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Securities Arbitration Attorneys Our FINRA arbitration lawyers work with investors to recover losses caused by securities fraud, investment fraud, and other kinds of stockbroker misconduct.
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According to FINRA Disciplinary actions for May 2020, 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
  Thomas Bock   Mutual Securities, Inc.
  Securities America, Inc.
  Richard Brown   Arive Capital Markets
  Chelsea Financial Services
  Mary Evans   Mutual Securities, Inc.
  Securities America, Inc.
  Matthew Francis   Morgan Stanley Smith Barney
  Morgan Stanley & Co Incorporated
  James Heafner   Retirement Wealth Advisors, Inc.
  Taylor Capital Management Inc.
  Christopher Kennedy   Oppenheimer & Co, Inc.
  Liberty Tree Advisors, LLC
  Rachael Konz   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Morgan Stanley
  Jonathan Lake   Wells Fargo Clearing Services, LLC
  Morgan Stanley
  Douglas Leone   Salomon Whitney Financial
  Newport Coast Securities, Inc.
  Yousuf Saljooki   Worden Capital Management LLC
  Salomon Whitney Financial
  Ricardo Urrutia   Mutual of Omaha Investor Services, Inc.
  AXA Advisors, LLC
  Frank Wroblewski   National Securities Corporation
  Wells Fargo Clearing Services, LLC

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According to FINRA Disciplinary actions for May 2020, 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
  George Belesis   Portfolio Advisors Alliance, LLC
  John Thomas Financial
  Dustin Blount   MML Investors Services, LLC
  Northwestern Mutual Investment Services, LLC
  Barry Carson   Farmers Financial Solutions, LLC
  Felix Chu   NYLife Securities LLC
  Brian Colburn   Maxim Group LLC
  The Buckingham Research Group Incorporated
  Prithviraj Dhandapani   LPL Financial LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Michael Drury   Stillpoint Capital LLC
  Davrion Hemphill
  Robert Lee
  Eric Zakarin   Lombard Securities Incorporated
  Independent Financial Group, LLC

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According to FINRA Disciplinary actions for May 2020, 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
  Robert Cacioppo   MML Investors Services, LLC
  NYLife Securities LLC
  Paula Collins   TIAA-CREF Individual & Institutional Services, LLC
  OppenheimerFunds Distributor, Inc.
  Michael Davis   Allied Millennial Partners, LLC
  Syren Capital Advisors
  Megan Hoffman   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  Jody Pullium   Allstate Financial Services, LLC
  PNC Investments
  Ana Rivera   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  John Santariello   Arive Capital Markets
  Cape Securities Inc.
  George Schmidt, Jr.   Lincoln Financial Advisors Corporation
  Horner, Townsend & Kent, Inc.
  Ricardo Turlan   UBS Financial Services Inc.
  BBVA Securities Inc.
  Kevin Williams   Lucia Securities, LLC
  Wells Fargo Clearing Services, LLC

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Investors whose brokers or financial advisors recommended that they invest in Steepener Notes (a/k/a “Steepeners”) may have incurred losses due to the risky and complex nature of these products. Steepeners, which are tied to U.S. treasury interest rates, have left investors stuck in illiquid investments while receiving little to none of the regular income they were promised. What Is A Steepener Note? Steepener Notes are non-traditional and long-term investments that pay a quarterly or monthly interest payment that is tied to the yield curve, which measures the interest rates on U.S. Treasury securities. Steepener Notes are a type of “structured product”: for the first year or two, the issuer pays investors an above-average rate of interest (often referred to as “teaser” rate), and then, for the remainder of the note—often 15-30 years—the rate is determined by a complex formula.Investors whose brokers or financial advisors recommended that they invest in Steepener Notes (a/k/a “Steepeners”) may have incurred losses due to the risky and complex nature of these products. Steepeners, which are tied to U.S. treasury interest rates, have left investors stuck in illiquid investments while receiving little to none of the regular income they were promised.

What Is A Steepener Note?

Steepener Notes are non-traditional and long-term investments that pay a quarterly or monthly interest payment that is tied to the yield curve, which measures the interest rates on U.S. Treasury securities. Steepener Notes are a type of “structured product”: for the first year or two, the issuer pays investors an above-average rate of interest (often referred to as “teaser” rate), and then, for the remainder of the note—often 15-30 years—the rate is determined by a complex formula. Continue reading

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Silver Law Group is currently investigating broker-dealer firms and financial advisors that improperly marketed and sold Steepener Notes, which are non-traditional, long-term, illiquid, and highly complex products that many brokerage firms have been selling to unsuspecting clients over the past decade. Steepener Notes are structured products that pay a regular interest payment that is tied to the yield curve, which measures interest rates on U.S. Treasury securities. The amount of the payment is calculated based on the difference between long-term and short-term interest rates. Thus, the “steeper” the curve, the better the investment performs. However, it means that Steepener Notes are risky. If the yield curve is flat, as it has been for much of the last decade, the payments to investors are minimal or zero. Similarly, if the yield curve is inverted, as it was in 2018, investors do not receive any interest payments.Silver Law Group is currently investigating broker-dealer firms and financial advisors that improperly marketed and sold Steepener Notes, which are non-traditional, long-term, illiquid, and highly complex products that many brokerage firms have been selling to unsuspecting clients over the past decade.

