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A National Securities Arbitration & Investment Fraud Law Firm

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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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The Parking REIT said in an April, 2020 letter to investors that the option to provide liquidity to shareholders by listing common shares on a stock exchange is “not currently viable” and “there can be no assurance that the company will cause a liquidity event to occur in the near future or at all.”  This is disappointing news for investors in the non-traded REIT, which has already given them quite a bit of disappointment. In March, 2018, The Parking REIT announced that its board had unanimously approved the suspension of all cash distributions and stock dividends. The dividend paid by a non-traded REIT like The Parking REIT was its most appealing quality.The Parking REIT said in an April, 2020 letter to investors that the option to provide liquidity to shareholders by listing common shares on a stock exchange is “not currently viable” and “there can be no assurance that the company will cause a liquidity event to occur in the near future or at all.”

This is disappointing news for investors in the non-traded REIT, which has already given them quite a bit of disappointment. In March, 2018, The Parking REIT announced that its board had unanimously approved the suspension of all cash distributions and stock dividends. The dividend paid by a non-traded REIT like The Parking REIT was its most appealing quality. Continue reading

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Scott Silver, managing partner of Silver Law Group and a leading investor advocate, recently submitted a comment letter to the SEC addressing the importance of mutual funds fairly characterizing the fund in its title or name.  The SEC says that it sought comments from the public “on the framework for addressing names of registered investment companies that are likely to mislead investors about a fund’s investments and risks pursuant to section 35(d) of the Investment company Act of 1940, rule 35d- thereunder, and the antifraud provisions of the federal securities laws.”Scott Silver, managing partner of Silver Law Group and a leading investor advocate, recently submitted a comment letter to the SEC addressing the importance of mutual funds fairly characterizing the fund in its title or name.

The SEC says that it sought comments from the public “on the framework for addressing names of registered investment companies that are likely to mislead investors about a fund’s investments and risks pursuant to section 35(d) of the Investment company Act of 1940, rule 35d- thereunder, and the antifraud provisions of the federal securities laws.” Continue reading

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Silver Law Group, a nationally-recognized class action law firm, has filed the first class action lawsuit against South Florida-based hedge fund TCA Fund Management Group, TCA’s founder and chairman Robert Press, and others involved with the company (Defendants).  The lawsuit, which Silver Law Group filed in federal court along with co-counsel Weinberg Wheeler Hudgens Gunn & Dial and Gibbs law Group, is filed on behalf of investors in TCA’s funds (Plaintiffs), seeks to recover investor losses and alleges that Defendants knowingly inflated the value of TCA’s Master fund in part by “failing to remove or properly value bad loans and creating phantom “investment advisory” fees that were fraudulent and uncollectable.”Silver Law Group, a nationally-recognized class action law firm, has filed the first class action lawsuit against South Florida-based hedge fund TCA Fund Management Group, TCA’s founder and chairman Robert Press, and others involved with the company (Defendants).

The lawsuit, which Silver Law Group filed in federal court along with co-counsel Weinberg Wheeler Hudgens Gunn & Dial and Gibbs law Group, is filed on behalf of investors in TCA’s funds (Plaintiffs), seeks to recover investor losses and alleges that Defendants knowingly inflated the value of TCA’s Master fund in part by “failing to remove or properly value bad loans and creating phantom “investment advisory” fees that were fraudulent and uncollectable.” Continue reading

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Broker Charles Dorraine (CRD# 70411) has been barred by FINRA (the Financial Industry Regulatory Authority) for refusing to give testimony about recommendations to customers about Puerto Rican bonds. It has been alleged that the bonds were unsuitable and customers were overconcentrated in them. Dorraine was last registered with Next Financial Group, Inc. (CRD# 46214) in their Corpus Christi, Texas branch location from 2007-2019.Broker Charles Dorraine (CRD# 70411) has been barred by FINRA (the Financial Industry Regulatory Authority) for refusing to give testimony about recommendations to customers about Puerto Rican bonds. It has been alleged that the bonds were unsuitable and customers were overconcentrated in them. Dorraine was last registered with Next Financial Group, Inc. (CRD# 46214) in their Corpus Christi, Texas branch location from 2007-2019. Continue reading

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According to FINRA Disciplinary actions for April 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:

NAME FORMER EMPLOYERS
  Timothy Crowley   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  David Del Rio   LPL Financial LLC
  Suntrust Investment Services, Inc.
  Christian Evans   Morgan Stanley
  Highland Capital Funds Distributor, Inc.
  Mary Frassetto   Thrivent Investment Management Inc.
  Jennifer Holmes   Voya Financial Advisors, Inc.
  ING Financial Partners,Inc.
  Yee Yee Htwe   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Farmers Financial Solutions, LLC
  Randy Jackson   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  E*Trade Securities LLC
  Scott Levine   Craft Capital Management LLC
  PHX Financial, Inc.
  Megan McAlinden
  Hiep Quoc Nguyen   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Citizens Securities, Inc.
  Grizelle Perez   USCA Securities LLC
  Sanders Morris Harris LLC
  Michael Spyrka   Hold Brothers Capital LLC
  Koyote Trading LLC
  Jason Wilk   Worden Capital Management LLC
  Craft Capital Management LLC
  John Wyshak   Raymond James & Associates, Inc.
  Wedbush SecuritiesInc.

