Securities Arbitration Lawyers Blog

In October 2018, Registered Individuals Suspended by FINRA for Failing to Comply with FINRA Rules

October 26, 2018 | Silver Law Group

According to FINRA Disciplinary actions for October 2018, 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
Jason Beem	Morgan Stanley
	UBS Financial Services Inc
Stephen Grivas	Blackbook Capital LLC
	Obsidian Financial Group LLC
Eric Negron	LPL Financial LLC
	Ameriprise Financial Services, Inc
Garry Savage Jr.	Wallstreet Strategies, Inx
	Securities America, Inc
Gary Savage Sr.	Wall Street Strategies, Inc
	Securities America, Inc
Mark Vanaelst	Morgan Stanley
	Robert W. Baird & Co
Aaron Willbanks	Willbanks Securities, Inc
	Birchtree Financial Services, Inc.

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.

October 2018 Disciplinary Actions Name Individuals Barred from FINRA for Violations of FINRA Rules

October 26, 2018 | Silver Law Group

According to FINRA Disciplinary actions for October 2018, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Lindsey Brown
William Downing	Coastal Equities, Inc
William Downing	J. W. Cole Financial, Inc
Keven Gayle	NYLife Securities LLC
Jose Giraldo	Merrill Lynch, Pierce, Fenner & Smith Inc
Jose Giraldo	Bank of America NA
Cristhelle Medina	J.P. Morgan Securities LLC
	Well Fargo Advisors, LLC
Stephen Murray	Raymond James & Associates, Inc
Stephen Murray	Morgan Keegan & Company, Inc
Ivan Reyes	Alexander Capital, L.P.
Ivan Reyes	Craft Capital Management LLC
David Rodgers	Allstate Financial Services, LLC
David Rodgers	Rodgers Capital Management
Michael Sekusky
Jimmy Tran	J.P. Morgan Securities LLC
Jimmy Tran	Wells Fargo Advisors, LLC
Anthony Valois	PHX Financial, Inc
Anthony Valois	Meyers Associates, L.P.

FINRA makes this information available, in part, to inform investors about potential red flags or problems with certain stockbrokers. If you invested with anyone in this report and have questions about your legal rights, our attorneys will talk with you at no cost to explain your legal rights and about how we can help recover your investment losses through securities arbitration or litigation.

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.

FINRA Suspends Registered Individuals in October 2018 for Violations of FINRA Rules

October 26, 2018 | Silver Law Group

According to FINRA Disciplinary actions for October 2018, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Gregory Adamo	Allstate Financial Services, LLC
Gregory Adamo	National Securities Corporation
Ricardo Bustamante	J.P. Morgan Securities LLC
Ricardo Bustamante	Bustamante Family Legacy LLC
Daniel Flores	Woodbury Financial Services, Inc
Daniel Flores	Princor Financial Services Corporation
Jose Giraldo	Merrill Lynch, Pierce, Fenner & Smith Inc
Jose Giraldo	David Lerner Associates, Inc
Joshua Krize	Wells Fargo Clearing Services, LLC
Joshua Krize	Country Capital Management Company
Francine Lanaia	Windsor Street Capital, LP
Francine Lanaia	Meyers Associates LP
Scott Miozzi	NYLife Securities LLC
Daniel Moore
Scott Newbanks	KMS Financial Services, Inc
Scott Newbanks	United Planners’ Financial Services of America
Yousuf Saljooki	Worden Capital Management LLC
Yousuf Saljooki	Salomon Whitney Financial
Jameson Shin	LPL Financial LLC
Jameson Shin	Wells Fargo Advisors LLC
Margaret Sterr	M Holding Securities, INC
Margaret Sterr	Catalyst Solutions Group, Inc
Francisco Valenzuela	Morgan Stanely
Francisco Valenzuela	Merrill Lynch, Pierce, Fenner & Smith Inc
Bryce Vance	Farmers Financial Solutions, LLC
Jackie Wadsworth	IMS Securities Inc
Jackie Wadsworth	Retirement Investment Group
Stephen Williams	LPL Financial LLC
Stephen Williams	Edward Jones
Eric Zimmer	LPL Financial LLC
Eric Zimmer	Edward Jones

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.

Parking REIT Files For $100M IPO After Raising Substantial Funds From Retail Investors

October 25, 2018 | Silver Law Group

Real estate investment trust, Parking REIT, which owns parking lots unveiled a $100 million initial public offering Tuesday as the company looks to pay off debts and expand an existing network of parking facilities across the U.S.

In a SEC filing with the U.S. Securities and Exchange Commission, Parking REIT set a $100 million maximum aggregate offering price. However, that $100 million figure may be a placeholder frequently used on initial IPO filings. Moreover, it is unclear whether investors will be able to sell their funds at or near their cost basis.

The Parking REIT is managed by Nevada-based The Parking REIT Advisors. The company invests in parking lots, garages and other structures in the U.S. Parking REIT said its primary use for the funds raised in the IPO will be the repayment of $9.1 million in debt, in addition to general corporate purposes, working capital and the acquisition of additional parking locations.

Silver Law Group Files Claim Against Portfolio Advisors Alliance Alleging Brokers Churned Account and Racked Up Over $500,000 in Commissions

October 22, 2018 | Silver Law Group

Silver Law Group has filed a FINRA arbitration claim against Portfolio Advisors Alliance, LLC after its brokers excessively traded (churned) the Claimant’s account.

