$70 MILLION Recovery for Investment Fraud

$44 MILLION Recovery for Ponzi Scheme Victims

$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

Abern Barred by FINRA for Failing to Cooperate

January 12, 2016 | Silver Law Group

Abern Barred by FINRA for Failing to Cooperate on silverlaw.com

FINRA made a request to meet but Andrew Abern was a no show.

The Financial Industry Regulatory Authority (FINRA) took decisive action in 10/15 against former Dalton Strategic Investment Services broker, Andrew Abern, for failing to cooperate with their investigation. Specifically, Abern did not appear at a scheduled FINRA on-the-record interview. FINRA was investigating allegations that Abern recommended a customer refinance his home and use the proceeds toward the purchase of variable annuities. This ban means that he can no longer have any contact or activity with FINRA firms.

Long history of questionable conduct

FINRA Permanently Bars Broker Richard McGuire for Taking Funds and Forging Signatures

January 10, 2016 | Silver Law Group

FINRA Permanently Bars Broker Richard McGuire for Taking Funds and Forging Signatures on silverlaw.com

Allegations include conversion and elder financial fraud among numerous other unethical acts

FINRA has taken strong action against investment broker Richard McGuire, a long-time broker who was most recently registered with Newport Coast Securities Inc. and Financial West Group, both located in New York.

McGuire has been permanently barred from associating with any FINRA member in any capacity for numerous alleged unethical actions including stealing from his clients, forging signatures, failing to notify his brokerage firms about outside brokerage accounts, and taking advantage of older and unsophisticated clients for his own personal gain.

FINRA Permanently Suspends New York Broker Frederick Monroe for Misappropriating Funds

January 10, 2016 | Silver Law Group

FINRA Permanently Suspends New York Broker Frederick Monroe for Misappropriating Funds on silverlaw.com

Theft of client funds exceeds $1 million in elaborate Ponzi scheme spanning a 20-year career in the securities industry

According to FINRA records, Frederick Monroe, an investment broker based in Albany, NY, has been permanently suspended as a broker and was arrested in June 2015 after being charged with theft of over $1 million dollars in investor funds.

Monroe has been in the investment business for more than 20 years and has been registered with companies including Voya Financial Advisors (2006-2015), Northwestern Mutual Investment Services (1994-2006) and the Robert W. Baird & Company (1994-2002).

Merrill Lynch Broker Permanently Barred After Years of Allegations and Refusal to Respond to FINRA Requests for Information

January 10, 2016 | Silver Law Group

Merrill Lynch Broker Permanently Barred After Years of Allegations and Refusal to Respond to FINRA Requests for Information on silverlaw.com

Michael Highfill has been permanently barred from the securities industry

A former Merrill Lynch broker, Michael Highfill was permanently barred from the securities industry in July of 2015 after 16 years in the industry. His most recent position was with Merrill Lynch in Ridgeland, Mississippi. Before Merrill Lynch, he was a registered broker with Morgan Stanley in Ridgeland, Trustmark Financial Services in Jackson, Mississippi and with J.C. Bradford & Company in New York, New York.

His BrokerCheck report shows that Highfill is the subject of one regulatory sanction and one civil judgment. He was also terminated from Morgan Stanley and Merrill Lynch.

Hugh M. Dyson, Jr. Suspended and Ordered To Pay $740,000 In Restitution

January 10, 2016 | Silver Law Group

Hugh M. Dyson, Jr. Suspended and Ordered To Pay $740,000 In Restitution ON SILVERLAW.COM

Long-time investment broker permanently suspended from any FINRA activity and ordered to pay restitution.

Hugh Monroe Dyson, Jr. was issued a final suspension in August, 2015 and ordered to pay $740,000 (plus interest) in restitution to clients that he solicited to invest in his business, Keypoint Oil, and misrepresented how he used their investments.

