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According to FINRA Disciplinary actions for June 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
  Gerald Cocuzzo   Newbridge Securities Corporation
  IAA Financial LLC
  Kevin Hobbs   PFS Investments Inc.
  James Myers   NYLife Securities LLC
  Kenneth Schaefer   Ameriprise Financial Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

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According to FINRA Disciplinary actions for June 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
  Shoaib Qureshi   J.P. Morgan Securities LLC
  First Republic Securities Company, LLC
  Annie Simons

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According to FINRA Disciplinary actions for June 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
  James Brown   American Independent Securities Group, LLC
  Edward Jones
  Chun Elmejjad   Equitable Advisors, LLC
  Sylviah Kemunto
  Jonathan Long   Cambridge Investment Research, Inc.
  Cetera Financial Specialists LLC
  Thomas Prieur   Lincoln Financial Advisors Corporation
  Carlos Ramirez   Citizens Securities, Inc.
  Key Investment Services LLC
Shaquane Smith-Thompson   J.P. Morgan Securities LLC

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Silver Law Group’s managing partner Scott Silver was interviewed by Investment News for a news article about the SEC revoking the license of Lufkin Advisors of San Mateo, California. The license was revoked after its president and chief compliance officer, Chauncey Forbush Lufkin, III, was charged with fraudulent contact related to crypto assets and private funds. “Nobody knows what’s happening internally in these pooled funds at the retail level. How are these firms really managing these types of funds? It’s a recipe for disaster,” Scott said. Lufkin Advisors managed $115.8 million in client assets and operated three pooled investment vehicles, as reported in their latest Form ADV. These pooled funds, which combine capital from multiple investors, have raised concerns among some financial professionals regarding their suitability for retail investors. The primary issue stems from the potential difficulty in tracking and accounting for individual contributions within these collective investment structures.Silver Law Group’s managing partner Scott Silver was interviewed by Investment News for a news article about the SEC revoking the license of Lufkin Advisors of San Mateo, California. The license was revoked after its president and chief compliance officer, Chauncey Forbush Lufkin, III, was charged with fraudulent contact related to crypto assets and private funds.

“Nobody knows what’s happening internally in these pooled funds at the retail level. How are these firms really managing these types of funds? It’s a recipe for disaster,” Scott said. Continue reading ›

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The SEC recently released a new investor alert detailing ways that investors can be lured into new frauds involving crypto assets with both new and old techniques. Online scams are still the predominant method. But the addition of AI adds a false sense of believability that can make even tech-savvy individuals vulnerable. Silver Law Group is a national investment fraud law firm with significant experience helping crypto investors recover losses due to fraud through federal court litigation, finra arbitration and SEC whistleblower claims. Whatever method they use to convince you, the investor, to give them money, the result is the same: your money has likely been stolen by someone disguising their identity.The SEC recently released a new investor alert detailing ways that investors can be lured into new frauds involving crypto assets with both new and old techniques. Online scams are still the predominant method. But the addition of AI adds a false sense of believability that can make even tech-savvy individuals vulnerable.

Silver Law Group is a national investment fraud law firm with significant experience helping crypto investors recover losses due to fraud through federal court litigation, finra arbitration and SEC whistleblower claims. Continue reading ›

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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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