A National Securities Arbitration & Investment Fraud Law Firm

$70 MILLION Recovery for Investment Fraud
$44 MILLION Recovery for Ponzi Scheme Victims
$25 MILLION Recovery Against National Brokerage Firm
$9.1 MILLION FINRA Arbitration Award Against Brokerage Firm
$7.9 MILLION Securities Arbitration Award Against Stockbroker
$1 MILLION Securities Arbitration Award for Elder Financial Fraud
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According to FINRA Disciplinary actions for October 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
  Darien Bonney   MML Investors Services, LLC
  NYLife Securities Inc.
  Jimmy Cheng   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Eddy Chou   Inspire Advisors, LLC
  Ameriprise Financial Services, LLC
  Kara Gagnon   Global Atlantic Distributors, LLC
  MetLife Investors Distribution Company
  Johana Jimenez
  Derick Stickland   Allstate Financial Services, LLC

Continue reading ›

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According to FINRA Disciplinary actions for October 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
  Todd Kalish   Park Edge Advisors, LLC
  McDonald Partners LLC
  Nicolas Lumermann   Morgan Stanley
  Credit Suisse Securities (USA) LLC
  Jeff McElroy   BOK Financial Securities, Inc.
  LPL Financial LLC
  Kevin NcNeil   SW Financial
  Joseph Gunnar & Co., LLC
  Alex Salcedo   Scottrade, Inc.
  Wells Fargo Clearing Services, LLC
  Francisco Valenzuela   Morgan Stanley
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

Continue reading ›

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According to FINRA Disciplinary actions for October 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
  Tony Bell   SCF Securities, Inc.
  Liberty Partners Financial Services, LLC
  Matthew Black   J.P. Morgan Securities LLC
  Jay Dougall   Principal Securities, Inc.
  Waddell & Reed
  Edgar Garcia   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  Roger Hickman   State Farm VP Management Corp.
  Jamie Lemon
  Linda Leong   Valic Financial Advisors, Inc.
  National Planning Corporation
  Donald Nelson   Wedbush Securities Inc.
  First Wall Street Corp.
  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

Continue reading ›

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Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Silver Law Group represents investors in claims against selling broker-dealers for losses relating to GWG L Bonds and violations of Regulation Best Interest and other FINRA rules and regulations.Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Continue reading ›

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Two people have been charged with running a Ponzi scheme connected to the cattle business that raised around $650 million from victims across the country.  The alleged Ponzi schemers, revealed Tuesday, May 11, 2021, by an unsealed federal indictment in Colorado, are Reva Joyce Stachniw, 69, of Galesburg, Illinois, and Ron Throgmartin, 57, of Buford, Georgia. In 2020, a third man, Mark Ray, resident of Denver, was charged by criminal information in the scheme. According to the indictment, beginning around early 2017 and continuing through early 2019, victim-investors were directed to wire money into several bank accounts, primarily a checking account associated with an Illinois-based business called RM Farm & Livestock LLC. Victims were also directed to make payments directly to purported business associates but who were in fact other victim-investors. “False and fraudulent pretenses” were also used to solicit money for a Colorado marijuana business controlled by Stachniw, Throgmartin, and Ray, Universal Herbs LLC, the indictment says. Silver Law Group is a national securities and investment fraud law firm which represents Ponzi scheme victims in claims against the Ponzi schemer and any third parties who materially participated in the fraud or are otherwise liable under the law.Two people have been charged with running a Ponzi scheme connected to the cattle business that raised around $650 million from victims across the country.  The alleged Ponzi schemers, revealed Tuesday, May 11, 2021, by an unsealed federal indictment in Colorado, are Reva Joyce Stachniw, 69, of Galesburg, Illinois, and Ron Throgmartin, 57, of Buford, Georgia. In 2020, a third man, Mark Ray, resident of Denver, was charged by criminal information in the scheme. Continue reading ›

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An investor who lost $1  million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. The investor, a longtime banking client of Hancock Whitney, is seeking return of his principal and other damages. The investor lost the entirety of his principal when Northstar Bermuda filed for Chapter 15 bankruptcy amid a run on surrender requests. The debt-ridden Bermuda-based Northstar Financial Services (Bermuda) is now in liquidation proceedings, and Greg Lindberg, the owner of its holding company, is also facing SEC charges of misconduct. Silver law Group Has Filed Claims on Behalf of Northstar Financial Services (Bermuda) Investor Victims to Recover Losses Silver Law Group founder Scott Silver and the Law Firm of David Chase have filed claims on behalf of defrauded investors in Northstar to recover their investment losses. These Northstar investors were pitched on the safety and security of Northstar’s fixed and variable rate annuity-type products by their U.S.-based brokerage firms, including Truist Investment Services, Inc. (SunTrust), Bankoh Investment Services, J.P. Morgan Securities, and Ocean Financial Services.An investor who lost $1 million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. Continue reading ›

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We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away. Then the company crashed and burned. The L Bonds, as they were called, required patience from investors. After all, the policy payout would come when the original policyholder died. Last August, the company temporarily halted the sales of their L Bonds, leading to a series of events that ended with GWG Holdings declaring bankruptcy in April of 2022. Investors in L Bonds were left with nothing. So, what happened to the investor’s funds that were going to earn them great returns?We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away.

Then the company crashed and burned. Continue reading ›

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If someone was attempting to steal your smartphone number, would your carrier help? One T-Mobile customer discovered that the carrier didn’t seem to care. Now T-Mobile is being sued in an Alabama federal court by a customer who lost his number when the company simply handed over his phone number to a hacker claiming to be him. Once the hacker had the number, they easily accessed the plaintiff’s email and bank accounts and transferring funds out. This is a crime that’s increasing in frequency and can cost millions to unsuspecting phone owners. SIM-Swapping Or SIM-Hacking Every cell and smartphone has something called a SIM card, or Subscriber Identity Module. This is the unique identifier is a small physical card that can be removed from one phone and inserted into another to move your account—and your identity—to the new phone.If someone was attempting to steal your smartphone number, would your carrier help? One T-Mobile customer discovered that the carrier didn’t seem to care.

Now T-Mobile is being sued in an Alabama federal court by a customer who lost his number when the company simply handed over his phone number to a hacker claiming to be him. Once the hacker had the number, they easily accessed the plaintiff’s email and bank accounts and transferring funds out. Continue reading ›

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