Securities Arbitration Lawyers Blog

Registered Individuals Barred by FINRA for Violations of FINRA Rules

December 11, 2015 | Silver Law Group

According to FINRA Disciplinary actions for October 2015, 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
Bennett Scott Broad	Oppenheimer & Co. Inc.
Bennett Scott Broad	UBS PaineWebber Inc.
Antonio Costanzo	Titus Rockefeller, LLC
Antonio Costanzo	IFS Securities
Steven Craig Duprey
Niaz Elmazi aka Nick Morrisey	Global Arena Capital Corp
Niaz Elmazi aka Nick Morrisey	HFP Capital Markets LLC
John A. Gervasi	Brookville Capital Partners
Paige Strother Hays	J.P. Morgan Securities
Michael Ross Highfill	Merrill Lynch, Pierce, Fenner & Smith Inc.
Michael Ross Highfill	Morgan Stanley & Co Inc
Jose Manuel Irizarry	UBS Financial Services Inc.
Jose Manuel Irizarry	Santander Securities
Keith Joseph Kobziewicz	MidAmerica Financial Services, Inc.
Keith Joseph Kobziewicz	Kovack Securities Inc.
Robert Mas Laborete	TD Ameritrade, Inc.
Robert Mas Laborete	Jack White & Company, Inc.
Scott Lyndon Martin	Securities America, Inc.
Scott Lyndon Martin	Brecek & Young Advisors, Inc.
Silvia Navarro Vallesillo
Marcus Antonio Ortega	J.P. Morgan Securities LLC
Rachael N. Register
Matthew J. Semetulskis	J.P. Morgan Securities LLC
Christopher Anthony Sumner	SCF Securities, Inc.
Christopher Anthony Sumner	Puplava Securities, Inc.
Melonie P. Thomas

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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.

Paul A. Posillico Permanently Barred from Securities Industry

December 10, 2015 | Silver Law Group

Paul A. Posillico Permanently Barred from Securities Industry on silverlaw.com

Numerous allegations and failure to respond to FINRA requests drive decision

After 10 years in the securities industry, Paul Posillico has been permanently barred from practicing as a financial broker or investment advisor. During his ten years of buying and selling securities on behalf of customers and providing advice about securities to clients, Posillico had more than 9 allegations of broker misconduct made against him.

According to FINRA’s BrokerCheck report on Posillico, the broker was barred from the securities industry for “failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

Equinox Securities Company and Staff Charged With Fraud Scheme

December 9, 2015 | Silver Law Group

Equinox Securities Company and Staff Charged With Fraud Scheme on silverlaw.com

The firm, as well as its president and CCO, are charged with alleged churning, excessive trading and unsuitable recommendations

Equinox Securities, as well as President Steven Michael Oliveira and CCO Chris Blaine Palkowitsch, were all charged by the FINRA Department of Enforcement in a specific complaint about allegations of excessive churning of customer accounts and excessive trades, in addition to making unsuitable recommendations for customers.

Churning occurs when a broker repeatedly buys or sells securities in a customer’s account in order to generate commissions from those sales without any benefit to the customer. Purchases that don’t appear directly necessary to the customer’s investment goals may be classified as churning and can lead to a FINRA investigation.

Chestnut Exploration and Mark Plummer Facing Allegations of Securities Fraud With Oil & Gas Securities

December 8, 2015 | Silver Law Group

Chestnut Exploration and Mark Plummer Facing Allegations of Securities Fraud With Oil & Gas Securities on silverlaw.com

Claims of omission, misrepresentation and wrongful use of client funds follow alleged losses totaling over $5M

Chestnut Exploration Partners and broker Mark A. Plummer were recently named in a FINRA disciplinary action that alleges omissions and material misrepresentations were made in the sale of private placement securities contracts to 88 customers, who allege that they lost over $5,000,000 after investing in the 4×4 Securities, representing an average 90 percent loss on those investments. According to the claim, Chestnut Exploration Partners and Plummer allegedly misused at least $567,000 that were put up by investors for completion and drilling costs.

Plummer spent 11 years working in the securities industry and was registered with Chestnut Exploration, which was previously known as Chestnut Energy Partners, from 2003 to 2014. Mr. Plummer is also currently the subject of two customer complaints.