Steepener Notes are structured products that pay a regular interest payment that is tied to the yield curve, which measures interest rates on U.S. Treasury securities. The amount of the payment is calculated based on the difference between long-term and short-term interest rates. Thus, the “steeper” the curve, the better the investment performs. However, it means that Steepener Notes are risky. If the yield curve is flat, as it has been for much of the last decade, the payments to investors are minimal or zero. Similarly, if the yield curve is inverted, as it was in 2018, investors do not receive any interest payments. Continue reading

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Dennis Ayre (Dennis Phillip Ayre. CRD# 536174) is a registered broker in Beverly Hills, California. Dennis Ayre has 4 disclosures on his publicly-available FINRA BrokerCheck report, all customer disputes, with most alleging suitability issues. Ayre is currently registered with Hilltop Securities Inc. (CRD# 6220). He was previously registered with Oppenheimer & Co. Inc. (CRD# 249), Merrill Lynch, Pierce, Fenner & Smith Inc. (CRD# 7691), Wells Fargo Advisors (CRD# 19616), and First Republic Securities Company, LLC (CRD# 105108). He has been in the industry since 2008.Dennis Ayre (Dennis Phillip Ayre. CRD# 536174) is a registered broker in Beverly Hills, California. Dennis Ayre has 4 disclosures on his publicly-available FINRA BrokerCheck report, all customer disputes, with most alleging suitability issues.

Ayre is currently registered with Hilltop Securities Inc. (CRD# 6220). He was previously registered with Oppenheimer & Co. Inc. (CRD# 249), Merrill Lynch, Pierce, Fenner & Smith Inc. (CRD# 7691), Wells Fargo Advisors (CRD# 19616), and First Republic Securities Company, LLC (CRD# 105108). He has been in the industry since 2008. Continue reading

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Jose Cornide (CRD#: 2785918), a currently-registered broker with UBS Financial Services (CRD#: 8174) in Coral Gables, Florida, is the subject of 12 disclosures on his publicly-available FINRA BrokerCheck report. All 12 disclosures are customer disputes. 11 of the customer disputes were filed in 2019 and 2020 and seem to involve investment in the UBS Yield Enhancement Strategy (YES), a complex options trading scheme that was marketed as safe, but actually involved significant risk and caused some investors to suffer considerable losses.Jose Cornide (CRD#: 2785918), a currently-registered broker with UBS Financial Services (CRD#: 8174) in Coral Gables, Florida, is the subject of 12 disclosures on his publicly-available FINRA BrokerCheck report. All 12 disclosures are customer disputes.

11 of the customer disputes were filed in 2019 and 2020 and seem to involve investment in the UBS Yield Enhancement Strategy (YES), a complex options trading scheme that was marketed as safe, but actually involved significant risk and caused some investors to suffer considerable losses. Continue reading

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A compliance executive at broker-dealer Purshe Kaplan Sterling Investments (CRD# 35747) says she has been the subject of intimidation, including having her car tampered with and being followed, for speaking up about concerns she had regarding GPB Capital Holdings.  Silver Law Group represents investors in claims to recover GPB losses. If you invested in GPB Capital, contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or at (800) 975-4345.  Toni Caiazzo Neff says that when Purshe Kaplan Sterling asked her to research GPB’s private placement investments in 2016, she told her employer to not become involved with the company.A compliance executive at broker-dealer Purshe Kaplan Sterling Investments (CRD# 35747) says she has been the subject of intimidation, including having her car tampered with and being followed, for speaking up about concerns she had regarding GPB Capital Holdings.

Silver Law Group represents investors in claims to recover GPB losses. If you invested in GPB Capital, contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or at (800) 975-4345.

Toni Caiazzo Neff says that when Purshe Kaplan Sterling asked her to research GPB’s private placement investments in 2016, she told her employer to not become involved with the company. Continue reading

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Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987. Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Martinsen Alleged To Have Sold The Parking REIT One of the investments Martinsen and other Centaurus Financial brokers are alleged to have sold clients is The Parking REIT. The Parking REIT was created in 2017 with the merger of MVP REIT and MVP REIT II. The investment is illiquid, but attractive because of the dividend it paid. In 2018, the REIT (Real Estate Investment Trust) stopped paying dividends, and its value has gone down significantly.Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987.

Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Continue reading

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Jaime Westenbarger (Jaime Michael Westenbarger CRD# 4625703) is a currently barred broker who was last registered with Securities America, Inc. (CRD# 10205) in Grand Rapids, Michigan. Before Securities America, Westenbarger was registered with First Allied Securities, Inc. (CRD# 32444), American Portfolios Financial Services, Inc. (CRD# 18487), Invest Financial Corporation (CRD# 12984), Sigma Financial Corporation (CRD# 14303), and OneAmerica Securities, Inc. (CRD# 4173).Jaime Westenbarger (Jaime Michael Westenbarger CRD# 4625703) is a currently barred broker who was last registered with Securities America, Inc. (CRD# 10205) in Grand Rapids, Michigan.

Before Securities America, Westenbarger was registered with First Allied Securities, Inc. (CRD# 32444), American Portfolios Financial Services, Inc. (CRD# 18487), Invest Financial Corporation (CRD# 12984), Sigma Financial Corporation (CRD# 14303), and OneAmerica Securities, Inc. (CRD# 4173). Continue reading

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