Securities Arbitration Lawyers Blog

FINRA Suspends Registered Individuals in July 2018 for Failure to Comply with FINRA Rules

August 21, 2018 | Silver Law Group

According to FINRA Disciplinary actions for July 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
Anthony Carpenter	UBS Financial Services Inc
Anthony Carpenter	A.G. Edwards & Sons, Inc
James Benjamin Fellus	Spencer-Winston Securities Corp
James Benjamin Fellus	White, Weld & Co. Securities, LLC
Robert Lee Maupin	Fidelity Brokerage Services LLC
Robert Lee Maupin	Cuso Financial Services, L.P.
Gary Lee Wright	Pensionmark Financial Group, LLC
Gary Lee Wright	Pinnacle Wealth Planning 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.

In July 2018 FINRA Bars Registered Individuals for Violations of FINRA Rules

August 21, 2018 | Silver Law Group

According to FINRA Disciplinary actions for July 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
Fernando Enrique Acosta
Paul Anthony Bustamante	Empire Asset Management Company
Paul Anthony Bustamante	Bishop, Rosen & Co, Inc
Janna L. Carruth-Vogler
Xavier Dwight Clinton	J.P. Morgan Securities LLC
Xavier Dwight Clinton	Massachusetts Mutual Life Ins Co
Thomas Matthew Dunlap	AXA Advisors LLC
Saima Ashraf Durrani	J.P. Morgan Securities LLC
Saima Ashraf Durrani	Chase Investment Services Corp
Joshua David Ellis	LPL Financial LLC
Joshua David Ellis	BCG Securities, Inc
James Benjamin Farris	Merrill Lynch, Pierce, Fenner & Smith Inc
James Benjamin Farris	UBS Financial Services Inc
Samuel LaWayne Haddix	Ameriprise Financial Services, Inc
Samuel LaWayne Haddix	IDS Life Insurance Company
Mark Anthony Hernandez	UBS Financial Services Inc
Mark Anthony Hernandez	Morgan Stanley
Christopher Lee Hibbard	Merrill Lynch, Pierce, Fenner & Smith Inc
Abed William Lulu	Worden Capital Management LLC
Abed William Lulu	Rockwell Global Capital LLC
Michael Ray Matos	J.P. Morgan Securities LLC
Michael Patrick Nanto	J.P. Morgan Securities LLC
Michael Patrick Nanto	Mutual of Omaha Investor Services, Inc.
Albert John Papada	Horace Mann Investors, Inc
Zachary T. Rawson	Merrill Lynch, Pierce, Fenner & Smith Inc
Zachary T. Rawson	Bank of America, NA
Anteneh A. Roberts	Merrill Lynch, Pierce, Fenner & Smith Inc
Anteneh A. Roberts	PNC Investments
Jeanette Maria Sanchez

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 July 2018 for Violations of FINRA Rules

August 21, 2018 | Silver Law Group

According to FINRA Disciplinary actions for July 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
Alan Demond Garrett	Fidelity Brokerage Services LLC
Shawn Arthur Goding	Allstate Financial Services, LLC
Shawn Arthur Goding	Shawn Goding Insurance
Ramon Arturo Herrera	Wells Fargo Clearing Services, LLC
Michael Dennis Jackson	Securities America, Inc
Michael Dennis Jackson	Brecek & Young Advisors, Inc
Mandee Khu	J.P. Morgan Securities LLC
Mandee Khu	Chase Investment Services Corp
Spencer Joseph Lassetter	Fidelity Brokerage Services LLC
Andrea Marie Milinkovic	PNC Investments
Andrea Marie Milinkovic	Suntrust Investment Services, Inc
Stephen Allen Murray	Raymond James & Associates, Inc
Stephen Allen Murray	Morgan Keegan & Company, Inc
George James Oldoerp	H. Beck, Inc
George James Oldoerp	Diversified Securities, Inc
Mary E. Olson
Paul Joseph Prestia	Laidlaw & Company
Paul Joseph Prestia	Network 1 Financial Securities, Inc
Amanda Justine Sarabia
David Warren Taylor	Lincoln Financial Securities Corporation

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.

