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$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

Individuals Barred by FINRA in July 2016 for Violations of FINRA Rules

August 9, 2016 | Silver Law Group

According to FINRA Disciplinary actions for July 2016, 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
Gordon W. Adamson	Farmers Financial Solutions, LLC
Stephen R. Anders	Capital One Investment Services LLC
Stephen R. Anders	BB&T Investment Services, Inc.
Jonathan Arroyo	J.P. Morgan Securities LLC
Alex Ernesto Batlle	Forest Securities, Inc.
Alex Ernesto Batlle	Princor Financial Services Corporation
James Frederick Brennan	T.R. Winston & Company, LLC
James Frederick Brennan	Gilford Securities Incorporated
Ruben Emilio Cardenas	BBVA Securities Inc.
Ruben Emilio Cardenas	BBVA Compass Investment Solutions, Inc.
Jessica Alyssa Diaz	Nationwide Investment Services Corporation
Tameika Andrea Frinks	J.P. Morgan Securities LLC
Ronald Fred Hanson	Valmark Securities, Inc.
Ronald Fred Hanson	Securities America, Inc.
Daniel Helkowski III	Allstate Financial Services, LLC
Daniel Helkowski III	Nationwide Securities, Inc.
Jose Alberto Huerta	Wells Fargo Advisors, LLC
Jose Alberto Huerta	Fidelity Brokerage Services LLC
Adrian Jablonski	J.P. Morgan Securities LLC
Adrian Jablonski	First Midwest Securities, Inc.
Chad Lewis Jackson	J.P. Morgan Securities LLC
Quyen Chi Loong	Aaron Capital Incorporated
Quyen Chi Loong	MetLife Securities Inc.
Elizabeth Grimaneza Looper	J.P. Morgan Securities LLC
Elizabeth Grimaneza Looper	Chase Investment Services Corp.
Matthew R. Mizera	Fifth Third Securities, Inc.
Matthew R. Mizera	Chase Investment Services Corp.
Lindsey Brooke Nelan
Justin Lee Norris	NYLife Securities LLC
Rafael Angel Ortiz	Cetera Investment Services LLC
Rafael Angel Ortiz	J.P. Morgan Securities LLC
Natalia Pesin	Pruco Securities, LLC
Linda A. Rapp
John M. Sayre	PFS Investments Inc.
Tanvir M. Shah
Brian Edward Shamash	State Farm VP Management Corp.
Keith Everett Sorrentino	Stock USA Execution Services, Inc.
Keith Everett Sorrentino	Regal Securities, Inc.
Thomas Suarez	Rockwell Global Capital LLC
Thomas Suarez	Laidlaw & Company (UK) Ltd
Michael John Tordone	TSC Distributors, LLC
Michael John Tordone	Lazard Asset Management Securities LLC
David Scott Whitesel	J.P. Morgan Securities LLC
David Scott Whitesel	Chase Investment Services Corp.
David Lee Willis	Allstate Financial Services, LLC
David Lee Willis	Prudential Securities Incorporated
Eugene Harold Wray	PFS Investments 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.

Carlton E. Burton’s Short Brokerage Career Ends in Permanent Bar by FINRA

August 9, 2016 | Silver Law Group

Carlton E. Burton’s Short Brokerage Career Ends in Permanent Bar by FINRA on silverlaw.com

Florida-based broker allegedly misappropriated funds while associated with two different member firms.

Carlton E. Burton passed his Series 7 General Securities Representative Exam in October 2014. He passed his Series 66 Uniform Combined State Law Examination in June 2015. And in February 2016, Burton was permanently barred from associating with any FINRA member in any capacity.

The FINRA action results from Burton’s refusal to respond to FINRA’s request for documents and information during an investigation into allegations that he misappropriated assets from the investment advisory firm where he worked.

Utah Broker Thomas E. Andrews Permanently Barred by FINRA

August 8, 2016 | Silver Law Group

Utah Broker Thomas E. Andrews Permanently Barred by FINRA on silverlaw.com

Misappropriation of funds, breach of fiduciary duty, and mismanagement are just a few of the allegations cited

Silver Law Group is investigating Thomas Edward Andrews, a broker who was employed by LPL Financial in Salt Lake City, Utah. Andrews began his career in the financial services industry in October 2002. In 2015, he was terminated after the firm received allegations from clients that he was misappropriating funds, engaging in unauthorized borrowing, mismanaging investments and that he committed breach of fiduciary duty from 2011 through 2015, among others.

He was subsequently suspended and permanently barred by the FINRA after he failed to respond to requests for information regarding his termination and the allegations. According to his BrokerCheck Report, in November 2015, clients of Andrews filed a complaint claiming that he had formed fictitious trusts, provided forged application materials for annuity products and accepted funds from them payable to these trusts.

Broker Ricardo Broome Permanently Barred From FINRA

August 8, 2016 | Silver Law Group

Broker Ricardo Broome Permanently Barred From FINRA on silverlaw.com

Allegations of unauthorized trading and unauthorized use of margin, along with failure to respond, drive FINRA decision

Multiple customer disputes and tax liens line Ricardo A. Broome’s FINRA-generated BrokerCheck report. Most recently, allegations against Broome include unauthorized trading and unauthorized use of margin. Damages granted in customer disputes against Broome in his 12 years in the securities industry equal almost $50,000.

