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Public Justice

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Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities by one of its former registered representatives. The company disclosed this information in its recently filed annual focus report with the SEC. Principal Securities is also the subject of a separate FINRA arbitration claim based on the actions of the same representative. The plaintiff in this case is the Legacy of Angels Foundation, a 501 (c)(3) nonprofit and private family foundation with the mission, “To improve the lives of children by working to promote the expansion of newborn screening, and to further education, awareness, and research for Krabbe disease and Cystic Fibrosis to provide a better treatment and a cure.”  In June 2023, the nonprofit became known as the Rosenau Family Research Foundation.   In the lawsuit, the plaintiff alleges that Principal Securities made unsuitable recommendations, failed to supervise, and forfeiture of fees and commissions collected by the representative. The representative was not named in the report. The company expects losses in this case to be between $3 million and $5 million. The report was filed with the SEC on February 28, 2024.Minnesota-based broker-dealer Principal Securities has been sued by a local nonprofit over allegations of churning in variable annuities by one of its former registered representatives. The company disclosed this information in its recently filed annual focus report with the SEC. Principal Securities is also the subject of a separate FINRA arbitration claim based on the actions of the same representative. Continue reading ›

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Silver Law Group founder Scott Silver has weighed in on the move by many CrowdStreet investors who lost money in a failed Nightingale properties purchase. While he is not involved in the bankruptcy or litigation, Scott has paid close attention to the case. He is also a co-chair of the nonprofit American Association for Justice's Securities and Financial Fraud Litigation Group. Several investors have filed a request for a FINRA arbitration related to a $1.5 million misappropriation of funds that were not put in escrow, but given directly to Nightingale CEO Elie Schwartz. He has made one payment of $3 million, but has $50 million more to repay.Silver Law Group founder Scott Silver has weighed in on the move by many CrowdStreet investors who lost money in a failed Nightingale properties purchase. While he is not involved in the bankruptcy or litigation, Scott has paid close attention to the case. He is also a co-chair of the nonprofit American Association for Justice’s Securities and Financial Fraud Litigation Group. Continue reading ›

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John Kersey (John Jay Kersey CRD# 1480524) is a former broker and investment advisor last employed with Northwestern Mutual Investment Services, LLC (CRD# 2881) of Cincinnati, OH. His previous employers include Northwestern Mutual Investment Services, LLC (CRD# 2881) of Milwaukee, WI, Walnut Street Securities, Inc. (CRD# 15840) of El Segundo, CA, and WMA Securities, Inc. (CRD# 32625) of Duluth, GA.  He has been in the industry since 1986. Northwestern allowed Kersey to resign following allegations that he accepted money from a customer intended for investment. Instead, Kersey deposited the money into a non-firm account, and fabricated account statements that overstated the value of the customer’s account with Northwestern.  He was under an internal review at the time. Of his eight disclosures, five are by Kersey’s Northwestern clients filed after his discharge from the firm.John Kersey (John Jay Kersey CRD# 1480524) is a former broker and investment advisor last employed with Northwestern Mutual Investment Services, LLC (CRD# 2881) of Cincinnati, OH. His previous employers include Northwestern Mutual Investment Services, LLC (CRD# 2881) of Milwaukee, WI, Walnut Street Securities, Inc. (CRD# 15840) of El Segundo, CA, and WMA Securities, Inc. (CRD# 32625) of Duluth, GA.  He has been in the industry since 1986. Continue reading ›

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Garrett Moretz (Garret Wayne Moretz CRD# 4086791) is a broker and investment advisor currently registered with Lifemark Securities Corp. (CRD# 16204) of Mooresville, NC. His previous employers include First Heartland Consultants, Inc. (CRD# 110377) and First Heartland Capital, Inc. (CRD#:32460), also of Mooresville, and Allegiant Asset Management, L.L.C. (CRD# 141047) of Miami, FL. He has been in the industry since 2000. The US Securities & Exchange Commission (SEC) is currently investigating Moretz following allegations of “certain provisions of federal securities laws,” including Section 10(b) of the Exchange Act and Rule 10b-5. This section involves the misleading omissions and misrepresentation during the sale of securities. Garrett Moretz is cooperating with the investigation but denies the allegations of any wrongdoing. The investigation was filed on 5/1/2023 and is ongoing.Garrett Moretz (Garret Wayne Moretz CRD# 4086791) is a broker and investment advisor currently registered with Lifemark Securities Corp. (CRD# 16204) of Mooresville, NC. His previous employers include First Heartland Consultants, Inc. (CRD# 110377) and First Heartland Capital, Inc. (CRD#:32460), also of Mooresville, and Allegiant Asset Management, L.L.C. (CRD# 141047) of Miami, FL. He has been in the industry since 2000. Continue reading ›

