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Articles Tagged with Barred by FINRA

Alex Gerardo Herrera (CRD #3204779) is a former registered broker and investment representative whose last employer was UBS Financial Services Inc. (CRD #8174) of Coral Gables, FL. His previous employers include HSBC Securities (USA) INC. (CRD #19585), also of Coral Gables, Atlas One Financial Group, LLC (CRD #124057) of Miami, FL, and Citicorp Investment Services (CRD #23988) of Long Island City, NY. No current employment information is available. He has been in the industry since 1999.

Herrera is the subject of three disclosures, with the most recent filed on 8/08/2018, a FINRA disciplinary action and Acceptance, Waiver & Consent (AWC) form in relation to his employment with UBS Financial Services. The investigation was focused on his voluntary termination “while under review after advising management he had engaged in financial and real estate relationships with longstanding clients without prior approval.” FINRA requested information from Herrera in letters dated May 17, 2018 and June 6, 2018 in relation to the allegations.

Stephen-Grivas-Permanently-Barred-by-FINRA-300x210Through his legal counsel, Herrera indicated to FINRA that he declined to provide the requested information to them. On 7/23/2018, without admitting or denying the findings, Herrera signed the AWC letter, accepting sanctions. In the letter, FINRA indefinitely barred Herrera in all capacities.

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Connell is reported to have stolen $5 million from his elderly clients

In January, the Financial Industry Regulatory Authority (FINRA) permanently barred Barry Franklin Connell from working as a broker. The decision came after an investigation reported that he made numerous transfers from client accounts without authorization. FINRA first suspended Connell but had no choice but to ban him after he declined to offer the agency information it requested.

Within weeks of FINRA’s ruling, Connell was charged by the Securities and Exchange Commission (SEC) with stealing money from clients. Allegedly, the funds he was transferring were being used to settle a private lawsuit. The SEC alleges that for about a year, Connell moved money between accounts – many of which belonged to elderly clients – and also issued wire transfers and checks from those accounts to third parties.

Silver Law Group is investigating former Plano, Texas-based VSR Financial Services, Inc. (CRD# 14503) broker John H. Towers (CRD# 700221) due to an extraordinarily high amount of FINRA BrokerCheck disclosures alleging unsuitable recommendations and negligence.

According to John H. Towers FINRA BrokerCheck report, Towers has 46 misconduct disclosures, most of which are FINRA arbitrations.  All the FINRA arbitrations allege that Towers recommended unsuitable investments and many allege overconcentration, and all but five of the disclosures have come in the last five years.

This is an extraordinary amount of FINRA BrokerCheck disclosures.  While one or two complaints over a long period of time in the industry is not unheard of, the complaints Towers has amassed over a short period of time is concerning.  Out of the 46, 42 are FINRA arbitrations and 35 of those have settled.

According to FINRA Disciplinary actions for January 2016, 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
  Antonio Ambrosio  
  Brian Michael Corbman   Streetcapital, Inc.
  Tripoint Global Equities, LLC
  Richard Gordon Drown, Jr.   D.A. Davidson & Co.
  Crowell Weedon & Co.
  Jason John Garcia   Merrimac Corporate Securities, Inc.
  Wallstreet*E Financial Services, Inc.
  Honetta C. Kao   Meyers Associates, L.P.
  Caldwell International Securities
  Michael Terrence Snedeker   Investors Capital Corp.
  Banc of America Investment Services, Inc.
  Cynthia Irene Taylor   BBVA Securities, Inc.
  BBVA Compass Investment Solutions, Inc.
  John Howard Towers   VSR Financial Services, Inc.
  Rushmore Securities Corporation
  Marat Zeltser aka Matt Zeltser   Meyers Associates, L.P.
  Caldwell International Securities

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Broker Thomas Hindes, formerly of LPL Financial, was permanently barred by FINRA for failing to respond to a request by FINRA for information during the course of an investigation. Hindes also has a pending complaint while at LPL for allegedly misrepresenting a variable annuity.

Hindes was registered at LPL Financial from August 2004 until April 2014. Prior to working at LPL, Hindes was a broker with Edward Jones.

