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Bryant Caveness (Bryant Edwin Caveness CRD: #4033740) is a former registered broker and investment advisor whose last employer was Ameriprise Financial Services, LLC (CRD#:6363) of Kingsport, TN. His previous employers include Ameriprise Advisor Services, Inc. (CRD#:5979), also of Kingsport, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999. Ameriprise Financial discharged Caveness on 6/26/2020, indicating that, “the registered representative was terminated for company policy violations related to personal trade, ethics, and solicitation of exchange traded products.” FINRA began its investigation that included allegations of “potential receipt of checks from senior customers.” Bryant Caveness initially cooperated with the investigation, but changed his mind in July of 2020. In an email from his legal counsel on July 9, 2020, to FINRA staff, Caveness indicated that he had received FINRA’s request for documentation, but would not be supplying the requested information or documentation at any time.Bryant Caveness (Bryant Edwin Caveness CRD: #4033740) is a former registered broker and investment advisor whose last employer was Ameriprise Financial Services, LLC (CRD#:6363) of Kingsport, TN. His previous employers include Ameriprise Advisor Services, Inc. (CRD#:5979), also of Kingsport, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999. Continue reading ›

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Stanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. In 2015,Girard Securities partnered with Cetera Advisor Networks joining the Cetera platform. As part of Cetera, it is responsible for any of Girard’s liabilities. Cetera is a large network of interrelated brokerage firms all operating under the Cetera umbrella. The Utah Division of Securities notified both Secor and Cetera that the agency began an investigation into Stanley Secor’s activities while with the firm. After an on-site investigation, the agency found that Secor engaged in: Sharing in client accounts Roles in estates and trustee appointments that were undisclosed and unapproved Designation as client's beneficiary without the firm’s knowledge or approval Violation of former BD's WSPS and misrepresentation regarding the sources of funds Control and custody of client funds False statements Engaging in dishonest or unethical practicesStanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. Continue reading ›

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According to FINRA Disciplinary actions for October 2020, 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
  Conrad Coggeshall   Packerland Brokerage Services, Inc.
  USA Financial Securities Corporation
  Roderick Day   Cabot Lodge Securities LLC
  IFS Securities
  Marvin Egorin   Wedbush Securities Inc.
  Wells Fargo Clearing Services, LLC
  Frank Grant IV
  Andrew Slocum   Charles Schwab & Co., Inc.
  Merrill Lynch, Pierce, Fenner & Smith Inc
  Junior Tonkam   PFS Investments Inc.

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According to FINRA Disciplinary actions for October 2020, 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
  Jeffrey Allen   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors
  Christopher Canorro   TD Ameritrade, Inc.
  Scottrade, Inc.
  Terrence Diehl   LPL Financial LLC
  Private Advisor Group
  Alex Herrera   UBS Financial Services Inc.
  HSBC Securities (USA) Inc.
  Blake Kiernan   Four Points Capital Partners LLC
  First Midwest Securities, Inc.
  Deependra Logani   Morgan Stanley Smith Barney LLC
  Santander Securities LLC
  Anthony Mastroianni Jr.   Meyers Associates, L.P.
  Alexander Capital, L.P.
  Frank Mebane III   LPL Financial LLC
  Wells Fargo Clearing Services, LLC
  Denis O’Leary   Dinosaur Financial Group, LLC
  Morgan Stanley
  John Riccardi Jr.   Joseph Stone Capital LLC
  Windsor Street Capital, LP
  Scott Whittemore   Wells Fargo Clearing Services, LLC
  Morgan Stanley

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According to FINRA Disciplinary actions for October 2020, 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
  Michael Albarella   HSBC Securities (USA) Inc.
  People’s Securities, Inc.
  Curt Giacobbe   MML Investors Services, LLC
  Eagle Strategies LLC
  Dean Grosskreutz   Allstate Financial Services, LLC
  Morgan Keegan & Company, Inc.
  Naveed Mitha   SunTrust Robinson Humphrey, Inc.
  Jose Montero   J.P. Morgan Securities LLC
  Cleavon Tidball   T. Rowe Price Investment Services, Inc.
  Transamerica Investors Securities Corporation

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Ronald Birnbaum (Ronald David Birnbaum CRD# 238250) is a broker and investment advisor currently registered with Advisory Group Equity Services Ltd. and Trust Advisory Group Ltd. In Newton, Massachusetts. Ronald Birnbaum sold his clients private placements in GPB Capital, which Massachusetts securities regulators accuse of violating securities laws by misleading investors. Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation. GPB Capital Investments Holdings GPB Capital Holdings, an alternative asset management company founded in 2013 by Scientologist David Gentile, raised $1.8 billion by using broker-dealers across the country to sell private placement investments to investors. GPB is in the business of buying and managing companies such as car dealerships and garbage companies. A private placement in GPB couldn’t be sold, but investors liked the high dividends it paid.Ronald Birnbaum (Ronald David Birnbaum CRD# 238250) is a broker and investment advisor currently registered with Advisory Group Equity Services Ltd. and Trust Advisory Group Ltd. In Newton, Massachusetts. Ronald Birnbaum sold his clients private placements in GPB Capital, which Massachusetts securities regulators accuse of violating securities laws by misleading investors. Continue reading ›

