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Efthimios George Petrou (CRD# 2672840) is a registered broker last employed with Arive Capital Markets (CRD#:8060) of Ronkonkoma, NY. He was also employed by J.P. Turner & Company, L.L.C. (CRD#:43177) of Middle Island, NY, Investec Ernst & Company (CRD#:266) of New York, NY, and Royce Investment Group, Inc. (CRD#:10494) of Woodbury, NY. He has been in the industry since 1995. Following FINRA’s 2019 cycle exam of Arive Capital Markets, it was discovered that Petrou had engaged in excessive trading for a retired client. He was a 67 year old pharmacist who had a limited understanding of the stock market. From January 2017 through October 2018, while employed with Arive, Petrou engaged in excessive trading which included the use of margins. Petrou recommended to his customer a total of 73 trades, all placed on margin. The total of all the trades meant that this customer paid $88,348.13 for commission and trade costs $7,958.52 for margin interest, totaling $96,306.65. This cost-to-ratio was 86%, indicating that the customer’s account would have to increase by 86% to break even. Petrou’s unsuitable recommendations led to the customer losing approximately $17,000 by following his advice.Efthimios George Petrou (CRD# 2672840) is a registered broker last employed with Arive Capital Markets (CRD#:8060) of Ronkonkoma, NY. He was also employed by J.P. Turner & Company, L.L.C. (CRD#:43177) of Middle Island, NY, Investec Ernst & Company (CRD#:266) of New York, NY, and Royce Investment Group, Inc. (CRD#:10494) of Woodbury, NY. He has been in the industry since 1995. Continue reading ›

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Former FTX owner and CEO Sam Bankman-Fried has been indicted with eight counts of fraud by the Justice Department following the rapid collapse of the cryptocurrency platform. In the petition, he is referred to by his frequently known moniker, “SBF.” The documents were unsealed on Tuesday, December 13, 2022, in US District Court in the Southern District of New York. SBF was slated to testify in front of the House Financial Services Committee following the company’s bankruptcy and collapse. He was very busy, he told committee chair Senator Maxine Waters, so he would only be available to testify via Zoom. He spoke to the Wall Street Journal just a few days prior and was arrested the day he was to appear before Congress.   While committing fraud, he and his cohorts used billions of investor dollars for their own personal expenses, to make trades, and to make large political donations, occasionally in the names of other individuals to hide the source of the donations. These donations were made prior to the 2022 mid-term elections, and intentionally evaded reporting requirements and limits on contributions.Former FTX owner and CEO Sam Bankman-Fried has been indicted with eight counts of fraud by the Justice Department following the rapid collapse of the cryptocurrency platform. In the petition, he is referred to by his frequently known moniker, “SBF.” The documents were unsealed on Tuesday, December 13, 2022, in US District Court in the Southern District of New York. Continue reading ›

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The former CEO of the FTX cryptocurrency exchange has been arrested in connection with the company’s bankruptcy and collapse. Sam Bankman-Fried (SBF) was arrested in The Bahamas on Monday, December 12, 2022, at the request of US authorities and denied bail. His entire operation is detailed in the petition by the US Securites & Exchange Commission filed the day after his arrest in the US District Court in the Southern District of New York. The SEC is demanding a jury trial. In the petition, the SEC describes how SBF began in May of 2019 when he founded FTX, a cryptocurrency trading platform as the founder and CEO. SBF raised more than $1.8 billion from investors in and out of the US. The investors bought an equity stake under the belief that FTX had both risk management and other appropriate controls in place. In fact, FTX and its subsidiary, Alameda Research, LLC, had none.The former CEO of the FTX cryptocurrency exchange has been arrested in connection with the company’s bankruptcy and collapse. Sam Bankman-Fried (SBF) was arrested in The Bahamas on Monday, December 12, 2022, at the request of US authorities and denied bail. His entire operation is detailed in the petition by the US Securites & Exchange Commission filed the day after his arrest in the US District Court in the Southern District of New York. The SEC is demanding a jury trial. Continue reading ›

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Silver Law Group founder Scott Silver has spoken with multiple Harbor City investors who were allegedly defrauded by the company. In a recent article in Mother Jones, Mr. Silver said that George Santos and other employees should have noticed the red flags. “Any person from the financial services industry, who went to work for a company like Harbor City, should immediately have recognized that Harbor City wasn’t properly registered as a financial services company,” Mr. Silver said. “Even if you didn’t know the company was operating as a fraud or a Ponzi scheme, a sophisticated person affiliated with the company should have known they weren’t licensed to do what they claimed to be doing.”George Santos, the recently elected Latino Republican Representative from New York, continues to make headlines, but not for the right reasons. After a damning report in the New York Times questioning Santos’ claims and credibility, he has begun to speak on it. These reports with apologies about his fabricated background, which includes multiple false and unsubstantiated claims. Continue reading ›

