A National Securities Arbitration & Investment Fraud Law Firm

$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
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Public Justice

In a recent press release, the Commodities Futures Trading Division (CFTC) has announced that a Federal Court has ordered a California-based precious metals trading firm to return more than $38 million in fraudulently obtained funds to their company’s customers, and sanctioned it for fraud and violations.  The CFTC has entered consent order for permanent injunction, monetary sanctions, and equitable relief against five defendants:  Monex Deposit Company  Monex Credit Company  Newport Services Corporation Owner Louis Carabini  Owner Michael Carabini, son of owner Louis Carabini  According to the CFTC allegations, from July 16, 2011, through August 31, 2021, Louis and Michael Carabini operated their own over-the-counter retail trading platform under the three companies collectively called “Monex Entity Defendants.” Their trading platform, known as “Atlas,” in which customers could speculate on the prices of precious metals. Atlas was not a regulated exchange as they claimed, and Monex was involved in nearly every transaction.In a recent press release, the Commodities Futures Trading Division (CFTC) has announced that a Federal Court has ordered a California-based precious metals trading firm to return more than $38 million in fraudulently obtained funds to their company’s customers, and sanctioned it for fraud and violations. Continue reading ›

According to FINRA Disciplinary actions for December 2022, 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
  Christ Baltas   Worden Capital Management LLC
  Wilmington Capital Securities, LLC
  Matthew Beaver   Grit Wealth Management, LLC
  Ameriprise Financial Services, Inc.
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  James Kirschner   Cetera Advisors LLC
  Ameriprise Financial Services, Inc.
  Justin Iowe   Broadview International LLC
  Keith Wakefield   IFS Securities
  IFS Capital Markets, LLC
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

Continue reading ›

According to FINRA Disciplinary actions for December 2022, 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
  Jay Dougall   Principal Securities, Inc.
  Waddell & Reed
  Beth Landwehr   J.P. Morgan Securities LLC
  Ameriprise Financial Services, Inc.
  Jamie Lemon
  Linda Leong   Valic Financial Advisors, Inc.
  National Planning Corporation
  Michael Richie   Fidelity Brokerage Services LLC
  Edward Von Der Schmidt   Morgan Stanley & Co. LLC
  RBC Capital Markets, LLC
  Cedric Wade   LPL Financial LLC
  National Planning Corporation

Continue reading ›

According to FINRA Disciplinary actions for December 2022, 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Albert Aviles   Reid & Rudiger LLC
  Spartan Capital Securities, LLC
  Ruth Chambers   Raymond James & Associates, Inc.
  Mutual Trust Co. of America Securities
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  Anthony DiLullo   LPL Financial LLC
  ING Financial Partners, Inc.
  John Fabiano   LPL Financial LLC
  JD Financial Services Inc.
  Samuel Heavrin   J.P. Morgan Securities LLC
  Austin Lazarus   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  J.P. Morgan Secvurities LLC
  Jason Long   State Farm VP Management Corp.
  Pamelia Owensby   UBS Financial Services Inc.
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Alexandra Smith   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

Continue reading ›

scott-silverIt’s not uncommon for employees of nearly any type of business to branch off and form their own company. When that company is a new broker dealer firm and a competitor for the former employer, things get complicated. Especially if that employer is Wells Fargo Advisors.  Continue reading ›

Darien Bonney (Darien Euclid Bonney CRD# 4899007) is a former registered broker last employed with MML Investors Services, LLC (CRD#:10409) of Scottsdale, AZ. He was previously employed with NY Life Securities INC. (CRD#:5167), also of Scottsdale. He has been in the industry since 2005.  Bonney has two similar customer disputes in the disclosures in his record. The first was filed on 7/12/2022, alleging that in late 2020, Bonney solicited the client to invest in “Spyglass Financial Strategies,” an entity Bonney himself owned. The client was led to believe that the investment would have no risks as it was related to oil. Bonney also drafted the promissory note himself. As of the filing date, the terms of that note have not yet been met, and the client has suffered losses. The client has requested damages of $1,053,250.00, and the case is currently pending.  The second disclosure was filed on 9/16/2022 and alleges that Bonney recommended an investment to them “without a reasonable basis.” The claimants allege that Bonney indicated that there were no risks involved despite being unregistered. They have requested that Bonney return their investment but have only received a portion of that money. The clients are requesting damages of $49,000.00, and the case is currently pending.Darien Bonney (Darien Euclid Bonney CRD# 4899007) is a former registered broker last employed with MML Investors Services, LLC (CRD#:10409) of Scottsdale, AZ. He was previously employed with NY Life Securities INC. (CRD#:5167), also of Scottsdale. He has been in the industry since 2005. Continue reading ›

Back in 2019, we blogged about broker Michael Venturino (CRD #5872439), the subject of multiple customer disputes totaling $1.6 million. Since then, he has additional disclosures, including two judgements, a bankruptcy discharge, and of course, more customer disputes.  At this writing, Venturino is still registered and employed with Spartan Capital Securities, LLC (CRD#: 146251) of Garden City, NY. He began his broker career in 2010.  In the disciplinary action, FINRA’s investigation found that Venturino exercised de facto control over the accounts of eleven clients while at Aegis and made unauthorized trades in a total of twelve accounts. He made recommendations to the clients of what they should buy and sell as well as unauthorized trading.Back in 2019, we blogged about broker Michael Venturino (CRD #5872439), the subject of multiple customer disputes totaling $1.6 million. Since then, he has additional disclosures, including two judgements, a bankruptcy discharge, and of course, more customer disputes. Continue reading ›

According to FINRA Disciplinary actions for November 2022, 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Michael Botrous
  Jaylon Briggs
  Johnnie Brown   PFS Investments Inc.
  Courtney Donella-Sheley   Voya Financial Advisors, Inc.
  ING Financial Advisers, LLC
  Austin Dutton Jr.   American Trust Investment Services, Inc.
  Primex
  Ciara Haro
  Monica Laguna   J.P. Morgan Securities LLC
  Yasmine Mercado
  Cory Tinsley   Farmers Financial Solutions, LLC
  AXA Advisors, LLC
  Khalil Watts   J.P. Morgan Securities LLC

Continue reading ›

According to FINRA Disciplinary actions for November 2022, 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
  Carl Buhr   Wells Fargo Clearing Services, LLC
  Morgan Stanley
  Neil Fineman   First Allied Securities, Inc.
  Sagepoint Financial, Inc.
  Donald Heitz   LPL Financial LLC
  First Command Fianncial Planning, Inc.
  Tim Leissner   Goldman, Sachs & Co.
  Evan Schottenstein   J.P. Morgan Securities LLC
  Morgan Stanley
  Bruce Smith   The Sports Advisory Group, LLC
  UBS Financial Services Inc.
  David Weigel   Weigel Fiduciary Aset Management LLC
   RBC Capital Markets, LLC

Continue reading ›

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