Securities Arbitration Lawyers Blog

FINRA Files Disciplinary Charges against Bradley Claus Relating to an Oil and Gas Company

January 14, 2015 | Silver Law Group

Bradley Claus, of Castle Rock, Colorado, was named a respondent in a FINRA complaint alleging that he participated in private securities transactions with three investors, in an oil and gas company, without receiving authorization from his member firm. The complaint alleges that the firm did not permit Claus to solicit or sell investments in the private securities transaction of the oil and gas company. The complaint also alleges that Claus made material misstatements of fact to a customer in emails regarding a potential investment. Claus knew or was reckless in not knowing that his statements were false or misleading. Claus’ firm did not offer or authorize him to solicit or sell the investments. Claus was previously registered with World Group Securities. FINRA further alleges that Claus avoided his firm’s supervisory system and procedures by using an unauthorized outside email account. Despite the firm’s prohibition, Claus routinely used the personal outside email account to conduct securities business. Claus improperly used the firm’s name, firm address and firm phone number in emails from his outside email account. Claus never notified the firm of this email account and prevented his firm from supervising his communications with the public from that email account. (FINRA Case #2012033520801)

If you invested money with Bradley Claus, you may be entitled to recover some of your investment losses. Oil and gas investments can be very speculative and is not suitable for all investors. Many oil and gas investments have collapsed in recent months exposing investors to large losses. Please call our securities law firm toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.

FINRA Files Disciplinary Charges against Candius J. Bannister

January 14, 2015 | Silver Law Group

Candius J. Bannister, of Sarasota, Florida, was named a respondent in a FINRA complaint alleging that she borrowed over $30,000 from a customer in violation of Edward Jones’ procedures and FINRA’s rules. The complaint alleges that Bannister has failed to repay the loans or otherwise comply with the terms of the loan. Bannister did not submit any loan request forms to her firm in connection with the loans she received from the customer. The complaint also alleges that Bannister, on an annual basis, informed her firm from 2007 to 2012, acknowledging her understanding of the firm’s procedures and had not borrowed any funds from customers. (FINRA Case #2012033565601)

Investors who have suffered losses through the sale of variable annuities and non-traded REITs may be able recover their losses through arbitration. The attorneys at Silver Law Group are experienced in representing investors in cases against brokerage firms for violations of the sales of these complex or high commission products. Financial advisors frequently need their own financial guidance and improperly borrow money or take loans from their own customers. These are red flags and conduct which a firm generally does not permit. We primarily represent investors on a contingent fee basis and, in most cases, we will agree to advance any costs.

Darrell Duane Smith Barred from Securities Industry after Receiving Multiple Customer Complaints

January 8, 2015 | Silver Law Group

Darrell Smith of Mason City, Iowa, worked at Multi-Financial Securities Corporation from 2001 through 2012. In 2014, FINRA finally suspended Mr. Smith from the securities industry after Smith failed to respond to FINRA’s request for information. However, Mr. Smith’s employer, Multi-Financial Securities Corporation, is currently the target of multiple FINRA arbitration claims by Mr. Smith’s customers who allege the firm and Mr. Smith misrepresented private placements and Mr. Smith misused client funds. Additional claims relate to the unsuitable sale of variable annuities.

Multi-Financial Securities Corporation permitted Mr. Smith to resign in March 2012 after a client alleged representative signed a variable annuity application with the client’s consent, in violation of the firm’s policies.

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 – 2

January 7, 2015 | Silver Law Group

According to FINRA Disciplinary actions for December 2014, 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
Donald L. Baker II	State Farm VP Management Corp.
Deborah Bush	JP Morgan Securities LLC
Deborah Bush	Chase Investment Services Corp.
Todd Alan Cummings	JP Morgan Securities LLC
Todd Alan Cummings	Chase Investment Services Corp.
Richard Edward Ford
David Robert Gray II	Cambridge Investment Research, Inc.
David Robert Gray II	Nathan & Lewis Securities, Inc.
Donald Gammon Hall Jr.	Merrill Lynch, Pierce, Fenner & Smith Inc.
Donald Gammon Hall Jr.	TD Ameritrade, Inc.
Kimberley Ann Jim	JP Morgan Securities LLC
Kimberley Ann Jim	Chase Investment Services Corp.
Patricia Maria Lanigan
Edwin Rafael Mejia	Wells Fargo Advisors, LLC
Scott Newsholme	SII Investments, Inc.
Scott Newsholme	Royal Alliance Associates, Inc
Earthel Dwight Parker	Chase Investment Services Corp.
Uday M. Raval	Karvy, Inc.
Darrell Duane Smith	Multi-Financial Securities Corporation
Darrell Duane Smith	Next Financial Group, Inc.
Shakeel Ahmad Tanveer	Ameriprise Financial Services, Inc.
Shakeel Ahmad Tanveer	IDS Life Insurance Company
Timothy Eugene White	Allstate Financial Services, LLC
Timothy Eugene White	U.S.-Worldwide Financial Services, 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

