A National Securities Arbitration & Investment Fraud Law Firm
The Rosenau Family Research Foundation, a nonprofit that funds medical research, has alleged that Principal Securities engaged in misuse of variable annuities, as well as churning and selling away while handling the Foundation’s investments. Continue reading ›
According to FINRA Disciplinary actions for May 2024, 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 |
| Kwame Aduesi | Morgan Stanley |
| J.P. Morgan Securities LLC | |
| Brittany Anderson | |
| Gianluca De Berardinis | Morgan Stanley |
| Quad Capital, LLC | |
| Brian Hill | |
| Monu Joseph | Rosenblatt Securities Inc. |
| CIBC World Markets Corp. | |
| Quintosha Thomas |
According to FINRA Disciplinary actions for May 2024, 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 |
| Helen Andrews | Morgan Stanley |
| Barclays Capital Inc. | |
| Christine Dormier | UBS Financial Services Inc. |
| Wells Fargo Investments, LLC | |
| David Ferneding | Stifel, Nicolaus & Company, Incorporated |
| Wells Fargo Clearing Services, Inc. | |
| Matthew Grady | Barclays Capital Inc. |
| American Research & Management Company | |
| Leonardo Hernandez III | Citigroup Global Markets Inc. |
| LPL Financial LLC | |
| Seth Horowitz | J.P. Morgan Securities LLC |
| UBS Financial Services Inc. | |
| Jeffrey Nemesi | Falcon Square Capital, LLC |
| Donald Smith | Provident Private Capital Partners, Inc. |
| Vestax Securities Corporation |
According to FINRA Disciplinary actions for May 2024, 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:
| NAME | FORMER EMPLOYERS |
| Ian Geeves | Vanderbilt Securities, LLC |
| LPL Financial LLC | |
| Ned Seitler | Charles Schwab & Co., Inc. |
| Neuberger Berman Management Inc. | |
| Timothy Sullivan | International Assets Advisory, LLC |
| SII Investments, Inc. | |
| Kirkland Wilson | Cetera Advisor Networks LLC |
| Securian Financial Services, Inc. |
![“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.”
Mr. Silver continued, “The question is why anyone would recommend this product to a client. This case is not about the customer, it’s about the product. The arbitrators appear shocked to hear billions of dollars of this stuff is sold.”
These investments were never suitable for individual investors, but that didn’t stop brokers and broker-dealers from selling them. In the continuing fallout over L-Bonds, investors have been filing FINRA arbitration claims against the broker-dealers who sold the L-Bonds to them. FINRA arbitrator Richard Kent Mahrle commented that based on the company’s shaky financial situation, L-Bonds were “not a suitable investment for the [client,] or perhaps anyone.”](https://www.silverlaw.com/blog/wp-content/uploads/2022/01/GWG02.jpg)
In an article in Investment News, Silver Law Group founder Scott Silver weighed in on a FINRA arbitration action involving a broker-dealer and financial advisor who sold a client GWG Holdings’ illiquid L-Bonds.
“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Continue reading ›
Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. Continue reading ›
Silver Law Group is investigating claims on behalf of stockholders who lost 95% of the principal they invested in funds offered by Hatteras Investment Partners LP after Hatteras sold their funds to The Beneficient Company in 2021.
Beneficient is tied to GWG, which declared bankruptcy in 2022 after suffering catastrophic losses for investors. A recent lawsuit against certain Beneficient Officers and/or Directors has revealed substantial allegations of misconduct and fraud throughout the companies. Continue reading ›
According to FINRA Disciplinary actions for April 2024, 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:
| NAME | FORMER EMPLOYERS |
| James Brown | American Independent Securities Group, LLC |
| Edward Jones | |
| Victor Droubie jr. | LPL Financial LLC |
| Wells Fargo Clearing Services, LLC | |
| Chun Elmejjad | Equitable Advisors, LLC |
| AXA Advisors, LLC | |
| Jonathan Gervaise | Jackson National Life Distributors LLC |
| Pruco Securities, LLC | |
| Jonathan Long | Cambridge Investment Research, Inc. |
| Cetera Financial Specialists LLC | |
| Thomas Prieur | Lincoln Financial Advisors Corporation |
| The Lincoln National Life Insurance Company | |
| Ronald Wells II | Northwestern Mutual Investment Services, LLC |
According to FINRA Disciplinary actions for April 2024, 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 |
| Kwame Adusei | Morgan Stanley |
| J.P. Morgan Securities LLC | |
| Kevin Arvoy | D.A. Davidson & Co. |
| Raymond James & Associates, Inc. | |
| Stephen Florio | Cambridge Investment Research, Inc.. |
| Raymond James & Associates, Inc. | |
| Mitchell Roby | Wells Fargo Clearing Services, LLC |
| Raymond James Financial Services, Inc. |
According to FINRA Disciplinary actions for April 2024, 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 |
| Vinessa Christian | UBS Financial Services Inc. |
| RBC Dain Rauscher Inc. | |
| Cody Coffey | Allstate Financial Services, LLC |
| Denzel Coleman | J.P. Morgan Securities LLC |
| Wells Fargo Clearing Services, LLC | |
| John Kersey | Northwestern Mutual Investment Services, LLC |
| Robert W. Baird & Co. Incorporated |
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