Securities Arbitration Lawyers Blog

Silver Law Group is investigating former Texas-based IMS Securities, INC broker Jackie D Wadsworth for five pending FINRA arbitrations and a litany of disclosures on her FINRA BrokerCheck report

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Texas-based IMS Securities, INC (CRD#35567) broker Jackie D Wadsworth (CRD#2342163 ) for five pending FINRA arbitrations and a litany of disclosures on her FINRA BrokerCheck report.

According to Wadworths’s FINRA BrokerCheck report, she has five pending FINRA arbitrations filed in the past that allege unsuitable recommendations, failure to supervise, fraud, breach of duty of loyalty, and negligence for an aggregate amount of over $7.1 million.

FINRA’s BrokerCheck tool is a valuable way to examine a broker’s background. The investor tool discloses FINRA arbitrations that have been settled, are pending or have been denied; bankruptcies, civil judgments and tax liens, employment separations and other discharges, criminal proceedings, and regulatory actions. According to an InvestmentNews report, only about 12 percent of financial advisors have any type of disclosure events on their records.

What’s Being Done to Stop Elder Financial Abuse?

September 1, 2017 | Silver Law Group

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Learn about the new initiatives – and tech – that can keep you and your loved ones protected

Elder fraud is in the news a lot, but something is finally being done to help combat this growing problem. Many banks and brokerage firms are now beginning to take measures to keep their older customers protected. However, brokerage firms will frequently protect themselves to avoid lawsuits. If you feel that a stockbroker has abused your trust, counsel should be sought to try and recover damages.

Wells Fargo Advisors has been examining the issue for over a decade, and in 2010 the company started tracking cases of elder financial fraud. Then they were getting an average of about 30 every month. But four years later, that number climbed to almost 100. And now? It’s about twice that.

State Attorneys General Working to Stop Elder Fraud

September 1, 2017 | Silver Law Group

What they’re doing to fight this ‘silent epidemic’

One in 10. That’s an estimate of how many people 65 and older suffer some form of abuse, be it physical, financial, or otherwise. And it is likely that the numbers are much worse than that, as only about one in 24 cases of elder abuse is ever reported.

Fortunately, efforts are being made to tackle this growing problem. Derek Schmidt, Kansas Attorney General and president of the National Association of Attorneys General (NAAG), is planning to collaborate with the other 55 AGs around the U.S. The goal will be to share information and figure out ways to stop the abuse.

FINRA Permanently Bars Former Janney Montgomery Scott, LLC Broker David Aaron Seigerman

August 31, 2017 | Silver Law Group

Failure to respond to regulatory agency requests ends the securities industry career of this New Jersey-based broker

According to the Financial Industry Regulatory Authority (FINRA), David Aaron Seigerman failed to respond to the agency’s requests for information concerning his compliance with arbitration awards or settlement agreements with his customers.

In two separate complaints, Seigerman’s customers filed claims against the broker for allegedly executing unauthorized transactions within their accounts, failing to follow instructions, and breach of fiduciary duty. Allegations against Seigerman also include “selling away,” which is when a broker recommends outside investments that are not authorized by his member firm.

Former Alexander Capital, L.P. Broker Peyton Nelson Jackson is No Longer Registered in the Securities Industry

August 31, 2017 | Silver Law Group

The New York-based broker is under investigation for alleged unsuitability, negligence, and financial fraud, among numerous other charges.

During the course of a Financial Industry Regulatory Authority (FINRA) investigation into his potential misconduct as a securities broker, Peyton Nelson Jackson reportedly failed to provide information to the regulatory agency. The investigation was prompted by allegations made by several former customers who complained that Jackson and his former member firms violated numerous industry rules. While this investigation continues, Jackson’s status is considered “Previously Registered,” which means he is not currently licensed to act as a broker or investment adviser.

According to his FINRA BrokerCheck report, Jackson’s 25-year career included 15 disclosures (a disclosure includes any customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings, or any civil or criminal proceedings in which the broker was involved), including two regulatory actions. In May 2016, Jackson was suspended in all capacities from the securities industry for a period of six months and was fined $20,000 for allegedly failing to disclose that he performed business outside his member firm’s knowledge.

