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Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. Foley has two disclosures in his CRD, the first of which involves failing to supervise two representatives at Wynston Hill who were involved in “churn and burn,” or excessively trading in customers accounts, and a third firm representative who falsified the firm’s records. This activity occurred during Foley’s tenure, from January through June of 2019. Foley was a designated principal responsible for supervising the registered representatives assigned to Wynston Hill’s New York City branch office. His job included the review of orders to look for frequent or excessive trading, margin trades, unsuitable recommendations, higher-than-normal commissions and other “red flags.” Foley discussed these issues with the firm’s chief compliance officer but took no other action. Customers of two of the representatives would need growth in excess of 100% per year in their accounts to cover the commissions and other costs that were involved with their accounts.Robert Foley (Robert Patrick Foley CRD# 6060234) is a broker and investment advisor whose last known employer was Wynston Hill Capital, LLC (CRD#:103811) of Red Bank, NJ. Previous employers include Maxim Group LLC (CRD#:120708) of New York, NY, Pruco Securities, LLC. (CRD#:5685) of Paramus, NJ, and Metlife Securities Inc. (CRD#:14251) of Elmsford, NY. He has been in the industry since 2012. Continue reading ›

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Michael Lian (Michael Emile Lian CRD# 2639356) is a previously registered broker whose last known employer was National Securities Corporation (CRD#:7569) of Clearwater, FL. His previous employers include Aegis Capital Corp. (CRD#:15007), National Securities Corporation (CRD#:7569), and Newbridge Securities Corporation (CRD#:104065), all in Red Bank, NJ. He has been in the industry since 1995. National Securities Corporation discharged Lian after discovering that he accepted a cash gift of $8,000 in 2017 from a client without notifying the firm or requesting permission before accepting. The gift was made while he was registered with Aegis, as a “thank-you” for a recommendation. Lian also circumvented Aegis’ written policies to conceal the gift from the firm, which prohibited anything over $100. National discharged Lian on those grounds. FINRA initiated an investigation and twice requested information from. After ignoring these requests, Lian finally supplied FINRA with the requested documentation. Lian was then suspended for 8 months and sanctioned with a $10,000 fine. He signed the Letter of Acceptance, Waiver & Consent (AWC) and the suspension became effective on 12/2/2021, set to end 8/6/2022. Lian has one additional disclosure, dated. 12/12/2012. A client dispute alleges that Lian “misrepresented a recommendation to purchase VHC.” The client requested damages of $14,000 and the claim was settled for $6875. No additional information is available.Michael Lian (Michael Emile Lian CRD# 2639356) is a previously registered broker whose last known employer was National Securities Corporation (CRD#:7569) of Clearwater, FL. His previous employers include Aegis Capital Corp. (CRD#:15007), National Securities Corporation (CRD#:7569), and Newbridge Securities Corporation (CRD#:104065), all in Red Bank, NJ. He has been in the industry since 1995. Continue reading ›

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Activist investment firm Blue Orca Capital recently published a report on Li-Cycle Holdings Corp. (LICY) (“Li-Cycle” or the “Company”) indicating that its financial standing isn’t as stable as the company’s press releases indicate. Blue Orca’s report describes the company as one that uses predictions as reported revenues, and that “Li-Cycle recognizes revenues using an Enron-like mark-to-model accounting gimmick.” The report goes on to say, “In our opinion, Li-Cycle is a fatal combination of SPAC trash, stock promotion, awful corporate governance, faulty accounting, and a broken business model which is not economically viable.”Activist investment firm Blue Orca Capital recently published a report on Li-Cycle Holdings Corp. (LICY) (“Li-Cycle” or the “Company”) indicating that its financial standing isn’t as stable as the company’s press releases indicate.

Blue Orca’s report describes the company as one that uses predictions as reported revenues, and that “Li-Cycle recognizes revenues using an Enron-like mark-to-model accounting gimmick.” Continue reading ›

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Northstar Financial Services (Bermuda) offered investment and annuity-type products to investors outside the United States.  The company was based in Bermuda and claimed to offer various benefits such as tax shelters that were not available to U.S.-based investors.  Northstar relied on a network of financial advisors and brokerage firms across the United States and abroad to sell its products to investors. Unfortunately, Northstar has collapsed and is undergoing liquidation (similar to bankruptcy) proceedings in Bermuda, where it is expected that investors will suffer heavy losses. Brokers and financial advisers are obligated to conduct due diligence and monitor the investments they recommend, to ensure that the investments they recommend are appropriate for their customers, and to diversify their customers’ portfolios to at least minimize the risks of products like Northstar. Silver Law Group has filed arbitration claims on behalf of Northstar investors against selling broker-dealers such as SunTrust (now Truist), Ocean Financial Services, and Cetera Investment Services for the improper sale of Northstar Financial Services (Bermuda).  Silver Law Group has helped its clients recover and continues to litigate other cases.Northstar Financial Services (Bermuda) offered investment and annuity-type products to investors outside the United States.  The company was based in Bermuda and claimed to offer various benefits such as tax shelters that were not available to U.S.-based investors.  Northstar relied on a network of financial advisors and brokerage firms across the United States and abroad to sell its products to investors. Continue reading ›

