Securities Arbitration Lawyers Blog

FINRA Investigation Results in Career-Ending Decision for Broker Christopher Ariola

June 30, 2017 | Silver Law Group

Ariola allegedly made unsuitable recommendations in high-risk gold and energy stocks to elderly investors.

In December 2016, a disciplinary proceeding by the Financial Industry Regulatory Authority (FINRA) resulted in broker Christopher Ariola being permanently barred from the securities industry. This decision followed a FINRA investigation into Ariola’s termination from Bay Mutual due to the firm’s concerns over recommendations he made to firm customers that were not consistent with firm guidelines.

The investigation uncovered allegations of possible senior financial fraud in that he made unsuitable recommendations to four retirees with limited financial resources and who needed income from those resources. His reported recommendation that these unsophisticated investors concentrate their retirement assets in risky gold and energy stocks was inconsistent with their financial needs and objectives.

FINRA Suspends Registered Individuals in May 2017 for Violations of FINRA Rules

June 19, 2017 | Silver Law Group

According to FINRA Disciplinary actions for May 2017, 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:

NAME	FORMER EMPLOYERS
Dimitris Alifragis
Ricardo Alonzo Jr.
David William Beutler	Wells Fargo Advisors, LLC
David William Beutler	Prudential Securities Incorporated
J. Gordon Cloutier Jr.	Wells Fargo Advisors, LLC
J. Gordon Cloutier Jr.	Merrill Lynch, Pierce, Fenner & Smith Inc.
Donald Joseph Coleman	Citigroup Global Markets Inc.
Charles Maxwell Cox	Wells Fargo Advisors, LLC
Charles Maxwell Cox	Chases Investment Services Corp.
Laura Johnson Craven	State Farm VP Management Corp.
Thomas A. Davis	Wells Fargo Advisors, LLC
Megan Eilers	Wells Fargo Advisors, LLC
Megan Eilers	First Clearing, LLC
Ayrton Pierce Haddad	TD Ameritrade, Inc.
Ayrton Pierce Haddad	E*Trade Securities LLC
Scott William Hartman	Morgan Stanley
Scott William Hartman	Sanford C. Bernstein & Co., LLC
Stephen Johnathan Hoshimi	Crescent Securities Group, Inc.
Stephen Johnathan Hoshimi	Capwest Securities, Inc.
Israel Jurkevicz	J.P. Morgan Securities LLC
Shawn Brett Larkin	Fidelity Brokerage Services LLC
Richard Muzquiz Jr.	J.P. Morgan Securities LLC
Richard Muzquiz Jr.	Chase Investment Services Corp.
Sharon Theresa Noonan	Allstate Financial Services LLC
Sharon Theresa Noonan	Prudential Securities Incorporated
Olateju Samson Oyeniyi
Michael Jason Ripper	International Assets Advisory, LLC
Michael Jason Ripper	LPL Financial LLC
Christopher Peter Rose	State Farm VP Management Corp.
Teresita Santos Santos	Tramsamerica Financial Advisors, Inc.
Teresita Santos Santos	World Group Securities, Inc.
Bimal Kishore Shah	Independent Financial Group, LLC
Bimal Kishore Shah	WRP Investments Inc.
Bryan Michael Snyder	J.P. Morgan Securities LLC
Bryan Michael Snyder	Northwestern Mutual Investment Services, LLC
Cory Ward Taylor	Ameriprise Financial Services, Inc.
Cory Ward Taylor	IDS Life Insurance Company
Xin Wang	JP Morgan Securities LLC
Matthew Edward Witkowski	Vanguard Marketing Corporation
Matthew Edward Witkowski	Edward Jones

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.

In May 2017 FINRA Suspends Registered Individuals for Failing to Comply with FINRA Rules

June 19, 2017 | Silver Law Group

According to FINRA Disciplinary actions, 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
Fred Ronald Brown	UBS Financial Services Inc.
	Morgan Stanley & Co. Inc.
Robert Joseph Burke III	Suntrust Investment Services, Inc.
	UBS Financial Services INc.
Joseph Christopher Delaura	Citigroup Global Markets Inc.
	Morgan Stanley DW Inc.
Michael Dennis Hampton	LPL Financial LLC
	Ameriprise Financial Services, Inc.
Raul Enrique Jacobs	Waddell & Reed
	T2 Asset Management, LLC
David Ladin	CUNA Brokerage Services, Inc.
	Allstate Financial Services, LLC
Gregory Marcel Martino	Blackbook Capital LLC
	Coastal Equities, Inc.
J-Thaddeus Peter McGaffey	Waddell & Reed
	Ameriprise Financial Services, Inc.
Richard James Murphy	Tullett Prebon Financial Services LLC
	Citation Financial Group, LP
Joseph Dominick Quinzi	First Standard Financial Company LLC
	Alexander Capital, LP
Englebert Sarmiento	Network 1 Financial Securities Inc.
	EJ Sterling, LLC
Laurence Michael Torres	First Standard Financial Company LLC
	Alexander Capital, LP
Larry Michael Underwood Jr.	Wells Fargo Advisors, LLC
	A.G. Edwards & Sons, Inc.
Troy William West	Innovation Partners LLC
	Regulus Advisors, LLC

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.

