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According to FINRA Disciplinary actions for April 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
  Neal Carlson   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  Michael Carter   Morgan Stanley
  Ameriprise Financial Services, Inc.
  John Church   Waddell & Reed
  Cetera Advisor Networks LLC
  Gregory Clark   Burch & Company, Inc.
  Raymond James & Associates, Inc.
  Avelino Cortina III   AC3 Capital, LLC
  Wells Fargo Advisors,LLC
 William Despard   Morgan Stanley
  Citigroup Global Markets Inc.
  Michael Guilfoyle   Four Points Capital Partners LLC
  IFS Securities
  Kenneth Klaiman   Raymond James & Associates, Inc.
  Deutsche Bank Securities Inc.
  Paul Liebman   Wells Fargo Advisors Financial Network, LLC
  Oppenheimer & Co, Inc.
  Adam Morsi   Four Points Capital Partners LLC
  IFS Securities
  Gary Orcutt   Securities America Inc
  USAdvisors Wealth Management
  Vernon Sears, Jr.   Wells Fargo Clearing Services, LLC
  Raymond James & Associates, Inc.
  Damion Smith   Morgan Stanley
  UBS Financial Services Inc.
  Walter Sweatt II   Morgan Stanley
  Wells Fargo Advisors, LLC

Continue reading ›

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In the wake of recent market turbulence, it is important to remember that some investment losses are not “investment” losses at all, but rather losses that are the result of stockbroker theft, fraud, Ponzi schemes, and otherwise. Silver Law Group continues to investigate cases of stockbroker theft nationwide. Unfortunately, FINRA continues to report multiple cases of brokers improperly taking money from clients, taking improper loans or deceptively selling investments directly controlled by a stockbroker or financial advisor.In the wake of recent market turbulence, it is important to remember that some investment losses are not “investment” losses at all, but rather losses that are the result of stockbroker theft, fraud, Ponzi schemes, and otherwise.

Silver Law Group continues to investigate cases of stockbroker theft nationwide. Unfortunately, FINRA continues to report multiple cases of brokers improperly taking money from clients, taking improper loans or deceptively selling investments directly controlled by a stockbroker or financial advisor. Continue reading ›

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On April 21, 2020, the Securities and Exchange Commission (SEC) filed a Complaint for Injunctive and Other Relief (Complaint) against Steven L. Brickner. According to the SEC, Brickner “falsely represented to prospective investors that he would use their money to purchase the assets of a Colorado-licensed marijuana dispensary network . . .” and ultimately net investors substantial gains through a reverse merger IPO. In reality, Brickner did not own the assets he represented to investors and never filed any necessary documents to complete his promised merger or IPO. Instead, the SEC alleges that from 2015 to 2019, “Brickner misappropriated approximately $3 million of investor money to fund his lavish lifestyle.” According to the SEC’s press release regarding this matter, Brickner had more than 60 victims, most of whom were retail investors. The SEC alleges that Brickner violated various provisions of the federal securities laws. As part of the fraud, the SEC explained that Brickner, a 48-year-old Central Florida resident, operated FirstCanna Pharmaceuticals LLC, FirstCanna Financial LLC, FirstCanna Insurance LLC, and High Country Healing Co. LLC. The SEC Complaint highlights that Brickner’s LinkedIn profile and other background information create a façade of past success running a series of venture capital, finance, and other commercial companies in the Tampa, Florida area. However, Hillsborough County court records indicate that Brickner and one of Brickner’s prior ventures, VC Financial Management, LLC, were accused of defrauding a Tampa-based tech startup startup in or around 2014.  The SEC Complaint also indicates that Brickner filed for bankruptcy in 2016 and did not file a tax return in 2014 “because he had no taxable income.” This was far from the successful venture capitalist turned entrepreneur Brickner held himself out to be.On April 21, 2020, the Securities and Exchange Commission (SEC) filed a Complaint for Injunctive and Other Relief (Complaint) against Steven L. Brickner. According to the SEC, Brickner “falsely represented to prospective investors that he would use their money to purchase the assets of a Colorado-licensed marijuana dispensary network . . .” and ultimately net investors substantial gains through a reverse merger IPO. In reality, Brickner did not own the assets he represented to investors and never filed any necessary documents to complete his promised merger or IPO. Continue reading ›

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Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy.Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy. Continue reading ›

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Investors in YayYo (YAYO), a ride-hailing vehicle supply company, were disappointed to find out that their shares, which originally sold for $4.00 per share, are now worth pennies. A lawsuit filed in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. Aegis Capital Corp., et al., alleges that this decimation of stock value was the result of fraud. Specifically, the suit accuses the IPO underwriters, including Aegis Capital Corp., of concealing that its founder/CEO/director, Ramy El-Batrawi, controlled the company despite El-Batrawi’s “checkered past with allegations of securities violations by the federal securities authorities,” according to the Complaint.Investors in YayYo (YAYO), a ride-hailing vehicle supply company, were disappointed to find out that their shares, which originally sold for $4.00 per share, are now worth pennies. A lawsuit filed in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. Aegis Capital Corp., et al., alleges that this decimation of stock value was the result of fraud. Specifically, the suit accuses the IPO underwriters, including Aegis Capital Corp., of concealing that its founder/CEO/director, Ramy El-Batrawi, controlled the company despite El-Batrawi’s “checkered past with allegations of securities violations by the federal securities authorities,” according to the Complaint. Continue reading ›

