Securities Arbitration Lawyers Blog

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.

Broker Sylvester King Jr. Sanctioned and Suspended by FINRA

November 25, 2015 | Silver Law Group

Broker Sylvester King Jr. Sanctioned and Suspended by FINRA on silverlaw.com

Allegations of selling away and other policy violations have Wells Fargo broker in hot water

In a recent case drawing from allegations beginning in July 2009 and up to the year 2012, Sylvester King Jr. was accused of violating policies with his employer, Ft. Lauderdale Wells Fargo, in order to assist another broker in covering up more than $400,000 in loans made to three customers at the firms. In addition, King was named in connection with loaning another customer $25,000 without commission and participating in undisclosed private securities transactions known as selling away. This allowed eight customers to invest more than $3 million.

King became active in the securities industry in 1999. Between 2006 and 2009, he worked with Citi Group Global Markets Inc., between 2009 and 2010 he worked with Morgan Stanley and from 2011 until 2015 he was connected to Wells Fargo. Wells Fargo filed a termination form U-5 at the end of April in 2015, the same day that FINRA entered into an agreement with the broker accepting a fine and sanction stating the reasons that he was being discharged from the firm. His FINRA suspension at that time was 18 months. After this date, FINRA filed an additional regulatory action stating that King did not pay the $35,000 required within the settlement.

FINRA Takes Action Against Cantone Research

November 24, 2015 | Silver Law Group

FINRA Takes Action Against Cantone Research on silverlaw.com

Allegations include misrepresentation in sales of $8 million of promissory notes

On Friday, November 20, 2015, FINRA filed a complaint against Cantone Research and its president Anthony J. Cantone. The action against Cantone is for fraud in relation to the execution of promissory notes on behalf of Christopher Brogdon, who is currently being charged by the SEC for fraud, multiple SEC violations, commingling and misappropriation of funds.

According to FINRA, Cantone sold more than $8 million of COP in five promissory notes and all but one of the notes have already defaulted with losses estimated at $6 million—while Cantone and his firm, Cantone Research, collected more than $1 million in payments for fees and commissions.

The SEC Brings Christopher Brogdon to Justice After More Than a Decade of Fraudulent Activity

November 24, 2015 | Silver Law Group

The SEC Brings Christopher Brogdon to Justice After More Than a Decade of Fraudulent Activity on silverlaw.com

Allegations state that since 1992, Brogdon has conducted fraud through at least 43 of the entities he owns or controls

Former broker Christopher Brogdon, who was a licensed broker at Dean Witter Reynolds in New York from 1978 to 1991, was permanently barred from membership in the National Association of Securities Dealers (FINRA’s predecessor) and is now being brought to justice by the SEC.

With decades of misdoing shrouding his history, including making unauthorized trades and preparing inaccurate records while he was working for Harbor Twin Securities, and paying a fine in excess of $50,000, ten years after his broker’s license was revoked, Brogdon now faces a lawsuit by the SEC in an action that alleges that since 1992, he has conducted fraud through at least 43 of the entities he owns or controls.

FINRA Files Complaint Against Advisor Valentino Infante

November 23, 2015 | Silver Law Group

FINRA Files Complaint Against Advisor Valentino Infante on silverlaw.com

Broker failed to disclose outside business practices and refused to provide testimony after a FINRA request

In July of 2015, FINRA’s Department of Enforcement filed a complaint against Florida-based financial advisor Valentino Infante and barred him from associating with any FINRA member firm. According to the allegations, they found that the broker refused to cooperate with request for testimony in connection with this investigation, and that he provided misleading and false information to a FINRA member firm such as failing to disclose his outside business practices to his employer, Wells Fargo, as well as engaging in selling away in violation of firm policies. Brokers have a responsibility to disclose certain information about their activities to a licensed firm they work with and to cooperate with any FINRA investigations, if necessary.

According to the complaint, Infante solicited one client to provide funding for a limited liability company known as IMonsters Machinery. The purpose of this company was to buy and resell tractors. Infante was the sole proprietor of this business, but he did not make this clear to the investor and he did not share this with his employing firm, Wells Fargo.

FINRA Bars David Levy From Practicing as a Financial Advisor

November 13, 2015 | Silver Law Group

FINRA Bars David Levy From Practicing as a Financial Advisor on silverlaw.com

Disciplinary history involves alleged churning and misrepresentation

David Levy was barred by FINRA from acting as a broker in any capacity on June 26. This bar was a direct result of his alleged failure to respond to a FINRA request for information, according to FINRA, but it follows a career marred by allegations of unauthorized trading and breaches of fiduciary duty.

In July 2014, Levy was named in a FINRA complaint alleging that he was involved in churning, or the excessive buying and selling of securities with the intent to generate commission for the broker without benefiting the investor, according to FINRA’s Broker Check.