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According to FINRA Disciplinary actions for January 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
  Scott Reed   First Financial Equity Corporation
  Wells Fargo Clearing Services, LLC

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According to FINRA Disciplinary actions for January 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
  Jack McBride   Newbridge Securities Corporation
  B. Riley Wealth Management
  Richard Webb   Park Avenue Securities LLC
  William Williford   Morgan Stanley

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According to FINRA Disciplinary actions for January 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
  Gabriela Alfaro   Charles Schwab &Co., Inc.
  Vinessa Christian   UBS Financial Services Inc.
  RBC Dain Raucher Inc.
  Denzel Coleman   J.P. Morgan Securities LLC
  Wells Fargo Clearing Services, LLC
  Stalin Cruz   SW Financial
  Windsor Street Capital, L.P.
  Richard Goldston   Edwared Jones

Continue reading ›

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Stewart Ginn (CRD# 4503197, aka “Stewart Taylor,” “Paxton Ginn Jr”) is a registered broker currently employed with Independent Financial Group, LLC (CRD# 7717) of Santa Maria, CA. His previous employers include Navian Capital Securities LLC (CRD#:145037) of Cincinnati, OH, Newbridge Securities Corporation (CRD# 104065) of New York, NY, and Chicago Investment Group, LLC (CRD# 11853, expelled by FINRA on 09/14/2010) of Chicago, IL. He has been in the industry since 2002. During his employment and registration with Independent Financial Group (IFG), FINRA alleges that Ginn churned and over-traded five accounts he acquired in 2019 following the sudden death of a fellow IFG broker. After buying the broker’s book of business, he became the registered representative of record for those customers, including the five involved in the disciplinary action.Stewart Ginn (CRD# 4503197, aka “Stewart Taylor,” “Paxton Ginn Jr”) is a registered broker currently employed with Independent Financial Group, LLC (CRD# 7717) of Santa Maria, CA. His previous employers include Navian Capital Securities LLC (CRD#:145037) of Cincinnati, OH, Newbridge Securities Corporation (CRD# 104065) of New York, NY, and Chicago Investment Group, LLC (CRD# 11853, expelled by FINRA on 09/14/2010) of Chicago, IL. He has been in the industry since 2002. Continue reading ›

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Michael Digioia (Michael Joseph Digioia CRD# 4073951, aka Michael Joseph Di Gioia, Michael Di Gioia, Mike Joseph Di Gioia, Mike Ross) is a previously registered broker last employed with Lampost Capital, L.C. (CRD# 43706) of Boca Raton, FL. His previous employers include Arive Capital Markets (CRD# 8060) of Bay Ridge, NY, Vision (CRD# 47927) of Stamford, CT, and Rothschild Lieberman LLC (CRD# 10030) of New York, NY. He has been in the industry since 2000. In a customer dispute filed on 5/19/2021, Digioia was ordered to pay $150,000 to a person who alleged unsuitable recommendations. In the broker’s statement, Digioia responded that the issue stemmed from a personal business matter, and that the claimant was actually a former business partner, not an investment customer. Digioia filed a motion to vacate on November 10, 2022.Michael Digioia (Michael Joseph Digioia CRD# 4073951, aka Michael Joseph Di Gioia, Michael Di Gioia, Mike Joseph Di Gioia, Mike Ross) is a previously registered broker last employed with Lampost Capital, L.C. (CRD# 43706) of Boca Raton, FL. His previous employers include Arive Capital Markets (CRD# 8060) of Bay Ridge, NY, Vision (CRD# 47927) of Stamford, CT, and Rothschild Lieberman LLC (CRD# 10030) of New York, NY. He has been in the industry since 2000. Continue reading ›

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Michael Fasciglione (CRD# 1806486) is a previously registered broker last employed with Aegis Capital Corp. (CRD# 15007) of Garden City, NY. His previous employers include   National Securities Corporation (CRD# 7569) of Mineola, NY, First Montauk Securities Corp. (CRD#:13755) of Port Washington, NY, and Oppenheimer & Co. Inc. (CRD# 249) of New York, NY. He has been in the industry since 1988. FIRNA recently suspended Fasciglione for failing to respond to requests for information. He was notified of his suspension on 9/27/2023, effective 10/23/2023. He is suspended in all capacities from affiliation with a member broker-dealer until he provides the requested information. Should Fasciglione fail to respond by January 2, 2024, he will be automatically and permanently barred.Michael Fasciglione (CRD# 1806486) is a previously registered broker last employed with Aegis Capital Corp. (CRD# 15007) of Garden City, NY. His previous employers include   National Securities Corporation (CRD# 7569) of Mineola, NY, First Montauk Securities Corp. (CRD#:13755) of Port Washington, NY, and Oppenheimer & Co. Inc. (CRD# 249) of New York, NY. He has been in the industry since 1988. Continue reading ›

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