$70 MILLION Recovery for Investment Fraud

$44 MILLION Recovery for Ponzi Scheme Victims

$25 MILLION Recovery Against National Brokerage Firm

$9.1 MILLION FINRA Arbitration Award Against Brokerage Firm

$7.9 MILLION Securities Arbitration Award Against Stockbroker

$1 MILLION Securities Arbitration Award for Elder Financial Fraud

Securities Arbitration Lawyers Blog

Transamerica Financial Advisors Broker Harry C. Bennett Barred in Connection Unsuitability Investigation

February 27, 2017 | Silver Law Group

Silver Law Group is investigating former Michigan-based Transamerica Financial Advisors, Inc. (CRD# 16164) broker Harry C. Bennett (CRD# 2395555) after FINRA permanently barred the broker in connection with an investigation alleging excessive commissions and unsuitability.

According to Bennett’s FINRA BrokerCheck report, FINRA permanently barred Bennett from selling securities to the public in November 2016. FINRA barred Bennett when, according to his BrokerCheck report, Bennett failed to appear for on-the-record testimony requested by FINRA in connection with an investigation involving allegations that he may have engaged in sales practice violations by charging excessive commissions and recommending unsuitable transactions to his customers.

FINRA’s findings state that Bennett’s refusal to appear for the on-record testimony prevented FINRA from reaching a determination as to whether the alleged unsuitable recommendations and excessive commission charges violations occurred.

Jason Galanis Pleads Guilty in $63 Million Tribal Bond Scheme

February 27, 2017 | Silver Law Group

Jason Galanis pled guilty to charges that he convinced an Oglala Sioux tribal entity to issue $63 million in tribal bonds, having associates peddle those bonds on unsuspecting investors and collecting the proceeds of the sale.

Our attorneys opened an investigation into the matter and Burnham Securities, Inc.’s (CRD# 22549) alleged role in the scheme last year.

In May 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against a host of individuals, including notorious securities fraudsters Jason Galanis and his father John Galanis for defrauding investors in sham Native American tribal bonds.

Former LPL Financial Broker Mark Tauzin Suspended and Fined by FINRA

February 22, 2017 | Silver Law Group

Former LPL Financial Broker Mark Tauzin Suspended and Fined by FINRA on silverlaw.com

Tauzin’s alleged actions are some of the latest in a long history of violations by LPL advisors

Mark Tauzin won’t be able to work as a broker again until July of this year. In November of 2016, the Financial Industry Regulatory Authority (FINRA) suspended him eight months for what they called a “pattern of unsuitable short-term trading of front-loaded Unit Investment Trusts (UITs).” In addition to the suspension, Tauzin was ordered to pay fines that totaled over $225,000.

FINRA found that there was no reasonable basis for Tauzin to believe that these investments were suitable for his clients. In addition, he is reported to have maintained blank forms with customer signatures that allowed him to manipulate transactions.

Clouded by Allegations, FELTL & Company Broker Lance Ziesemer is Permanently Barred by FINRA

February 17, 2017 | Silver Law Group

Clouded by Allegations, FELTL & Company Broker Lance Ziesemer is Permanently Barred by FINRA on silverlaw.com

Ziesemer’s 22-year career ends with numerous customer disputes and damages requested against him of almost $2M

Wayzata, MN broker Lance Ziesemer began facing customer complaints in May 2007 when the first registered complaint against him showed up on his BrokerCheck report. Ziesemer had just started his employment with FELTL & Company when a customer lodged a complaint alleging unauthorized trading, unsuitability, and inappropriate margin use during the time period of February 1998 and April 2000. In this case, the requested damages equaled just over $102,000.

In November 2008, it is reported that Ziesemer settled away with two customers in an attempt to prevent them from filing a claim, resulting in a Financial Regulatory Authority (FINRA) action against the broker requiring a 20-day suspension and $5,000 Civil and Administrative Penalty/Fine.

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker

February 17, 2017 | Silver Law Group

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker on silverlaw.com

Prospera Financial Services, Inc. broker failed to respond to FINRA requests for information, resulting in a permanent ban from the industry

After 22 years in the securities industry, practicing both as a broker and an investment adviser, Rhonda Matthews’ securities career is over. According to the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report on Matthews, she allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA’s request to provide information concerning the status of compliance.

Prior to her employment as a broker with Prospera Financial Services, Inc. from June 2013 to December 2015, Matthews was employed by Wells Fargo Advisors Financial Network, LLC in Austin, TX from January 2010 to June 2013. Matthews was discharged by Wells Fargo Advisors Financial Network for allegedly failing to follow firm policy regarding contacting customers prior to each trade.