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Silver Law Group is investigating Cetera Advisors, LLC and its registered representative David Rockwell. According to Rockwell’s CRD Report, published by the Financial Industry Regulatory Authority (FINRA), Rockwell was permanently barred from the securities industry and has been the subject of several customer disputes arising out of his misconduct over the past several years, involving allegations of fraud and misappropriation of customer’s funds. Rockwell (CRD# 4236377) has also been the subject of several criminal proceedings, involving charges of stalking, driving while intoxicated, obstruction, and even assault.Silver Law Group is investigating Cetera Advisors, LLC and its registered representative David Rockwell. According to Rockwell’s CRD Report, published by the Financial Industry Regulatory Authority (FINRA), Rockwell was permanently barred from the securities industry and has been the subject of several customer disputes arising out of his misconduct over the past several years, involving allegations of fraud and misappropriation of customer’s funds. Continue reading ›

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Silver Law Group recently filed a FINRA arbitration claim on behalf of a customer of David Krumrey of Oppenheimer & Co.  Among other things, the suit alleges breach of fiduciary duty, negligence, breach of contract, and failure to supervise resulting in substantial investment losses in the customer’s account. Silver Law Group has been investigating Oppenheimer & Co., Inc. and its registered representative David Krumrey. According to Krumrey’s CRD Report, published by the Financial Industry Regulatory Authority (“FINRA”), Krumrey was permanently barred from the securities industry and is the subject of several customer disputes arising out of his conduct over the past several years. It is likely that Krumrey was engaged in widespread misconduct across many customer accounts. Silver Law Group believes Krumrey’s employing broker-dealer firm, Oppenheimer & Co. Inc., may be liable for this misconduct.Silver Law Group recently filed a FINRA arbitration claim on behalf of a customer of David Krumrey of Oppenheimer & Co.  Among other things, the suit alleges breach of fiduciary duty, negligence, breach of contract, and failure to supervise resulting in substantial investment losses in the customer’s account.

Silver Law Group has been investigating Oppenheimer & Co., Inc. and its registered representative David Krumrey. According to Krumrey’s CRD Report, published by the Financial Industry Regulatory Authority (“FINRA”), Krumrey was permanently barred from the securities industry and is the subject of several customer disputes arising out of his conduct over the past several years. It is likely that Krumrey was engaged in widespread misconduct across many customer accounts. Silver Law Group believes Krumrey’s employing broker-dealer firm, Oppenheimer & Co. Inc., may be liable for this misconduct. Continue reading ›

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Silver Law Group, a nationally-recognized class action and investment fraud law firm, is investigating YieldStreet  after over 30 investors signed a letter to the fintech firm asking for more information on why their investments have not paid them as they had expected. YieldStreet is a crowdfunding platform that offers and promotes individuals access to asset-backed alternative investments in areas such as marine finance, art, litigation funding, and real estate, which are typically only available to large institutions. These alternative investments can offer diversification and have low market correlation.Did you invest in the YieldStreet Vessel Deconstruction I SPV?

Silver Law Group, a nationally-recognized class action and investment fraud law firm, is investigating YieldStreet  after over 30 investors signed a letter to the fintech firm asking for more information on why their investments have not paid them as they had expected.

YieldStreet is a crowdfunding platform that offers and promotes individuals access to asset-backed alternative investments in areas such as marine finance, art, litigation funding, and real estate, which are typically only available to large institutions. These alternative investments can offer diversification and have low market correlation. Continue reading ›

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Silver Law Group, a nationally-recognized stockbroker misconduct law firm, is investigating AllianceBernstein Securitized Asset LP (ABSA or Fund) on behalf of shareholders in the Fund, due to ABSA’s recent news to its shareholders. ABSA is a pooled investment hedge fund, sold by Alliance Bernstein, whose “. . . portfolio is concentrated in mortgage-related securities, it also invests in asset-backed securities, consumer whole loans, and collateralized loan obligations, providing exposure to underlying collateral across residential and commercial mortgages, consumer and auto loans, as well as corporate loans.”Silver Law Group, a nationally-recognized stockbroker misconduct law firm, is investigating AllianceBernstein Securitized Asset LP (ABSA or Fund) on behalf of shareholders in the Fund, due to ABSA’s recent news to its shareholders.

ABSA is a pooled investment hedge fund, sold by Alliance Bernstein, whose “. . . portfolio is concentrated in mortgage-related securities, it also invests in asset-backed securities, consumer whole loans, and collateralized loan obligations, providing exposure to underlying collateral across residential and commercial mortgages, consumer and auto loans, as well as corporate loans.” Continue reading ›

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Silver Law Group, a nationally-recognized class action law firm, is investigating AllianceBernstein Energy Opportunity Fund, L.P. and AllianceBernstein Energy Opportunity Fund, L.P II (collectively “AB Energy Funds”) on behalf of shareholders in the company.Silver Law Group, a nationally-recognized class action law firm, is investigating AllianceBernstein Energy Opportunity Fund, L.P. and AllianceBernstein Energy Opportunity Fund, L.P II (collectively “AB Energy Funds”) on behalf of shareholders in the company.

The AB Energy Funds are pooled investment private equity funds, focused in the oil and gas industry, sold by AllianceBernstein. According to Alliance Bernstein, the AB Energy Funds’ “. . . investment objective and strategies are to generate attractive risk-adjusted returns, through current income and capital gains, by capitalizing on private and public debt and equity investment opportunities in North American oil and gas producers.” Continue reading ›

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