Securities Arbitration Lawyers Blog

FINRA Suspends Rafael Moreno for Not Disclosing Outside Business Activity

September 30, 2016 | Silver Law Group

FINRA Suspends Rafael Moreno for Not Disclosing Outside Business Activity on silverlaw.com

In addition to his 30-day suspension, the Florida broker was also fined

In April of this year, Rafael Moreno accepted the sanctions levied against him by the Financial Industry Regulatory Authority (FINRA) for charges related to conducting outside business activity. As a result, the broker was fined and suspended.

First registered with Donaldson, Lufkin & Jenrette Securities Corporation of Jersey City, NJ, Moreno has been employed with Mora Wealth Management LLC in Miami since October of 2012.

Apostolos Nicholas Papadea Fined and Suspended by FINRA

September 29, 2016 | Silver Law Group

Apostolos Nicholas Papadea Fined and Suspended by FINRA on silverlaw.com

Unauthorized trading was one of several charges

Apostolos Nicholas Papadea, who has worked in the brokerage industry since 1969, has come under scrutiny in recent years for a variety of alleged infractions, including making trades without permission from his clients. As a result, he has been fined and suspended by the Financial Industry Regulatory Authority (FINRA).

Papadea has worked for three different companies over the last 13 years, including Wachovia and Wells Fargo in Columbia, SC. Since January of this year, Papadea has been employed with Advisory Services Network in Atlanta, GA.

Broker William Hutchinson Barred by FINRA

September 28, 2016 | Silver Law Group

Broker William Hutchinson Barred by FINRA on silverlaw.com

After failing to respond to a request for information, William Hutchinson was suspended and is now barred from association

In January of 2016, the Financial Industry Regulatory Authority (FINRA) reached out to William Hutchinson to get information regarding complaints from some of his past clients. Because he did not respond, the agency suspended him. Hutchinson then had three months to request termination of that suspension, but he failed to do so and was automatically barred from association with any FINRA member.

First registered with Prudential Insurance in Newark, NJ, Hutchinson has been employed with J.P. Turner & Company in Montague, NJ, since May of 2011.

FINRA Has Filed a Complaint Against Broker Jeffrey Krupnick

September 21, 2016 | Silver Law Group

FINRA Has Filed a Complaint Against Broker Jeffrey Krupnick on silverlaw.com

The Sarasota, Florida broker is alleged to have improperly converted funds

The Financial Industry Regulatory Authority (FINRA) has filed a complaint against broker Jeffrey Krupnick, alleging that he converted a family member’s funds for personal use. The Sarasota broker has been working in the financial services industry for 15 years and had been employed by Ameriprise Financial Services in Sarasota since August of 2015.

He was also employed by Merrill Lynch, Pierce, Fenner and Smith in New York, New York from 2001 through 2004, Citigroup Global Markets in Venice, Florida from 2004 through 2008, Wells Fargo Advisors in Sarasota from 2008 through 2014, and JHS Capital Advisors in Sarasota from January through August 2015.

Former Independent Financial Group Broker Under Investigation for Allegedly Stealing Client Funds and Unsuitable Recommendations

September 21, 2016 | Silver Law Group

Silver Law Group is investigating FINRA-barred broker John Vernon Heath (CRD# 2331052) for stealing client funds and recommending unsuitable investments.

Heath was employed most recently at Independent Financial Group, LLC in Bloomington, Minnesota. Independent Financial Group then discharged Heath after he admitted to wrongfully taking client funds, according to his FINRA BrokerCheck report. Shortly thereafter, FINRA permanently barred Heath from securities industry for failing to respond to FINRA’s request for information.

The State of Minnesota Department of Commerce (“MDOC”) commenced a formal criminal action against Heath on the allegations. In the MDOC complaint, the MDOC alleges that Heath stole the identity of an elderly client and used the client’s funds on various personal expenditures totaling $78,744.54.

