Securities Arbitration Lawyers Blog

FINRA Bans Broker Michael Alan Siegel After Repeated Complaints and Investigations

April 27, 2018 | Silver Law Group

FINRA has barred Michael Alan Siegel (CRD# 1950871) from “acting as a broker or otherwise associating with a broker-dealer firm.” Siegel was a previously registered broker and investment advisor and worked in the financial services industry since 1992. His last registered place of employment was with National Securities Corporation of Edison, NJ (CRD# 7569), from 04/21/2014 through 05/13/2016

Siegel’s previous work history includes 13 investment companies:

Concorde Investment Services (CRD# 151604), in Parsippany, NJ from 09/19/2013 through 04/22/2014

Discharged Morgan Stanley Broker Charles Albert Dixon Is Permanently Barred By FINRA

April 27, 2018 | Silver Law Group

Former broker Charles Albert Dixon, Jr. (CRD# 1660422) has been permanently barred by FINRA after a disciplinary action that was signed and completed on 1/22/2018. He is no longer allowed to work as a broker, associate with another broker or be affiliated with a broker-dealer firm. Dixon was discharged by his employer, Morgan Stanley Smith Barney, LLC (CRD#149777) of Houston, TX. He was registered with Morgan Stanley from 06/01/2009 to 04/17/2017.

Dixon was previously registered as a broker with:

Morgan Stanley & Company, Incorporated (CRD# 8209), Houston, TX, from 04/02/2007 to 06/01/2009

What is the Parking REIT and What Brokerage Firms Sold the Non-traded REIT?

April 26, 2018 | Silver Law Group

Silver Law Group is investigating the Parking REIT after the company ceased paying its shareholders dividends and distributions. If you’ve invested in the Parking REIT or its affiliates, we may be able to help you recover your money.

The Parking REIT’s and its CEO’s Background

The Parking REIT was formerly two (2) separate non-traded REITs: MVP REIT and MVP REIT II. MVP REIT II changed its name to the Parking REIT and, in December 2017, the two (2) REITs merged.

The Parking REIT, f/k/a the MVP REIT and MVP REIT II, Under Investigation After It Suspends Dividend Payments

April 26, 2018 | Silver Law Group

Silver Law Group is investigating the Parking REIT after the public, non-traded REIT suspended cash distributions and stock dividends to its shareholders. If you’ve invested in the Parking REIT or its affiliates, we may be able to help recover some of your money.

The Parking REIT Ceases Distributions and Dividends

In March 2018, the Parking REIT announced that the board of directors unanimously authorized a suspension of the Parking REIT’s cash distributions and stock dividends to “focus on preserving capital” and “seek to enhance the value of the [Parking REIT] … through potential future acquisitions.”

Margin Calls: The Dangers of High Risk

April 13, 2018 | Silver Law Group

If you’ve been investing for any length of time, you’ve probably at least heard of something called a “margin account” or a “margin call.” If you’ve never had this kind of account, don’t open one until you should do some careful research and understand exactly what it is. Even if your broker recommends it, if you don’t understand everything that’s involved, just say no. You can find out one day that your money is completely gone, sometimes in the blink of an eye.

A margin account is used to buy more securities than you would normally be able to, borrowing money from a brokerage in order to do so. It’s highly profitable for both brokerages and brokers, but may not be for you. It is, by many accounts, a “double-edged sword,” and not advised for anyone who isn’t a very skilled trader.

A broker or brokerage may open a margin account for you, in which you’ll deposit a sum of money as collateral. You may open one voluntarily, or it may be part of an agreement when you open an account. In either case, your broker is required to obtain your signature. You’ll also sign a margin agreement, which you must read carefully. Ask your broker questions about anything you don’t thoroughly understand before you sign it.

Colorado Investigates California-Based Peter Gerhard Klaas For High Risk Trading, Seeking License Revocation

April 13, 2018 | Silver Law Group

Peter Gerhard Klaas (CRD# 2381681) is currently registered as a broker and investment advisor, and is employed at El Segundo, CA-based Cetera Advisor Networks since 05/2017. He is registered with Cetera in both Murray, UT and Las Vegas, NV, and licensed in Arizona, Idaho, Nevada and Utah.

