Securities Arbitration Lawyers Blog

Silver Law Group is Investigating Sonya D. Camarco of LPL Financial LLC

May 15, 2018 | Silver Law Group

Silver Law Group is currently investigating Colorado Springs, CO based broker Sonya D. Camarco regarding complaints pertaining to failure to provide due diligence to investor clients, misappropriation of client funds, and misrepresentation.

Bahram-Mirhashemi-Facing-Allegations-of-Elder-Financial-Fraud-300x200 Based on FINRA’s BrokerCheck report on Camarco, a complaint was filed on August 23, 2017 alleging that Camarco since approximately 2004 has misappropriated more than $2.8 million in investor funds from her clients and customers while employed at LPL Financial LLC by using her wholly owned company Camarco Investments, Inc. to funnel investor funds to her personal bank account. The complaint, commenced on August 23, 2017, is still pending; however, the damages are expected to be substantial. As a result of the complaint filed, clients have filed subsequent complaints dated on 12/05/2017 in the amount of $19,436.43 in damages for securities fraud and theft, 10/11/2017 in the amount of $12,664.75 in damages for securities fraud and theft, and on 10/20/2017 alleging damages of $52,234.20 that is still pending for breach of fiduciary duty with respect to an elderly individual, conversion, and fraud. As a result of these claims and additional pending actions, Camarco has received a permanent suspension from the securities industry.

Camarco has been employed at Linsco/Private Ledger Corp. from 2004 to the present. Previously, Camarco was employed at LPL Financial LLC from 2004 to 2017, Morgan Stanley DW Inc. from 2000 to 2004, and Merrill Lynch Pierce, Fenner & Smith Incorporated from 1993 to 2000.

Silver Law Group is Investigating Cornelius Peterson of Morgan Stanley Smith Barney

May 15, 2018 | Silver Law Group

Silver Law Group is currently investigating Boston, MA and New York, NY based broker Cornelius Peterson regarding complaints pertaining to failure to provide due diligence to investor clients, misappropriation of client funds and misrepresentation.

Based on FINRA’s BrokerCheck report on Peterson, a complaint was filed on September 1, 2017 alleging that Peterson provided misleading information to investor clients during his employment at Morgan Stanley Smith Barney. In 2016, Peterson and his colleague James S. Polese were both charged with allegations relating to stealing upwards of $450,000 from one of their elderly clients. The allegations include misappropriating at least $350,000 of client’s funds by using $100,000 of the funds to make investments in their own names and directing the remaining $250,000 to their own personal bank accounts. In addition, several unauthorized withdrawals from the client’s account were made that totaled $93,000. Thus far, Peterson has a permanent suspension and the current charge is still pending.

Peterson was previously employed at Morgan Stanley Smith Barney from 2011 to 2017 and St. Lawrence University from 2007 to 2011.

Managing Partner of the Silver Law Group is Interviewed by Television Station Regarding Unlicensed Brokers and Ponzi Schemes

May 14, 2018 | Silver Law Group

Scott L. Silver, managing partner of the Silver Law Group, was interviewed by South Florida’s Local 10 ABC news station concerning the Woodbridge Group of Companies investment fraud. Scott Silver is one of the nation’s leading experts on Ponzi schemes and has represented victims in many of the country’s largest investment frauds, including Madoff, Rothstein and Stanford.

Woodbridge and its affiliated companies have been heavily-featured in the news since the SEC brought fraud charges against the Woodbridge companies in December 2017. Since the SEC filings, news outlets have placed greater scrutiny on the individual “brokers” who sold the investments.

Silver has been representing investors who have been victims of investment fraud, Ponzi schemes and the like for over 20 years. Due to his experience, Channel 10 investigative reporter Bob Norman interviewed Scott concerning the Woodbridge fraud and the selling dealers.

