Securities Arbitration Lawyers Blog

David Sullivan Accused of Excessive Trading on More Than One Occasion

February 17, 2016 | Silver Law Group

David Sullivan Accused of Excessive Trading on More Than One Occasion on silverlaw.com

Other allegations include unsuitable investments and unauthorized trading.

In the securities industry for 28 years, New York broker David J. Sullivan is the subject of yet another customer complaint against his behavior as a securities broker.

This most recent complaint alleges that on or about September 2011 through approximately December 2014, while associated with J.P. Morgan, Sullivan effected numerous transactions in three accounts of a customer without obtaining prior written authorization from the customer and without J.P. Morgan having accepted the accounts as discretionary.

William Slone’s 45-year Career Shows 14 FINRA Disclosure Events

February 16, 2016 | Silver Law Group

William Slone’s 45-year Career Shows 14 FINRA Disclosure Events on silverlaw.com

Broker William Slone’s most recent complaint alleges unauthorized securities trading.

Acting as a securities investment broker since 1969, William Slone faces yet another customer complaint regarding his activities. In November 2015, Slone consented to the sanctions and the entry of the findings that he effected discretionary transactions in the account of a customer without obtaining prior written authorization from the customer and without his member firm having accepted the account as discretionary in writing.

Throughout his career, Slone amassed a total of 10 customer disputes, 3 regulatory events, and 1 employment separation after allegations. Some of the allegations against him include unauthorized trading and forged margin form, unsuitability of investment and wrongful discretion, nondisclosure regarding receiving shares of company stock that he recommended to his customers to purchase, excessive trading, and effecting discretionary transactions without prior written authorization.

Have You Lost Money After Investing with Christopher F. Veale?

February 16, 2016 | Silver Law Group

Have You Lost Money After Investing with Christopher F. Veale? on silverlaw.com

As of August 18, 2015, Veale has been suspended by FINRA

With numerous complaints filed against him, several judgments, a felony charge and various other allegations after a lengthy career in the industry, Christopher Veale remains in hot water with FINRA.

The trouble for Veale began as early as August of 2000, when a customer complained that the then Rhode Island broker made unauthorized trades in their account. Although this dispute was denied, it was just the beginning of what would become a career fraught with allegations.

Did you lose investment money with Joshua Gladtke?

February 15, 2016 | Silver Law Group

Did you lose investment money with Joshua Gladtke? on silverlaw.com

This New York broker is permanently barred from the securities industry.

In November 2015, New York broker Joshua Gladtke consented to the sanction and entry of findings in a FINRA investigation. As a result, Gladtke is now permanently barred from the securities industry.

With 13 years in the securities industry, spent primarily with companies named with different versions of “Arjent” in their title and corporate filing, Gladtke’s record with FINRA began it’s decline in May 2015 when he was criminally charged with a felony in the New York State Supreme Court. According to BrokerCheck, the indictment included Gladtke and other defendants charged with a “number of criminal offenses related to a private placement offer of Pangaea Trading Partners, LLC conducted between 2010 and 2012.”

South Florida Broker, Walter Priebe, Receives FINRA Disciplinary Action

February 15, 2016 | Silver Law Group

South Florida Broker, Walter Priebe, Receives FINRA Disciplinary Action on silverlaw.com

Florida stockbroker suspended from securities activity for 6 months due to misconduct

Walter P. Priebe, from Pompano Beach, FL, is accused of engaging in outside business activities without telling his registered firm, Investacorp. Priebe worked for Investacorp between March 1989 and July 2014, when his position in that company was terminated.

The FINRA report alleges that Priebe served as a primary or successor trustee for numerous trusts that were associated with his firm (and was paid for this role). He did not, however, disclose this outside business role and on several occasions, indicated that he had fully disclosed all outside business associations.

FINRA Alleges Broker Gopi Vungarala Charged $11 million in Commissions for nontraded REITs and BDCs and Lied About it

February 15, 2016 | Silver Law Group

The Financial Industry Regulatory Authority Inc. (“FINRA”) charged a broker for lying to a Native American tribe about $11 million in commissions he accumulated when he sold the tribe $190 million in nontraded real estate investment trusts and business development companies.

