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According to FINRA Disciplinary actions for May 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
  Robert Cacioppo   MML Investors Services, LLC
  NYLife Securities LLC
  Paula Collins   TIAA-CREF Individual & Institutional Services, LLC
  OppenheimerFunds Distributor, Inc.
  Michael Davis   Allied Millennial Partners, LLC
  Syren Capital Advisors
  Megan Hoffman   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  Jody Pullium   Allstate Financial Services, LLC
  PNC Investments
  Ana Rivera   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  John Santariello   Arive Capital Markets
  Cape Securities Inc.
  George Schmidt, Jr.   Lincoln Financial Advisors Corporation
  Horner, Townsend & Kent, Inc.
  Ricardo Turlan   UBS Financial Services Inc.
  BBVA Securities Inc.
  Kevin Williams   Lucia Securities, LLC
  Wells Fargo Clearing Services, LLC

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Investors whose brokers or financial advisors recommended that they invest in Steepener Notes (a/k/a “Steepeners”) may have incurred losses due to the risky and complex nature of these products. Steepeners, which are tied to U.S. treasury interest rates, have left investors stuck in illiquid investments while receiving little to none of the regular income they were promised. What Is A Steepener Note? Steepener Notes are non-traditional and long-term investments that pay a quarterly or monthly interest payment that is tied to the yield curve, which measures the interest rates on U.S. Treasury securities. Steepener Notes are a type of “structured product”: for the first year or two, the issuer pays investors an above-average rate of interest (often referred to as “teaser” rate), and then, for the remainder of the note—often 15-30 years—the rate is determined by a complex formula.Investors whose brokers or financial advisors recommended that they invest in Steepener Notes (a/k/a “Steepeners”) may have incurred losses due to the risky and complex nature of these products. Steepeners, which are tied to U.S. treasury interest rates, have left investors stuck in illiquid investments while receiving little to none of the regular income they were promised.

What Is A Steepener Note?

Steepener Notes are non-traditional and long-term investments that pay a quarterly or monthly interest payment that is tied to the yield curve, which measures the interest rates on U.S. Treasury securities. Steepener Notes are a type of “structured product”: for the first year or two, the issuer pays investors an above-average rate of interest (often referred to as “teaser” rate), and then, for the remainder of the note—often 15-30 years—the rate is determined by a complex formula. Continue reading ›

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Silver Law Group is currently investigating broker-dealer firms and financial advisors that improperly marketed and sold Steepener Notes, which are non-traditional, long-term, illiquid, and highly complex products that many brokerage firms have been selling to unsuspecting clients over the past decade. Steepener Notes are structured products that pay a regular interest payment that is tied to the yield curve, which measures interest rates on U.S. Treasury securities. The amount of the payment is calculated based on the difference between long-term and short-term interest rates. Thus, the “steeper” the curve, the better the investment performs. However, it means that Steepener Notes are risky. If the yield curve is flat, as it has been for much of the last decade, the payments to investors are minimal or zero. Similarly, if the yield curve is inverted, as it was in 2018, investors do not receive any interest payments.Silver Law Group is currently investigating broker-dealer firms and financial advisors that improperly marketed and sold Steepener Notes, which are non-traditional, long-term, illiquid, and highly complex products that many brokerage firms have been selling to unsuspecting clients over the past decade.

Steepener Notes are structured products that pay a regular interest payment that is tied to the yield curve, which measures interest rates on U.S. Treasury securities. The amount of the payment is calculated based on the difference between long-term and short-term interest rates. Thus, the “steeper” the curve, the better the investment performs. However, it means that Steepener Notes are risky. If the yield curve is flat, as it has been for much of the last decade, the payments to investors are minimal or zero. Similarly, if the yield curve is inverted, as it was in 2018, investors do not receive any interest payments. Continue reading ›

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Jose Cornide (CRD#: 2785918), a currently-registered broker with UBS Financial Services (CRD#: 8174) in Coral Gables, Florida, is the subject of 12 disclosures on his publicly-available FINRA BrokerCheck report. All 12 disclosures are customer disputes. 11 of the customer disputes were filed in 2019 and 2020 and seem to involve investment in the UBS Yield Enhancement Strategy (YES), a complex options trading scheme that was marketed as safe, but actually involved significant risk and caused some investors to suffer considerable losses.Jose Cornide (CRD#: 2785918), a currently-registered broker with UBS Financial Services (CRD#: 8174) in Coral Gables, Florida, is the subject of 12 disclosures on his publicly-available FINRA BrokerCheck report. All 12 disclosures are customer disputes.

