finra arbitration lawyer

FINRA Suspends Jeffrey Offen

February 6, 2019 | Silver Law Group

Jeffrey Lance Offen (CRD #2893980) is a former registered broker whose last employer was Craft Capital Management LLC (CRD #171350) of Garden City, NY. His previous employers include Salomon Whitney Financial (CRD #145012) of Farmingdale, NY, Network 1 Financial Securities Inc. (CRD #13577) of Syosett, NY, and Laidlaw & Company (UK) LTD. (CRD #119037) of Melville, NY.

Failure-to-Adequately-Supervise-Prompts-FINRA-Suspension-of-Roman-Luckey-300x200 Seven of Offen’s previous employers have been expelled from FINRA:

Obsidian Financial Group, LLC (CRD#:104255), Woodbury, NY, expelled on 10/16/2013

Justin Lopez Subject of Two Customer Disputes totaling over $5M

February 6, 2019 | Silver Law Group

Justin William Lopez (CRD #5162263) is a currently registered broker employed with J.P. Morgan Securities LLC (CRD #79) of Mineola, NY. His previous employers are Craig Scott Capital, LLC (CRD #155924, expelled by FINRA on 9/7/2017), Brookstone Securities, Inc. (CRD #13366, expelled by FINRA on 10/9/2012), both of Uniondale, NY, and JHS Capital Advisors, Inc. (CRD #112097) of Tampa, FL. He has been in the industry since 2006.

David-Sullivan-Accused-of-Excessive-Trading-on-More-Than-One-Occasion-300x200-300x200 Lopez has two customer disputes in his FINRA record, the first of which was filed on 7/13/2018, alleging “unauthorized, unsuitable and excessive trading regarding the Equity Listed and Equity OTC investments.” This client requests damages of $5,563,792.00.

The second disclosure, filed on 5/09/2017, has similar allegations of “suitability and excessive trading regarding equity OTC and equity listed investments.” This client requests damages of $55,855.00.

FINRA Bars Broker Mitchell Kurtz For Violations Including Selling Away

February 5, 2019 | Silver Law Group

Mitchell Alan Kurtz (CRD #2437746) is a former registered broker and investment advisor whose last employer was Henley & Company LLC (CRD #131453) of Roslyn Heights, NY. His previous employers are Raymond James Financial Services, Inc. (CRD #6694), also of Roslyn Heights, and Advest, Inc. (CRD #10) of Hartford, CT. He has been in the industry since 1994.

FINRA-Permanently-Bars-Barry-Hartman-From-Securities-Activity-for-Alleged-“Selling-Away”-Activities-300x209 FINRA recently barred Kurtz “indefinitely,” effective 12/3/2018, after he declined to provide information requested in conjunction with an investigation. He is barred from any association with a FINRA member firm, and signed an Acceptance, Waiver & Consent (AWC) letter agreeing to the sanctions.

The investigation came after Kurtz was discharged from his last employer, Henley & Company on 7/30/2018. Kurtz violated both FINRA and SEC policies with regards to “outside business activities, selling away, fiduciary duty obligations, violation of professional standards and the Firm’s Code of Ethics.” This discharge led to the FINRA investigation, in which he declined to participate.

Silver Law Group Files FINRA Arbitration Claim Against Arete Wealth Management

February 5, 2019 | Silver Law Group

Silver Law Group filed a claim against Arete Wealth Management, LLC alleging Arete’s broker recommended numerous unsuitable non-traded REITs and leveraged ETNs and ETFs to our elderly client.

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224 According to the FINRA arbitration complaint, the elderly Claimant entrusted the entirety of her retirement portfolio to Arete Wealth Management and its broker. The broker proceeded to recommend the senior Claimant invest approximately half a million dollars in various illiquid, non-traded REITs. Among other non-traded REITs, the Arete Wealth Management broker recommended the Claimant invest in American Finance Trust, Hospitality Investors Trust, benefit Partners Realty Trust, and FS Energy and Power Fund, according to the FINRA arbitration complaint.

In addition to Arete Wealth Management’s unsuitable recommendations to invest in non-traded REITs, the Arete Wealth Management broker also invested the elderly Claimant’s brokerage account in risky investments such as leveraged ETFs and ETNs, according to the securities arbitration claim. These leveraged ETFs and ETNs are typically meant to be held for no more than one day. The FINRA arbitration complaint alleges the Arete Wealth Management broker held them for far longer than one day – in some cases months. Claimant, according to the securities arbitration claim, lost a significant amount of money in her Arete Wealth Management brokerage accounts.

Broker Donna Hines Subject Of Four Disclosures

February 1, 2019 | Silver Law Group

Donna Jean Hines (CRD #4275542, aka “Donna Jean Atchison” or “Donna J. Hines”) is a registered broker and investment advisor who is currently employed with Cetera Advisors LLC (CRD #10299) of Weston, WV. Her previous employers include Investment Planners, Inc. (CRD #18557), also of Weston, WV, Sammons Securities Company, LLC (CRD #115368) of Ann Arbor, MI, and Edward Jones (CRD #250) of St. Louis, MO. She has been in the industry since 2000.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-300x200 On 06/12/20018, a customer filed a dispute against Hines, alleging unsuitable investments from 2005 through 2018, negligence, common law fraud and other claims, and requested damages of $142,026.00. Hines responded that a motion to compel would be filed to bring the case to arbitration, and reasons why the claims were without basis.

Three previous customer disputes were filed on 12/21/2015, 12/24/2015 and 12/28/2015. The claimants were children of a deceased customer, who each inherited from the customer’s estate. The claims allege misrepresentation, omissions, negligence and breaches in regards to “alternative investment products” that Hines sold the customer. The damages requested were different for each case, but all three claims were settled for $100,000. Hines’ response was that the alternative investments were purchased more than ten years ago. The client passed away in 2011, and the claims were settled to avoid the cost and expense of litigation.

