Securities Arbitration Lawyers Blog

Broker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA

May 3, 2016 | Silver Law Group

Broker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA on ilverlaw.com

Allegations of churning, unsuitability, and questionable exercise of discretion surround barred broker.

William Siegel began his securities industry career in 2001 with Citigroup Global Markets Inc. in New York. Shortly after moving to Morgan Stanley & Co. in 2007, Siegel received his first complaint arising out of the sale of an auction rate security (ARS). The timing of the sale preceded the widespread auction failure and illiquidity that took place in mid-February 2008 and resulted in damages granted in the amount of $500,000.00.

In 2011, another complaint was registered against Siegel alleging churning in the customer’s account. Churning is the term used when a broker excessively trades within a customer account largely to generate commissions, without regard to the customer’s investment objectives.

Silver Law Group Retained by a Court Appointed Corporate Monitor to Pursue Claims Against a Large Broker-Dealer and Clearing Firm

April 27, 2016 | Silver Law Group

Pursuant to a civil action brought by an aggrieved investor against OM Investment Management (“OMIM”), an investment adviser, and its managing member Gignesh Movalia (“Movalia”) in Miami-Dade County, Florida, the Court appointed a Corporate Monitor to “discover, marshal and preserve funds and assets derived from investors.” In turn, the Corporate Monitor has retained Silver Law Group to pursue claims against a large national broker-dealer and clearing firm that allegedly provided the platform for Movalia and his company OMIM to perpetrate a Ponzi scheme.

Silver Law Group recently filed a FINRA arbitration against a large national broker-dealer and clearing firm (collectively the “Respondents”) seeking over $1 million dollars in damages. The arbitration claim alleges that the Respondents permitted Movalia, who has been criminally convicted of securities and investment fraud, and OMIM to cloak their activities with an air of legitimacy by aligning themselves with and using the name and reputation of the Respondents to attract investors. The arbitration claims that Respondents failed to act on red flags concerning the misconduct of Movalia and OMIM and that the Respondents also failed to alert individual clients of Respondents of what they had uncovered as a result of a customer complaint. Specifically, after receiving the customer complaint, the Respondents investigated the situation and decided to cancel their relationship with Movalia and OMIM. However, at no time did Respondents alert its customers of the concerns which permitted the fraud to go unabated until the appointment of the Corporate Monitor.

Silver Law Group has been retained by receivers and corporate monitors to assist in the recovery of losses due to investment fraud or Ponzi schemes. Silver Law Group continues to represent the interests of investors who have been the victims of investment fraud or Ponzi schemes. If you have questions about your legal rights pertaining to your investments or believe you have been a victim of fraud, please contact the attorneys of the Silver Law Group for a free consultation toll free at (855) 755-4799 or ssilver@silverlaw.com.

How to Help Your Parents Avoid Fraudulent Investments

April 26, 2016 | Silver Law Group

How to Help Your Parents Avoid Fraudulent Investments on silverlaw.com

Ensure your parents are properly educated when it comes to fraudulent investments.

As your parents age, there are many things to think about and consider. Their health, their living situation, and their financial situation are generally at the top of the list. You realize too that your relationship with your parents has evolved over time and you may feel that you are suddenly functioning more as the caregiver than the child. This is a tough transition for families, but a necessary one. As you think about how best to take care of your parents as they age, you must think about how best to protect them from falling victim to scams, elder financial fraud, and mistakenly trusting their money with someone who could take it or, even worse, steal their identity.

8 Steps You Can Take To Protect Your Parents

The New Fiduciary Duty Rule Governing Retirement Accounts

April 25, 2016 | Silver Law Group

While it has been argued by investor advocates for a long time that a fiduciary duty applies to those individuals that give investment advice to others, the Department of Labor (DOL) finally put the issue to rest with respect to retirement accounts. After six years in the making, the DOL put forth a rule that redefines who is a retirement investment advice fiduciary. The rule is designed to protect investors who obtain investment advice for retirement accounts from stockbrokers, insurance agents and other types of financial advisor who “put their own profits ahead of their clients’ best interest.” Several provisions of the rule are expected to take effect April 2017 with full compliance required by January 1, 2018.

Under the rule any person that is paid to give advice to a plan sponsor (e.g., an employer with a retirement plan), plan participant or IRA owner is now to be considered a fiduciary. The fiduciary standard would also apply to advisors that provide advice as to whether to rollover money from an employer-sponsored retirement plan (e.g., 401(k)) to an IRA. The new rule is meant to do away with possible conflict of interests by increasing fee disclosures and requiring the investment adviser to always put the investors’ best interest first. Previously, a financial advisor’s recommendation was only required to be “suitable” meaning that if there were a couple of products that fit the investor’s investment objectives and risk tolerance, the advisor could pick the one with the higher commissions and fees which would lower the possible return instead of what was in the best interest of the investor.

