Securities Arbitration Lawyers Blog

November 2018 FINRA Disciplinary Actions Name Individuals Suspended by FINRA for Failing to Comply with FINRA Rules

December 18, 2018 | Silver Law Group

According to FINRA Disciplinary actions for November 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
Christopher Cervino	Primary Capital, LLC
	COR Clearing LLC
Abdul Chowdhury	AXA Advisors, LLC
	JP Morgan Securities LLC
Michael Durgin	Hilltop Securities Inc.
	First Southwest
Michael Giokas	Fortune Financial Services, Inc
	Comprehensive Asset Management and Servicing
Travis Marks	Wells Fargo Advisors, LLC
	JP Morgan Securities LLC
Richard Minichino	Next Financial Group, Inc
	Wunderlich Securities, Inc
Thomas Park	Merrill Lynch, Pierce, Fenner & Smith Inc
	Wells Fargo Clearing Services, LLC
Brian Roth	The Benchmark Company, LLC
	Intl Assets Advisory, LLC
Whitney Stewart	Morgan Stanley
	Edge Capital Group, LLC
James Taylor	First Empire Securities, Inc
	Morgan Stanley

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.

Registered Individuals Barred by FINRA in November 2018 for Failure to Comply with FINRA Rules

December 18, 2018 | Silver Law Group

According to FINRA Disciplinary actions for November 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
Denise Canez
James Flynn	IFS Securities
James Flynn	Voya Financial Advisors, Inc
Glenn Grosek	Citizens Securities, Inc
Glenn Grosek	Pruco Securities, LLC
Phillip Johnson	D.H. Hill Securities, LLP
Phillip Johnson	Suntrust Investment Services, Inc
Lloyd Johnston	Capital Financial Services, Inc
Lloyd Johnston	BP&J / LLC
Robin Lomont
Bradley Pace	LPL Financial LLC
Bradley Pace	A.J. Pace & Co, Inc
Damian Serret	PFS Investments Inc
James Ward	Northwestern Mutual Investment Services, LLC
Stephen Yaworsky	Raymond James Financial Services, Inc
Stephen Yaworsky	Bancwest Investment Services, Inc.

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 November 2018 for Violations of FINRA Rules

December 18, 2018 | Silver Law Group

According to FINRA Disciplinary actions for November 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
Jose Arizmendi	Silber Bennett Financial, Inc
Jose Arizmendi	TCFG Wealth Management, LLC
Tani Balas	SCF Securities, Inc
Tani Balas	Klopp Agency
Mauricio Borja	Allstate Financial Services, LLCX
Brian Coffey	National Financial Services LLC
Brian Coffey	Fidelity Brokerage Services LLC
Rita Dulya	Kovack Securities Inc.
Rita Dulya	Pro-Integrity Securities, Inc
Makiaha Evans
Brendan Feitelberg	United Planners’ Financial Services of America
Brendan Feitelberg	LPL Financial LLC
Edgar Guzman-Gonzalez	JP Morgan Securities LLC
Mario Jimenez	Merrill Lynch, Pierce, Fenner & Smith Inc
Mario Jimenez	Bank of America, N. A.
Frantz Justafort	JP Morgan Securities LLC
Frantz Justafort	Chase Investment Services Corp.
Linda Lin
Nicholas Maddox	TCFG Wealth Management, LLC
Nicholas Maddox	U.S. Bancorp Investments, Inc.
Gustavo Madrigal-Flores	J.P. Morgan Securities LLC
Virginia Nichols	LPL Financial LLC
Virginia Nichols	Merrill Lynch, Pierce, Fenner & Smith Inc
Jeffrey Offen	Craft Capital Management LLC
Jeffrey Offen	Salomon Whitney Financial
Issac Onu	NY Life Securities LLC
Issac Onu	Wells Fargo Advisors, LLC
Michael Resciniti	Spartan Capital Securities, LLC
Michael Resciniti	First Standard Financial Company LLC
Mark Sachse	Ameriprise Financial Services, Inc.
Mark Sachse	Robert W. Baird & Co Inc.
James Schwede
Zachary Sherry Jr.	NYLIfe Securities LLC
Christopher Simonds	Edward Jones
Kimberly Sredich
Dudley Stephens	Coastal Equilites, Inc
Dudley Stephens	Prospera Financial Services, Inc
Divanna Tejeda	JP Morgan Securities LLC
Divanna Tejeda	Chase Investment Services Corp
Derrick Trussell	PFS Investments Inc.
Derrick Trussell	Primerica Financial Services
Rick Walker	Morgan Stanley
Rick Walker	Citigoup Global Markets Inc
James Walters II	Edward Jones
Mohamed Yassin	National Securities Corporation
Mohamed Yassin	Morgan Stanley

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.

