$70 MILLION Recovery for Investment Fraud

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$25 MILLION Recovery Against National Brokerage Firm

$9.1 MILLION FINRA Arbitration Award Against Brokerage Firm

$7.9 MILLION Securities Arbitration Award Against Stockbroker

$1 MILLION Securities Arbitration Award for Elder Financial Fraud

Securities Arbitration Lawyers Blog

FINRA Permanently Bars Barry Hartman From Securities Activity for Alleged “Selling Away” Activities

February 23, 2016 | Silver Law Group

FINRA Permanently Bars Barry Hartman From Securities Activity for Alleged “Selling Away” Activities Silverlaw.com

Montana financial advisor barred from securities activity for multiple FINRA violations

In a ruling that came in August 2015, the Financial Industry Regulatory Authority (FINRA) permanently barred Barry G. Hartman, formerly of FSC Securities Corporation in Missoula, MT, for allegedly engaging in a practice known in the industry as selling away.

While Hartman was registered with FSC, he also managed his securities business through Rocky Mountain Financial LLC. Multiple prior clients are alleging that Hartman recommended outside investments without the necessary approval from his registered firm.

FINRA Permanently Bars Raymond T. Clark from Securities Industry

February 23, 2016 | Silver Law Group

FINRA Permanently Bars Raymond T. Clark from Securities Industry on silverlaw.com

Former Dynasty Capital Partners broker ends 15-year career with numerous customer disputes.

After 17 years as a financial adviser, Raymond T. Clark has been permanently barred from the securities industry. This permanent bar follows Clark’s failure to pay fines and/or costs associated with a FINRA complaint. The complaint also alleges that Clark failed to appear for, or provide on-the-record testimony that materially impeded the agency’s investigation of his activities as a broker, including numerous acts of broker misconduct. In fact, through the years, allegations made by customers against Clark include:

Excessive and unauthorized trading

FINRA Bars Patrick Garrett Amid Allegations of Overstating Account Values

February 22, 2016 | Silver Law Group

FINRA Bars Patrick Garrett Amid Allegations of Overstating Account Values on silverlaw.com

Financial advisor Patrick Garrett barred from having any activity with FINRA regulated firms

The Financial Industry Regulatory Authority (FINRA) has taken steps to bar Patrick Garrett of Nashville, TN from any further activities with the securities industry after multiple, serious allegations of intentionally overstating client account values, which masked significant trading losses for that client.

According to his FINRA report, Garrett was dishonest about the amount in the client’s account, indicating that the balance was actually $200,000 higher than its actual value. He allegedly tried to rectify this discrepancy by misusing funds from a joint account held by a married couple.

Broker Richard Drown Disappeared According to Firm

February 22, 2016 | Silver Law Group

Broker Richard Drown Disappeared According to Firm on silverlaw.com

Allegations of unauthorized trading and client abandonment tarnish 34-year career.

In June 2015, investment firm D.A. Davidson & Company formally discharged broker Richard G. Drown, Jr. after the broker allegedly “disappeared,” abandoning both his duties and his clients. According to Drown’s FINRA BrokerCheck report, the firm filed an Employment Separation After Allegations report, saying that his whereabouts remained unknown.

Pending customer disputes remain open on Drown’s FINRA record and involve allegations of unauthorized transactions and misappropriation of funds in two customer accounts owned by a mother and daughter. In particular, Drown is accused of transferring funds from the customer trust brokerage accounts to the trust’s outside bank accounts during two separate time periods.

Silver Law Group is Pursuing Claims Related to Former RBC Broker Paul Blum

February 19, 2016 | Silver Law Group

Silver Law Group is investigating claims related to Paul Vincent Blum (CRD # 735003), a West Palm Beach, Florida, broker who was registered with RBC Capital Markets, LLC, from October 2008 until his termination in October 2015. RBC terminated Blum’s registration with the firm, putting his reason for discharge as due to “loss of confidence.” Silver Law Group recently was retained to file a FINRA arbitration claim on behalf of one of Blum’s former clients, who alleges that he has experienced significant investment losses stemming from Blum’s unsuitable recommendation to make concentrated investments in oil and gas.

We are currently investigating multiple claims against brokerage firms and stockbrokers for improperly recommending the unsuitable sale of energy stocks, bonds and MLPs frequently in large or overconcentrated positions. Some of the companies include:

Linn Energy

Churning, Other Allegations Made Against Broker Michael Doyle

February 18, 2016 | Silver Law Group

Churning, Other Allegations Made Against Broker Michael Doyle on silverlaw.com

After 7 complaints and millions in settlements, Doyle is suspended by FINRA

According to a FINRA BrokerCheck report, Michael Doyle has received complaints from seven clients and was suspended for failing to comply with an arbitration award and to respond to the FINRA’s request to provide information concerning the status of compliance.

The complaints against Doyle date back to March of 1998 when a customer alleged that her account was churned in relation to stock option trades. In addition to this complaint, numerous others would continue to be made against Doyle over the 17 years that followed.

Leon Vaccarelli Fined and Sanctioned by FINRA

February 18, 2016 | Silver Law Group

Leon Vaccarelli Fined and Sanctioned by FINRA on silverlaw.com

Connecticut broker agrees to one-month suspension and $7500 fine.

Leon Vaccarelli, a stockbroker registered with the Investment Center, was recently suspended from participating in the securities industry for one month and paid a $7500 fine to regulatory agency FINRA.

According to the report, registered representatives are prohibited from exercising discretion in a customer’s account unless the customer has given prior written authorization to exercise discretion and the account has been approved as discretionary, in writing, by the representative’s firm.

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.