January 7, 2015 | Silver Law Group

According to FINRA Disciplinary actions for December, 2014, 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
Joshua Robinson Ballinger	Fifth Third Securities, Inc.
	Banc One Securities Corporation
Patrick Ryan Bray	Newbridge Securities Corporation
	UBS Financial Services Inc.
Jason Robert Buscaglia	Merrill Lynch, Pierce, Fenner & Smith Inc.
	Morgan Stanley Smith Barney
Joel William Carlson	Sagepoint Financial, Inc.
	Sunamerica Securities, Inc.
Charles Barnett Davis, Jr.	Peak Brokerage Services, LLC
	Cape Securities Inc.
Turker Ergun	Merrill Lynch, Pierce, Fenner & Smith Inc
	Banc of America Investment Services, Inc .
Derek Ryan Forrest	Morgan Stanley
	Wells Fargo Advisors, LLC
Lauren Gail Ganz	U.S. Bancorp Investments, Inc.
	Raymond James Financial Services, Inc.
Gregory Evan Goldstein	Marguis Financial Services, Inc.
	Benson York Group, Inc.
William Eric Hopkins, Sr.	Wells Fargo Advisors, LLC
	Suntrust Investment Services, Inc.
David Scott Isolano	Max International Broker/Dealer Corp.
	Secwest Securities, Inc.
Matthew Thomas Kane	CCO Investment Services Corp.
	Santander Securities LLC
Florence Rosenthal Klein	American Classic Financial Company
	Gruntal & Co. Inc
Brian Joseph Merrigan	Wells Fargo Advisors, LLC
	Bancwest Investment Services, Inc.
Edward Thomas Murphy	Wells Fargo Advisors Financial Network, LLC
	Morgan Stanley DW Inc.
Gurudeo Sukul Persaud	Money Concepts Capital Corp
Frank Anthony Quatararo, Jr.	Gilford Securities Incorporated
	Wells Fargo Advisors, LLC
Anthony John Salino	Buckman, Buckman & Reid, Inc.
	Mercer Capital Ltd.
Joseph Jared Sanchis	Morgan Stanley
	Wells Fargo Advisors, LLC
Brian Simone	Salomon Whitney LLC
	Banc of America Investment Services, Inc.
Steven John Simone	Salomon Whitney LLC
	Westrock Advisors, Inc.
Jeremy Gerald Tintle	Oppenheimer & Co. Inc.
	Morgan Keegan & Company, 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.

Cold Calling Stockbrokers aren’t Only on Long Island

January 7, 2015 | Silver Law Group

Dialing for dollars has always been a popular method for young stockbrokers to solicit new customers. Although cold calling has been dramatized in movies such as Glen Gary Glenn Ross and the Wolf of Wall Street, it still apparently also serves major global financial institutions as a successful marketing tool. Merrill Lynch has agreed to pay $400,000 for telemarketing compliance violations to the N.H. Bureau of Securities Regulation which alleges Merrill Lynch failed to ‘fully understand’ how to comply with telemarketing rules and cold calls were made to potential clients on the do-not-call lists. Cold call violations have recently re-appeared on regulators radar screen after Edward Jones & Co agreed to pay $750,000 to settle similar charges. As part of the settlement, Merrill Lynch agreed to enhance its telemarketing policies and procedures. However, Merrill Lynch apparently recognizes this time honored method of chasing potential clients and will continue to use it as part of its sales techniques.

Regulators including the SEC and FINRA have issued investor bulletins warning investors to be dubious of cold calling financial advisors. Investors should investigate any advisor prior to sending money to someone they met over the phone. Amongst other due diligence techniques, investors can use FINRA’s BrokerCheck system to get basic background information about a financial advisor including employment history and potentially other customer complaints.

If you invested money based upon a telephone call, you may be entitled to recover some of you investment losses. Our law firm has represented many investors who ultimately regretted taking a cold call because the brokerage firm churned their account or otherwise invested in unsuitable products. Please call our securities law firm toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.

JPMorgan Chase Settles Investor Class Action Relating to Forex Trading

January 7, 2015 | Silver Law Group

JPMorgan Chase & Co. is the first bank in a multi-defendant class action lawsuit to settle claims relating to allegations that the banks rigged the foreign exchange market. Commonly referred to as the Forex market, over 5 trillion dollars a day is traded as investors rely on the honesty of the marketplace to trade currencies. According to various news reports, Chase has agreed to pay about $100 million under the agreement. A Federal Judge in New York must still approve the settlement. This settlement comes on the heels of a regulatory settlement where JPMorgan agreed to pay $1 billion as part of $4.3 billion in fines paid by six banks to resolve foreign-exchange rate investigations by regulators in the U.S., the U.K. and Switzerland.

Wall Street’s largest banks were some of the largest traders in foreign currency. However, despite the façade of respectability large banks claim, traders allegedly frequently communicated in chat rooms using names such as “The Cartel,” “The Bandits’ Club” and “The Mafia” to share confidential client information and manipulate certain benchmark rates. Investors were harmed by trading at manipulated prices and frequently paying substantial fees, costs and commissions for investors Forex trading activity.