Legal challenges to the rule from the Securities Industry are expected. However, according to several news stories the DOL is confident that the new rule will survive legal challenges

FINRA Bars Individuals in April 2016 for Failure to Comply with FINRA Rules

April 21, 2016 | Silver Law Group

According to FINRA Disciplinary actions for April 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
Thomas Edward Andrews	LPL Financial LLC
Ryan Jerry Attenson	Merrill Lynch, Pierce, Fenner & Smith, Inc.
Ryan Jerry Attenson	Wells Fargo Advisors, LLC
John H. Berry	Crown Capital Securities, LP
John H. Berry	LPL Financial LLC
Keith Joseph Bettex	Pruco Securities, LLC
Ricardo Athelstone Broome	Chelsea Financial Services
Ricardo Athelstone Broome	Woodstock Financial Group, Inc.
Thomas Buono	Park Avenue Securities
Henry Kimtong Chang	Cetera Advisor Networks LLC
Henry Kimtong Chang	Financial Network Investment Corp.
Veronica A. Deese	The Vanguard Group, Inc.
Aaron Alexander Fauntleroy	IMCA Retirement Corporation
Larry Gordon Goldston	Caprock Securities, Inc.
Larry Gordon Goldston	Morgan Stanley DW Inc.
Rogelio Fernando Guevara	Northwestern Mutual Investment Services, LLC
Gregory Kieth Hines, Jr.	The Huntington Investment Company
Gregory Kieth Hines, Jr.	Chase Investment Services Corp.
Warren Scott Koch	J.P. Morgan Securities, LLC
Warren Scott Koch	Chase Investment Services Corp.
Tiffany K. Le	J.P. Morgan Securities, LLC
Tiffany K. Le	Chase Investment Services Corp.
Sergio D. Lopez	MML Investors Services, LLC
Sergio D. Lopez	NYLife Securities, LLC
Gary James Lundgren	Interpacific Investors Services, Inc.
Gary James Lundgren	Global Finance & Investment Company
Chakkin Tony Mok	Cetera Financial Specialists LLC
Chakkin Tony Mok	Hochman & Baker Securities, Inc.
April Christine Morris-Spicer	Wunderlich Securities, Inc.
April Christine Morris-Spicer	Lincoln Investment
Samuel Sean Nelson	Waddell & Reed, Inc.
Hai Yan Ni	T. Rowe Price Investment Services, Inc.
Hai Yan Ni	HSBC Securities (USA) Inc.
Bernard Mark Parker	Edward Jones
Bernard Mark Parker	Beaconsfield Financial Services, Inc.
Sean David Portnoy	Nobles & Richards, Inc.
Sean David Portnoy	Sethi Financial Group
Samantha Raeshawn Raines	Fidelity Brokerage Services, LLC
Royal Vance Keith Charles Reynolds III	Pruco Securities, LLC
William Victor Siegel	Morgan Stanley & Co, Inc.
William Victor Siegel	Citigroup Global Markets, Inc.
Abel Gaim Teklai	Key Investment Services, LLC
Angelos Stephen Tsigounis	Stifel, Nicolaus & Company, Inc.
Angelos Stephen Tsigounis	VFinance Investments, Inc.
Makiasa Donyell Turner	Allstate Financial Services, LLC
Joseph Arnold Weber	Farmers Financial Solutions, LLC
Teule S. Williams	J.P. Morgan Securities, LLC
Teule S. Williams	Chase Investment Services Corp.

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.

FINRA Suspends Individuals in April 2016 for Failure to Comply with FINRA Rules

April 21, 2016 | Silver Law Group

According to FINRA Disciplinary actions for April 2016, 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
Russell Andrew Carbonara	Pinebridge Securities, LLC
	Aria Capital Advisors, LLC
Roger Briggs Coe, Jr.	Gate US, LLC
	Zealous Capital Markets, LLC
Jerrid Jemal Douglas	Barclays Capital Inc.
	Citigroup Global Markets, Inc.
Terry Lee Haggerty	Penvest Securities, Inc.
	BB Graham & Company, Inc.
Mark David Holt	Harbour Investments, Inc.
	Geneos Wealth Management, Inc.
Pil Sang Hwang	Wells Fargo Advisors, LLC
	Phillips & Company Securities
Robert John Matarazzo, Jr.	Waddell & Reed, Inc.
	New England Securities
James Kenneth Maurice	Wachovia Securities, LLC
	A.G. Edwards & Sons, Inc.
Bahram Mirhashemi	Accelerated Capital Group
	Ameriprise Financial Services, Inc.
Charles J. Moore	Achilles Securities, LLC
	Crucible Capital Group, Inc.
Joshua James Nanci	Foreside Fund Services, LLC
	Aria Capital Advisors, LLC

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.

