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Joseph Beam (Joseph Farrell Beam CRD# 5407778) is a former registered broker and investment advisor last employed with Capital Investment Group, Inc. (CRD# 14752) of Flat Rock, NC. His previous employment was with Suntrust Investment Services, Inc. (CRD# 17499) of Hendersonville, NC.  No additional employment information is available. He began in the industry in 2007. Beam is the subject of six customer disputes filed from 7/19/2022 through 4/18/2024. Of the six, four are “pending” and two have been settled. All six include descriptions of unsuitable recommendations, breach of contract, failing to conduct due diligence, and breach of fiduciary duty, and other allegations. Each disclosure described recommendations for and purchases of GWG Holdings’ L-Bond products that ultimately led to losses.Joseph Beam (Joseph Farrell Beam CRD# 5407778) is a former registered broker and investment advisor last employed with Capital Investment Group, Inc. (CRD# 14752) of Flat Rock, NC. His previous employment was with Suntrust Investment Services, Inc. (CRD# 17499) of Hendersonville, NC.  No additional employment information is available. He began in the industry in 2007. Continue reading ›

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Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients. "Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy," Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. The firm in question is E1 Asset Management (CRD# 46872) of Jersey City, NJ. In the arbitration, the client requested $4 million in damages. Three FINRA arbitrators awarded the client compensatory damages of $1.6 million, interest of $578,000, and legal fees of $420,000, for a total of $2,598,000.Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients.

“Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy,” Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. Continue reading ›

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Patrick Mendenhall (Patrick Michael Mendenhall CRD# 1068809) is a registered broker and investment advisor currently registered with USCA Securities LLC (CRD# 103789) of Houston, TX. His previous employers include USCA RIA LLC (CRD# 152170) and UBS Financial Services Inc. (CRD# 8174), also of Houston, and Smith Barney, Harris Upham & Co., Incorporated (CRD# 7059), of New York, NY. He has been in the industry since 1982. Mendenhall’s CRD has four disclosures, the earliest one dating back to 2000. The most recent was filed on 1/12/2024, alleging that Mendenhall “missed” several opportunities with a particular investment, leading to losses.  According to Mendenhall’s securities license report, the client has a 30-year business relationship with Mendenhall, has “decades of experience recruiting for the financial services industry,” a $20 million net worth, and is also a sophisticated and experienced investor. The client requests damages of $5,000,000; the claim is currently “pending.”Patrick Mendenhall (Patrick Michael Mendenhall CRD# 1068809) is a registered broker and investment advisor currently registered with USCA Securities LLC (CRD# 103789) of Houston, TX. His previous employers include USCA RIA LLC (CRD# 152170) and UBS Financial Services Inc. (CRD# 8174), also of Houston, and Smith Barney, Harris Upham & Co., Incorporated (CRD# 7059), of New York, NY. He has been in the industry since 1982. Continue reading ›

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According to FINRA Disciplinary actions for May 2024, 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
  Kwame Aduesi   Morgan Stanley
  J.P. Morgan Securities LLC
  Brittany Anderson
  Gianluca De Berardinis   Morgan Stanley
  Quad Capital, LLC
  Brian Hill
  Monu Joseph   Rosenblatt Securities Inc.
  CIBC World Markets Corp.
  Quintosha Thomas

Continue reading ›

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According to FINRA Disciplinary actions for May 2024, 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
  Helen Andrews   Morgan Stanley
  Barclays Capital Inc.
  Christine Dormier   UBS Financial Services Inc.
  Wells Fargo Investments, LLC
  David Ferneding   Stifel, Nicolaus & Company, Incorporated
  Wells Fargo Clearing Services, Inc.
  Matthew Grady   Barclays Capital Inc.
  American Research & Management Company
  Leonardo Hernandez III   Citigroup Global Markets Inc.
  LPL Financial LLC
  Seth Horowitz   J.P. Morgan Securities LLC
  UBS Financial Services Inc.
  Jeffrey Nemesi   Falcon Square Capital, LLC
  Donald Smith   Provident Private Capital Partners, Inc.
  Vestax Securities Corporation

Continue reading ›

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According to FINRA Disciplinary actions for May 2024, 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Ian Geeves   Vanderbilt Securities, LLC
  LPL Financial LLC
  Ned Seitler   Charles Schwab & Co., Inc.
  Neuberger Berman Management Inc.
  Timothy Sullivan   International Assets Advisory, LLC
  SII Investments, Inc.
  Kirkland Wilson   Cetera Advisor Networks LLC
  Securian Financial Services, Inc.

Continue reading ›

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“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Mr. Silver continued, “The question is why anyone would recommend this product to a client. This case is not about the customer, it’s about the product. The arbitrators appear shocked to hear billions of dollars of this stuff is sold.” These investments were never suitable for individual investors, but that didn’t stop brokers and broker-dealers from selling them. In the continuing fallout over L-Bonds, investors have been filing FINRA arbitration claims against the broker-dealers who sold the L-Bonds to them. FINRA arbitrator Richard Kent Mahrle commented that based on the company’s shaky financial situation, L-Bonds were “not a suitable investment for the [client,] or perhaps anyone.”

In an article in Investment News, Silver Law Group founder Scott Silver weighed in on a FINRA arbitration action involving a broker-dealer and financial advisor who sold a client GWG Holdings’ illiquid L-Bonds.

“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Continue reading ›

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Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with  Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. A customer dispute filed on 6/2/2023 alleged that funds were withdrawn from her account from September 1, 2022, to February 3, 2023, without her knowledge. Morgan Stanley Wealth Management settled this dispute for $395,710.21.Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with  Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. Continue reading ›

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Silver Law Group is investigating claims on behalf of stockholders who lost 95% of the principal they invested in funds offered by Hatteras Investment Partners LP after Hatteras sold their funds to The Beneficient Company in 2021.   Beneficient is tied to GWG, which declared bankruptcy in 2022 after suffering catastrophic losses for investors. A recent lawsuit against certain Beneficient Officers and/or Directors has revealed substantial allegations of misconduct and fraud throughout the companies.   According to Hatteras SEC filings, on December 7, 2021, the Hatteras Master Fund, L.P. exchanged interests in the Adviser Funds for Beneficient Preferred Series B-2 Unit Accounts and entered into a Registration Rights Agreement with the Beneficient Company Group, L.P.  If you invested in Hatteras Investment Partners Funds and have questions about your legal rights, or if you have information relevant to this matter, contact Silver Law Group for a no-cost consultation at 800-975-4353 to discuss your potential options. Silver Law Group is investigating claims on behalf of stockholders who lost 95% of the principal they invested in funds offered by Hatteras Investment Partners LP after Hatteras sold their funds to The Beneficient Company in 2021.  

Beneficient is tied to GWG, which declared bankruptcy in 2022 after suffering catastrophic losses for investors. A recent lawsuit against certain Beneficient Officers and/or Directors has revealed substantial allegations of misconduct and fraud throughout the companies.   Continue reading ›

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