The securities arbitration claim alleges the Claimant met his initial Portfolio Advisors Alliance broker in 2013 at another brokerage firm: FINRA-barred firm John Thomas Financial. The Claimant initially opened his accounts with a modest sum of money and gave the broker a chance to make money for him as he promised. The broker proceeded to convince the Claimant to utilize margin in order to increase his profits, according to the FINRA arbitration claim, and deposit additional funds to satisfy margin calls.

Unfortunately for Claimant, the broker allegedly proceeded to churn the account, repeatedly buying and selling four (4) different stocks, including several high-risk and speculative pharmaceutical investments. When the broker resigned, another broker took over the accounts without the Claimant’s knowledge and proceeded with the same “investment strategy” of making unauthorized transactions and churning the account, according to the securities arbitration claim.

James Flynn, Former South Carolina-based IFS Securities and Voya Financial Advisors Broker, Under Investigation

October 22, 2018 | Silver Law Group

Silver Law Group is investigating former Greenville, South Carolina-based broker James T. Flynn (CRD# 3082615) after FINRA permanently barred the broker.

FINRA Bars James T. Flynn After Numerous Customers File FINRA Arbitrations

According to Flynn’s FINRA BrokerCheck report, FINRA permanently barred Flynn in June 2018 after he failed to respond to a FINRA inquiry. The FINRA bar follows approximately 17 disclosures on Flynn’s FINRA BrokerCheck report and two employment terminations within one year.

Silver Law Group Has Filed Another FINRA Arbitration Claim Against Wells Fargo After it Broker Recommended Unsuitable Investments to Elderly Client

October 22, 2018 | Silver Law Group

Silver Law Group has filed a FINRA arbitration claim against Wells Fargo Clearing Services, LLC (Wells Fargo) after its broker allegedly recommended unsuitable, high-risk investments to his elderly customers.

According to the securities arbitration complaint, the elderly Claimants were immigrants with the equivalent of a third grade education. The Claimants had worked hard to save and had been retired since 2005.

According to the FINRA arbitration complaint, the elderly Claimants sought a reputable broker who could speak Spanish in 2014. The Claimants had no experience investing, could not speak English, and greatly relied on Wells Fargo, according to the securities arbitration claim. Further, Claimants entrusted the entirety of the retirement money to Wells Fargo and did not want excessive risk.

FINRA Bars Broker Kyusun Kim After Multiple Customer Complaints Of Unsuitability

October 12, 2018 | Silver Law Group

Kyusun Kim (CRD #2864085) is a registered investment advisor and previously registered broker, last employed and registered with Sandlapper Securities, LLC, of San Diego, CA. (He is also known as “Kyu Sun Kim” or “Kenny Kim.”) Kim’s previous employers include Independent Financial Group, LLC (CRD #7717), Lincoln Financial Advisors Corporation (CRD #3978), both also of San Diego, and The Lincoln National Life Insurance Company (CRD #2580) of Fort Wayne, IN. He began in the industry in 1997.

Kim is the subject of 23 customer disputes dating back to 2007. One dispute was denied; nine are pending, and the remaining thirteen are settled, with one settlement rescinded. The total for Kim’s twelve settled cases is $2,995,443. His nine pending complaints include requested damages totaling $2,950,000.

New Jersey Broker Richard Grant Cody May Be Facing Serious Penalties on elderfinancialfraudattorneys.com Between 2008 and 2015, Kim was accused of soliciting the business of individuals who were retired or near retirement age, and recommended that they liquidate their pension plans and 401(k) to invest with him in so-called “alternative investments,” including things like non-traded real estate investment trusts (REITs.) Many of these customers had little or no investment experience, and were unfamiliar with these types of securities. The higher risk involved made them inconsistent with the more conservative objectives. Kim failed to disclose the extra risk involved in many of these securities, and most suffered substantial financial losses.

SEC Awards Two More Whistleblowers A Total of $54M

October 12, 2018 | Silver Law Group

Murphy’s-Misconduct-1024x1024-300x300 The Securities and Exchange Commission recently announced that the agency has awarded two more individuals funds totaling $54 million under the SEC’s Whistleblower Program.

The first individual was awarded $39 million, and the second was awarded $15 million. Both offered information and assistance that resulted in enforcement actions. The $39 million award is the second largest award in the program’s history.

After voluntarily providing the SEC with “original, timely, and credible information that leads to a successful enforcement action,” individuals may be eligible for monetary awards. For sanctions exceeding $1 million, whistleblowers may be awarded as much as 10% to 30%. Whistleblowers are a great help to an investigation, and can supply valuable information that might not otherwise be available.

CTFC Orders Restitution of $11.9M In Commodities Fraud

October 12, 2018 | Silver Law Group

The Commodity Futures Trading Commission (CTFC) filed orders today that brought and settled cases against two commodities firms engaged in unauthorized trading and two traders attempting to manipulate commodity prices.

In the first case, Iowa-based Kooima & Kaemingk Commodities, Inc. (K&K), Lauren Kaemingk (Kaemingk), and Bradley Kooima (Kooima) were charged with:

Fraud