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Dusty Sternadel (Dusty Lynn Sternadel CRD# 5872600) is a former broker and investment advisor who was last registered with Ameriprise Financial Services, LLC (CRD#:6363) of Wichita Falls, TX. Her previous employers were Morgan Stanley (CRD#:149777) and Edward Jones (CRD#:250), also of Wichita Falls. She has been in the industry since 2011. Ameriprise Financial Services terminated her employment on 7/29/2022. In the Form U5 submitted to FINRA following her discharge, the company stated, “The registered representative was terminated for violation of company policies related to misappropriation of client funds.” Although Sternadel is no longer employed by a FINRA broker dealer, she is still subject to jurisdiction under Article V, Section 4 of FINRA’s Bylaws. FINRA has this jurisdiction for two years after separation of employment.  Dusty Sternadel (Dusty Lynn Sternadel CRD# 5872600) is a former broker and investment advisor who was last registered with Ameriprise Financial Services, LLC (CRD#:6363) of Wichita Falls, TX. Her previous employers were Morgan Stanley (CRD#:149777) and Edward Jones (CRD#:250), also of Wichita Falls. She has been in the industry since 2011. Continue reading ›

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In a recent press release, the Commodities Futures Trading Division (CFTC) has announced that a Federal Court has ordered a California-based precious metals trading firm to return more than $38 million in fraudulently obtained funds to their company’s customers, and sanctioned it for fraud and violations. The CFTC has entered consent order for permanent injunction, monetary sanctions, and equitable relief against five defendants: Monex Deposit Company  Monex Credit Company  Newport Services Corporation Owner Louis Carabini  Owner Michael Carabini, son of owner Louis Carabini According to the CFTC allegations, from July 16, 2011, through August 31, 2021, Louis and Michael Carabini operated their own over-the-counter retail trading platform under the three companies collectively called “Monex Entity Defendants.” Their trading platform, known as “Atlas,” in which customers could speculate on the prices of precious metals. Atlas was not a regulated exchange as they claimed, and Monex was involved in nearly every transaction.In a recent press release, the Commodities Futures Trading Division (CFTC) has announced that a Federal Court has ordered a California-based precious metals trading firm to return more than $38 million in fraudulently obtained funds to their company’s customers, and sanctioned it for fraud and violations. Continue reading ›

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According to FINRA Disciplinary actions for December 2022, 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
  Christ Baltas   Worden Capital Management LLC
  Wilmington Capital Securities, LLC
  Matthew Beaver   Grit Wealth Management, LLC
  Ameriprise Financial Services, Inc.
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  James Kirschner   Cetera Advisors LLC
  Ameriprise Financial Services, Inc.
  Justin Iowe   Broadview International LLC
  Keith Wakefield   IFS Securities
  IFS Capital Markets, LLC
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

Continue reading ›

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According to FINRA Disciplinary actions for December 2022, 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
  Jay Dougall   Principal Securities, Inc.
  Waddell & Reed
  Beth Landwehr   J.P. Morgan Securities LLC
  Ameriprise Financial Services, Inc.
  Jamie Lemon
  Linda Leong   Valic Financial Advisors, Inc.
  National Planning Corporation
  Michael Richie   Fidelity Brokerage Services LLC
  Edward Von Der Schmidt   Morgan Stanley & Co. LLC
  RBC Capital Markets, LLC
  Cedric Wade   LPL Financial LLC
  National Planning Corporation

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According to FINRA Disciplinary actions for December 2022, 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
  Albert Aviles   Reid & Rudiger LLC
  Spartan Capital Securities, LLC
  Ruth Chambers   Raymond James & Associates, Inc.
  Mutual Trust Co. of America Securities
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  Anthony DiLullo   LPL Financial LLC
  ING Financial Partners, Inc.
  John Fabiano   LPL Financial LLC
  JD Financial Services Inc.
  Samuel Heavrin   J.P. Morgan Securities LLC
  Austin Lazarus   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  J.P. Morgan Secvurities LLC
  Jason Long   State Farm VP Management Corp.
  Pamelia Owensby   UBS Financial Services Inc.
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Alexandra Smith   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

Continue reading ›

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scott-silverIt’s not uncommon for employees of nearly any type of business to branch off and form their own company. When that company is a new broker dealer firm and a competitor for the former employer, things get complicated. Especially if that employer is Wells Fargo Advisors.  Continue reading ›

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