Silver Law Group represents investors in securities and investment fraud cases.  Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Jerry Mofield, a broker formerly with Roanoke, Virginia office of Newbridge Securities was permanently barred by FINRA for failing to respond to a request by FINRA for information.

Mofield was registered Newbridge from June 2007 until July 2014. According to his FINRA BrokerCheck report, he had a customer complaint alleging conversion, negligence, breach of fiduciary duty and breach of contract that was settled while at Newbridge.  Mofield was a broker with First Montauk Securities, Multi-Financial Securities Corp, American Express Financial Advisors and IDS Life Insurance Company prior to working at Newbridge.

Silver Law Group represents investors in securities and investment fraud cases.  Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Former LPL broker Alfred Talens was permanently barred by FINRA for failing to respond to a request by FINRA for information. Talens was terminated by LPL for violating firm policy regarding participation in outside business activities and borrowing money from clients.  Talens has a pending FINRA arbitration based on a customer complaint alleging unsuitability in connection with the investment in a variable annuity and alleging Talens was engaged in the sale of unregistered and unapproved securities while at LPL.

A broker at LPL Financial from September 2009 until February 2015, Talens previously was registered with New England Securities, Banc One Securities Corporation and IFMG Securities, Inc. in addition to several other firms during his 12 years in the securities industry. LPL has been plagued in recent years by customer complaints that LPL financial advisors were selling unauthorized investments or otherwise engaged in improper outside business activities.

Silver Law Group represents investors in securities and investment fraud cases.  Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

According to FINRA Disciplinary actions for October 2015, 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

  Bennett Scott Broad   Oppenheimer & Co. Inc.
  UBS PaineWebber Inc.
  Antonio Costanzo   Titus Rockefeller, LLC
  IFS Securities
  Steven Craig Duprey
  Niaz Elmazi aka Nick Morrisey   Global Arena Capital Corp
  HFP Capital Markets LLC
  John A. Gervasi   Brookville Capital Partners
  Paige Strother Hays   J.P. Morgan Securities
  Michael Ross Highfill   Merrill Lynch, Pierce, Fenner & Smith Inc.
  Morgan Stanley & Co Inc
  Jose Manuel Irizarry   UBS Financial Services Inc.
  Santander Securities
  Keith Joseph Kobziewicz   MidAmerica Financial Services, Inc.
  Kovack Securities Inc.
  Robert Mas Laborete   TD Ameritrade, Inc.
  Jack White & Company, Inc.
  Scott Lyndon Martin   Securities America, Inc.
  Brecek & Young Advisors, Inc.
  Silvia Navarro Vallesillo
  Marcus Antonio Ortega   J.P. Morgan Securities LLC
  Rachael N. Register
  Matthew J. Semetulskis   J.P. Morgan Securities LLC
  Christopher Anthony Sumner   SCF Securities, Inc.
  Puplava Securities, Inc.
  Melonie P. Thomas

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Former New York Life Broker, Jonathan Williams, Barred by FINRA as a Result of Outside Business Activities on silverlaw.com

NY Life Securities LLC terminates broker, files U-5 with allegations of commingling client funds

FINRA recently brought enforcement action against Jonathan Williams that led to a bar from the securities industry. Williams was accused of failing to provide FINRA staff with documents and information requested by the agency in an investigation. The failure to provide these documents as well as other information to FINRA led to an automatic bar working in the industry at all, as brokers bear a responsibility to comply with ongoing investigations.

The investigation in question had to do with claims about whether Williams had falsified bank account records or commingled client funds in a bank account that was ultimately under his control. This investigation stems from Williams’ termination from NY Life Securities LLC in March earlier this year. At that time, NY Life officially filed a termination notice with FINRA on form U-5 stating, that the firm discharged the broker in question as a result of allegations of commingling client funds.

Philip Grasso Jr. Barred by FINRA Due to Allegations of Elder Fraud on silverlaw.com

Broker misconduct results in “substantial harm’ to elderly customers

Philip Leonard Grasso Jr.’s 18-year career in the securities industry is now over due to allegations of elder fraud, where he purportedly misused funds, willfully misrepresented material facts and failed to complete on-the-record testimony requested by FINRA.

According to the FINRA Disciplinary Action, Philip Grasso has been permanently barred from association with any FINRA member in any capacity as of May 2015. There are three causes of action included in the findings.

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