FINRA Suspends Registered Individuals for Violations of FINRA Rules in April 2016

April 21, 2016 | Silver Law Group

According to FINRA Disciplinary actions for April 2016, 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:

NAME	FORMER EMPLOYERS
Jonathan Arroyo	J.P. Morgan Securities, LLC
Matthew C. Ashton	Merrill Lynch, Pierce, Fenner & Smith, Inc.
Vladimir Belyaev	Avenir Financial Group
Vladimir Belyaev	Coastal Equities, Inc.
Ho Choong Chung	J.P. Morgan Securities, LLC
Ho Choong Chung	Key Investment Services, LLC
Anthony S. Curcio	J.P. Morgan Clearing Corp
George Jay Dobbins	Edward D. Jones & Co., L.P.
Robert Blake Ellender	Invesco Distributors, Inc.
Robert Blake Ellender	John Hancock Funds, LLC
Tameika Andrea Frinks	J.P. Morgan Securities, LLC
William Lee Hutchinson	IFS Securities
William Lee Hutchinson	J.P. Turner & Company, LLC
Chad Lewis Jackson	J.P. Morgan Securities, LLC
Daniel Seunghun Lee	NYLife Securities, LLC
Janice Jean Ling
Charles Little	PFS Investments Inc.
Matthew R. Mizera	Fifth Third Securities, Inc.
Matthew R. Mizera	Chase Investment Services Corp.
Lindsey brooke Nelan
Charles Holman Phelps	Allstate Financial Services, LLC
Charles Holman Phelps	Edward Jones
Tanvir M. Shah
Michael Taylor Shuttlesworth	Crown Capital Securities, LP
Michael Taylor Shuttlesworth	LPL Financial Corporation
Mark Francis Speakman	Ameriprise Financial Services, Inc.
Mark Francis Speakman	IDS Life Insurance Company
Thomas Suarez	Rockwell Global Capital LLC
Thomas Suarez	Laidlaw & Co (UK) Ltd.
Christopher George Taylor	Purshe Kaplan Sterling Investments
Christopher George Taylor	Hightower Financial Partners
Sheena Anne Toney	J.P. Morgan Securities, LLC
Sheena Anne Toney	Chase Investment Services Corp.

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.

FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man

April 13, 2016 | Silver Law Group

The Financial Industry Regulatory Authority (the “FINRA”) awarded more than $34 million on March 18, 2016 to the estate of former Home Shopping Network chief Roy M. Speer in its claim against Morgan Stanley for churning the late Mr. Speer’s account.

The all-public arbitration panel ruled that Morgan Stanley, broker Ami Forte and branch manager Terry McCoy were jointly liable for violating Florida elder exploitation laws, unauthorized trading, breach of fiduciary duty/constructive fraud, negligence, negligent supervision and unjust enrichment.

The panel awarded $32.8 million in compensatory damages to Lynnda Speer, Mr. Speer’s widow and representative of the estate, and $1.5 million to reimburse costs incurred during the arbitration process. Additionally, Ms. Speer will seek to recover potentially millions in attorney’s fees in Florida court, according to an InvestmentNews article.

Plot Thickens in Aequitas Saga; Investors File Suit Against Tonkon Torp, Deloitte

April 9, 2016 | Silver Law Group

Aequitas Capital Management investors filed a class action lawsuit on April 4, 2016 against Portland law firms Tonkon Torp and Sidley Austin and the accounting firms Deloitte & Touche and EisnerAmper, claiming the firms enabled the massive Ponzi scheme.

The April complaint (the “Complaint”) has been brought on the heels of a complaint the Securities and Exchange Commission (“SEC”) filed against Oregon-based Aequitas and its principals in March. Silver Law Group is currently investigating claims against Aequitas and Registered Investment Advisor (“RIAs”) firms with respect to possible violations of federal securities.

The Complaint alleges that the aforementioned firms are responsible to pay for the investors losses because they aided in the unlawful sales of Aequitas securities after Aequitas made numerous “extensive and pervasive” misrepresentations.

Silver Law Group Investigates CONCERT Wealth Management, Summit Advisor Solutions, Private Advisory Group and other RIAs who Sold Aequitas Securities Amidst SEC Allegations of it Running a “Ponzi-like” Scheme

April 8, 2016 | Silver Law Group

Silver Law Group is investigating numerous registered investment advisors (“RIAs”) connected to Oregon-based Aequitas Management, LLC’s (“Aequitas”) “Ponzi-like” scheme and $350 million of investor losses.

On March 10, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against Aequitas and its various subsidiaries, which Silver Law Group recently released here (insert hyperlink). The complaint’s most damning allegations include Aequitas defrauded over 1,500 investors nationwide between Jan. 2014 and Jan. 2016 of more than $350 million as a last-ditch effort to raise funds to save it from complete financial collapse. This “Ponzi-like” scheme defrauded investors while the most senior executives used the investments to fund their lucrative salaries and extravagant company perks, according to the complaint.

Amidst further research, Silver Law Group has discovered that numerous RIAs have been connected with the fraudulent Aequitas, including: