Securities Arbitration Lawyers Blog

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.

FINRA Suspends Registered Individuals in March 2017 for Failing to Comply with FINRA Rules

April 4, 2017 | Silver Law Group

According to FINRA Disciplinary actions for March 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
Philip Bagalanon
Terry Dean Bahgat	Gradient Securities, LLC
Terry Dean Bahgat	Cambridge Investment Research, Inc.
Patrick Hugh Dowd	Pruco Securities, LLC
Patrick Hugh Dowd	The Prudential Insurance Company of America
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.
Barry Jin	Spartan Capital Securities, LLC
Barry Jin	Lampert Capital Markets Inc.
Martin Jones	Goldman, Sachs & Co.
Melanie Ann Melton	Allstate Financial Services, LLC
Lystra C. Moore-Besson	HSBC Securities (USA) Inc.
Lystra C. Moore-Besson	HSBC Brokerage (USA) Inc.
Karrie Renee Parrett	Independent Financial Group LLC
Karrie Renee Parrett	Invest Financial Corporation
Douglas A. Rabess	NYLife Securities LLC
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
Steven Warren Whelan	MML Investors Services, LLC
Steven Warren Whelan	Pruco Securities, LLC
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.

In March 2017, FINRA Suspends Registered Individuals for Violations of FINRA Rules

April 4, 2017 | Silver Law Group

According to FINRA Disciplinary actions for March 2017, 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
Michael David Charest	Citizens Securities, Inc.
	CCO Investment Services Corp.
William Thomas Eaton	LPL Financial LLC
	Wells Fargo Advisors, LLC
Jason Francis Edwards	J.P Morgan Securities LLC
	SII Investments, Inc.
Wayne Fitzgerald Ford	Salomon Whitney Financial
	Rockwell Global Capital LLC
Robert M. Hirsch	T3 Trading Group, LLC
	UBS Financial Services Inc.
Arthur Kenneth King IV	First Empire Securities, Inc.
	Stifel, Nicolaus & Company, Inc.
Nicholas McCauley Messore	LPL Financial LLC
	Morgan Stanley Smith Barney
Andrew Joseph Niehus	ULU Capital, LLC
	Raymond James & Associates, Inc.
William A. Van Ormer III	Voya Financial Advisors, Inc.
	Suntrust Investment Services, Inc.
Darin Richard Pastor	Courtlandt Securities Corporation
	Capstone Affluent Strategies

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.

Christopher J. Calandrino, Worked For 8 Firms in Last 5 Years, Permanently Barred by FINRA

April 3, 2017 | Silver Law Group

Silver Law Group is investigating former New York-based broker Christopher J. Calandrino (CRD# 5238231) after he resigned from Joseph Stone Capital L.L.C. (CRD# 159744) for allegedly selling outside investments.

According to Calandrino’s FINRA BrokerCheck report, Joseph Stone allowed Calandrino to voluntarily resign in October 2016 while the firm investigated him over selling away allegations as well as for various potential violations of firm policy and regulatory rules and regulations.

Following Calandrino’s resignation, FINRA permanently barred him in November 2016 after he failed to respond to a FINRA request for information.

Former Concorde Investment Brokers Richard and Jill Cody Under Investigation for SEC Allegations and FINRA Bar

April 3, 2017 | Silver Law Group

Silver Law Group is investigating former New Jersey-based Concorde Investment Services, LLC (CRD# 151604) brokers Jill M. Cody (CRD# 4333419) (also known as Jill Tramontano (“Tramontano”)) and Richard G. Cody (CRD# 2794558) (“Cody”) after the SEC filed charges against Cody and FINRA barred Tramontano.

In December 2016, the SEC filed charges against Cody alleging he defrauded at least three of his clients for years. According to the complaint, Cody’s clients suffered massive losses in their accounts and, rather than notifying his clients, Cody depleted his clients’ retirement savings by making monthly withdrawals

According to the SEC complaint, Cody concealed the clients’ substantial losses from approximately 2004 through 2016 by making materially misleading statements, leading the clients to believe that their investments were maintaining steady value and that their monthly withdrawals were being financed by investment gains.

John S. Elliot, Former Kansas Ameriprise Financial Broker, Under Investigation Over Selling Away Allegations

April 3, 2017 | Silver Law Group

Silver Law Group is investigating former Overland, Kansas-based Ameriprise Financial Services, Inc. (CRD# 6363) broker John S. Elliot (CRD# 5981598) over allegations that he sold customers an outside investment.

According to Elliot’s FINRA BrokerCheck, Ameriprise discharged Elliot in August 2016 for violating Ameriprise compliance policies relating to selling away.

Following Elliot’s Discharge from Ameriprise, two customers filed FINRA arbitration complaints against the broker in November 2016. Both of the complaints allege Elliot sold the customers an unapproved investment in Selden Companies, LLC and damages of almost $1 million in the aggregate.

After FINRA’s Ruling, Joel Weiner has been Permanently Barred from the Securities Industry

March 31, 2017 | Silver Law Group

The Boynton Beach broker is alleged to have profited from unsuitable investment recommendations

Joel Weiner is no longer allowed to act as a broker as of December of 2016. It was then that the Financial Industry Regulatory Authority (FINRA) decided to permanently bar him due to serious allegations involving the solicitation of millions of dollars from a client.

FINRA reported that Weiner recommended that his client invest in an outside business that was owned by a representative of his firm, whom Weiner supervised. The business provided loans to small businesses, and the client ended up issuing $2.6 million in loans over several years. Weiner is reported to have earned about $65,000 in finder’s fees as the result of these transactions. In 2014, the business stopped providing loans and asked for repayment of all outstanding loans, but by February of 2015, only half of them had been repaid.