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$70 MILLION Recovery for Investment Fraud
$44 MILLION Recovery for Ponzi Scheme Victims
$25 MILLION Recovery Against National Brokerage Firm
$9.1 MILLION FINRA Arbitration Award Against Brokerage Firm
$7.9 MILLION Securities Arbitration Award Against Stockbroker
$1 MILLION Securities Arbitration Award for Elder Financial Fraud
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Public Justice

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According to FINRA Disciplinary actions for March 2025, 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
Steven Blanchard LPL Financial LLC
Raymond James Financial Services, Inc.
Michael Fasciglione Aegis Capital Corp.
National Securities Corporation
Michael Magruder Raymond James & Associates, Inc.
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Kyle Manning Spartan Capital Securities, LLC
Southeast Investments, N.C., Inc.
James Mariani Aegis Capital Corp.
National Securities Corporation
Kevin Reed U.S. Bancorp Investments, Inc.
PNC Investments
Mario Rivero Jr. LPL Financial LLC
Wells Fargo Clearing Services, LLC
John Schlagheck Cape Securities Inc.
Intervest International Equities Corporation

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Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Aegis' underwriting included propping up companies “constantly on the verge of delisting and bankruptcy.” These failing stocks were sold to Aegis' retail brokerage customers, then traded and re-traded “at significant markups and markdowns,” with considerable financial incentives for brokers who did. Trading in these worthless stocks led to Aegis’ investors losing at least $5 billion, according to the report. These companies included:Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Continue reading ›

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On Sunday, February 26, 2025, Almir Ocanto, a Venezuelan national, was found dead in Broward County. He was wanted in connection with multiple warrants related to financial fraud and scams perpetrated primarily online. Silver Law Group represents victims who were defrauded by Ocanto. According to news stories, operating as a “Bróker financial,” Ocanto promised his clients high returns and three months of interest payments. Ocanto never made any of these payments and “disappeared” with his client’s funds. More than 20 individuals were defrauded by Ocanto, with the missing amount of money totaling over $1 million. Most of his victims were Venezuelans who invested with him online.On Sunday, February 16, 2025, Almir Ocanto, a Venezuelan national, was found dead in Broward County. He was wanted in connection with multiple warrants related to financial fraud and scams perpetrated primarily online. Silver Law Group represents victims who were defrauded by Ocanto. Continue reading ›

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According to FINRA Disciplinary actions for February 2025, 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 Franden Raymond James & Associates, Inc.
Morgan Stanley

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According to FINRA Disciplinary actions for January 2025, 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
Sebastian Bongiovanni Spartan Capital Securities, LLC
Newbridge Securities Corporation
Luke Brooks U.S. Bancorp Investments, Inc.

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According to FINRA Disciplinary actions for January 2025, 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
Michael Barrows M Stevens Securities, LLC
Kingswood Capital Partners, LLC
Eric Ludovico M Stevens Securities, LLC
Kingswood Capital Partners, LLC
Edgar Olmeda Maximum Financial Investment Group, Inc.
Avalon Partners, Inc.
Michael Paesano Morgan Stanley
UBS Financial Servies Inc.
Stephen Pendergast Wells Fargo Clearing Services, LLC
RBC Capital Markets, LLC
Vincent Sharpe Paulson Investment Company, LLC
PHX Financial, Inc.

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According to FINRA Disciplinary actions for January 2025, 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
Iam Aguilar Fidelity Brokerage Services LLC
Eunice Carreira
Juan Garcia J.P. Morgan Securities LLC
Wyman Sai J.P. Morgan Securities LLC
Joseph Seidler RBC Capital Markets, LLC
Wells Fargo Clearing Services Inc.
James Turpin USA Financial Securities Corporation
United Planners’ Financial Services of America A Limited Partner

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Michael Edwin Magruder (CRD# 4579211) is a previously registered broker and investment advisor, last employed with Raymond James & Associates, Inc. (CRD# 705) of Orlando, FL. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Destin, FL, Wells Fargo Advisors, LLC (CRD#:19616) of Southlake, TX, and Raymond James & Associates, Inc. (CRD# 705) of Dallas, TX. He has been in the industry since 2003. Magruder is the subject of ten disclosures, five of which are customer disputes. In the first dispute, dated 7/3/2024, the client alleged that Magruder requested a loan, which they agreed to and made. The client requested damages of $175,000, and the claim was settled for $$189,259.57.

Michael Edwin Magruder (CRD# 4579211) is a previously registered broker and investment advisor. His last employer was Raymond James & Associates, Inc. (CRD# 705) of Orlando, FL. His previous employers include Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) of Destin, FL, Wells Fargo Advisors, LLC (CRD# 19616) of Southlake, TX, and Raymond James & Associates, Inc. (CRD# 705) of Dallas, TX. He has been in the industry since 2003. Continue reading ›

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According to FINRA Disciplinary actions for December 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
Akshita Bhatia
Glenn Colangelo American Independent Securities Group
The O.N. Equity Sales Company
Peter Girgis SW Financial
Worden Capital Management LLC
Matthew Kagan Merrill Lynch, Pierce, Fenner & Smith Incorporated
Northwestern Mutual Investment Services, LLC
Zayed Rodriguez NYLife Securities LLC

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According to FINRA Disciplinary actions for December 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
Yiu Yeung Pacific Century Securities, LLC
Michael Banks Morgan Stanley
Fidelity Brokerage Services LLC
Joscelyn Cockburn Innovation Partners LLC
FSC Securities Corporation
Luis Jean-Bart PFS Investments Inc.
Peter Lawrence American Portfolios Financial Services, Inc.
Questar Capital Corporation
Emma McAuley Edward Jones
Marques Mcleon NYLIfe Securities LLC
Jennifer Nelson Edward Jones
Robert Ornelas Northwestern Mutual Investment Services, LLC
Edgar Shanoyan Merrill Lynch, Pierce, Fenner & Smith Incorporated
Purshe Kaplan Sterling Investments
Robert Thomas IBN Financial Services, Inc.
Avantax Investment Services, Inc.

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