Three Customer Disputes Filed Against Robert Abramowitz

December 13, 2018 | Silver Law Group

Robert Abramowitz (CRD #4437589) is a currently registered broker and investment advisor employed with National Securities Corporation (CRD #7569) of Melville, NY. Previous employers include Oppenheimer & Co. Inc. (CRD #249) of Jericho, NY, Raymond James Financial Services, Inc. (CRD #6694) of Garden City, NY, and Wells Fargo Advisors, LLC (CRD #19616) of Great Neck, NY. He has been in the industry since 2001.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Abramowitz has three disclosures in his record, all customer disputes. The most recent, on 7/30/2018, alleges “breach of contract, negligence, unsuitability, breach of fiduciary duty.” The client is requesting damages of $100,000. No additional information is available.

A previous customer dispute was filed on 3/28/2018, alleging that from 7/26/2011 – 4/11/2016, her investment objectives and risk tolerance were incorrectly state on her new account documentation. Additionally, the client alleged that her investments were unsuitable and were “misrepresented to her.” The client requested damages of $149,236.86, and the firm settled for $75,000.

Did OptionSellers.Com Trade your IRA on Margin

December 6, 2018 | Silver Law Group

iStock-476534078-300x231 OptionSellers.Com, operated by James Cordier and Michael Gross, promoted themselves as expert options traders able to manage money for retail investors promising they can produce consistent returns with limited risk. From offices in Tampa, Florida, Cordier and Gross touted their book “The Complete Guide to Options Selling” claiming to know “how selling options can lead to stellar returns in bull and bear markets.”

Now, OptionSellers.Com website has gone dark, and INTL FCStone, the commodities firm which maintained the customer accounts and managed the risk for loans and margin, claims that many investors owes them millions of dollars. Investors are wondering how INTL FCStone and OptionSellers.Com lost all the money.

While money was lost on naked options, investors allege that either OptionSellers.Com or INTL FCStone failed:

Commodities Fraud Attorneys Pursue INTL FCStone for OptionSellers.Com Investors

December 6, 2018 | Silver Law Group

iStock-476534078-300x231 Silver Law Group has been retained by investors to pursue claims against INTL FCStone for losses related to OptionSellers.Com. Our clients allege that OptionSellers.Com used a web of deceptive marketing materials, misrepresentation and deception to promote a speculative trading strategy which resulted in devastating losses. INTL FCStone allegedly allowed OptionSellers.Com to trade customer accounts including IRA accounts on margin or purchase naked options which caused losses greater than their principal investment. Further allegations relate to FCStone’s knowledge of OptionSellers’ activities and misrepresentations.

In late November 2018, OptionSellers.Com and INTL FCStone informed investors that despite previous representations regarding the safety and security of their investments, many investors had lost almost all of their investment and many investors owed additional margin calls. James Cordier has offered his victims a video apology, but many investors are shocked to learn about his regulatory history and lack of institutional knowledge regarding options trading.

Our Experienced Commodities Fraud Attorneys

Silver Law Group and the Law Firm of David R. Chase Files a Second FINRA Arbitration Claim Against Independent Financial Group Concerning Selling Away Claims

November 30, 2018 | Silver Law Group

What-Keeps-a-Ponzi-Scheme-Running-300x200 Silver Law Group and The Law Firm of David R. Chase have filed their second FINRA arbitration claim against Independent Financial Group alleging its broker recommended the services of an individual who was running a Ponzi scheme.