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently

February 17, 2017 | Silver Law Group

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently on silverlaw.com

The broker had been accused of making unsuitable recommendations

Michael Inderlied is no longer allowed to work in any capacity as a broker that sells securities to the public. This order came down from the Financial Industry Regulatory Authority (FINRA) in September of 2016 after Inderlied failed to appear for an on-the-record testimony regarding allegations of unsuitable recommendations.

Inderlied began his career in 1991 and worked for 10 firms over a 24-year span, including and most recently:

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA

February 17, 2017 | Silver Law Group

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA on silverlaw.com

The broker is reported to have made investments to generate commissions for himself

Lucas Lichtman cannot act as a broker again until July of 2017. In October of 2016, the Financial Industry Regulatory Authority (FINRA) handed him a nine-month suspension – as well as a fine of $7,500 – due to allegations that he made unsuitable recommendations that also resulted in extra commissions.

A relatively new broker, Lichtman has only worked in New Jersey, first for Investors Capital Corp. out of Englewood Cliffs in 2008. He then joined World Equity Group, Inc. also in Englewood Cliffs; then SWS Financial Services located in Tenafly. Lichtman’s most recent firm was another Englewood Cliff outfit: Caldwell International Securities. It was there that he was accused of making unsuitable recommendations and churning.

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA

February 17, 2017 | Silver Law Group

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA on silverlaw.com

Goslin failed to disclose outside business activity from which he profited

After an investigation, the Financial Industry Regulatory Authority (FINRA) suspended broker Christopher Goslin for one month and fined him $5,000. Goslin agreed to the sanctions, though he didn’t admit to or deny the findings.

According to FINRA, Goslin conducted outside business activity related to a limited liability corporation, from which he received monetary distributions. Goslin was required to submit a notice in writing about this activity and receive approval, which he failed to do.

FINRA Fines and Suspends Robert Estevez

February 17, 2017 | Silver Law Group

FINRA Fines and Suspends Robert Estevez on silverlaw.com

The broker’s unsuitable recommendations caused clients to lose money

In September of 2016, broker Robert Estevez received a fine and suspension from the Financial Industry Regulatory Authority (FINRA). The penalties were the result of an investigation by the agency that discovered Estevez made unsuitable recommendations to his clients.

According to FINRA, Estevez recommended short-term steepeners. Steepeners are structured products with returns reliant on the spread between long- and short-term interest rates. Estevez made the recommendations as part of a short-term investment strategy, and many clients ended up buying steepeners at full price and then selling them for a loss. Overall, Estevez’s customers lost a total of about $24,000.

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

February 17, 2017 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Roberto Omar Bastardo	Wells Fargo Advisors, LLC
Bernard B. Beal	Blaylock Robert Van LLC
Bernard B. Beal	M.R. Beal & Company
Christopher John Calandrino	Joseph Stone Capital LLC
Christopher John Calandrino	Cape Securities Inc.
Munaem Choudhury	Chelsea Financial Services
Munaem Choudhury	Brookstone Securities, Inc
Donald Joseph Coleman	Citigroup Global Markets Inc.
Dawn Deshean Davenport	J.P. Morgan Securities LLC
Thomas A. Davis	Wells Fargo Advisors, LLC
John Scott Elliott	Ameriprise Financial Services, Inc.
Sherman Lee Greer	LPL Financial LLC
Sherman Lee Greer	UVest Financial Services Group, Inc.
John Francis Hart	WFG Investments, Inc.
John Francis Hart	Questar Capital Corporation
Raul Enrique Jacobs	Waddell & Reed
Raul Enrique Jacobs	T2 Asset Management, LLC
Adela Ovadia Levy
Derrick Joseph Luttrell	Merrill Lynch, Pierce, Fenner & Smith Inc.
Derrick Joseph Luttrell	Charles Schwab & Co. Inc.
Roxanna Andrea Marin	Wells Fargo Advisors, LLC
Farid Morim	J.P. Morgan Securities LLC
Farid Morim	Chase Investment Services Corp.
Ryan Edward O’Neal Jr.
Brian Thomas Perry	Ameriprise Financial Services, Inc.
Brian Thomas Perry	IDS Life Insurance Company
Francesco Anthony Scarso	First Standard Financial Company LLC
Francesco Anthony Scarso	PHX Financial, Inc.
Keith Patrick Sequeira	Royal Alliance Associates, Inc.
Keith Patrick Sequeira	Wells Fargo Advisors, LLC
Bryan Michael Snyder	J.P. Morgan Securities, LLC
Bryan Michael Snyder	Northwestern Mutual Investment Services, LLC
Melanie Sherry Sweet	Hamershlag Sulzberger Borg Capital Markets
Melanie Sherry Sweet	Southlake Capital, 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.