Securities Arbitration Lawyers Blog

Former Connecticut Broker Warren M. Rockmacher Under Investigation for Unsuitable Recommendations at Investacorp

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Connecticut-based Investacorp, Inc. (CRD# 7684) broker Warren M. Rockmacher (CRD# 2005652) after FINRA suspended and then permanently barred the broker.

Rockmacher currently has a FINRA arbitration pending that alleges unsuitable recommendations and misrepresentation with damages in the amount of $75,000.

On May 12, 2016, FINRA suspended Rockmacher for failing to comply with an arbitration award or settlement agreement or failed to respond to a FINRA request to provide information on the status of compliance. Two weeks later, FINRA barred Rockmacher completely from the securities industry.

Silver Law Group Investigates Aventura, Florida-based Michael R. Smith After UBS Termination

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former UBS Financial Services Inc. (CRD# 8174) broker Michael R. Smith (CRD# 428405) after UBS terminated the broker.

UBS terminated Smith, based out of Aventura, Florida, in October 2015 after he failed to disclose to the firm that he was named trustee for the trust of an unrelated client on two occasions.

In May 2016, FINRA barred Smith from the selling securities after Smith failed to respond to a FINRA request for information.

Silver Law Group Investigates Former Law Vegas Broker Over Recent Cocaine-related Criminal Charges

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former PFS Investments Inc. (CRD# 10111) Charles Little (CRD# 2632450) for felony criminal charges involving cocaine.

According to Little’s FINRA BrokerCheck report, Little was charged with five felony criminal charges on February 19, 2015. The charges are all drug-related, including selling and trafficking cocaine.

Upon discovering the felony cocaine charges, PFS discharged Little in May 2015, according to the FINRA BrokerCheck report. When Little failed to responded to FINRA’s request for information, FINRA permanently barred Little.

Former Pennsylvania-based Raymond James Broker Under Investigation for Allegations of Accepting Undisclosed Loans From Customers

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Pennsylvania-based Raymond James Financial Services, Inc. (CRD# 6694) Jeffrey S. Ingros (CRD# 2091822) after FINRA permanently barred him.

The most recent trouble with Ingros came in February 2016 when Raymond James permitted Ingros to resign after Ingros disclosed to the firm that he accepted loans from customers without prior written approval from the firm and failed to disclose those loans on the firm’s annual compliance attestations, according to his FINRA BrokerCheck report.

Not even a month later, Ingros entered into an Acceptance, Waiver & Consent (“AWC”) consenting to sanctions and the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during its investigation into the aforementioned allegations as well as allegations that he engaged in outside business activities. FINRA permanently barred Ingros for his failure to appear.

Former Coral Gables, Florida-based UBS Broker Under Investigation for Allegations of Unauthorized Trading

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Coral Gables, Florida broker James P. Scullin (CRD# 1577362) for unauthorized trading in customer accounts among other allegations.

According to Scullin’s FINRA BrokerCheck report, UBS Financial Services Inc. (CRD# 8174) terminated Scullin when UBS learned that he actively traded in an undisclosed commodities account outside UBS, exercised discretion without written authorization in violation of firm policy, and entered an unauthorized trade.

According to an Acceptance, Waiver & Consent (“AWC”) entered into between FINRA and Scullin in May 2016, FINRA found that Scullin placed a trade of over $5 million without informing the individuals with authority over the account. Further, when one of the individuals questioned the unauthorized trade, Scullin concealed the trade.

What is the Senior Safe Act?

May 24, 2017 | Silver Law Group

Find out how the proposed law would help protect the elderly

Elder financial fraud in the U.S. has now reached an epidemic level. According to an estimate from the Government Accountability Office (GAO), seniors are scammed out of almost $3 billion every year. Fortunately, plans are in the works to help stop this growing problem.

Earlier this year, Senators Susan Collins and Claire McCaskill introduced the Senior Safe Act. This bipartisan legislation aims to protect older people from financial exploitation and fraud. If passed, support would be given to regulators and financial institutions to educate employees about identifying and preventing abuse.

6 Resources That Will Help You Understand, Prevent, and Address Elder Financial Fraud

May 22, 2017 | Silver Law Group

Knowledge is power when looking to prevent or address elder financial fraud

Sadly, it seems as though a week can’t go by without elder financial fraud making the news. Whether it’s at the hands of a family member or a financial professional, elder financial abuse continues to be rampant in the U.S.

One of the best ways for you or your older loved ones to avoid being victimized by elder financial fraud and abuse is by being vigilant, and you can do this by staying informed. Here are some excellent resources that can provide you with valuable information:

FINRA plays an important role in our financial system. Learn how.

May 22, 2017 | Silver Law Group

Learn how the organization protects you as an investor

If you have been investing for a while or you follow news about the securities industry, you have probably heard about the Financial Industry Regulatory Authority, also known as FINRA. Though not a part of the government, FINRA is given authority by Congress to ensure the “broker-dealer industry operates fairly and honestly.” FINRA employs more than 3,500 people, but because it is a nonprofit, no taxpayer money is used to keep the organization running.

What does FINRA do?

The SEC Guide to Protecting Seniors Against Investment Fraud

May 19, 2017 | Silver Law Group

The SEC guide offers a variety of suggestions to help senior citizens protect their assets from fraud

An estimated 7.3 million American seniors have been victimized by financial or investment fraud, and most experts believe that elder financial fraud is becoming more of an issue as the population ages. Each year, the SEC shuts down and investigates millions of dollars’ worth of investment scams aimed at seniors and other vulnerable groups. That means it’s never been more important to understand the signs of financial abuse, and a new guide published by the SEC’s Office of Investor Education and Advocacy helps seniors do just that. In a nutshell, here’s what it says:

Asking smart questions is key to keeping your portfolio safe

Good News About Elder Financial Fraud?

May 19, 2017 | Silver Law Group

Yes and no. One survey states the proportion of elder financial fraud victims is down, but thieves are choosing more lucrative targets

According to estimates, billions of dollars are stolen from elderly people every year. Whether by financial professionals, caregivers, or even family members, financial elder fraud has been rampant in the U.S. for years.

“Older Americans make attractive targets for financial exploitation because many have accumulated some wealth in the form of retirement savings or home equity,” said Richard Cordray, direction of the Consumer Financial Protection Bureau (CFPB). “They can be isolated and lonely, and some may have impaired physical or mental capacity that makes them especially vulnerable.”