FINRA Bars Broker Michael Talin From Securities Industry

December 7, 2015 | Silver Law Group

FINRA Bars Broker Michael Talin From Securities Industry on silverlaw.com

Allegations include elder financial fraud, misappropriation of funds and unsuitable recommendations

Michael Talin, a former broker associated with Woodbury Financial Services, has been barred from the securities industry by FINRA after failing to cooperate with agency investigators. An investigation was launched after customers alleged that he misappropriated and converted more than $300,000 in customer funds.

According to the BrokerCheck report, Woodbury Financial discharged Talin after he failed to disclose three tax liens and civil complaints against him to the firm. He had previously been registered with Woodbury’s Seal Beach branch in California since 1998 and had worked in the Los Alamitos location since the year 2000.

Former New York Life Broker, Jonathan Williams, Barred by FINRA as a Result of Outside Business Activities

December 7, 2015 | Silver Law Group

Former New York Life Broker, Jonathan Williams, Barred by FINRA as a Result of Outside Business Activities on silverlaw.com

NY Life Securities LLC terminates broker, files U-5 with allegations of commingling client funds

FINRA recently brought enforcement action against Jonathan Williams that led to a bar from the securities industry. Williams was accused of failing to provide FINRA staff with documents and information requested by the agency in an investigation. The failure to provide these documents as well as other information to FINRA led to an automatic bar working in the industry at all, as brokers bear a responsibility to comply with ongoing investigations.

The investigation in question had to do with claims about whether Williams had falsified bank account records or commingled client funds in a bank account that was ultimately under his control. This investigation stems from Williams’ termination from NY Life Securities LLC in March earlier this year. At that time, NY Life officially filed a termination notice with FINRA on form U-5 stating, that the firm discharged the broker in question as a result of allegations of commingling client funds.

Where Are the Whistleblower Office Awards?

December 3, 2015 | Silver Law Group

Where Are the Whistleblower Office Awards? on silverlaw.com

Are enough funds being allocated to stop individuals who are preying on US consumers?

In 2010, in response to the economic and financial crisis of 2008, the Dodd-Frank Act was put into place to pay individuals who provided original information or materials that led to enforcement action. Whistleblower offices were opened, giving the strong message to all US companies that if they put into practice business and financial models that prey on the consumer, they would be held accountable.

Significant funds were given to both the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) to create whistleblower offices and distribute awards to whistleblowers that supplied usable and legitimate information. Eligible whistleblowers would be paid between 10-30% of the sanctions collected as a result of the enforcement to which their information led.

FINRA Suspends Individuals for Failure to Comply with FINRA Rules in November 2015

December 1, 2015 | Silver Law Group

According to FINRA Disciplinary actions for November 2015, 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
Enver Rahman Alijaj	Avenir Financial Group
	Legend Securities, Inc.
Christopher R. Barber	Morgan Stanley Smith Barney
	Merrill Lynch, Pierce, Fenner & Smith Inc
Anthony Ryan Dutter	Morgan Stanley Smith Barney
	Edward Jones
John Scot Galinsky	Fintegra, LLC
	Advanced Equities, Inc.
William Benton Guido	LPL Financial LLC
	FSC Securities Corporation
Joseph Kennon Jayne	Ameriprise Financial Services, Inc.
	Banc of America Investment Services, Inc.
Michael David Lee	Newport Group Securities, Inc.
	American Financial Systems
George Henry Lucker III	Wells Fargo Investments, LLC
	Citigroup Global Markets Inc.
Daniel Richard Mignone	National Securities Corporation
	Berthel, Fisher & Company Financial Services, Inc.
Kenneth Charles Miles	Independent Financial Group, LLC
	Private Asset Group, Inc.
Cornelia S. O’Grady	Bank of America, N.A.
	AXA Advisors, LLC
David Allen Palmer	USAA Financial Advisors, Inc.
	Wells Fargo Advisors, LLC
Darin Richard Pastor	Courtlandt Securities Corporation
	Chelsea Financial Services
Nicholas Vito Ragone	Morgan Stanley Smith Barney
	Citigroup Global Markets Inc.
Gary Alan Schwarcz	Morgan Stanley Smith Barney
	Citigroup Global Markets Inc.
Ritchey Jon Wetzel	U.S. Bancorp Investments, Inc.
	Oppenheimer & Co. Inc.
Michael R. Wilt	AMP Wealth Management
	Cedar Creek Securities, Inc.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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 November 2015

