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Public Justice

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FINRA’s arbitration process has an increased focus after a recent court ruling found that the process wasn’t entirely as neutral as the agency claims. In February, two former Wells Fargo customers won a court decision against Wells Fargo that ruled the bank had been involved in subtle manipulation of FINRA’s arbitration process. The customer showed in court that a Wells Fargo attorney had a “secret agreement” with FINRA to keep plaintiff-friendly arbitrators out of his cases to increase his chances of winning. His increased wins saw customers lose their cases due to an unfair advantage. Wells Fargo is now appealing the decision. Now increased scrutiny on FINRA and its alleged neutrality has also called into question their entire dispute resolution process.FINRA’s arbitration process has an increased focus after a recent court ruling found that the process wasn’t entirely as neutral as the agency claims.

In February, two former Wells Fargo customers won a court decision against Wells Fargo that ruled the bank had been involved in subtle manipulation of FINRA’s arbitration process. The customer showed in court that a Wells Fargo attorney had a “secret agreement” with FINRA to keep plaintiff-friendly arbitrators out of his cases to increase his chances of winning. His increased wins saw customers lose their cases due to an unfair advantage. Wells Fargo is now appealing the decision. Continue reading ›

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Wells Fargo and its counsel were found to have manipulated the FINRA arbitration process, according to a Georgia state court, which in January, 2022 vacated an arbitration award in favor of Wells Fargo. The Public Investors Advocate Bar Association (PIABA) and its president called for an investigation by the SEC as well as Congressional hearings. FINRA Dispute Resolution Investors who have disputes with their FINRA-registered broker-dealers are required to use FINRA’s Dispute Resolution forum. Disputes are resolved through non-judicial arbitration and mediation proceedings. Investors frequently bring FINRA arbitration claims after losing money with investments sold to them by their broker-dealer, claiming the investments were unsuitable, that adequate due diligence wasn’t preformed, or other causes. Arbitration is typically faster and less expensive than court.Wells Fargo and its counsel were found to have manipulated the FINRA arbitration process, according to a Georgia state court, which in January, 2022 vacated an arbitration award in favor of Wells Fargo. The Public Investors Advocate Bar Association (PIABA) and its president called for an investigation by the SEC as well as Congressional hearings. Continue reading ›

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Terms of a recent letter of Acceptance, Waiver, and Consent (AWC) that Aegis Capital Corp. submitted to FINRA require the New York-based broker-dealer to repay customers for alleged rule violations related to churning or excessive trading in customer accounts. Aegis was also ordered to pay monetary sanctions, and the AWC settled the claims, and Aegis does not admit or deny FINRA’s findings.  The AWC states that restitution is to be paid to certain customers “in the total amount of $1,692,256.44.”Terms of a recent letter of Acceptance, Waiver, and Consent (AWC) that Aegis Capital Corp. submitted to FINRA require the New York-based broker-dealer to repay customers for alleged rule violations related to churning or excessive trading in customer accounts.

Aegis was also ordered to pay monetary sanctions, and the AWC settled the claims, and Aegis does not admit or deny FINRA’s findings. Continue reading ›

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Christopher Bond (Christopher Edward Bond CRD# 4658534) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD#: 7569) of Melville, NY. He was previously employed with Gunnallen Financial, Inc (CRD#:17609) of Tampa, FL and Ehrenkrantz King Nussbaum, Inc. (CRD#:113525, expelled by FINRA on 10/12/2012) of Melville, NY.  He has been in the industry since 2003. In a FINRA disciplinary action, Bond was discovered to have exercised discretions in four NSC customer brokerage accounts on 288 occasions without written authorization. While he did have their verbal permission, he also needed this permission in writing, in accordance with FINRA Rules 3260(b) and 2010.Christopher Bond (Christopher Edward Bond CRD# 4658534) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD#: 7569) of Melville, NY. He was previously employed with Gunnallen Financial, Inc (CRD#:17609) of Tampa, FL and Ehrenkrantz King Nussbaum, Inc. (CRD#:113525, expelled by FINRA on 10/12/2012) of Melville, NY.  He has been in the industry since 2003. Continue reading ›

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GWG L Bonds are a relatively new financial product that purportedly offers higher yields than typical publicly-traded, fixed-income bonds. These bonds have significant risk and are not like traditional corporate bonds and other conservative investments. Silver Law Group has been retained by investors to pursue securities arbitration claims against brokerage firms who recommended GWG bonds alleging that the brokerage firms due diligence was negligent, material risks were not properly disclosed or materially misrepresented to them or their account was improperly concentrated in GWG bonds and other illiquid alternative investments. Continue reading ›

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Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011. Whitacre has three disclosures: two from his previous employers and one disciplinary action from FINRA. Wealth Management Advisors placed Whitacre on leave while the firm investigated allegations that he misdirected client funds for his own personal use. During this leave period, he became employed by Arkadios Capital. However, when Arkadios discovered the leave and the reasons behind it, they contacted Wealth Management Advisors and were notified of the “confirmatory findings from the internal review.” Both firms terminated Whitacre on 7/16/2021 based on these findings.Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011. Continue reading ›

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Darryl Cohen (Darryl Matthew Cohen CRD# 2786613) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Westlake Village, CA. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Westlake Village, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1997. After a spate of customer disputes with similar allegations, Morgan Stanley terminated Cohen’s employment on 3/9/21. The reason was due to “Allegations relating to the representative's facilitation of outside client business and transactions not disclosed to or approved by Morgan Stanley and use of an unapproved platform to engage in inappropriate communications with clients.”Darryl Cohen (Darryl Matthew Cohen CRD# 2786613) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Westlake Village, CA. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Westlake Village, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1997. Continue reading ›

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On Friday, May 13, 2022 the SEC (Securities and Exchange Commission) sued StraightPath Venture Partners LLC and its three founders in federal court alleging the Florida firm raised over $410 million with fraudulent promises to investors about private companies that may hold IPOs (initial public offerings). The civil complaint was filed in Manhattan and seeks the appointment of a receiver to stop fraud at the firm as well as an asset freeze. SEC Alleges StraightPath Made Ponzi-Like Payments The SEC’s complaint alleges that StraightPath sold its investments by describing them as a way for Main Street investors to buy into the exclusive pre-IPO shares in highly-sought after companies like cryptocurrency exchange Kraken and meat-free burger manufacturer Impossible Foods. But according to the SEC, StraightPath in many cases did not have the shares it claimed to. It is also alleged that the company commingled investor and firm assets and made Ponzi-like payments to certain investors.On Friday, May 13, 2022 the SEC (Securities and Exchange Commission) sued StraightPath Venture Partners LLC and its three founders in federal court alleging the Florida firm raised over $410 million with fraudulent promises to investors about private companies that may hold IPOs (initial public offerings). Continue reading ›

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