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The SEC recently issued a press release warning investors about investing in private placements. As the name suggests, it’s an alternative form of fundraising by hedge funds as well as startups and companies who aren’t ready to or interested in issuing an IPO (initial public offering.) These placements are generally offered only to select individual and institutional investors and have less regulatory requirements. They aren’t registered with the SEC because they aren’t traded publicly, so there isn’t as much information available for investors. But by their very nature, private placements can also be indicative of a fraudulent scheme. Not all private placements are fraudulent, but investors should always be aware and on guard for highly touted and unusual investments. The SEC has specific rules regarding these types of placements. While most investors do not understand Reg D or Private Placements, these are traditionally investments that do not trade on a public stock exchange.  In recent years, private placements have become popular amongst smaller broker-dealers who sell these complex investments to small investors claiming these investments offer greater security than the stock market.  However, in reality, these investments are illiquid and pay the broker a large commission.The SEC recently issued a press release warning investors about investing in private placements. As the name suggests, it’s an alternative form of fundraising by hedge funds as well as startups and companies who aren’t ready to or interested in issuing an IPO (initial public offering.) Continue reading ›

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According to FINRA Disciplinary actions for Aug 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
  Andrew Edenbaum   Allliance Global Partners
  National Securities Corporation
  Keith Esp   Vanderbilt Securities, LLC
  LPL Financial LLC
  Karl Foust Jr.   H.D. Vest Investment Services
  Gunnallen Financial, Inc.
  Robert Haas   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  Christopher Johnson   Morgan Stanley
  UBS Financial Services Inc.
  Jeffrey Nunez   Chicago Investment Group, LLC
  Providential Securities, Inc.
  Izhar Shefer   APW Capital, Inc.
  Morgan Stanley
  Gretchen Wallace   Oppenheimer & Co. Inc.
  Morgan Stanley

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According to FINRA Disciplinary actions for Aug 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
  Teresa Gomez   UBS Financial Services Inc.
  Pruco Securities, LLC
  Ann Montgomery   LPL Financial LLC
  National Planning Corporation
  Sean Winkler   Vanguard Marketing Corporation

Continue reading ›

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According to FINRA Disciplinary actions for Aug 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
  Roger Arnold  PFS Investments Inc
  Jimmy Cheng   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Eddy Chou   Ameriprise Financial Services, LLC
  Wells Fargo Clearing Services, LLC
  Kara Gagnon   Global Atlanticv Distributors, LLC
  MetLife Investors Distribution Company
  Johana Jimenez
  Igor Kislitsa   PFS Investments Inc.
  Christopher McFadden   Equitable Advisors, LLC
  LPL Financial LLC
  John Molskness   Valic Financial Advisors, Inc.
  New England Securities
  Thomas Pfeiffer   MML Investors Services, LLC
  Chelsea Financial Services
  Emily Pich   Key Investment Services LLC
  Chase Investment Services Corp.
  Cari Spicer   Cavu Securities LLC
  Triton Pacific Securities, LLC
  Derick Strickland   Allstate Financial Services, LLC
  Khalil Watts   J.P. Morgan Securities LLC
  Chiu Wu   Ameriprise Financial Services, LLC
  Wells Fargo Clearing Services, LLC

Continue reading ›

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Shawn Good (Shawn Edward Good CRD# 2022168) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#: 149777) of Wilmington, NC. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Wilmington, and Charles Schwab & Co., Inc. (CRD#:5393) of San Francisco, CA. He has been in the industry since 1990. Good has five disclosures on his record, three of which are customer disputes. The first was filed on 4/13/2022, alleging that from August 2019 to February 2022, he misappropriated funds from the customers’ Liquidity Access Line accounts. The clients request damages of $2,275,000.00; this claim is pending. The latest claim was filed on 4/30/2022, with allegations that Good “misappropriated funds by soliciting an outside real estate investment opportunity” from 2015 through 2018. No damages are listed but this claim is also listed as pending.Shawn Good (Shawn Edward Good CRD# 2022168) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#: 149777) of Wilmington, NC. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Wilmington, and Charles Schwab & Co., Inc. (CRD#:5393) of San Francisco, CA. He has been in the industry since 1990. Continue reading ›

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Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners' Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Philip Riposo was terminated from United Planners on 3/3/2022 after the firm discovered that he was accepting and depositing client checks made out to the name of his “Doing Business As” name (DBA), Riposo Asset Management. Additionally, Philip Riposo also created fictitious account statements and provided them to the clients from whom he received money for his DBA. The firm prohibits both activities. Upon investigation by United Planners, Riposo admitted to both, and was subsequently terminated. United Planners issued a Uniform Termination Notice of Securities Industry Registration (Form U5) on 3/8/2022, detailing the reasons for termination. FINRA began its own investigation on 3/9/2022, requesting that Riposo appear for on-the-record testimony via videoconference on two occasions. The first was 3/15/2022, in which Riposo failed to appear, as well as the second, 3/28/2022. Riposo failed to appear on both occasions, violating FINRA Rules 8210 and 2010.Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Continue reading ›

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Christopher Passero (Christopher John Passero CRD# 2517681) is a registered broker and investment advisor who is currently registered with Money Concepts Capital Corp (CRD#: 12963) of Hurricane, West Virginia. He was previously employed with Emissary Financial Group, Inc. (CRD#:44568) of Mentor, OH, and Money Concepts Capital Corp (CRD#:12963) of Palm Beach Gardens, FL. He has been in the industry since 1994. Most brokers and investment advisors want their clients to do well and make money. They help by offering recommendations and guidance on the best courses of action. But if those clients lose money, most brokers aren’t authorized to help compensate them for losses. REIT Customers While at Money Concepts Capital (“MCC,” 2006 through 2008) Passero recommended investments in a real estate investment trust, known as a REIT. In 2010, that REIT re-stated its value, reducing its share price and the amount of dividends paid to customers every month, with the final payments made in August of 2018. Following the dividends and distributions they received, many sustained losses.Christopher Passero (Christopher John Passero CRD# 2517681) is a registered broker and investment advisor who is currently registered with Money Concepts Capital Corp (CRD#: 12963) of Hurricane, West Virginia. He was previously employed with Emissary Financial Group, Inc. (CRD#:44568) of Mentor, OH, and Money Concepts Capital Corp (CRD#:12963) of Palm Beach Gardens, FL. He has been in the industry since 1994. Continue reading ›

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FiverrLossesSmallIn April 2022, when GWG Holdings, Inc. filed for a Chapter 11 bankruptcy, it left 27,000 investors wondering if the “L Bonds” they were holding were now worthless. If you’re one of those investors, you may be able to recover some of your losses, but you should get an attorney who specializes in recovering clients’ investments to help you. Continue reading ›

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GWG Investors around the nation are still reeling from the recent news that GWG Holdings, Inc. and some of its subsidiaries filed for a Chapter 11 bankruptcy. GWG, a financial services company, owes $1.6 billion in “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market, with promises that the investors would make a profit from gains made after policyholders had died. An estimated 27,000 investors invested with GWG—for an average of $45,000 each. But all is not necessarily lost, as investors pursue various ways to recover their investments including claims against the selling brokerage firms.GWG Investors around the nation are still reeling from the recent news that GWG Holdings, Inc. and some of its subsidiaries filed for a Chapter 11 bankruptcy. GWG, a financial services company, owes $1.6 billion in “L Bonds,” financial instruments that pooled the money of investors to buy life insurance policies on the secondary market, with promises that the investors would make a profit from gains made after policyholders had died. Continue reading ›

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