Multiple Complaints Against Former Broker Michael Fitz-Gerald

August 20, 2018 | Silver Law Group

Former broker and investment advisor Michael Edward Fitz-Gerald (aka Michael Edward Fitzgerald, CRD #209062) was last registered with Morgan Stanley (CRD #149777) of San Francisco, CA. Previous employers include Morgan Stanley & Co. Incorporated (CRD #8209) and UBS Financial Services Inc. (CRD #8174), both of San Francisco. He began working in the industry in 1969.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Fitz-Gerald is the subject of six disputes, dating back to 1987. The latest, filed on 6/6/2018, is pending, and requesting damages totaling $240,000 and allege, “inter alia, unsuitability with respect to investments in accounts -2014 to 2015.”

The previous dispute, filed on 2/14/2017, requested damages of $2,348,175.00, and settled for $185,000. The client alleged that his portfolio was insufficiently diversified from 2012 to 2016. A year before, in 2016, another dispute was filed, with the same allegation of insufficient diversification in the account from 2010 through 2015. The damages were unspecified, and case was settled for $50,000.

Securities Arbitration Claims Against National Securities Corp.

August 15, 2018 | Silver Law Group

According to some reports, nearly 1/3 of National Securities brokers have had regulatory issues, legal disputes, or personal financial problems that have been disclosed to investors

National Securities Corporation is one of the oldest financial firms in the U.S., dating back over 70 years. Its the main office is in Seattle, Washington, but the company has licenses to operate in every state in the country, as well as the District of Columbia, Puerto Rico, and the Virgin Islands.

National Securities Corporation is registered with the SEC and three self-regulatory organizations: Nasdaq, Cboe BZX Exchanged, Inc., and the Financial Industry Regulatory Authority (FINRA) – and it is with the latter agency that the company has come under intense scrutiny over the last couple of decades.

Former Broker Ernest Romer Barred By FINRA After Two Investigations

August 13, 2018 | Silver Law Group

Ernest Julius Romer III (CRD #2311741) is a former registered broker and investment broker, last employed with CoreCap Investments, Inc. (CRD #37068) of Sterling Heights, MI. Previous employers include L.M. Kohn & Company (CRD #27913) and Leonard & Company (CRD #36527), both of Sterling Heights, and Comerica Securities (CRD #17079) of Warren, MI. No current employment information is available. He has been in the industry since 1993, and has a total of 36 disclosures in his FINRA record

Romer is currently the subject of two investigations by the state of Michigan into allegations from two clients that he “stole” money from them. The first was filed on 8/28/2017, the second on 9/1/2017. Both are accompanied by correlating FINRA arbitration cases.

The State of Michigan has also barred Romer from working as a broker in the state of Michigan and permanently revoked his license, and levied fines of $1.5 million against him.

FINRA Gives Broker Jeffrey Fanning Suspension, Fines

August 13, 2018 | Silver Law Group

Jeffrey Fanning (CRD #1566859) is a former broker and investment advisor whose last employer was Liberty Partners Financial Services, LLC (CRD #130390) of West Palm Beach, FL. Previous employers include Banc One Securities Corporation (CRD #16999) of Chicago and Andrew Garrett Inc. (CRD #29931) of New York City. No current employment information is available. He has been in the industry since 1986.

FINRA has suspended Fanning for six months as a broker, and one year as a principal following the allegations and findings that he failed to supervise and adequately address possible excessive trading. He has also been fined $20,000 in the case.

Failure-to-Adequately-Supervise-Prompts-FINRA-Suspension-of-Roman-Luckey-300x200 Even when Liberty’s internal processes should have triggered a review, Fanning did not adequately address the trading issues. Fanning was, for a time, a 50% owner in Liberty, as well as Liberty’s CEO, CFO and FINOP. Fanning failed to establish and maintain written supervisory procedures (WSP) for the company to ensure that any excessive trading was reviewed, what the red flags were, and when to notify the customer of the potential for excess trading in their account.