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. Our attorneys have represented investors in Forex cases and in NFA arbitrations against registered commodities firms. 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 Files Disciplinary Charges against Cantella & Co., Inc.

January 2, 2015 | Silver Law Group

Cantella & Co., Inc., of Boston, Massachusetts, submitted an AWC with FINRA in which the firm was censured, fined $50,000 and required to pay $81,973.65, plus interest, in restitution to customers for allegations relating to excessive commissions. Without admitting or denying the findings, Cantella consented to the sanctions and to the entry of findings that it charged customers excessive commissions on equity and options transactions. The findings stated that in connection with certain purchases and sales of primarily low-priced securities, the commissions the firm charged were not fair and reasonable. The transactions resulted in approximately $120,000 in excessive charges. The firm has already repaid customers approximately $42,000 of these excessive commissions related to equity transactions. The firm also charged $4,658.22 in excessive commissions in connection with options transactions. The findings also stated that the firm failed to create or follow an adequate supervisory system for the review of commissions charged. The firm blindly followed an automated commission schedule instead of reviewing each trade for fairness. (FINRA Case #2011025431801)

Silver Law Group represents investors in securities and investment fraud cases for claims including stockbroker misconduct, excessive fees or commissions and penny stock fraud. 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 Files Disciplinary Charges against Aon Douglas Miller

January 2, 2015 | Silver Law Group

Aon Douglas Miller, of Chattanooga, Tennessee, was named a respondent in a FINRA complaint alleging that he participated in private securities transactions with various entities in which four of his member firm’s customers invested a total of $1,550,000. The complaint alleges that at no time were any of the entities in which the customers invested on the list of approved investment products at Miller’s firm. Miller did not provide prior written notice or a full and detailed description of the investment to his firm about any of the transactions. Aon Miller allegedly sold investments in the CDP real estate investment, a chemical company referred to as KBI and promissory notes in a company called CTL.

Miller was registered with several brokerage firms in the last several years including Benjamin F. Edwards & Co., Inc., Wells Fargo Advisors, LLC and Purshe Kaplan Sterling Investments. (FINRA Case #2012034393801)

If you invested money with Aon Douglas Miller, you may be entitled to recover some of you investment losses from his employers. Broker-dealers have a duty to supervise the activities of their advisors. Many broker-dealers turn a blind eye or ignore questionable red flags which can lead to liability. Please call our securities law firm toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.

FINRA Suspends Registered Individuals for Violations of FINRA Rules – 4

December 30, 2014 | Silver Law Group

According to FINRA Disciplinary actions for November, 2014, 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
Emily Maureen Allred	JP Morgan Securities LLC
Emily Maureen Allred	Chase Investment Services Corp.
Edwin Alvarez	CCO Investment Services Corp.
Edwin Alvarez	MML Investors Services, LLC
Corina Oikam Chan	Metlife Securities Inc.
Jenna Lynn Connett	Morgan Stanley
Jenna Lynn Connett	Citigroup Global Markets Inc.
Karl Robert Dierman	MML Investors Services, LLC
Karl Robert Dierman	Royal Alliance Associates, Inc.
Luis Espinoza
David Jay Homan	Wells Fargo Advisors, LLC
David Jay Homan	UBS Financial Services Inc.
Charles Damien Johnson	Laidlaw & Company (UK) Ltd
Charles Damien Johnson	Global Arena Capital Corp
Jonathan Ellsworth LaBarre	Fifth Third Securities, Inc.
Jonathan Ellsworth LaBarre	Key Investment Services LLC
David Alexander Lange	Lincoln Financial Securities Corp
David Alexander Lange	Raymond James Financial Services, Inc.
Edward Beale McLean IV	First Heartland Capital, Inc.
Edward Beale McLean IV	New England Securities
Lori Ann Monte	Merrill Lynch, Pierce, Fenner & Smith Inc.
Lori Ann Monte	Morgan Stanley DW Inc.
Ashley Platt
Kamil Z. Rak	Country Capital Management Company
German Francisco Rivero-Zerpa	Grenel & Co, LLC
German Francisco Rivero-Zerpa	Avila Capital Markets, Inc.
Jeffery Alan Schumaker	Transamerica Financial Advisors, Inc.
Jeffery Alan Schumaker	Pruco Securities Corporation
Edward Robert Sitton	Morgan Stanley
Edward Robert Sitton	Raymond James & Associates, Inc.
Frederick Paul Skoda	Country Capital Management Company
Kathy Jo Springer-Hesman	Robert W. Baird & Co. Inc.
Kathy Jo Springer-Hesman	Stifel, Nicolaus & Company, Inc.
Tony Edward Tucker, Jr.	EDI Financial, Inc.
Tony Edward Tucker, Jr.	Franklin Financial Services Corp.

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.