According to the securities arbitration complaint, the Claimant’s elderly father became a client of Independent Financial Group and its broker, Jon Pariser (CRD# 2755015), after meeting him at a gathering hosted by a fraternal order both were affiliated with.

In or around June 2017, Pariser informed the Claimant that he was retiring. Pariser then allegedly recommended to Claimant Christopher A. Parris, an individual who had been unlicensed for over a decade, as a trustworthy and skilled professional. According to the Statement of Claim, this fact was not disclosed by either Pariser or Independent Financial Group.

Silver Law Group Files Securities Arbitration Claim Against Voya Financial Advisors and IFS Securities Regarding James Flynn

November 29, 2018 | Silver Law Group

Silver Law Group has filed a FINRA arbitration claim against IFS Securities and Voya Financial Advisors, Inc., two firms that employed Greenville, South Carolina-based broker James T. Flynn (CRD# 3082615).

In the securities arbitration complaint, the Claimant alleges that she entrusted Flynn with a significant amount of money to manage while he was employed with Voya Financial Advisors and IFS Securities. According to the complaint, Flynn then proceeded to recommend significant positions in illiquid investments and non-traded REITs, including a Phillips Edison REIT and a business development corporation (BDA) called Business Development Corporation of America.

Flynn proceeded to recommend, according to the FINRA arbitration complaint, the Claimant invest a significant amount of money in these investments. Claimant alleges Flynn made these recommendations solely due to the significant fees and commissions he would earn selling these products. Due to these unsuitable recommendations and IFS Securities and Voya Financial Advisors’ failure to supervise Flynn, Claimant allegedly lost a significant amount of money.

Kari Bracy

November 29, 2018 | Silver Law Group

Kari Marlin Bracy (aka Kari Marlin Farwell, CRD #5656186) is a registered broker employed by NYLIFE Securities LLC (CRD #5167) of Jacksonville, FL. She has been in the industry since 2009, and only with NYLIFE.

iStock-154012464-300x225 Bracy is the subject of one disclosure, filed on 7/31/2018. In it, the client claims that when she invested in Future Income Payments, LLC in December of 2017, Bracy misrepresented this as a safe, conservative investment with a 7.5% annual return for ten (10) years. The client is requesting damages of $142,697.27. Bracy denies the allegations.

Future Income Payments, LLP (FIP) is the subject of a complaint filed by the Bureau of Consumer Financial Protection (BCFP). Filed in the Central District of California, the complaint alleges that the defendants violated the Consumer Financial Protection Act of 2010, 12 U.S.C. § 5536(a)(1)(B), by expressing to consumers that their “pension-advance products” were not loans and not subject to interest rates. The company also claimed that they were comparable to or cheaper than credit card rates. These “purchases” were, indeed, actually very high-interest loans. The company has since shut down, stopped making payments, and the owner, Scott Kohn, is now unavailable. These loans were sold through intermediaries primarily in the Los Angeles, Houston, Chicago, northern Florida and Philadelphia areas.

OptionSellers.Com Suffers Losses After Natural Gas Declines

November 21, 2018 | Silver Law Group

It seemed like a great investment, in natural gas. But like many energy-based investments, there is a considerable volatility involved that’s an uncontrollable variable. In other words, you never know what may happen tomorrow, especially when trading options or using leverage.

Natural gas posted its biggest one-day percentage gain on November 14. The next day, it posted its largest one-day drop in 15 years. According to news stories, OptionSellers.com was betting that natural gas would continue to rise. When it didn’t, everything unraveled, and the company was forced to begin liquidation. Many investors borrowed through margin accounts, some with considerable amounts invested.

Margin-Account-Guidelines-300x200 Tampa, FL-based OptionSellers.com was a commodities trading firm that claimed to be experienced in this type of investment. The firm’s president and head trader, James Cordier, told a recent interviewer, “Our goal is to take an aggressive vehicle and manage it conservatively.” Unfortunately, that’s not exactly what happened. Trading “naked” on margin instead of “covered,” the firm left its investors vulnerable to unlimited exposure, leading to the losses. An article explains that “OptionSellers.com and its principals negligently engaged in a risky trading strategy that was unsuitable for its clients and breached its fiduciary duties to them by putting its interests ahead of its clients.”