Klaas was previously employed with Allegis Investment Services (05/2014-03/2017,) Signator Financial Services (04/2011-06/2014), and LPL Financial (09-2007-05/2011.)

The Colorado Division of Securities is currently investigating broker Klaas for along with broker Heath Bowen (CRD# 4824684) for putting advisory clients in high-risk and complex option trades that said clients didn’t understand. CDS is not requesting monetary damages in this pending investigation, but is asking for the revocation of Klaas’ licensure. This investigation began while Klaas was employed with Allegis.

Elder Financial Fraud Alert: Scrutinize Brokers Using a Senior Designation in Their Titles

April 6, 2018 | Silver Law Group

Why this may just be a marketing ploy

It is quite possible that your broker or financial advisor has an impressive-sounding title that indicates expertise managing the accounts of older investors – something like Senior Specialist. This, in fact, could be one of the reasons why you chose him or her to manage your investments. But what you may not know is that the title might not really mean anything.

When a securities professional has a special designation, he or she may have earned it through training or by passing certain tests. However, it is important to understand that there may not have been any requirement to get it. And when it comes to designations involving seniors, the SEC, FINRA, and state regulators don’t endorse them.

Silver Law Group is Investigating Gary Adkin of Stifel, Nicolaus & Company

April 6, 2018 | Silver Law Group

Gary Adkin (CRD# 3084484) is the subject of a pending customer dispute alleging $1,550,000 in damages. Adkin has been with the Palm Beach, Florida office of Stifel, Nicolaus & Company since 2015. He was previously registered with Barclays Capital, also located in Palm Beach. Silver Law Group is a South Florida-based law firm that handles securities arbitration and investment fraud cases.

In the pending dispute, Claimants allege that Adkin was negligent and failed to exercise responsibility in connection with their account. FINRA requires its members to “have a reasonable basis to believe that a recommended transaction or investment strategy” is suitable for a customer given their individual needs.

Contact Our Firm if You’ve Invested with Gary Adkin

SEC Investigation Of Morgan Stanley And Puerto Rico Bond Investments

April 6, 2018 | Silver Law Group

When Hurricane Maria landed in Puerto Rico, it caused devastation to the island’s infrastructure, crops, homes and power grid that will take many years to repair. But the damages to Puerto Rico include losses in municipal bonds and the mutual funds that hold them, which were close to default even before the storm.

While the island still struggles to recover, it wasn’t the first catastrophic event to hit the island territory. In 2014, Puerto Rico was already headed for a severe financial crisis, with bond sales from Morgan Stanley brokers as the catalysts.

Morgan Stanley and Barclay’s were responsible for underwriting the island’s $3.5 billion sale in March 2014. This sale was the last major issue by Puerto Rico before declaring bankruptcy on May 3, 2017, for a debt restructuring amounting to $3.8 trillion. The island’s debt stood at $70 million, and it needed to restructure pensions of $49 million. This municipal bankruptcy was even bigger than the city of Detroit’s 2013 restructuring of $18 billion.

Registered Individuals Suspended by FINRA in March 2018 for Failure to Comply with FINRA Rules

April 4, 2018 | Silver Law Group

According to FINRA Disciplinary actions for March 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
Kean Lynn Bouplon	Morgan Stanley
Kean Lynn Bouplon	Merrill Lynch, Pierce, Fenner &Smith Inc.
Craig Charles Franzke	PNC Investments
Craig Charles Franzke	NatCity Investments, Inc.
Justin Johnston Harris	Morgan Stanley
Justin Johnston Harris	Wells Fargo Advisors
Steve Morris	Wynston Hill Capital, LLC
Steve Morris	Halcyon Cabot Partners, LTD.
Mark Allan Plummer	Chestnut Exploration Partners, 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.