Selling away

John S. Elliot, Former Kansas Ameriprise Financial Broker, Under Investigation Over Selling Away Allegations

April 3, 2017 | Silver Law Group

Silver Law Group is investigating former Overland, Kansas-based Ameriprise Financial Services, Inc. (CRD# 6363) broker John S. Elliot (CRD# 5981598) over allegations that he sold customers an outside investment.

According to Elliot’s FINRA BrokerCheck, Ameriprise discharged Elliot in August 2016 for violating Ameriprise compliance policies relating to selling away.

Following Elliot’s Discharge from Ameriprise, two customers filed FINRA arbitration complaints against the broker in November 2016. Both of the complaints allege Elliot sold the customers an unapproved investment in Selden Companies, LLC and damages of almost $1 million in the aggregate.

William Upchurch Jr., Former Maryland PFS Investments Broker Under Investigation

February 27, 2017 | Silver Law Group

Silver Law Group is investigating former PFS Investments Inc. (CRD# 10111) broker William Upchurch Jr. (CRD# 1195846) after FINRA permanently barred the broker.

According to Upchurch’s FINRA BrokerCheck report, FINRA permanently barred Upchurch from acting as a broker or otherwise associating with firms that sell securities to the public in July 2016. According to the BrokerCheck report, Upchurch failed to respond to a FINRA request for information.

In September 2015, Upchurch settled a FINRA arbitration for the full amount after the customer alleged she could not locate a $20,000 account Upchurch had established for in 2013.

Former Securities America Broker Judith Woodhouse Permanently Barred by FINRA

June 16, 2015 | Silver Law Group

Judith Woodhouse, a former broker at Securities America, was permanently barred by FINRA for association with any FINRA member in any capacity for failing to respond to FINRA’s request for information. Woodhouse worked for Securities America from December 2008 through February 2013 and then again from July 2013 through September 2014. It appears that she had a previous suspension in February 2013 for participating in private securities transactions away from her prior firm, EPlanning Securities in 2009. She was fired from Securities America in August 2014 for failure to follow firm policies and procedures relating to the borrowing of funds and relating to responding to supervisory requests.

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.

FINRA bars Aegis Capital Corp Broker Malcom Segal from Securities Industry Over Allegations of Outside Business Activities

December 26, 2014 | Silver Law Group

The Financial Industry Regulatory Authority (FINRA) recently barred former Aegis Capital Corp.(Aegis) broker Malcom Segal (Segal) alleging that Segal may have engaged in unauthorized transfers of funds from customer accounts to an outside business activity (a/k/a “selling away“).

Segal was a broker for Aegis from 2011 until July 2014 when he was terminated by Aegis for failing to cooperate with an internal investigation into a customer complaint alleging he made unauthorized wire transfers from a customer’s account. Segal operated from Boynton Beach, Florida and Langhorne, Pennsylvania.

Aegis appears to be distancing itself from Mr. Segal by alleging he was not operating with Aegis’ permission. Frequently referred to as selling away, firms may still be liable for a broker’s actions because it has a duty to properly monitor and supervise its employees.