Securities Industry

Former Alexander Capital, L.P. Broker Peyton Nelson Jackson is No Longer Registered in the Securities Industry

August 31, 2017 | Silver Law Group

The New York-based broker is under investigation for alleged unsuitability, negligence, and financial fraud, among numerous other charges.

During the course of a Financial Industry Regulatory Authority (FINRA) investigation into his potential misconduct as a securities broker, Peyton Nelson Jackson reportedly failed to provide information to the regulatory agency. The investigation was prompted by allegations made by several former customers who complained that Jackson and his former member firms violated numerous industry rules. While this investigation continues, Jackson’s status is considered “Previously Registered,” which means he is not currently licensed to act as a broker or investment adviser.

According to his FINRA BrokerCheck report, Jackson’s 25-year career included 15 disclosures (a disclosure includes any customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings, or any civil or criminal proceedings in which the broker was involved), including two regulatory actions. In May 2016, Jackson was suspended in all capacities from the securities industry for a period of six months and was fined $20,000 for allegedly failing to disclose that he performed business outside his member firm’s knowledge.

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry

August 15, 2016 | Silver Law Group

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry on silverlaw.com

Wayne Anthony Schultz has been permanently barred from the securities industry.

Silver Law Group is investigating allegations against Wayne Anthony Schultz in relation to notes that he issued to an elderly customer. FINRA brought enforcement action against Schultz after he continually refused to provide the documentation and information they requested in relation to the customer dispute.

Schultz’s employment history dates back to 1992 and includes working for Cadaret, Grant and Company in Syracuse, New York; Your Money Matters Brokerage Services in Somerset, New Jersey; TFS Securities in Annandale, New Jersey; Sterne Agee Financial Services in Branchburg, New Jersey; and most recently for Adirondack Trading Group, also in Branchburg, New Jersey.

New York Broker John Labarca Permanently Barred from the Securities Industry

August 12, 2016 | Silver Law Group

New York Broker John Labarca Permanently Barred from the Securities Industry on silverlaw.com

24-year career ends amid allegations of breach of fiduciary duty and negligence

Allegations made against John Labarca, a broker that was formerly employed by National Securities Corporation in New Jersey, include executing unauthorized transactions, breach of fiduciary duty and acting negligently.

FINRA requested that he provide information and documentation in connection with their investigation of the allegations made against him, but Labarca refused to respond or cooperate with the request. As a result, he was permanently barred from the industry.

FINRA Suspends Christopher Kelly from Securities Industry for Four Months

August 12, 2016 | Silver Law Group

FINRA Suspends Christopher Kelly from Securities Industry for Four Months on silverlaw.com

Jupiter, FL broker allegedly borrowed money from customers without disclosing the arrangement or seeking an exception to his member firm’s rule that prohibits it

After 17 years in the securities industry, Christopher Kelly, a broker in Jupiter, Florida, has been suspended for four months by the FINRA. Silver Law is investigating the allegations against Kelly, who was most recently employed by LPL Financial in Jupiter, Florida from 2005 to 2014. He was also a registered representative for Banc of America Investment Services; Merrill Lynch, Pierce, Fenner and Smith; and Prudential Securities.

FINRA alleges that Kelly borrowed $150,000 from customers, an action that is in violation of his member firm’s borrowing policy. It is also alleged that he did not disclose this borrowing arrangement with his firm or seek an exception to the rule that prohibits this arrangement. Kelly was terminated from LPL Financial soon after these allegations were made.

Barbara Fife Barred from Securities Industry After Two Decades

August 1, 2016 | Silver Law Group

Allegations concerning customer funds lead to permanent FINRA bar

Barbara Fife consented to the sanction that she failed to provide documents and information requested by FINRA during an investigation into accusations that she converted funds from a customer.

In October of 2015, a client reported that she wrote checks directly to Fife and that the funds were never invested or deposited into the the customer’s accounts. Damages in the amount of $257, 5000 were awarded to the client.

FINRA Permanently Bars Raymond T. Clark from Securities Industry

February 23, 2016 | Silver Law Group

FINRA Permanently Bars Raymond T. Clark from Securities Industry on silverlaw.com

Former Dynasty Capital Partners broker ends 15-year career with numerous customer disputes.

After 17 years as a financial adviser, Raymond T. Clark has been permanently barred from the securities industry. This permanent bar follows Clark’s failure to pay fines and/or costs associated with a FINRA complaint. The complaint also alleges that Clark failed to appear for, or provide on-the-record testimony that materially impeded the agency’s investigation of his activities as a broker, including numerous acts of broker misconduct. In fact, through the years, allegations made by customers against Clark include:

Excessive and unauthorized trading