FINRA found that over a period of nearly 20 years between 1992-2011, Mr. Dyson solicited more than $740,000 in funds from clients of Ameriprise Financial Services in Raleigh, NC and other former securities customers. He claimed that these investments would be used for oil and gas extraction.

Matthew DiGregorio Suspended After Multiple Client Complaints

January 10, 2016 | Silver Law Group

Matthew DiGregorio Suspended After Multiple Client Complaints on silverlaw.com

Investment broker recently barred by FINRA after multiple complaints from clients

Investment broker Matthew DiGregorio was suspended by the Federal Industry Regulatory Authority in August of 2015. Mr. DiGregorio has had multiple complaints filed against him by prior clients for the following breaches of conduct:

Taking excessive risk with client investments that was not in line with their goals and objectives

Have You Lost Money Investing With Bennett Broad?

January 10, 2016 | Silver Law Group

Have You Lost Money Investing With Bennett Broad? on silverlaw.com

As of August 2015, Broad is permanently barred from the securities industry by FINRA

According to his FINRA BrokerCheck report, Bennett Broad, who worked in the financial industry for more than 30 years, has amassed a 15-year history of allegations against him from clients. The complaints, which total 28, compelled the FINRA to sanction Bennett and permanently bar him from the industry in August of 2015.

While he spent much of his career working as a broker for Oppenheimer and Company in Jenkintown, Pennsylvania, Broad also spent several years working for other firms including UBS Financial Services based in Weehawken, New Jersey and Dean Witter Reynolds based in Purchase, New York.

Marat Zeltser Has Been Barred By FINRA After Numerous Allegations of Misconduct

January 10, 2016 | Silver Law Group

Marat Zeltser Has Been Barred By FINRA After Numerous Allegations of Misconduct on silverlaw.com

Allegations include willful violation of the Securities Exchange Act of 1934, among others

Marat Zeltser has a long history in the financial services industry, including working as a broker for various firms in New York, New York since 2003.

While employed by Caldwell International Securities Corporation, allegations against Zeltser included mishandling accounts, losing a client’s money and failing to follow client’s requests to sell a security. He also allegedly invested monies in an unsuitable triple leverage EFT’s over long periods of time.

FINRA Permanently Bars Honetta C. Kao After Allegations of Unauthorized Trading and Mishandled Accounts

January 10, 2016 | Silver Law Group

FINRA Permanently Bars Honetta C. Kao After Allegations of Unauthorized Trading and Mishandled Accounts on silverlaw.com

Numerous customer complaints surface over the course of his work history with various firms

On August 4, 2015, Honetta C. Kao was suspended by the FINRA for failure to respond to their request for information. And in November, he was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

Kao’s industry experience incudes ten different firms and on record, dates back to 2005 when he worked for Custom Capital Corporation in Brooklyn, New York. Accused of mishandling accounts, giving bad investment advice, making unsuitable recommendations and unauthorized trades, Kao racked up numerous customer complaints and damages while working at Meyers Associates, L.P. and Caldwell International Securities, both in New York.

FINRA Permanently Bars NY Broker Rasheed Adams After Allegations of Churning

January 10, 2016 | Silver Law Group

FINRA Permanently Bars NY Broker Rasheed Adams After Allegations of Churning on silverlaw.com

Excessive trading leads to $57K in commissions and $37K in losses for investors, among other allegations

In August of 2015, FINRA permanently banned New York financial advisor Rasheed “Richard” Adams from associating or engaging with any firm associated with FINRA after allegations of excessive trading were filed. Adams also failed to provide required FINRA information and paperwork related to these allegations and his investment activity. Adams allegedly gained a commission of approximately $57,000, while his customers lost approximately $37,000.

According to the FINRA complaint, Mr. Adams worked with Caldwell International Securities between 2011 and 2015, which is when these churning activities were alleged to have occurred. Previously, he was registered with PHD Capital (2010-2011) and E1 Asset Management Inc. (2002-2010). He is not currently registered with any FINRA member firm.