FINRA Bars Registered Individuals in May 2017 for Failing to Comply with FINRA Rules

June 19, 2017 | Silver Law Group

According to FINRA Disciplinary actions for May 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
Philip Bagalanon
Terry Dean Bahgat	Gradient Securities, LLC
Terry Dean Bahgat	Cambridge Investment Research, Inc.
Patrick Hugh Dowd	Pruco Securities, LLC
John Scott Elliott	Ameriprise Financial Services, Inc.
Joseph Adam Giardina	Allstate Financial Services, LLC
Ryley Grosso	Infinex Investments, Inc.
Ryley Grosso	PFS Investments Inc.
Larry Anthony Ham	J.P. Morgan Securities LLC
Larry Anthony Ham	Chase Investment Services corp.
Lystra C. Moore-Besson	HSBC Securities (USA) Inc.
Lystra C. Moore-Besson	HSBC Brokerage (USA) Inc.
Ryan Edward O’Neal Jr.
Karrie Renee Parrett	Independent Financial Group LLC
Karrie Renee Parrett	Invest Financial Corporation
Brian Thomas Perry	Ameriprise Financial Services, Inc.
Brian Thomas Perry	IDS Life Insurance Company
Meaghan Mary Rumsey	IFS Securities
Meaghan Mary Rumsey	Cadaret, Grant & Co., Inc.
Joshua James Shelby	J.P. Morgan Securities LLC
Joshua James Shelby	Chase Investment Services Corp.
Donald Lee Watson Jr.	The Jeffrey Matthews Financial Group, LLC
Donald Lee Watson Jr.	Stifel, Nicolaus & Company, Inc.
Mark Nicholas Wesley	Ameriprise Financial Services, Inc.
Mark Nicholas Wesley	IDS Life Insurance Company
Terrance Jerome Wilkerson	First Financial Equity Corporation
Terrance Jerome Wilkerson	Merrill Lynch, Pierce, Fenner & Smith Inc
Gregory Allen Zale	LPL Financial LLC
Gregory Allen Zale	Royal Alliance 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.

Reuters Analyzes FINRA BrokerCheck Data to Compile List of High-risk Brokerage Firms After FINRA Fails to Disclose Said Information

June 16, 2017 | Silver Law Group

A Reuters investigation team ran a story on June 12, 2017 concerning high-risk brokers and brokerage firms and compiling a list of the firms with highest percentage of brokers with BrokerCheck disclosures.

The FINRA BrokerCheck tool allows users to search specific brokerage firms and brokers to see a variety of information such as location, ownership, outside business activities and, most importantly, FINRA disclosures.

There are a total of 23 types of incidents that might give investors concern, such as regulatory sanctions, lawsuit judgments and bankruptcies. Unfortunately, the information, while very helpful, leaves out bulk information about which brokerage firms have a higher percentage of brokers reporting these incidents.

Santander Securities, LLC Broker Joan Marie Larsen Is Permanently Barred by FINRA

June 12, 2017 | Silver Law Group

Career-ending move involves reports of accepting a loan from an elderly customer

New Jersey-based broker Joan Marie Larsen’s financial industry career is over after she was reported to have accepted a loan from an elderly customer.

In this case, Larsen allegedly accepted a $50,000 interest-free personal loan from an elderly client who was not an immediate family member. An investigation by the Financial Industry Regulatory Authority (FINRA) found that “Larsen’s member firm did not have written procedures permitting such a loan.” In addition, Larsen only paid $3,000 on the loan, leaving $47,000 still due to the customer.

Raul Enrique Jacobs’ Short Brokerage Career is Over

June 9, 2017 | Silver Law Group

He has been permanently banned by FINRA due to reports of power of attorney fraud

After only three years as a broker, Raul Enrique Jacobs needs to find another line of work. In February, the Financial Industry Regulatory Authority (FINRA) permanently barred him from acting as a broker in any capacity.

Jacobs worked for three firms, starting in January of 2012 with MetLife Securities Inc. in Orland Park, IL. In May of that year, he began working for Waddell & Reed, also in Orland Park. Jacobs then moved on to T2 Asset Management, LLC in February of 2015. He was fired from T2 when it was discovered that he had power of attorney over an outside elderly client that he didn’t tell the firm about. Jacobs later admitted that he had stolen client funds to use for his own personal benefit, which ultimately led to FINRA making its ruling.

Woodstock Financial Group, Inc. Broker William Bruckner Fined and Suspended by FINRA

June 9, 2017 | Silver Law Group

Allegations of mismarking solicited trades as unsolicited follow this West Palm Beach broker from firm to firm.

William Bruckner is accused of mismarking solicited trades as unsolicited and by doing so, violating his member-firm policy.

Originally employed by Sanford C. Bernstein & Co., LLC in West Palm Beach, Florida from February 2010 to July 2012, Bruckner moved on to employment with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Palm Beach, Florida from July 2012 to May 2016.

Jeffrey Marc Grayson Suspended After Allegations of Discretionary Trading

June 9, 2017 | Silver Law Group

The New Jersey broker is also reported to have lied about his actions

Jeffrey Marc Grayson was recently suspended by the Financial Industry Regulatory Authority (FINRA) after an investigation found that he exercised discretion in four customer accounts without written approval from the customers. In addition, Grayson reportedly did not get permission from his member firm and he is alleged to have lied about his use of discretion on compliance documents.

Grayson didn’t admit or deny the finding, but he accepted FINRA’s two-month suspension, along with a $10,000 fine.

Former Ameriprise Broker William B. Wyman Under Investigation Over Allegations of Selling Unapproved Investments

June 6, 2017 | Silver Law Group

Silver Law Group is investigating form Palm Bay, Florida-based Ameriprise Financial Services, Inc. (CRD# 6363) broker William B. Wyman (CRD# 4155621) after allegations that he sold away from his employing firm surface.

According to Wyman’s FINRA BrokerCheck report, FINRA barred Wyman in January 2017 after he failed to request termination of his suspension after his suspension period ended. Accordingly, FINRA automatically barred him from associating with any FINRA member in any capacity.

Wyman’s most recent BrokerCheck disclosure is a customer complaint that alleges negligence and that Wyman sold the customer an unapproved investment outside the brokerage firm. The complaint alleges almost $100,000 in damages.