According to the complaint, Gopi Krishna Vungarala (CRD# 4856193), the broker, served as the unnamed tribe’s registered representative as well as its treasury investment manager. Vungarala used his position to fraudulently induce the tribe to invest hundreds of millions of dollars in nontraded REITs and BDCs and repeatedly lied about whether he and his firm received commissions for the sales.

The complaint alleges that Vungarala falsely represented to the tribe that he would not receive any commissions on purchases of the non-traded REITs and BDCs made in the tribe’s accounts in order to induce the tribe to make the purchases.

James Michael Johnson Made Big Promises, No Return

February 12, 2016 | Silver Law Group

James Michael Johnson Made Big Promises, No Return on silverlaw.com

Broker James Michael Johnson faces a two-year suspension and $50,000 fine for negligent misrepresentations and omissions.

In November 2015, James Michael Johnson agreed to FINRA sanctions and the entry of findings that he made negligent misrepresentations and omissions regarding securities investments to customers of his member firm without the firm’s knowledge.

Johnson allegedly approached firm customers, a married couple, offering them a 10-percent interest in a land development company in West Virginia. The company, West Virginia Farm Properties, LLC (WVFP) was formed to develop rural land into a residential neighborhood. In his discussion with the couple, he led them to believe:

Glenn Moffitt Barred By FINRA For Alleged Elder Fraud

February 12, 2016 | Silver Law Group

Glenn Moffitt Barred By FINRA For Alleged Elder Fraud on silverlaw.com

Nevada financial broker permanently barred from all FINRA activity after taking advantage of elderly clients

Henderson, NV broker Glenn Moffitt was permanently barred from all FINRA activity for allegedly misappropriating funds from elderly clients between 2011-2014. According to his FINRA report, Moffitt is accused of misappropriating at least $370,000 and failing to cooperate with the FINRA investigation into these charges. Moffitt was registered with First Allied Securities Inc. of Las Vegas, NV during this time period.

The elderly victim alleges that Moffitt misappropriated more than a total of $400,000 from multiple accounts. This client also reports that Moffitt admitted the wrongdoing but did not repay the funds as promised. He allegedly pressured the client and steered them toward investments that were high risk and not in line with the client’s goals.

Former HD Vest Investment Services and LPL Financial Advisor Daniel Kasbar Under Investigation

February 12, 2016 | Silver Law Group

Silver Law Group is investigating allegations made by the Financial Industry Regulatory Authority (“FINRA”) against former Hollywood, Florida broker Daniel G. Kasbar (CRD# 5869994).

FINRA barred Kasbar from the securities industry for failing to respond to FINRA’s requests for documents and information. FINRA was investigating Kasbar for allegedly engaging in outside business activities beyond the scope of the approval provided by his FINRA member firms, HD Vest Investment Services (“HD Vest”) and LPL Financial, LLC (“LPL”), between 2010 and 2015.

Kasbar entered the securities industry in February 2011 when he became registered with HD Vest. In March 2014, Kasbar voluntarily resigned from HD Vest and became registered with LPL as a General Securities representative. On May 29, 2015, LPL discharged Kasbar alleging the same conduct in the FINRA investigation.

Former West Palm Beach broker Paul V. Blum Under Investigation

February 12, 2016 | Silver Law Group

Silver Law Group is investigating claims related to West Palm Beach, Florida broker Paul V. Blum (CRD # 735003).

We have recently been retained to pursue a securities arbitration claim against RBC Capital Markets, LLC (“RBC”), Blum’s former brokerage firm, alleging, amongst other issues, that RBC and Blum engaged in an unsuitable bond trading program which caused losses in energy companies and other investments.

Blum has two recent complaints pending against him. The two complaints, similar to our client’s, allege unsuitable recommendations for the purchase of bonds that have since defaulted and the unauthorized purchase of high-yield bonds.