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According to FINRA disciplinary actions for April 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
  Joseph Berghausen   ADP Broker-Dealer, Inc.
  Cetera Advisor Networks LLC
  Stephanie Dannenberg
  Gregory Morgan   Allstate Financial Services, LLC
  ProEquities,Inc.
  Wesley Rayner   Santander Securities LLC
  JP Morgan Securities LLC
  David Rockwell   Cetera Advisor Networks LLC
  Suntrust Investment Services, Inc.
  Paul Ross   Hantz Financial Services, Inc.
  Thrivent Investment Management Inc.
  Mark Schneck   Northwestern Mutual Investment Services LLC
  MML Investors Services,LLC
  Cynthia Tarner
  Dennis Taylor   Taylor Capital Management Inc.
  Independent Financial Group, LLC

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According to FINRA Disciplinary actions for April 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
  Neal Carlson   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  Michael Carter   Morgan Stanley
  Ameriprise Financial Services, Inc.
  John Church   Waddell & Reed
  Cetera Advisor Networks LLC
  Gregory Clark   Burch & Company, Inc.
  Raymond James & Associates, Inc.
  Avelino Cortina III   AC3 Capital, LLC
  Wells Fargo Advisors,LLC
 William Despard   Morgan Stanley
  Citigroup Global Markets Inc.
  Michael Guilfoyle   Four Points Capital Partners LLC
  IFS Securities
  Kenneth Klaiman   Raymond James & Associates, Inc.
  Deutsche Bank Securities Inc.
  Paul Liebman   Wells Fargo Advisors Financial Network, LLC
  Oppenheimer & Co, Inc.
  Adam Morsi   Four Points Capital Partners LLC
  IFS Securities
  Gary Orcutt   Securities America Inc
  USAdvisors Wealth Management
  Vernon Sears, Jr.   Wells Fargo Clearing Services, LLC
  Raymond James & Associates, Inc.
  Damion Smith   Morgan Stanley
  UBS Financial Services Inc.
  Walter Sweatt II   Morgan Stanley
  Wells Fargo Advisors, LLC

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In the wake of recent market turbulence, it is important to remember that some investment losses are not “investment” losses at all, but rather losses that are the result of stockbroker theft, fraud, Ponzi schemes, and otherwise.  Silver Law Group continues to investigate cases of stockbroker theft nationwide. Unfortunately, FINRA continues to report multiple cases of brokers improperly taking money from clients, taking improper loans or deceptively selling investments directly controlled by a stockbroker or financial advisor.In the wake of recent market turbulence, it is important to remember that some investment losses are not “investment” losses at all, but rather losses that are the result of stockbroker theft, fraud, Ponzi schemes, and otherwise.

Silver Law Group continues to investigate cases of stockbroker theft nationwide. Unfortunately, FINRA continues to report multiple cases of brokers improperly taking money from clients, taking improper loans or deceptively selling investments directly controlled by a stockbroker or financial advisor. Continue reading

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On April 21, 2020, the Securities and Exchange Commission (SEC) filed a Complaint for Injunctive and Other Relief (Complaint) against Steven L. Brickner. According to the SEC, Brickner “falsely represented to prospective investors that he would use their money to purchase the assets of a Colorado-licensed marijuana dispensary network . . .” and ultimately net investors substantial gains through a reverse merger IPO. In reality, Brickner did not own the assets he represented to investors and never filed any necessary documents to complete his promised merger or IPO. Instead, the SEC alleges that from 2015 to 2019, “Brickner misappropriated approximately $3 million of investor money to fund his lavish lifestyle.” According to the SEC’s press release regarding this matter, Brickner had more than 60 victims, most of whom were retail investors. The SEC alleges that Brickner violated various provisions of the federal securities laws. As part of the fraud, the SEC explained that Brickner, a 48-year-old Central Florida resident, operated FirstCanna Pharmaceuticals LLC, FirstCanna Financial LLC, FirstCanna Insurance LLC, and High Country Healing Co. LLC. The SEC Complaint highlights that Brickner’s LinkedIn profile and other background information create a façade of past success running a series of venture capital, finance, and other commercial companies in the Tampa, Florida area. However, Hillsborough County court records indicate that Brickner and one of Brickner’s prior ventures, VC Financial Management, LLC, were accused of defrauding a Tampa-based tech startup startup in or around 2014.  The SEC Complaint also indicates that Brickner filed for bankruptcy in 2016 and did not file a tax return in 2014 “because he had no taxable income.” This was far from the successful venture capitalist turned entrepreneur Brickner held himself out to be.On April 21, 2020, the Securities and Exchange Commission (SEC) filed a Complaint for Injunctive and Other Relief (Complaint) against Steven L. Brickner. According to the SEC, Brickner “falsely represented to prospective investors that he would use their money to purchase the assets of a Colorado-licensed marijuana dispensary network . . .” and ultimately net investors substantial gains through a reverse merger IPO. In reality, Brickner did not own the assets he represented to investors and never filed any necessary documents to complete his promised merger or IPO. Continue reading

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Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy.Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy. Continue reading

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