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$70 MILLION Recovery for Investment Fraud
$44 MILLION Recovery for Ponzi Scheme Victims
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$7.9 MILLION Securities Arbitration Award Against Stockbroker
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According to FINRA Disciplinary actions for December 2021, 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
  Jeremy Bahls   NYLife Securities LLC
  Joshua Baker   State Farm VP Management Corp.
  Kameise Bickham
  Anthony Bookman   Seaport Global Securities LLC
  Pickwick Capital Partners, LLC
  Bernard Chevalier
  Michael Dorband   Berthel, Fisher & Company Financial Services, Inc.
  U.S. Bancorp Investments, Inc.
  Ian Ha   Infinity Financial Services
  AXA Advisors, LLC
  Gregory Hanshew   Infinity Financial Services
  CIM Securities, LLC
  Jordan John   TD Ameritrade, Inc.
  Wells Fargo Clearing Services, LLC
  Frank Mathis   Fidelity Brokerage Services LLCV
  TD Ameritrade, Inc.
  Ronald Molo   Edward Jones
  Christopher Ogbuehi
  Robert Paterson   Truist Investment Services, Inc.
  BB&T Securities, LLC
  Noe Ramirez III   Merrill Lynch, Pierce, Fenner && Smith Incorporated
  Chase Investment Services Corp.
  Nathaniel Robinson   J.P. Morgan Securities LLC
  Bobby Sullins   BB&T Securities, LLC
  BB&T Investment Services, Inc.
  Herbert Weith IV   Equitable Advisors, LLC
  Wells Fargo Clearing Services, LLC

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According to FINRA Disciplinary actions for December 2021, 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
  Omer Ali-Taha   BB&T Investment Services, Inc.
  Citigroup Global Markets Inc.
  Berkley Badger   Ameriprise Financial Services, Inc.
  Invest Financial Corporation
  John Carlson   Capital Financial Services, Inc.
  Voyager Capital Management, LLC
  Derek D’Alonzo   Ameriprise Financial Services, LLC
  SunTrust Advisory Services, Inc.
  William Friedman   Pinnacle Investments, LLC
  Woodstock Financial Group, Inc.
  Harold Harrison   Lincoln Financial Advisors Corporation
  UBS Financial Services Inc.
  Steven Knuttila   Capital Financial Services, Inc.
  Questar Capital Corporation
  Gaetano Magarelli   Newbridge Securities Corporation
  Ameriprise Financial Services, Inc.
  Sean Martin   Raymond James & Associates, Inc.
  Deutsche Bank Securities Inc.

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As part of an ongoing investigation into a Ponzi scheme involving five individuals and ten affiliated companies, the Securities and Exchange Commission (SEC) has filed fraud charges in the US District Court for the Northern District of Texas. The court also issued a temporary restraining order against all of the defendants. This includes an order freezing assets of some of the defendants and an order appointing a receiver over the assets of the defendants. The SEC's complaint was filed under seal on December 1st, 2021, and later unsealed. In it, the SEC describes multiple defendants including five individuals that were affiliated with Heartland Group Ventures LLC, Heartland production and Recovery, LLC., and others affiliated with Heartland. The SEC is requesting a jury trial. Silver Law Group represents victims of these types of frauds frequently pursuing claims against the financial advisors, insurance agents and unregistered brokers who sell these investments to small and retail investors.  Unfortunately, there has been a rise in claims against unregistered financial advisors selling unregistered securities which, in many cases, turn out to be Ponzi schemes. As part of an ongoing investigation into a Ponzi scheme involving five individuals and ten affiliated companies, the Securities and Exchange Commission (SEC) has filed fraud charges in the US District Court for the Northern District of Texas. The court also issued a temporary restraining order against all of the defendants. This includes an order freezing assets of some of the defendants and an order appointing a receiver over the assets of the defendants. Continue reading ›