December 1, 2015 | Silver Law Group

According to FINRA Disciplinary actions for November 2015, 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
Antonio Ambrosio
Silvia Patricia Arevalo	J.P. Morgan Securities LLC
Donna Kay Beers	Titan Securities
Donna Kay Beers	Private Consulting Group, Inc.
Joe L. Buckner	Brazos Securities, Inc.
Joe L. Buckner	Maplewood Investment Advisors, Inc.
Richard Gordon Drown, Jr.	D.A. Davidson & Co.
Richard Gordon Drown, Jr.	Crowell, Weedon & Co.
Jason John Garcia	Merrimac Corporate Securities, Inc.
Jason John Garcia	Wellstreet*E Financial Services, Inc.
Li-Lin Hsu	Transglobal Advisory, LLC
Li-Lin Hsu	Ameriprise Financial Services, Inc.
Margaret Mary Martin	MML Investors Services LLC
Margaret Mary Martin	Park Avenue Securities LLC
Cynthia Irene Taylor	BBVA Securities Inc.
Cynthia Irene Taylor	BBVA Compass Investment Solutions, Inc.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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.

In November 2015, FINRA Bars Registered Individuals for Violations of FINRA Rules

December 1, 2015 | Silver Law Group

According to FINRA Disciplinary actions for November 2015, 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
Arnold Baratz	The Investment Center, Inc
Arnold Baratz	Morgan Stanley Smith Barney
Curlean Bradley-Lofters	Citigroup Global Markets Inc.
Curlean Bradley-Lofters	Citicorp Investment Services
Ben Holton Bruner	Summit Brokerage Services Inc.
Ben Holton Bruner	Wells Fargo Advisors, LLC
Randy Carole Denenberg	Transamerica Financial Advisors, Inc.
Regina Michelle Flener
Kristina Ann Gannon	Key Investment Services LLC
Daniel Heredia-Macias	Wells Fargo Advisors LLC
Daniel Heredia-Macias	JP Morgan Institutional Investments Inc.
Thomas John Hindes Jr.	LPL Financial LLC
Thomas John Hindes Jr.	Edward Jones
Belinda F. Hutto
Benjamin Hladen Kline	LPL Financial LLC
Benjamin Hladen Kline	Pruco Securities LLC
Jerome Stuart Kudisher	Stifel, Nicholaus & Company, Incorporated
Jerome Stuart Kudisher	Ryan Beck & Co.
David Michael Levy	Titus Rockefeller, LLC
David Michael Levy	IFS Securities
Vladimir Lenin Lopez	Citigroup Global Markets Inc.
Vladimir Lenin Lopez	Wells Fargo Advisors, LLC
Russell Philip Macke	B.B. Graham & Company, Inc.
Russell Philip Macke	Forsyth Securities, Inc.
Jose Eduardo Mancia	J.P. Morgan Securities, LLC
Jose Eduardo Mancia	Chase Investment Services Corp
Justin Eugene May-Lawhon	Suntrust Investment Services, Inc.
Justin Eugene May-Lawhon	Newbridge Securities Corporation
Jerry Owen Mofield	Newbridge Securities Corporation
Jerry Owen Mofield	First Montauk Securities Corp.
Edward Thomas Murphy	Wells Fargo Advisors Financial Networks, LLC
Edward Thomas Murphy	Morgan Stanley DW Inc.
Theresa Leone Tremblay	UBS Financial Services Inc.
Adela Noelle Turner	Key Investment Services LLC
Adela Noelle Turner	Wesbanco Securities, Inc.
Louis Joseph Wepy	Santander Securities LLC
Louis Joseph Wepy	J.P. Morgan Securities LLC
Leor Yohanan	Meyers Associates, LP
Leor Yohanan	Salomon Grey Financial Corporation

Silver Law Group represents investors in securities and investment fraud cases. Scott Silver is admitted to practice in New York and Florida and represents investors nationwide 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.