Securities Arbitration Lawyers Blog

Silver Law Group is investigating former Meyers Associates, L.P. (CRD# 34171) broker John E. Buonocore (CRD# 2337214) after FINRA permanently barred him amidst unsuitable recommendations and churning allegations.  This is the second Meyers Associates broker our firm has investigated at the same New York, New York location of Meyers Associates, the third one in less than six months.

According to Buonocore’s FINRA BrokerCheck report, Buonocore entered into an Acceptance, Waiver & Consent (“AWC”) with FINRA agreeing to a permanent bar.  According to the AWC, Buonocore refused to appear for on-the-record testimony as requested by FINRA in connection with an investigation into certain trading anomalies at his member firm which may have affected the accounts of one or more of Buonocore’s customers.

According to Buonocore’s FINRA BrokerCheck report, Buonocore has had four FINRA arbitrations filed against him.  One FINRA arbitration alleging unsuitable recommendations settled in April 2004 for $58,000.  Another FINRA arbitration alleging unsuitable recommendations and churning settled in July 2014 for $315,000.

Silver Law Group is investigating former Raymond James & Associates, Inc. (CRD# 705)  broker John Nelson Crook (CRD# 2715424) after a customer filed a FINRA arbitration alleging $4.8 million in damages.

According to Crook’s FINRA BrokerCheck report, Crook’s customer filed a FINRA arbitration against Crook alleging churning/excessive trading and commissions; unauthorized trading; unsuitability; breach of fiduciary duty; fraud/intentional misrepresentation and omission; negligence/gross negligence; breach of contract; and violations of Georgia Blue Sky Law.  The FINRA arbitration alleges damages in the amount of $4.8 million.

Prior to the filing of the FINRA arbitration, Crook was discharged by Raymond James due to “loss of confidence” in Crook.  According to Crook’s BrokerCheck report, Crook was terminated because he did not respond candidly to a supervisory review of Crook’s trading activity in a customer’s account and did not provide plausible explanations for said trading activity.

Silver Law Group is investigating Wesley Chapel, Florida-based Center Street Securities, Inc. (CRD# 26898) broker Satya Brata Shaw (CRD# 1229175) after the Florida Office of Financial Regulation opened an investigation into the broker.  Our firm is interested in speaking with you if you have worked with Shaw.

In November 2016, the Florida Office of Financial Regulation initiated an investigation into Shaw for violations of state, federal and industry rules and regulations, according to Shaw’s FINRA BrokerCheck report.

The investigation follows a string of settlements between other state regulatory bodies between 2009 and 2016.  In total, Shaw has been fined or sanctioned by six different states in a total of seven regulatory actions, according to his BrokerCheck report.