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BrokersBrokers and financial advisors are under a fiduciary duty to put the client first—a relationship that gets muddied whether the loan is in writing or not. The Financial Industry Regulatory Authority (FINRA) has a rule in place prohibiting a broker from borrowing or lending money to customers in most instances. There are few exceptions to FINRA Rule 3240, which forbids customer loans unless the customer is “in the business of providing credit or loans,” or the customer and broker are members of the same immediate family. FINRA’s Rule 3240 defines immediate family as “parents, grandparents, mother-in-law or father-in-law, husband or wife, brother or sister, brother-in-law or sister-in-law, son-in law or daughter-in-law, children, grandchildren, cousin, aunt or uncle, or niece or nephew, and any other person whom the registered person supports, directly or indirectly, to a material extent.” Unfortunately, brokers routinely violate FINRA rules, borrowing money from unsuspecting clients while failing to disclose these deals to their financial institutions as required. Rule 3240 requires brokers to report customer loans to their financial institutions and get consent beforehand in writing. And even when brokers repay a customer’s loan in full, FINRA prohibits the transaction. While registered investment advisors (RIAs) are not governed by FINRA Rule 3240, they still have a fiduciary duty to put the customer’s financial interest first, which similarly precludes their borrowing money from clients. and financial advisors are under a fiduciary duty to put the client first—a relationship that gets muddied whether the loan is in writing or not. The Financial Industry Regulatory Authority (FINRA) has a rule in place prohibiting a broker from borrowing or lending money to customers in most instances. Continue reading ›

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Investment fraud schemes vary, each with its own characteristics, except they share a similar red flag: they look too good to be true. Here are the most common. Ponzi Schemes Named after Charles Ponzi, who one hundred years ago touted he could deliver a 50% return within a matter of months for an international investment, the Ponzi scheme entails using funds from new investors to distribute phony returns to earlier investors. Modern-day Ponzi scams entice new investors to invest in opportunities that promise high returns with little or no risk and consistent return distributions that defy the normal fluctuations of the market. Real Estate Investment Schemes Sponsors of real estate investments sometimes offer the promise of easy and fast returns, using testimonials of others who boast prior extraordinary returns. They are often pitched as retirement planning alternatives to traditional mutual funds, bonds, and other securities. They are also characterized by financing outside of common bank borrowing—"hard money"—and property "flipping," where properties are constantly bought and sold for profit in rapid succession.Investment fraud schemes vary, each with its own characteristics, except they share a similar red flag: they look too good to be true. Here are the most common.

Ponzi Schemes

Named after Charles Ponzi, who one hundred years ago touted he could deliver a 50% return within a matter of months for an international investment, the Ponzi scheme entails using funds from new investors to distribute phony returns to earlier investors. Modern-day Ponzi scams entice new investors to invest in opportunities that promise high returns with little or no risk and consistent return distributions that defy the normal fluctuations of the market. Continue reading ›

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According to FINRA Disciplinary actions for November 2021, 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
  Ryan Burneo   J.P. Morgan Securities LLC
  Morgan Engbrecht   Horace Mann Investors, Inc.
  Jamila Fields   Wells Fargo Clearing Services, LLC
  PNC Investments
  Micah Judy   W&S Brokerage Services, Inc.
  Xinwo Li   Pruco Securities, LLC
  Vincent Pepe   J.P. Morgan Securities LLC
  Tara Pierce   LPL Financial LLC
  Investment Centers of America, Inc.
  Rachel Rodriguez   J.P. Morgan Securities LLC
  Kezia Simeon   J.P. Morgan Securities LLC
  Tara Supron   Allstate Financial Services, LLC
  Alex Taylor
  Isaac Yamoah

Continue reading ›

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According to FINRA Disciplinary actions for November 2021, 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
  Peter Budd Jr.   Benjamin F. Edwards & Company, Inc.
  UBS Financial Services Inc.
  Michael Leahy   First Standard Financial Company LLC
  Alexander Capital, L.P.
  Steven Mitchell   UBS Financial Services Inc.
  Procyon Private Wealth Partners LLC
  Alvaro Paiz   Edward Jones
  LPL Financial LLC
  Gregory Rachele   H.D. Vest Investment Services

Continue reading ›

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