11 of the customer disputes were filed in 2019 and 2020 and seem to involve investment in the UBS Yield Enhancement Strategy (YES), a complex options trading scheme that was marketed as safe, but actually involved significant risk and caused some investors to suffer considerable losses. Continue reading ›

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A compliance executive at broker-dealer Purshe Kaplan Sterling Investments (CRD# 35747) says she has been the subject of intimidation, including having her car tampered with and being followed, for speaking up about concerns she had regarding GPB Capital Holdings. Silver Law Group represents investors in claims to recover GPB losses. If you invested in GPB Capital, contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or at (800) 975-4345. Toni Caiazzo Neff says that when Purshe Kaplan Sterling asked her to research GPB’s private placement investments in 2016, she told her employer to not become involved with the company.A compliance executive at broker-dealer Purshe Kaplan Sterling Investments (CRD# 35747) says she has been the subject of intimidation, including having her car tampered with and being followed, for speaking up about concerns she had regarding GPB Capital Holdings.

Silver Law Group represents investors in claims to recover GPB losses. If you invested in GPB Capital, contact Scott Silver for a no-cost consultation at ssilver@silverlaw.com or at (800) 975-4345.

Toni Caiazzo Neff says that when Purshe Kaplan Sterling asked her to research GPB’s private placement investments in 2016, she told her employer to not become involved with the company. Continue reading ›

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Bryon Martinsen (Bryon Edwin Martinsen) (CRD# 1621649) is a currently-registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC (CRD# 6627) and The Equitable Life Assurance Society Of The United States (CRD# 4039), in New York, NY.  He has worked in the industry since 1987. Did you lose money with Bryon Martinsen or Centaurus? Call our attorneys toll free at (800)-975-4345 or e-mail ssilver@silverlaw.com for a no-cost confidential consultation about options to recover your losses. Martinsen Alleged To Have Sold The Parking REIT One of the investments Martinsen and other Centaurus Financial brokers are alleged to have sold clients is The Parking REIT. The Parking REIT was created in 2017 with the merger of MVP REIT and MVP REIT II. The investment is illiquid, but attractive because of the dividend it paid. In 2018, the REIT (Real Estate Investment Trust) stopped paying dividends, and its value has gone down significantly.

Bryon Martinsen (Bryon Edwin Martinsen CRD# 1621649) is a currently registered broker and investment advisor employed with Centaurus Financial, Inc. (CRD #30833) of Kings Park, NY. Martinsen previously worked for AXA Advisors, LLC and The Equitable Life Assurance Society Of The United States, in New York, NY.  He has worked in the industry since 1987. Continue reading ›

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Jaime Westenbarger (Jaime Michael Westenbarger CRD# 4625703) is a currently barred broker who was last registered with Securities America, Inc. (CRD# 10205) in Grand Rapids, Michigan. Before Securities America, Westenbarger was registered with First Allied Securities, Inc. (CRD# 32444), American Portfolios Financial Services, Inc. (CRD# 18487), Invest Financial Corporation (CRD# 12984), Sigma Financial Corporation (CRD# 14303), and OneAmerica Securities, Inc. (CRD# 4173).Jaime Westenbarger (Jaime Michael Westenbarger CRD# 4625703) is a currently barred broker who was last registered with Securities America, Inc. (CRD# 10205) in Grand Rapids, Michigan.

