Securities Arbitration Lawyers Blog

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.

California Kestra Broker Tom Puentes Under Investigation Over Alleged Unauthorized and Unsuitable Transactions in Puerto Rican Bonds

January 25, 2017 | Silver Law Group

Silver Law Group is investigating California-based Kestra Investment Services, LLC (CRD# 42046) broker Tom A. Puentes (CRD# 1713812) amidst 23 disclosures on his FINRA BrokerCheck report.

According to Puentes’ FINRA BrokerCheck report, Puentes has a total of 23 disclosures, with 15 settling for over $750,000. A large majority of the settled claims allege unauthorized and unsuitable transactions in Puerto Rican municipal bonds.

Puentes’ actions concerning the settlements occurred while he was employed by Morgan Stanley (CRD# 149777). Morgan Stanley discharged Puentes in October 2014 over allegations against Puentes over his use of discretionary trading without written authorization.

Prospera Broker John N. Crook Under Investigation After $4.8 Million Complaint Filed

January 25, 2017 | Silver Law Group

Silver Law Group is investigating Macon, Georgia-based Prospera Financial Services, Inc. (CRD# 10740) broker John N. Crook (CRD# 2715424) after a customer filed a $4.8 million complaint.

According to Crook’s FINRA BrokerCheck report, a customer filed a FINRA arbitration against Crook in August 2016 alleging churning and excessive trading, unauthorized trading, breach of fiduciary duty, fraud and intentional misrepresentation and omission, and negligence. The complaint alleges $4.8 million in damages.

The $4.8 million claim follows Crook’s termination by Raymond James & Associates, Inc. (CRD# 705). Raymond James alleged that it had lost confidence in Crook after an internal review into a client complaint during which the Raymond James found that Crook did not respond candidly to a supervisory review of trading activity.