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Silver Law Group represents Northstar Financial Services (Bermuda) investors and has filed arbitration claims against brokerage firms that improperly sold Northstar products to investors. Silver Law Group’s clients allege that the selling firms pitched Northstar as a safe, conservative investment that was comparable to bank certificates of deposit (CDs), and that financial advisors represented that Northstar was guaranteed to provide monthly interest and protection of principal. Unfortunately, Northstar is currently undergoing liquidation proceedings in Bermuda, similar to a bankruptcy. It is unknown exactly how much investors will receive from the Joint Provisional Liquidation, but it is likely that investors will suffer large losses.Silver Law Group represents Northstar Financial Services (Bermuda) investors and has filed arbitration claims against brokerage firms that improperly sold Northstar products to investors. Silver Law Group’s clients allege that the selling firms pitched Northstar as a safe, conservative investment that was comparable to bank certificates of deposit (CDs), and that financial advisors represented that Northstar was guaranteed to provide monthly interest and protection of principal. Continue reading ›

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Silver Law Group represents and has filed arbitration claims against financial advisors on behalf of investors who purchased investments issued by Northstar Financial Services (Bermuda) Ltd. These products include, but are not limited to: Global Interest Accumulator Global Advantage Plus Series Global Advantage Select Global VIP Elite Global Index Product These investments are the subject of a Joint Provisional Liquidation (similar to bankruptcy) in Bermuda, which will likely result in investors losing a substantial portion of their investment. Silver Law Group represents Northstar investors and continues to investigate and file securities arbitration claims against the brokerage firms and financial advisors that sold these products. Among other things, these firms are obligated to conduct due diligence and monitor the investments they recommend, to ensure that Northstar was appropriate for each investor’s specific financial situation and needs, and to diversify investors’ portfolios so as not to subject them to outsized risk in one offshore, risky investment product such as Northstar Financial Services (Bermuda) Ltd.Silver Law Group represents and has filed arbitration claims against financial advisors on behalf of investors who purchased investments issued by Northstar Financial Services (Bermuda) Ltd. These products include, but are not limited to:

  • Global Interest Accumulator
  • Global Advantage Plus Series
  • Global Advantage Select
  • Global VIP Elite
  • Global Index Product

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We’ve discussed the risks of margin calls in previous blog posts. Many investors go into an arrangement for margin calls without completely understanding what they’re getting themselves into, only to discover they’ve lost money. While financial advisors frequently fail to properly explain the cost of buying on margin, wall street makes massive profits off of these loans. In a recent investor bulletin, the SEC discussed interest on margin loans for investors who use them. How Margin Works A margin account can potentially increase the amount that an investor can use to purchase securities, with the potential for increased returns or bigger losses. If the price of the security you purchased on margin decreases, you could lose more than you invested. You’ll then be required to put money into your account to cover the losses, known as a “margin call,” or your broker may just sell the securities to cover the losses. That’s why purchasing on margin is a much riskier form of investment.  We’ve discussed the risks of margin calls in previous blog posts. Many investors go into an arrangement for margin calls without completely understanding what they’re getting themselves into, only to discover they’ve lost money. While financial advisors frequently fail to properly explain the cost of buying on margin, wall street makes massive profits off of these loans. Continue reading ›

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FINRA recently issued a public warning about stocks and investments being promulgated through cold calling from boiler rooms. The callers engage in high-pressure tactics to get unsuspecting investors to open their wallets.Silver Law Group is a leading securities and financial fraud law firm which represents investors who have been defrauded in the stock market. Although new schemes are always popping up, traditional boiler rooms pumping worthless stock or churning customer accounts remain prevalent. Our securities fraud attorneys represent investors who have been victimized by cold calling salesman who convince investors, frequently seniors, to invest retirement funds and other money in fraudulent investments. Continue reading ›

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Boca Raton, FL-based National Securities Corporation has received a fine of $663,000 after FINRA found that it deceived investors from December 2017 through January 2018. At issue is the price of shares offered in a private placement. National Securities will pay $300,000 in fines and the rest in disgorgement, plus interest. National Securities identified companies that were likely to become publicly traded in the future through its affiliated investment adviser, National Asset Management. By identifying companies that were the subject of discussion in the financial press and finding shareholders willing to sell their interests, they were able to make private placement offerings of these companies before their anticipated initial public offering (IPO). Once approved by National Securities, the firm’s representatives would begin marketing and selling these interests to their customers.  But in this case, National Securities claimed to have two sources for these shares, but only had one. The shares at the disclosed price were only available during the first offering. The firm continued to market and sell these shares for the second offering even though they had no shares at that price. According to the complaint, the firm claimed that the interest would be in this private company and the shares would cost no more than $9.75 each. Unfortunately, the firm was unable to locate any shares for that price. Later, the firm purchased these shares at a price that was double what they listed in the offering, which “contravened Section 17(a)(3) of the Securities Act of 1933,” and violated FINRA rule 2010.Boca Raton, FL-based National Securities Corporation has received a fine of $663,000 after FINRA found that it deceived investors from December 2017 through January 2018. At issue is the price of shares offered in a private placement. National Securities will pay $300,000 in fines and the rest in disgorgement, plus interest. Continue reading ›

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