FINRA Suspends Walter Parker For Unsuitable Investments

August 13, 2018 | Silver Law Group

Broker Walter Parker (CRD #2131232) is a former registered broker and investment advisor last employed with Titan Securities, Inc. (CRD #131392) of Rowlett, TX. His previous employers include ING Financial Partners, Inc. (CRD #2882) of Wylie, TX, Locust Street Securities, Inc. (CRD #1703) of Des Moines, IA, and BMA Financial Services, Inc. (CRD #7943) of Kansas City, MO. No current employment information is available. Parker has been in the industry since 1991.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-300x200 FINRA recently suspended Parker for one month, and fined him $7,500 related to his activities with a client’s accounts. Parker made a number of recommendations to a client that she immediately begin investing in “alternative investments.” This client had very little prior investing experience, particularly with alternative investments. She was 64 at the time the account was opened. He recommended that she invest $290,000 into four of these illiquid alternative investments from her retirement accounts, all REITs.

These investments concentrated a large percentage of her net worth into these illiquid alternative investments, and were totally unsuitable for the client’s investment objectives. Unfortunately, the client suffered significant losses from all four of these REITs, requiring her to seek and obtain fulltime employment in 2016.

Broker Michael Rosalia Subject Of Multiple Judgments, Tax Liens

August 13, 2018 | Silver Law Group

Michael Richard Rosalia (CRD #2323953) is a FINRA broker currently registered with Worden Capital Management LLC (CRD #148366) of Melville, NY. He has been with Worden since 12/2/2015. Rosalia’s previous employers include Rockwell Global Capital LLC (CRD #142485), also of Melville, American Capital Partners, LLC (CRD #119249) of Hauppage, NY, and Ladenburg, Thalmann & Co., Inc. (CRD #505) of New York City. He has been in the industry since 1993.

William-Slone’s-45-year-Career-Shows-14-FINRA-Disclosure-Events-300x219 Rosalia’s FINRA record contains 16 disclosures. The most recent was a customer dispute involving a client and the client’s children, with allegations of churning, improper use of margin, unsuitability and high commissions. The children contacted the firm, claiming to represent the customer. But without a power of attorney, or the presence of the client, neither Rosalia nor anyone else the firm could or would speak with them. Eventually, the client and his children had a conference with the firm’s CEO and attorney. The client and children sought damages of $503,828.39; the firm settled for $150,000 to avoid litigation and other related expenses.

Two of Rosalia’s disclosures are bankruptcy dismissals from 2013. Eight of the disclosures from 2009 through 2011 are tax lien judgments totaling $219,663.17. Rosalia’s comment in two of these cases indicated he assumed that they had been already reported on his U4.

Broker Stephen Sullivan Subject of 8 Disclosures

August 13, 2018 | Silver Law Group

Stephen Sullivan (CRD #3123249) is a broker currently registered with SW Financial (CRD #145012) of Melville, NY. His previous employers include Newbridge Securities Corporation (CRD #104065), Legend Securities, Inc. (CRD #44952) and Tryco Securities, Inc. (CRD #104025). Sullivan has worked in the industry since 1998, with a number of broker firms in New York State.

Picture1-2-300x150 Sullivan has 8 disclosures in his career, the first of which is a customer dispute filed on 5/7/2018. The client alleges Sullivan engaged in unsuitable transactions, excessive trading, and failure to supervise, requesting $540,618.00 in damages. Sullivan denies the allegations. In his response, Sullivan states that the client knew about all the transactions and authorized them before they were purchased. This case is currently pending.

In 2016, Sullivan was suspended by FINRA for 10 days and fined $5,000 for “exercising discretion” with two customer accounts without prior written authorization from the clients, and without written permission from the firm. He agreed to the sanctions, signed an Acceptance, Waiver & Consent (AWC) letter, paid the fine and was suspended from 03/07/2016 through 03/18/2016.