Securities Arbitration Lawyers Blog

Colorado Cetera Advisors Broker Ken A. Balser Permanently Barred by FINRA

April 7, 2017 | Silver Law Group

Silver Law Group is investigating Colorado-based Cetera Advisors LLC (CRD# 10299) broker Ken A. Balser (CRD# 704053) after FINRA permanently barred him.

According to Balser’s FINRA BrokerCheck report, FINRA permanently barred Balser from acting as a broker or otherwise associating with firms that sell securities to the public. The permanent bar follows Cetera Advisor’s discharge of Balser in July 2016 due to allegedly engaging in private securities transactions in violation of Cetera Advisors policy.

Balser, according to the FINRA BrokerCheck report, consented to sanctions and the entry of findings that he refused to appear for testimony and provide documents and information requested by FINRA for an investigation into the allegations that Balser had engaged in private securities transactions with Cetera Advisors.

Jeffrey L. Offen, Employed by 17 Different Firms, Suspended by FINRA

April 7, 2017 | Silver Law Group

Silver Law Group is investigating New York-based broker Jeffrey L. Offen (CRD# 2893980) after FINRA suspended him.

According to Offen’s FINRA BrokerCheck report, FINRA suspended Offen for 60 days and fined him $5,000 in December 2016. Offen consented to the sanctions and entry of findings that he failed to timely update his Form U4 to disclose reportable information.

Offen has 16 disclosures on his BrokerCheck report, but most of them are civil and tax judgment/liens. Two (2) FINRA arbitration complaints were settled against him, though.

Sherman L. Greer, Formerly North Carolina LPL Financial Branch, Under Investigation

April 7, 2017 | Silver Law Group

Silver Law Group is investigating former Locust, North Carolina-based LPL Financial LLC (CRD# 6413) broker Sherman L. Greer(CRD# 4910464) after FINRA permanently barred him.

According to Greer’s FINRA BrokerCheck report, FINRA permanently barred Greer in November 2016 from acting as a broker or otherwise associating with firms that sell securities to the public after Greer failed to respond to FINRA’s request for information.

Prior to FINRA’s bar, LPL Financial discharged Greer in May 2016 after he failed to respond to inquiries from LPL Financial’s compliance department.

FINRA’s Securities Helpline for Seniors

April 7, 2017 | Silver Law Group

In April 2015, the Financial Industry Regulatory (FINRA) established the toll-free, FINRA Securities Helpline for Seniors. In the short amount of time of its existence, the helpline and the awareness it has brought to FINRA member firms has produced fruitful results.

According to a wealthmanagement.com report, $1.25 million in reimbursements have gone back to customers since the inception of the helpline. The helpline has received over 4,000 in-bound calls, according to the report.

According to the report, these phone calls can range from being strictly educational and used to learn about different FINRA functions or investment products to ones where FINRA discovers fraud.

FINRA Bars Anthony Mastroianni for Failing to Appear for Elder Fraud Testimony

April 5, 2017 | Silver Law Group

The New York broker was accused of churning an elderly customer’s account

Anthony Mastroianni is no longer allowed to act as a broker. Due to allegations against him concerning excessive trading and borrowing client funds, the Financial Industry Regulatory Authority (FINRA) requested that he appear for on-the-record testimony. Because he refused, FINRA permanently barred him in December of 2016.

A 12-year veteran of the securities industry, Mastroianni worked for five firms, ending his career at Meyers Associates, LP, which was formerly known as Roan-Meyers AssociatesJoseph Stevens & Company, Inc. – Old Bridge, NJ

Illinois Broker Raul Jacobs’ Brief Career is Over

April 5, 2017 | Silver Law Group

FINRA permanently barred the broker after he admitted to theft from an elderly client and failed to respond to information requests

In January of 2012, Raul Jacobs began working as a broker for MetLife Securities Inc. out of Orland Park, IL. But just three years later, his career came to an end. While working for T2 Asset Management, LLC in Naperville, IL, he failed to tell the firm that he had power of attorney over a client account not associated with the firm, and admitted to stealing funds for his personal use to Illinois regulators.

Jacobs was discharged from T2 and then fined and suspended by the Financial Industry Regulatory Authority (FINRA). Because he never contacted FINRA to supply them with more information, the agency barred him permanently from acting as a broker.

Scott Goldman Receives Fine and Suspension from FINRA

April 5, 2017 | Silver Law Group

The sanctions resulted after allegations of unsuitable investments for an elderly client

In December of 2016, allegations surfaced claiming that broker Scott Goldman recommended an unsuitable investment strategy to an elderly customer. When the Financial Industry Regulatory Authority (FINRA) investigated, the agency fined Goldman $10,000 and suspended him for 20 days.

FINRA reported that Goldman’s strategy for his client involved leveraged metal products, which are risky investments. According to the report, the client was also not “adequately informed” of what the investment entailed and she didn’t understand the risks.

New York City Broker Francesco Scarso Fined, Suspended, and Ultimately Barred by FINRA

April 5, 2017 | Silver Law Group

Allegations of failing to disclose pertinent tax information led to the sanctions against the former First Standard Financial and Phoenix Financial Services broker

As of November 2016, Francesco Scarso, formerly with First Standard Financial Company LLC and Phoenix (PHX) Financial Services, is no longer allowed to act as a broker. The ruling came down from the Financial Industry Regulatory Authority (FINRA) after Scarso – who was already suspended – failed to contact the agency to supply additional information.

Francesco Scarso began his career in 1996 with J.W. Barclay & Co., Inc. and worked for 12 firms, including these since 2007:

Larry C. Wolfe, formerly of Boca Raton, Florida HJ Sims, Under Investigation Over Unauthorized Trading

April 5, 2017 | Silver Law Group

Silver Law Group is investigating former Boca Raton, Florida-based Herbert J. Sims & Co. Inc. (CRD# 3420) (“HJ Sims”) broker Larry Charles Wolfe (CRD# 502361) after five (5) customers filed complaints alleging unauthorized trading.

According to Wolfe’s FINRA BrokerCheck report, Wolfe has thirteen (13) disclosures.

Allegations of churning, unsuitability and unauthorized trading against Wolfe date back to a 1991 FINRA arbitration award and a 2001 settlement. The allegations then ramped up starting in 2010.

Registered Individuals Barred by FINRA in March 2017 for Failure to Comply with FINRA Rules

April 4, 2017 | Silver Law Group

According to FINRA Disciplinary actions for March 2017, 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
Dennis Dewain Hern	Ameriprise Financial Services, Inc.
Dennis Dewain Hern	First Command Financial Planning, Inc.
Boa Tran Dinh Hoang	J.P. Morgan Securities LLC
Boa Tran Dinh Hoang	Chase Investment Services Corp.
Christopher Wayne Hunt II
Laurence H. King	Legend Securities, Inc.
Laurence H. King	Domestic Securities, Inc.
Reginald Lewis McCarthy	Horace Mann Investors, Inc.
Reginald Lewis McCarthy	Allstate Financial Services, LLC
Caleb Layton Morris	Country Capital Management Company
Brian Patrick Murphy	Signator Investors, Inc.
Brian Patrick Murphy	MetLife Securities Inc.
Peter Michael Riley	Morgan Stanley
Peter Michael Riley	UBS Financial Services, Inc.
Robert Shaffer	Fordham Financial Management, Inc.
Robert Shaffer	PHX Financial, Inc.
Joe Don Treece	Arvest Wealth Management
Joe Don Treece	Raymond James & Associates, Inc.

Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide in securities arbitration to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.