaint

February 21, 2019 | Silver Law Group

Two-South-Florida-Brokers-in-the-FINRA-Spotlight-for-Making-Inappropriate-Loans-300x199 On May 1, 2018, FINRA Department of Enforcement entered into a settlement via Acceptance, Waiver, and Consent (AWC) with Respondent Laidlaw & Company. Without admitting or denying any wrongful acts, Laidlaw consented to a public censure by FINRA, the imposition of a $25,000 fine, as well as agreeing to give FINRA a written statement saying that systems mentioned in the AWC are designed to achieve compliance with “applicable securities laws, regulations, and rules.

FINRA Enforcement alleged that from April 2014 through December 2015, Laidlaw did not establish and maintain a supervisory system and written supervisory procedures (WSPs) designed to ensure that recommendations of leveraged and inverse exchange traded funds (Non-Traditional ETFs) complied with applicable securities laws and FINRA rules.

Non-Traditional ETFs are risky financial products because they are designed to return a multiple of an underlying benchmark or index over the course of a trading session. They are not intended to be held for more than a single trading session. FINRA Regulatory Notice 009-31 states “The performance of Non-Traditional ETFs over periods of time longer than a single trading session can differ significantly from the performance of their underlying or benchmark during the same period of time.”