A National Securities Arbitration & Investment Fraud Law Firm
Michael Archimede (CRD# 5701306) is a former registered broker and investment advisor previously employed with PFS Investments Inc. (CRD# 10111) of Waukesha, Wisconsin. He has been in the industry since 2010.
Archimede has seven disclosures in his CRD. Continue reading ›
Joseph Beam (Joseph Farrell Beam CRD# 5407778) is a former registered broker and investment advisor last employed with Capital Investment Group, Inc. (CRD# 14752) of Flat Rock, NC. His previous employment was with Suntrust Investment Services, Inc. (CRD# 17499) of Hendersonville, NC. No additional employment information is available. He began in the industry in 2007. Continue reading ›
Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients.
“Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy,” Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. Continue reading ›
Patrick Mendenhall (Patrick Michael Mendenhall CRD# 1068809) is a registered broker and investment advisor currently registered with USCA Securities LLC (CRD# 103789) of Houston, TX. His previous employers include USCA RIA LLC (CRD# 152170) and UBS Financial Services Inc. (CRD# 8174), also of Houston, and Smith Barney, Harris Upham & Co., Incorporated (CRD# 7059), of New York, NY. He has been in the industry since 1982. Continue reading ›
The Rosenau Family Research Foundation, a nonprofit that funds medical research, has alleged that Principal Securities engaged in misuse of variable annuities, as well as churning and selling away while handling the Foundation’s investments. Continue reading ›
According to FINRA Disciplinary actions for May 2024, 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 |
| Kwame Aduesi | Morgan Stanley |
| J.P. Morgan Securities LLC | |
| Brittany Anderson | |
| Gianluca De Berardinis | Morgan Stanley |
| Quad Capital, LLC | |
| Brian Hill | |
| Monu Joseph | Rosenblatt Securities Inc. |
| CIBC World Markets Corp. | |
| Quintosha Thomas |
According to FINRA Disciplinary actions for May 2024, 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 |
| Helen Andrews | Morgan Stanley |
| Barclays Capital Inc. | |
| Christine Dormier | UBS Financial Services Inc. |
| Wells Fargo Investments, LLC | |
| David Ferneding | Stifel, Nicolaus & Company, Incorporated |
| Wells Fargo Clearing Services, Inc. | |
| Matthew Grady | Barclays Capital Inc. |
| American Research & Management Company | |
| Leonardo Hernandez III | Citigroup Global Markets Inc. |
| LPL Financial LLC | |
| Seth Horowitz | J.P. Morgan Securities LLC |
| UBS Financial Services Inc. | |
| Jeffrey Nemesi | Falcon Square Capital, LLC |
| Donald Smith | Provident Private Capital Partners, Inc. |
| Vestax Securities Corporation |
According to FINRA Disciplinary actions for May 2024, 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 |
| Ian Geeves | Vanderbilt Securities, LLC |
| LPL Financial LLC | |
| Ned Seitler | Charles Schwab & Co., Inc. |
| Neuberger Berman Management Inc. | |
| Timothy Sullivan | International Assets Advisory, LLC |
| SII Investments, Inc. | |
| Kirkland Wilson | Cetera Advisor Networks LLC |
| Securian Financial Services, Inc. |
![“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.”
Mr. Silver continued, “The question is why anyone would recommend this product to a client. This case is not about the customer, it’s about the product. The arbitrators appear shocked to hear billions of dollars of this stuff is sold.”
These investments were never suitable for individual investors, but that didn’t stop brokers and broker-dealers from selling them. In the continuing fallout over L-Bonds, investors have been filing FINRA arbitration claims against the broker-dealers who sold the L-Bonds to them. FINRA arbitrator Richard Kent Mahrle commented that based on the company’s shaky financial situation, L-Bonds were “not a suitable investment for the [client,] or perhaps anyone.”](https://www.silverlaw.com/blog/wp-content/uploads/2022/01/GWG02.jpg)
In an article in Investment News, Silver Law Group founder Scott Silver weighed in on a FINRA arbitration action involving a broker-dealer and financial advisor who sold a client GWG Holdings’ illiquid L-Bonds.
“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Continue reading ›
Kwame Adusei (CRD#: 6166926) is a former broker and investment advisor last employed with Morgan Stanley (CRD#:149777) of Poughkeepsie, NY. His previous employers were J.P. Morgan Securities LLC (CRD#:79) of Brewster, NY, and Wells Fargo Advisors, LLC (CRD#:19616) of Chappaqua, NY. He has been in the industry since 2013. Continue reading ›
Securities Arbitration Lawyers Blog