Securities Arbitration Lawyers Blog

Morgan Stanley Advisor Barry Garapedian

July 31, 2018 | Silver Law Group

Barry Garapedian (CRD #1039251) is a currently registered broker employed by Morgan Stanley (CRD #149777) of Westlake Village, CA. He has been with Morgan Stanley since 2009. He was previously employed by Citigroup Global Markets Inc. (CRD #7059), Lehman Brothers, Inc. (CRD #7506) and E. F. Hutton & Company, Inc. (CRD #235) He has been in the industry since 1982.

Garapedian has been the subject of three FINRA customer disputes in 2018, all with similar allegations of “unsuitability.” The first one, on 3/20/2018 was denied. The second was filed on 03/22/2018 and involves the period 2013 to 2015, and is listed as “pending.” The third claim, filed on 04/01/18, requests damages of $713,000.00. Garapedian’s statement denies the allegations, and maintains that everything was discussed with the customer prior to any transactions, and the investments recommended were suitable for the client. This claim is also listed as “pending.”

One claim was also filed in 2017, alleging the same “unsuitablility,” and was closed with no action.

Merrill Lynch Broker Anteneh Roberts Banned By FINRA After Misconduct Allegations

July 31, 2018 | Silver Law Group

Anteneh Roberts (CRD #6414549) is a former registered broker and investment advisor whose last known employer was Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Ann Arbor, MI, from 05/15/2015 through 08/10/2017. His previous employer was PNC Investments (CRD #129052) of Cleveland, OH. He is not currently registered with any FINRA broker, and no recent employment information is available.

Roberts has three disclosures, the first of which is a customer dispute filed on 03/29/2017. A court-appointed special representative for the customer’s conservator estate alleged that Roberts “misappropriated” monies from one of the customer’s accounts in September of 2015. The customer requested damages of $54,571.85, and the case was settled for $58,571.85.

The second disclosure involves Roberts’ discharge by Merrill Lynch on 7/17/2017, alleging “conduct inconsistent with firm standards regarding personal bank accounts.” Involvement in the customer dispute of 3/29/2017 is not mentioned.

Stockbrokers Selling Away Securities Arbitration Claims

July 31, 2018 | Silver Law Group

Former-New-York-Life-Broker-Jonathan-Williams-Barred-by-FINRA-as-a-Result-of-Outside-Business-Activities-300x200 If your financial advisor recommends an investment that is not approved by his firm, he may be selling away. Do you trust him or her to make the right investment decisions for you? Do they consult with you and allow you the freedom to review information on your own, and encourage you to communicate with him on a personal e-mail? Or do you just take it on faith, and wonder if you’ve been convinced with a winning smile, charming demeanor or an official-looking prospectus? Dishonest brokers do this every day, and are only found out when they slip up and do something wrong or the investor learns his money is gone.

Many people have a “side hustle” outside of their “day job” that they do for extra money, personal satisfaction or both. It may be as a part-time job in retail, freelancing after hours or starting a small business. You may even know someone holds parties to sell products directly. While there’s nothing inherently wrong with most side jobs, it’s entirely different when your broker does “something on the side.” These outside business activities, at a minimum, are supposed to be disclosed to the firm and approved for sale to the customer.

Anytime a broker does something else, they’re required to notify the firm and get permission, in case there is a conflict of interest and other reasons. (Most large companies require notification for any kind of “moonlighting.”) Some brokers have been known to sell securities outside of their firm—even legitimate ones—without notifying their firm of this outside business interest. A concept frequently referred to as selling away. That’s why research is so important.

SEC Charges Former Broker Steven Pagartanis For – Banned by FINRA

July 31, 2018 | Silver Law Group

The SEC has filed criminal charges against former broker Steven Pagartanis (CRD #1958879). These charges involve defrauding his long-time customers into investing in his own company, a security that was not sold by his firm. He promised his customers that the funds would give them guarantee interest payments. Pagartanis was, in reality, using the money for personal expenses and making “interest payments” out of that account. He created fictitious account statements for his customers to show “ownership.” When he stopped making the payments and complaints were filed, it became clear that he was not operating ethically.

Frederick-Monroe-16-year-Financial-Advisor-Permanently-Barred-by-FINRA-300x200 In addition to SEC charges, he has also been barred by FINRA from acting as a broker or other registered agent after his customers complained about these unapproved investments. Pagartanis’ last employer of record was Lombard Securities Incorporated (CRD #27954) in Seatauket, NY, where he worked from 09/07/2017 through 03/17/2018.