Silver Law Group is Investigating James S. Polese of Morgan Stanley Smith Barney

May 14, 2018 | Silver Law Group

South-Florida-Broker-Giovanni-Acevedo-Accused-of-Converting-Funds-and-Providing-False-Information-to-FINRA-300x198-300x198 Silver Law Group is currently investigating Boston, MA and New York, NY based broker James S. Polese regarding complaints pertaining to failure to provide due diligence to investor clients, misrepresentation regarding client fees and security of investments, and misappropriation of client funds.

Based on FINRA’s BrokerCheck report on Polese, a complaint was filed on January 31, 2018 alleging that Polese provided misleading information to investor clients during his employment at Morgan Stanley Smith Barney. In 2016, Polese and his colleague Cornelius Peterson stole nearly $450,000 from one elderly client by misappropriating $350,000 of the client’s funds and using $100,000 of those funds to make investments in his own name and then directly taking the remaining $250,000 to his own personal bank account. In addition, Polese withdrew in excess of $93,000 of unauthorized withdrawals from the client’s account to pay his credit card expenses and children’s college tuition. The total in damages is yet to be decided as one of the actions is still pending.

Polese was previously employed at Morgan Stanley Smith Barney from 2010 to 2017. He has been employed at UBS Financial Services from 2004 to 2010.

Silver Law Group is Investigating Joseph Francis Valdini of Worden Capital Management LLC

May 14, 2018 | Silver Law Group

Silver Law Group is currently investigating Melville, NY based broker Joseph Francis Valdini regarding complaints pertaining to failure to provide due diligence to investor clients and placing unauthorized trades with subsequent margin call sellouts that caused major financial damages to investors.

Based on FINRA’s BrokerCheck report on Valdini, a FINRA complaint was filed on January 22, 2016 alleging that Valdini provided misleading information to investor clients during his employment at Worden Capital Management LLC. The total in damages alleged was $125,000 that was settled for $79,000. On January 18, 2016, there was also another claim filed during his employment at Worden Capital Management LLC that alleged damages of $28,125.60 related to unauthorized trading with margin call sellouts causing a loss of over $28,000 to one investor client. As a result of failing to cooperate in a FINRA investigation, Valdini has received a permanent suspension.

Valdini was previously employed at Worden Capital Management from 2014 to 2016 and at A&F Financial Securities, Inc. from 2008 to 2014. He has been employed at Aegis Capital Corp. from 2016 until his bar from the industry.

Silver Law Group is Investigating Joseph Daniel Krueger, II of Stifel, Nicolaus, & Company

May 11, 2018 | Silver Law Group

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 Silver Law Group is currently investigating Cleveland, Ohio based broker Joseph Daniel Krueger II regarding complaints pertaining to engaging in outside securities transactions by issuing and selling away promissory notes in the amount of $200,000 with his prior brokerage firm’s clients without notifying his prior brokerage firm.

Based on FINRA’s BrokerCheck report on Joseph Krueger II, a FINRA regulatory action was filed on December 4, 2017 alleging that Krueger II provided misleading information to investor clients from Stifel, Nicolaus, & Company during his employment at Stifel, Nicolaus, & Company, Inc. regarding a startup App company while simultaneously engaging in the selling of outside securities, which were used to finance startup costs associated with the App company. The total in damages fined was $10,000, which also included a suspension of 3 months.

Krueger II was previously employed at Stifel, Nicolaus & Co., Inc. from 2001 to 2015. He has been employed at Robert W. Baird & Co. from 2015 to the present.

FINRA Suspends Broker Shane Jason Kelly

May 8, 2018 | Silver Law Group

Shane Jason Kelly (CRD# 3152000) was recently suspended by FINRA. He was previously registered as a broker and investment advisor, but currently has no registrations. His last known employer was IFP Advisors, Inc. (CRD# 125112) of Tampa, FL.