Before Securities America, Westenbarger was registered with First Allied Securities, Inc. (CRD# 32444), American Portfolios Financial Services, Inc. (CRD# 18487), Invest Financial Corporation (CRD# 12984), Sigma Financial Corporation (CRD# 14303), and OneAmerica Securities, Inc. (CRD# 4173). Continue reading ›

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Stockbrokers should not borrow money from their clients. That’s according to FINRA Rule 3240, which states that unless the stockbroker is an immediate family member or their firm has specific written procedures about borrowing and lending, then borrowing from a customer constitutes a violation. Silver Law Group helps investors recover money lost to stockbroker misconduct and elder financial fraud. Contact us today for a no-cost, confidential consultation at 1-800-975-4345.   Although prohibited, stockbrokers do still borrow and misappropriate from their customers. Sometimes it is from an older client who does not understand what is happening or cannot consent, which can be considered elder financial fraud.Stockbrokers should not borrow money from their clients. That’s according to FINRA Rule 3240, which states that unless the stockbroker is an immediate family member or their firm has specific written procedures about borrowing and lending, then borrowing from a customer constitutes a violation.

Silver Law Group helps investors recover money lost to stockbroker misconduct and elder financial fraud. Contact us today for a no-cost, confidential consultation at 1-800-975-4345.  

Although prohibited, stockbrokers do still borrow and misappropriate from their customers. Sometimes it is from an older client who does not understand what is happening or cannot consent, which can be considered elder financial fraud. Continue reading ›

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FINRA has released a new report illustrating the growth over the last five years of the FINRA Securities Helpline for Seniors and its efforts to provide support, resources, and education to senior investors. Silver Law Group continues to help seniors who are defrauded by stockbrokers and other financial advisors in elder financial fraud cases. Unfortunately, we continue to see a rise in elder fraud cases, especially relating to promises of conservative investments that will provide income without risk to principal. Many of these cases involved illiquid or non-traded investment products including Reg D offerings, private placements, and real estate projects. Our experience is bolstered by FINRA’s report that the senior helpline has experienced a rise in calls.FINRA has released a new report illustrating the growth over the last five years of the FINRA Securities Helpline for Seniors and its efforts to provide support, resources, and education to senior investors. Silver Law Group continues to help seniors who are defrauded by stockbrokers and other financial advisors in elder financial fraud cases.

Unfortunately, we continue to see a rise in elder fraud cases, especially relating to promises of conservative investments that will provide income without risk to principal. Many of these cases involved illiquid or non-traded investment products including Reg D offerings, private placements, and real estate projects. Our experience is bolstered by FINRA’s report that the senior helpline has experienced a rise in calls. Continue reading ›

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Timothy Johnson (Timothy Edward Johnson, Jr. CRD #5701828) is a former registered broker and investment advisor whose last employer was MML Investors Services, LLC (CRD# 10409) of Lawrenceville, GA. Previous employers include Suntrust Investment Services, Inc. (CRD# 17499) of Atlanta, GA, and PNC Investments (CRD#:129052) of Suwanee, GA. He has been in the industry since 2009. Johnson was discharged from MML Investors Services on 7/8/2019 after an investigation was launched after allegations of diverting client funds for his own personal use. As diversion sounds like a fancy legal term, it can simply be interpreted as stole or took money that does not belong to him. Unfortunately, claims of stockbroker diversion or improperly taking customer funds is a major problem in the securities industry. Stockbrokers, financial advisors and others know their customers financial situation and can easily discover who can be convinced to give the financial advisor improper access to an account or otherwise convince a client to transfer money that does not belong to the broker.Timothy Johnson (Timothy Edward Johnson, Jr. CRD #5701828) is a former registered broker and investment advisor whose last employer was MML Investors Services, LLC (CRD# 10409) of Lawrenceville, GA. Previous employers include Suntrust Investment Services, Inc. (CRD# 17499) of Atlanta, GA, and PNC Investments (CRD#:129052) of Suwanee, GA. He has been in the industry since 2009.

Johnson was discharged from MML Investors Services on 7/8/2019 after an investigation was launched after allegations of diverting client funds for his own personal use. As diversion sounds like a fancy legal term, it can simply be interpreted as stole or took money that does not belong to him. Unfortunately, claims of stockbroker diversion or improperly taking customer funds is a major problem in the securities industry. Stockbrokers, financial advisors and others know their customers financial situation and can easily discover who can be convinced to give the financial advisor improper access to an account or otherwise convince a client to transfer money that does not belong to the broker. Continue reading ›

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