Pagartanis was a broker for 28 years. His previous employers include:

Silver Law Group is Investigating Thomas Murray of FSC Securities Corporation

July 27, 2018 | Silver Law Group

Broker-Ricardo-Broome-Permanently-Barred-From-FINRA-300x200 Thomas Murray (CRD #721725) has received a securities arbitration claim according to the Financial Industry Regulatory Authority (FINRA) CRD system.

Thomas Murray has been registered with FSC Securities Corporation in Hartsdale, New York since 2009. Previous registrations include Advantage Capital Corporation in Hartsdale, New York (2007-2009; 1983-2007) and First Investors Corporation (1981-1983).

Murray is the subject of a pending customer complaint as shown in his BrokerCheck report relating to the sale of oil and gas investments.

Silver Law Group is Investigating John Bryant of Wells Fargo Clearing Services, LLC

July 27, 2018 | Silver Law Group

John Bryant (CRD #3202048) was recently discharged by Wells Fargo over concerns about similar trading strategies in multiple customer accounts and has received a customer dispute according to publicly available records published by the Financial Industry Regulatory Authority (FINRA).

John Bryant has been registered with American Portfolios Financial Services in Clifton Park, New York since March 2018. Previous registrations include Wells Fargo Clearing Services in Albany, New York (2012-2018); UBS Financial Services in Albany, New York (2006-2012); and Mercer Allied Company in Albany, New York (1999-2006).

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Bryant has received one customer complaint and was discharged by Wells Fargo in connection with suspicious trading patterns as shown on his BrokerCheck report.

Silver Law Group is Investigating Samuel Haddix of Ameriprise Financial Services, Inc.

July 27, 2018 | Silver Law Group

Samuel Haddix (CRD #4427350) is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

Samuel Haddix was registered with Ameriprise Financial Services, Inc.’s Memphis, Tennessee branch until January 2017 when he was discharged for noncompliance relating to selling away and outside business activities.

Contact Our Firm if You’ve Invested with Samuel Haddix

Silver Law Group is Investigating David Olson of Morgan Stanley

July 26, 2018 | Silver Law Group

David Olson (CRD #1700644) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Olson consented to the sanction and to the entry of findings that he refused to provide complete documents and information requested by FINRA during an investigation into allegations that he was involved in an undisclosed outside business activity, and that he solicited a loan from a customer of his member firm for that outside business activity.

David Olson was with Morgan Stanley’s St. Petersburg, Florida office until January 2017 when he was discharged after an allegation he engaged in an outside business that was not presented to Morgan Stanley for approval and Olson solicited a loan from a client for that venture. This is frequently referred to as selling away.

Contact Our Firm if You’ve Invested with David Olson

Silver Law Group is Investigating Gary Basralian of Royal Alliance Associates, Inc.

July 26, 2018 | Silver Law Group

Gary Basralian (CRD #14385) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Basralian consented to the sanction and to the entry of findings that he failed to provide FINRA requested documents and information in connection with an investigation into, among other things, the circumstances of his resignation from his member firm. The findings stated that the firm had filed a Uniform Termination Notice for Securities Industry Registration (Form U5) terminating Basralian’s registrations and reporting that he resigned after a customer allegation of fraud and breach of contract related to investments away from the firm.

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Contact Our Firm if You’ve Invested with Gary Basralian

If you invested with Gary Basralian and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.

Silver Law Group is Investigating Lawrence Fawcett, Jr. of Westpark Capital, Inc.

July 26, 2018 | Silver Law Group

Leon-Vaccarelli-Fined-and-Sanctioned-by-FINRA-300x199-1-300x199 Lawrence Fawcett (CRD #5851474) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Fawcett consented to the sanction and to the entry of findings that he failed to produce documents and information requested by FINRA, and failed to appear for on-the-record testimony, in connection with an investigation regarding his outside business activities. Westpark Capital discharged Lawrence Fawcett following allegations that he conducted business from a non-disclosed location as well as made false representations to Westpark.

Contact Our Firm if You’ve Invested with Lawrence Fawcett Jr.

If you invested with Lawrence Fawcett, Jr. and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group. Westpark Capital has received two securities arbitration claims from former customers of Lawrence Fawcett.