FINRA Bars LPL Broker Suhail Khan After $775K Dispute

February 1, 2019 | Silver Law Group

Suhail Saleem Khan (CRD #3168241) is a former registered broker and investment advisor who was last employed with LPL Financial LLC (CRD #6413) of Chicago, IL. His previous employers include Vision (CRD #47927) and U.S. Financial Investments, Inc. (CRD #120804), also of Chicago. No current employment information is available. He began in the industry in 1999.

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224-300x224 Khan was barred by FINRA after he refused to answer a request for information from them. He was barred in all capacities, and from associating with a FINRA member in any capacity, effective 11/17/2017. Khan did not request a termination of his suspension within 3 months, so he was indefinitely barred from the industry, and remains so to this day.

On 5/25/2018, a customer filed a dispute alleging that from 2013 through 2017, Khan made “unsuitable, speculative investments” in his own hedge fund business, as well as one REIT and an oil & gas business. The customer also alleged that some of the investments contained unregistered securities, and has requested damages of $775,000.00. The case is currently listed as “pending.”

Peter Malis Client Awarded $1.1M Settlement After Churning Allegations

January 31, 2019 | Silver Law Group

Peter Michael Malis (CRD #317892) is a registered broker and investment advisor currently employed with Wells Fargo Clearing Services, LLC (CRD #19616) of Woodland Hills, CA. His previous employers include Prudential Securities Incorporated (CRD #7471) of New York, NY, Bache Halsey Stuart Inc. (CRD #7238) and Paine, Webber, Jackson & Curtis Incorporated (CRD #640). He has been in the industry since 1969.

Antonio-Costanzo-Permanently-Barred-by-FINRA-After-Alleged-Churning-in-Customer-Accounts-300x202 According to CRD records, Malis has five disclosures on his record, all customer disputes. The most recent was filed on 12/7/2017, alleging unsuitable investments and that he never discussed any transactions with the client during the time period 2/13/2006 through 12/31/2016. This claim was denied.

The next claim was filed on 09/13/2016, alleging excessive and unsuitable unauthorized trading, churning, and unsuitable account portfolio management from April 2002 through 2015. This claim went to arbitration and settled on May 2, 2017 for $1,100,000.00. Malis did not contribute to this settlement amount.

Broker Bryon Martinsen Accused Of Misrepresentation By Client

January 31, 2019 | Silver Law Group

Bryon Edwin Martinsen (CRD #1621649) is a registered broker and investment advisor currently employed with Centaurus Financial, Inc. (CRD #30833) of Northport, NY. His previous employers are AXA Advisors, LLC (CRD #6627) and The Equitable Life Assurance Society Of The United States (CRD #4039), both of New York, NY. He has been in the industry since 1987.

Martinsen has a total of eight disclosures on his record dating back to 1999, when he was discharged from AXA Advisors for engaging in outside business activities. He had previously been advised to end these business activities.

My-Financial-Advisor-is-Giving-Me-the-Runaround-on-My-Investments-What-Are-My-Rights-300x200 His most recent disclosure was filed on 6/25/2018. This customer disclosure is currently pending, and includes allegations of “unsuitable investments, misrepresentations, and omission of material risks, in connection with the sale of various investments.” The client has requested damages of $231,244.71. Martinsen denies the allegations.

Broker Michael Morrissett Subject Of $2M Client Dispute

January 31, 2019 | Silver Law Group

Michael Turner Morrissett (CRD #1456789) is a registered broker and investment advisor who is currently employed with Wells Fargo Clearing Services, LLC (CRD #19616) of Roanoke, VA. His previous employers are First Union Brokerage Services, Inc. (CRD #8112) of Charlotte, NC and Dominion Investment Banking, Inc. (CRD #17523) He has been in the industry since 1986.

Lawrence-LaBine-Under-Fire-for-Alleged-Unsuitable-Recommendations-and-More-1024x683-300x200 Morrissett is the subject of four disclosures, the most recent of which was filed on 4/5/2018. The claimants allege that Morrissett “misrepresented” two hedge funds in 2013 and 2015, and that the information provided on the two alternative investments was “misleading.” The clients have requested damages of $2,300,000. This case is currently pending.

The next customer dispute was filed on 1/15/2014, with the client alleging that Morrissett “pursued an unsuitable investment strategy beginning in 2000 that overexposed her account to the volatility of the equities markets during the global financial crisis of 2008 and 2009.” The case was settled for $85,000 by the firm to avoid the expense and hassle of litigation.

Michael Venturino Customer Disputes Total $1.6M

January 30, 2019 | Silver Law Group

Michael Christopher Venturino (CRD #5872439) is a registered broker currently employed with Spartan Capital Securities, LLC (CRD #146251) of Garden City, NY. His previous employers include Trident Partners Ltd. (CRD #41258) of Woodbury, NY and Aegis Capital Corp. (CRD #15007) of Melville, NY. Two other prior employers, Craig Scott Capital, LLC (CRD #155924) and Brookstone Securities, Inc. (CRD #13366), both of Uniondale, NY, have been expelled by FINRA. He has been in the industry since 2010.

Venturino is the subject of 8 disclosures, most recently on 9/11/2018. This customer dispute alleges that from 12/24/14 to 02/28/18, he engaged in misrepresentation, unsuitable recommendations and churning. The client has requested damages of $290,359.83. This case is pending.

FINRA filed a disclosure on 7/17/2018 against Venturino for failing to comply with an arbitration award/letter. He was suspended for one day, as his counsel was arranging installment payments; it later became obvious that the claimant had no intention of doing so. Venturino filed a motion to vacate, and FINRA lifted his suspension.