Kelly’s previous employers include:

LPL Financial, (CRD# 6413) of Port Lucie, FL, from 08/19/2014 to 06/19/2017

MVP REIT/The Parking REIT Losses

May 8, 2018 | Silver Law Group

The Parking REIT recently announced that the board unanimously approved the suspension of all cash distributions and stock dividends, effective March 22, 2018. Their press release states, ”The Board is focused on preserving capital in order to maintain sufficient liquidity to continue to operate the business and maintain compliance with debt covenants, including minimum liquidity covenants…”

Additionally, it has notified the SEC that the company will not be able to make its 10-K filling on time.

This company, the product of a recent merger between two REITs, (real estate investment trust) is a publicly registered, non-traded entity that focuses on a specific type of real estate. In this case, the focus is parking lots and parking-related facilities. The merger between MVP REIT and MVP REIT II was finalized in late 2017. The company is now known as “The Parking REIT,” and is based in Las Vegas, NV. (A REIT is required to pay out 90% of its income in order to avoid corporate income tax.)The company has a portfolio with 44 parking facilities across 15 states.

Individuals Suspended by FINRA in April 2018 for Failing to Comply with FINRA Rules

May 8, 2018 | Silver Law Group

According to FINRA Disciplinary actions for April 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
Robert Thomas Anderson	Wells Fargo Advisors, LLC
Robert Thomas Anderson	UBS Financial Services Inc
Li-Lin Hsu	Ameriprise Financial Services
Li-Lin Hsu	Transglobal Advisory, LLC
Michael David Lee	Newport Group Securities, Inc.
Michael David Lee	The Leaders Group, Inc.
Jeffrey David Miller	LEK Securities Corporation
Jeffrey David Miller	Mitchell Securities, Inc.
Carlos Antonio Rodriquez	UBS Financial Services Inc
Carlos Antonio Rodriquez	Merrill Lynch, Pierce, Fenner & Smith 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.

FINRA Disciplinary Actions for April 2018 Name Individuals Barred for Failing to Comply with FINRA Rules

May 8, 2018 | Silver Law Group

According to FINRA Disciplinary actions for April 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
Chelsea Lauren Clemons-Denby
Deborah Ann Day	Triad Advisors
Deborah Ann Day	Royal Hutton Securities Corp
Truitt Scott Ficklin	Cetera Investment Services LLC
Truitt Scott Ficklin	Edward Jones
Phillip William Formwalt	Woodmen Financial Services
Kevin Richard Graetz	Paulson Investment Company
Kevin Richard Graetz	Roth Capital Partners, LLC
Lawrence E. Hagedorn	The O.N. Sales Company
Lawrence E. Hagedorn	Securian Financial Services, Inc.
Minish Joe Hede	Paulson Investment Company LLC
Minish Joe Hede	Roth Capital Partners, LLC
Raymond Woody Hooker	J.P. Morgan Securities
Raymond Woody Hooker	Chase Investment Services Corp
Brian Patrick Hurley	MML Investors Services, LLC
Brian Patrick Hurley	NYLife Securities
Lindsey Marie Katula	Wells Fargo Clearing Services, LLC
Lindsey Marie Katula	Wells Fargo Advisors, LLC
Jason Harris Klabal	Alexander Capital, L.P.
Jason Harris Klabal	Legend Securities, Inc.
Richard James Murphy	Tullett Prebon Financial Services LLC
Richard James Murphy	Citation Financial Group, L.P.
Michael Alan Sadouskas	Allstate Financial Services, LLC
John Joseph Silvernale	HD Vest Investment Services
Casey Tyler Thompson	Allstate Financial Services, LLC
Casey Tyler Thompson	Northwestern Mutual Investment Services, LLC
Sara Wilhite	PFS Investments Inc.
Sara Wilhite	Primerica Financial Services
Brandon M. Williams	BMO Harris Financial Advisors, Inc.
Brandon M. Williams	Northwestern Mutual Investment Services, LLC
Larry Charles Wolfe	Stoever, Glass & Company Inc.
Larry Charles Wolfe	Aegis Capital Corp.

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.