Tax liens and/or judgments against Broome during the same time period equal almost $40,000. Ultimately, however, Broome failed to respond to a FINRA request for information in late 2015, and as a result, FINRA permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

South Florida Broker Giovanni Acevedo Accused of Converting Funds and Providing False Information to FINRA

August 5, 2016 | Silver Law Group

South Florida Broker Giovanni Acevedo Accused of Converting Funds and Providing False Information to FINRA on silverlaw.com

Voya Financial Advisors, Inc. discharges Acevedo and FINRA permanently bars him as a result of alleged misconduct

Not only is former ING Financial Partners, Inc (now known as Voya Financial Advisors, Inc.) broker Giovanni Acevedo accused of converting over $160,000 in customer funds for his own personal use, he is also accused of lying to FINRA investigators when questioned about the related customer complaints.

According to FINRA, Acevedo made recommendations to three separate customers and took actions as follows:

Michigan-based Broker Merid Amde Suspended and Fined $20,000 By FINRA

August 5, 2016 | Silver Law Group

Michigan-based Broker Merid Amde Suspended and Fined $20,000 By FINRA on silverlaw.com

Allegations include violation of firm policy, unsuitability, excessive trading, unsolicited trade confirmations, among others.

During a 27-year career in the securities industry, Michigan broker Merid Amde has a total of six disclosure events listed on his BrokerCheck record. The most recent disclosure event landed the broker with a 3-month suspension from association with any FINRA member in all capacities and a fine of $20,000.

A closer look at the allegations listed on the most recent settlement agreement indicates the following:

Church Loses $135,000 Due to Alleged Bad Advice From Broker Betsy Marcom

August 4, 2016 | Silver Law Group

Church Loses $135,000 Due to Alleged Bad Advice From Broker Betsy Marcom on silverlaw.com

Broker fined $15,000 and suspended for four months as a result of FINRA investigation

After having damages granted against her in the amount of $135,000 by a customer questioning the suitability of her investments in December 2012, Texas financial advisor Betsy B. Marcom (previously known as Betsy Bratton Perryman) is once again under scrutiny by FINRA.

In a disciplinary action dated November 19, 2015, the Next Financial Group, Inc. financial advisor, Betsy Marcom, accepted and consented (without admitting or denying the findings) to the entry of FINRA findings that stated:

Michigan-based Firm and Licensed Broker Pocket $11.4 Million in Commissions

August 4, 2016 | Silver Law Group

Michigan-based Firm and Licensed Broker Pocket $11.4 Million in Commissions on silverlaw.com

Alleged misrepresentation of REITs and BDCs by Purshe Kaplan Sterling Investments and Gopi Vungarala to their client, a Native American Tribe, lead to exorbitant commissions to the detriment of the tribe

Purshe Kaplan Sterling Investments and their licensed broker Gopi Vungarala have been named respondents in an FINRA compliant that alleges numerous violations of the securities commission.

A registered and licensed broker for eleven years, Gopi Vungarala is under investigation for repeatedly lying about investments and commissions to his client, a Native American Tribe, for more than three years. According to his BrokerCheck report, Vungarala, as the tribes registered representative and treasury investment manager, convinced his client to invest hundreds of millions of dollars in non-traded REITs and business development companies without revealing that he and his firm received commissions on the sales or that these sales were eligible for volume discounts. Instead, it is alleged that Vungarala kept those discounts in the form of commissions for himself and the firm.

Cryptocurrency Exchange Bitfinex Suspends Its Operations

August 3, 2016 | Silver Law Group

Just two months after being sanctioned by the U.S. Commodity Futures Trading Commission (CFTC), Hong Kong-based cryptocurrency exchange Bitfinex — one of the largest Bitcoin exchanges in the world — has now halted all its Bitcoin trading operations until further notice, claiming it has suffered a security breach. According to published reports, the alleged security breach involved the theft of $65 million worth of Bitcoin from Bitfinex users. News of the alleged theft has caused the price of Bitcoin to plummet worldwide by more than twenty percent.

In June 2016, the CFTC issued an Order sanctioning Bitfinex for offering illegal off-exchange financed retail commodity transactions in Bitcoin and other cryptocurrencies. In addition, the Order cited Bitfinex as having failed to register with the CFTC before engaging in any commodity transactions. The Order required Bitfinex to pay a $75,000 civil monetary penalty and to cease and desist from future such violations.

According to the CFTC, Bitfinex permitted its users to borrow funds from other users on the platform so they could trade Bitcoins on a leveraged, margined, or financed basis. However, the CFTC alleged that Bitfinex did not actually deliver those Bitcoins to the traders who purchased them and instead held the Bitcoins in deposit wallets that Bitfinex itself owned and controlled.

Paul Steffany Barred After Allegations of Forgery and Conversion

August 2, 2016 | Silver Law Group

Paul Steffany Barred After Allegations of Forgery and Conversion on silverlaw.com

Seasoned broker permanently barred from all securities activity after allegations of conversion and forgery

The Financial Industry Regulatory Authority (FINRA) took action against Raymond James stockbroker Paul Steffany in October of 2015, after allegations surfaced that he illegally converted funds as executor of a client’s trust and forged signatures on checks that were made payable to the individual’s estate. Steffany is permanently barred from all future FINRA activity after consenting to the FINRA findings.

FINRA reports indicate that Paul Steffany acted as the executor and trustee of the estate of a customer from his registered firm, Raymond James. This estate was established for the benefit of the customer’s son and grandchildren. During the time he served in this capacity, he allegedly paid himself $193,900 for his role as trustee between 2007-2014. The FINRA found that a minimum of $112,742 of what converted was excessive given the minimal time and effort devoted to this trust.