Minnesota Broker Mark David Holt Barred by FINRA

September 20, 2016 | Silver Law Group

Minnesota Broker Mark David Holt Barred by FINRA on silverlaw.com

Holt has lost his license and been permanently barred by the regulatory agency

Mark D. Holt has lost his license and can no longer act as a broker or representative in the financial services industry. According to the Financial Industry Regulatory Authority (FINRA), Holt is the subject of 11 disclosures, several customer complaints, two criminal complaints, and one regulatory sanction.

His 14-year career included work for several firms, most recently with Harbour Investments in North Oaks, Minnesota from 2007 to 2013, and before that with Geneos Wealth Management in Shoreview, Minnesota from 2005 to 2007. He was also employed by Linsco/Private Ledger Corporation in Boston, Massachusetts from 2000 through 2005 and by Securities America in Lavista, Nebraska from 1999 through 2000.

FINRA Suspends Broker Gregory Taylor

September 20, 2016 | Silver Law Group

FINRA Suspends Broker Gregory Taylor on silverlaw.com

This Morgan Stanley broker in Texas has been suspended by the Financial Industry Regulatory Authority

According to the Financial Industry Regulatory Authority (FINRA), Texas broker Gregory Taylor engaged in unethical conduct with an elderly customer who was suffering from dementia and he has subsequently been suspended.

Taylor’s career in the securities industry began in 1986 when he worked for Fidelity Brokerage Services in Smithfield, Rhode Island. Since then, he has been a member of various firms, including, most recently, Morgan Stanley in Dallas, Texas. He was also associated with Citigroup Global Markets in Salinas, California, E*Trade Securities in Palo Alto, California, and Charles Schwab and Company in Phoenix, Arizona.

New Jersey Broker Glenn King Barred by FINRA

September 19, 2016 | Silver Law Group

New Jersey Broker Glenn King Barred by FINRA on silverlaw.com

Allegations against King include making fraudulent misrepresentations to clients

Glenn King, a former broker based in New Jersey, has been barred from acting as a broker by the Financial Industry Regulatory Authority (FINRA) for misconduct. A veteran in the securities industry with a career that dates back to 1992, King has received 19 customer complaints and is the subject of several investigations and two financial disclosures.

According to FINRA, King allegedly made fraudulent misrepresentations and neglected to provide the required prospectus to clients in association with Unit Investment Trusts (UITs) while employed by Royal Alliance Associates, a national financial advisory firm. The FINRA report states that King made his elderly clients believe that he would use their investment funds to purchase safe, no-risk bonds and that he would not charge commissions for these transactions. However, investigations show that he purchased 44 UITs that caused his clients to lose tens of thousands of dollars while he made $38,000 in commissions. These FINRA allegations and an internal review by his member firm caused King to be terminated from Royal Alliance Associates in June of 2011.

WestPark to Acquire Some Newport Coast Securities Reps

September 19, 2016 | Silver Law Group

WestPark to Acquire Some Newport Coast Securities Reps on silverlaw.com

A majority of these representatives may have official complaints filed against them

WestPark Capital Inc. is set to acquire some of 109 registered financial representatives from Newport Coast Securities, a small, independent broker-dealer based in Irvine, CA. It’s notable that 63% of Newport’s representatives have at least one “disclosure event” on their Financial Industry Regulatory Authority (FINRA) BrokerCheck reports, which, in most cases, means that an official complaint has been filed against them.

WestPark hires Newport reps with multiple disclosure events

Silver Law Group Files another FINRA Arbitration Complaint Against RBC Capital Markets for Unsuitable Recommendations in the Oil and Gas Industry

September 15, 2016 | Silver Law Group

Silver Law Group has filed a FINRA arbitration complaint against RBC Capital Markets, LLC (CRD# 31194) for unsuitable recommendations to invest in oil and gas securities.

Our client, an older individual, had been working with her RBC broker, Lisa J. Lowi (CRD# 1347790), for many years. Our client alleges she was primarily invested in high-quality bonds to ensure healthy and consistent income for herself in her retirement years.

Rather than investing in conservative investments the client alleges, Lowi pushed oil and gas investments, including master limited partnerships (“MLPs”), and overconcentrated our client in the industry. Lowi failed to disclose the high risks that come with investing in the oil and gas industry.