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New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%. Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. New York City REIT (NYC) Public Listing Nontraded REITS are illiquid, which means they can’t be easily sold. However, they often pay a high dividend, and the selling brokers sometimes tell investors that a liquidity event (public listing) could happen in the future that will allow them to get their principal out. Sometimes with nontraded REITS the liquidity event doesn’t happen, as in the case of The Parking REIT, which stopped paying distributions and told investors that a liquidity event may never occur.New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%.

Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. Continue reading ›

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It’s happened again—a startup company that touted revolutionary changes to an industry is being accused of fraud. After Elizabeth Holmes and her blood-testing company, Theranos, had a reputation later discovered as built on falsehoods, a Canadian recycling company is being accused of misrepresentations.  Similar to Theranos, Montreal-based plastic recycler Loop Industries claims to have “revolutionary technology.” Now, Loop has been outed by a report from Hindenburg Research that reports more than what’s been told. Hindenburg culled information from various sources, including industrial experts, company partners, competitors, company documents, as well as former employees of the company. They also submitted their findings to regulators. After the Hindenburg report’s release, shares of the company have dropped nearly 40%. Silver Law Group is a securities fraud law firm that represents investors in class action lawsuits. This blog may be considered advertising. Solving A Recycling Problem Although plastic recycling is more widespread than ever before, the practice isn’t without faults. Not every type of plastic is recyclable, and some are more difficult than others. PET, or polyethylene terephthalate, is the plastic that’s ubiquitous in bottled water, as well as packaging for foods and other beverages. Just last month, the company released 1,880,000 shares of its common stock at a price to the public of $12.75 per share. Roth Capital Partners was acting as the sole manager for the offering.It’s happened again—a startup company that touted revolutionary changes to an industry is being accused of fraud.

After Elizabeth Holmes and her blood-testing company, Theranos, had a reputation later discovered as built on falsehoods, a Canadian recycling company is being accused of misrepresentations. Similar to Theranos, Montreal-based plastic recycler Loop Industries claims to have “revolutionary technology.” Now, Loop has been outed by a report from Hindenburg Research that reports more than what’s been told. Continue reading ›

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In June 2020, the U.S. Court of Appeals for the Eleventh Circuit issued an opinion in the case Isaiah v. JPMorgan Chase Bank, N.A. This landmark decision narrowly defines which claims can be brought by a court-appointed receiver for entities that perpetrated a Ponzi scheme, leaving a broad category of claims to the investor-victims to be litigated either individually or on a class action basis. Ponzi Scheme Background This case arose out of a Ponzi scheme in which two fraudsters used business entities they controlled to bilk millions of dollars from more than 2,000 investors. According to the 11th Circuit opinion, “the Ponzi schemers solicited investors by promising astronomical returns on investments supposedly involving the trade of Venezuelan and U.S. currency.” Unfortunately, in true Ponzi scheme fashion, the perpetrators were paying so-called “distributions” to existing investors using money continuously being raised from new investors. The scheme ultimately was uncovered and fell apart, and a court-appointed receiver was put in place to stand in the shoes of the fraudulent entities to protect the creditors’ (the victims’) rights. When a Ponzi scheme is uncovered, a court-appointed receiver is often put in place to unravel the financial misconduct committed by the fraudsters.In June 2020, the U.S. Court of Appeals for the Eleventh Circuit issued an opinion in the case Isaiah v. JPMorgan Chase Bank, N.A. This landmark decision narrowly defines which claims can be brought by a court-appointed receiver for entities that perpetrated a Ponzi scheme, leaving a broad category of claims to the investor-victims to be litigated either individually or on a class action basis. Continue reading ›

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Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation. GPB Capital Investments Don’t Perform For Investors GPB Capital Holdings is an alternative asset management company founded in 2013 by Scientologist David Gentile. The company raised $1.8 billion by having broker-dealers across the country sell private placement investments to retail investors. GPB said it would deliver returns to investors by buying and managing income producing companies such as car dealerships and garbage companies. The investment was illiquid, meaning it couldn’t be sold, but investors were drawn to the high dividends. Owning GPB has not gone the way investors had hoped. The attractive dividend is no longer being paid. The company is being sued by a former business partner and investors, and investigated by FINRA, the SEC, and the New York Business Integrity Commission. In November, 2019, GPB’s Chief Compliance Officer and Managing Director was criminally indicted for obstruction of justice.Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Continue reading ›

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