Securities Arbitration Lawyers Blog

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA

January 26, 2017 | Silver Law Group

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA on silverlaw.com

Prior to the regulatory action, Ameritas Investment discharged Silva for violating firm policy

After seven years in the securities industry, Omaha, Nebraska broker Nathan Silva has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The Financial Regulatory Authority (FINRA) report on Silva’s actions indicates that he spent his entire career with Ameritas Investment Corporation.

According to his FINRA BrokerCheck report, Silva was discharged from Ameritas Investment in November of 2014 for violating firm policy. The allegations against him from his former employer include commingling of client funds, participating in non-approved, outside business activities, and using a non-approved method of communication (texting) all of which are violations of firm policies.

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update

January 26, 2017 | Silver Law Group

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update on silverlaw.com

A former client is seeking more than $2 million in damages

In July of 2016, a customer dispute alerted the Financial Industry Regulatory Authority (FINRA) to broker Michael Siegel. What first resulted in a suspension later became a permanent ban when he didn’t respond to the agency’s request for additional information.

Over a span of three years, Siegel was alleged to have been involved in many dubious activities, including fraud, misrepresentation, and churning. All are serious charges, and churning is troublesome because it means Siegel excessively traded his clients’ investments for the express purpose of benefiting himself with extra commissions.

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA

January 26, 2017 | Silver Law Group

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA on silverlaw.com

Several customer disputes led to the sanction against the former Cetera Advisors, LLC broker

As of June of 2016, Daniel Vasquez is no longer permitted to act as a broker. He was given a lifetime suspension from the Financial Industry Regulatory Authority (FINRA) for not offering any information regarding several customer disputes.

In 1998, Vasquez began his career with Dean Witter Reynolds Inc. Over the next nine years, he worked for five other firms around the US: Paulson Investment Company, Inc. in Chicago; Brookstreet Securities Corp. in San Juan Capistrano, CA; PMB Securities Corp. out of Newport Beach, CA; SunAmerica Securities, Inc. in Phoenix; and AIG Financial Advisors, Inc. in Mission Viejo, CA.

National Securities Corporation Broker Leigh M. Garber Suspended by FINRA

January 25, 2017 | Silver Law Group

Silver Law Group is investigating New Woodstock, New York-based National Securities Corporation (CRD# 7569) Leigh M. Garber (CRD# 2768572) after FINRA fined the broker $10,000 and suspended her for three months.

According to Garber’s FINRA BrokerCheck report, in October 2016, FINRA and Garber entered into an Acceptance, Waiver & Consent (“AWC”) concerning the allegations.

Without admitting or denying the findings, Garber consented to the sanctions and certain findings. According to the AWC, Garber, as president and CEO of a Ridgeway & Conger, allowed her member firm to conduct a securities business while not maintaining sufficient net capital. According to the AWC, Garber was responsible for the firm’s net capital compliance.

Former New York Ridgeway & Conger Broker Kenley Brisard Under Investigation

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Jericho, New York Ridgeway & Conger, Inc. (CRD# 113055) Kenley Brisard (CRD# 2641960) after FINRA permanently barred the broker.

According to Brisard’s FINRA BrokerCheck report, FINRA permanently barred Brisard.

According to Brisard’s BrokerCheck report, in January 2016 Brisard was named a respondent in a FINRA complaint alleging that he sold an unregistered security. FINRA found that Brisard sold unsuitable investments at undisclosed markups of 14-33 percent using general solicitation emails that fraudulently misrepresented the product and the respondent’s role in its development.

Former Revere Securities Broker Noel Fleming Under Investigation After FINRA Bars Him

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Boston-based Revere Securities LLC (CRD# 14178) broker Noel Fleming (CRD# 2030824) after FINRA permanently barred him.

According to Fleming’s FINRA BrokerCheck report, FINRA permanently barred Fleming in July 2016 when he failed to respond to a FINRA inquiry.

Fleming’s BrokerCheck reflects that he racked up numerous tax liens and judgments totaling $150,000 between 2010 and 2014. In that same period, there were three financial disclosures that were compromises to pay the debts.

Former LPL Financial Broker Paul E. Dorion Under Investigation After FINRA Bars Him

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Vermont-based LPL Financial LLC (CRD# 6413) broker Paul E. Dorion (CRD# 1103701) after FINRA permanently barred him

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

The permanent bar follows a discharge by LPL Financial in October 2015 after Dorion allegedly placed unauthorized trades in an LPL Financial customer account. Further, LPL Financial, according to the BrokerCheck report, had concerns over concentrated equity positions in client accounts and alleged Dorion failed to respond to LPL Financial’s compliance representatives.

Former New York Ridgeway & Conger Broker Philip Brisard Under Investigation

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Jericho, New York Ridgeway & Conger, Inc. (CRD# 113055) Philip Brisard (CRD# 2646923) after FINRA permanently barred the broker.

According to Brisard’s FINRA BrokerCheck report, FINRA permanently barred Brisard.

According to Brisard’s BrokerCheck report, in January 2016 Brisard was named a respondent in a FINRA complaint alleging that he sold an unregistered security. FINRA found that Brisard sold unsuitable investments at undisclosed markups of 14-33 percent using general solicitation emails that fraudulently misrepresented the product and the respondent’s role in its development.

Former Las Vegas Ameriprise Broker Cheryl L. Wallace Discharged for Alleged Unauthorized Trading

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Las Vegas, Nevada-based Ameriprise Financial Services, Inc. (CRD# 6363) broker Cheryl L. Wallace (CRD# 4839255) after she was discharged by Ameriprise for unauthorized trading among other allegations.

According to Wallace’s FINRA BrokerCheck report, Wallace was discharged from Ameriprise in February 2016 after she allegedly failed to follow clients’ instructions, communicated incorrect information to the client and used discretion on trades in the accounts.

Four months later, in June 2016, FINRA permanently barred Wallace from acting as a broker or otherwise associating with firms that sells securities to the public after she failed to respond to a FINRA request for information.

Miami-based Broker Fernando de la Lama Merino Under Investigation

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Miami, Florida EFG Capital International (CRD# 40118) broker Fernando de la Lama Merino (CRD# 2257749) after FINRA permanently barred him.

According to Merino’s FINRA BrokerCheck report, FINRA initiated a regulatory action against Merino in October 2016. The action states, according to Merino’s BrokerCheck report, that Merino was named a respondent in a FINRA complaint alleging that he failed to provide any response to requests for documents and information related to a FINRA investigation into his potential misconduct involving the sales of illiquid structured notes and bonds referred by a foreign individual while he was associated with a FINRA member firm.

Structured notes have been subject to investor alerts and bulletins by both the SEC and FINRA.