Former Colorado LPL Broker Sonya Camarco Charged with Stealing Client Funds

August 25, 2017 | Silver Law Group

Sonya Camarco (CRD #2427529), a longtime Colorado Springs resident and former Broker with LPL Financial LLC (CRD #6413) is the target of a SEC asset freeze request.

The SEC complaint alleges Camarco, over the past 13 years, systematically stolen money from her client’s investment accounts. The SEC alleges that Sonya Camarco forged client signatures on checks made out to “C Investments” a fictitious investment firm that Camarco controlled. When confronted by her clients, Camarco explained that “C Investments” was an outside investment that she made on their behalf.

When Camarco’s employer became aware of the alleged fraud, Camarco suggested that “C Investments” was an outside client investment that she had no affiliation with. Using a private PO Box, Camarco sent forged client checks to herself and then use the ill-gotten funds to pay personal bills and mortgages.

New Jersey Broker Richard Grant Cody May Be Facing Serious Penalties

August 16, 2017 | Silver Law Group

The Spring Lake broker has been involved in numerous customer disputes and could receive sanctions from both FINRA and the SEC

Richard Grant Cody has been a broker for 18 years, during which time 16 customer disputes have been levied against him. As a result of the most recent claims, he is also currently being investigated by the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).

The numerous charges against Cody include misrepresentation, unauthorized trading, and even theft. But one of the most egregious allegations concerns some of his former retired clients. In late 2016, the SEC filed a complaint against Cody in a Boston federal court alleging that he defrauded at least three clients over several years.

FINRA Hands Down Fine and Suspension to John Patrick Wheeler

August 14, 2017 | Silver Law Group

The Clearwater, FL broker reportedly failed to disclose his Power of Attorney over an elderly customer

For a decade, John Patrick Wheeler reportedly acted as Power of Attorney for an elderly client. In that time, he is reported to have received over $7,000 for his services, obtained via checks he wrote against the client’s checking account. And because the Financial Industry Regulatory Authority (FINRA) states he didn’t tell his firm about this, a couple of things happened.

First, in June of 2015, Wheeler was fired from his job at Raymond James Financial Services, Inc. His reported actions – which included writing a check to himself after the client died – were clear violations of firm policy.

Elder Fraud Allegations End 16-year Career of James Robert Schaedler, Jr.

August 4, 2017 | Silver Law Group

Elder Fraud Allegations End 16-year Career of James Robert Schaedler, Jr. on elderfinancialfraudattorneys.com

Former Wells Fargo Clearing Services, LLC broker is barred by FINRA

Following a 16-year career in the financial advisory and securities industry, former Wells Fargo Clearing Services LLC broker James Schaedler, Jr has now been barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or otherwise associating with firms that sell securities to the public.

In January 2017, Wells Fargo Clearing Services, LLC discharged Schaedler after allegations that his daughter received funds via check from a client. It was determined by Wells Fargo that Schaedler himself actually received the majority of those funds.

Federal Employee Benefit Counselors Targeted Federal Government Employee Retirement Plan Participants With Variable Annuities Scheme.

August 2, 2017 | Silver Law Group

Silver Law Group and The Law Firm of David Chase are reviewing potential claims of fraudulent inducement of federal employees into purchasing high fee paying variable annuity products by LPL Financial LLC (CRD#6413) affiliated brokers Brandon Long (CRD# 5975459) , Christopher S Laws (CRD#4479529) , Johnathan Dax Cooke (CRD#5365691) and Danny Scott Hood (CRD#3236852).

Variable annuities (“VAs”) are highly-complex financial products. According to FINRA, a good way to think of a VA is as a cross between an insurance product and an investment product.

Like other annuities, a VA is a contract between the investor and an insurance company. The investor pays the insurer a single payment or a series of payments called premiums. In exchange for those premiums, the insurer promises to make periodic payments to you either immediately or at some point in the future.