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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Public Justice

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Last September, the Wall Street Journal first broke the story: The Securities and Exchange Commission (SEC) was investigating Activision Blizzard Inc., relating to allegations of how the company had been handling allegations of sexual harassment and gender discrimination. The SEC was reportedly looking into allegations made against Activision, asking for documents relating to six women’s personnel files and separation agreements, board meeting minutes since 2019, and other documents relating to the allegations. Even in a male-dominated industry such as computer game design, Activision had been known for a drunken “frat boy culture.” Supervisors were alleged to have made passes at women, even groping them at public events. Day-to-day, women were said to have been harassed. They were also alleged to be paid less than their male counterparts, as the men belittled them and took credit for their work. Allegedly, if women complained to the Human Resources Department, the company purportedly took no actions against the offending employees, but they did retaliate against the women, laying them off, depriving them of promotions, and other punishment. And while senior leaders were not directly implicated in having participated in the actual malfeasance, there were complaints that they had failed to take action if and when they’d learned of the problems.Last September, the Wall Street Journal first broke the story: The Securities and Exchange Commission (SEC) was investigating Activision Blizzard Inc., relating to allegations of how the company had been handling allegations of sexual harassment and gender discrimination. The SEC was reportedly looking into allegations made against Activision, asking for documents relating to six women’s personnel files and separation agreements, board meeting minutes since 2019, and other documents relating to the allegations. Continue reading ›

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NBC 6 in Miami recently published an article about the alleged MJ Capital Funding Ponzi scheme and how to spot Ponzi schemes and other investment fraud. Silver Law Group represents victims of MJ Capital through a class action lawsuit, and routinely represents victims of Ponzi schemes and investment fraud. The article details the experience of Gilmer Bautista, who was looking for a way to earn extra money when someone on social media told him about MJ Capital Funding, which operated out of a Pompano Beach, FL tax office. Batista was told he could earn incredible monthly returns on his principal by investing in MJ’s merchant cash advance business. He eventually handed over $45,000. He hasn’t gotten his money back and now the SEC accuses MJ Capital of operating a Ponzi scheme. In August, 2021 the SEC put out a press release stating that it had filed an “emergency action and obtained a temporary restraining order, an asset freeze, and the appointment of a receiver to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Coral Springs, Florida resident Johanna M. Garcia and two entities she controls.”NBC 6 in Miami recently published an article about the alleged MJ Capital Funding Ponzi scheme and how to spot Ponzi schemes and other investment fraud. Silver Law Group represents victims of MJ Capital through a class action lawsuit, and routinely represents victims of Ponzi schemes and investment fraud. Continue reading ›

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According to FINRA Disciplinary actions for December 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
  William Friedman   Pinnacle Investments, LLC
  Woodstock Financial Group, Inc.
  Johnnie Jones   Network 1 Financial Securities Inc.
  National Securities Corporation
  Toni Marshall   J.P. Morgan Securities LLC
  Dominic Scalzi   Deutsche Bank Securities Inc.
  Banc of America Investment Services, Inc.
  Rosemary Vrablic   Deutsche Bank Securities Inc.
  Banc of America Investment Services, Inc.

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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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