Unsuitability

Silver Law Group is investigating former Melbourne, FL-Morgan Stanley broker Anthony J. Verzi

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Melbourne, FL-Morgan Stanley (CRD#149777) broker Anthony J. Verzi (CRD# 1186572) after FINRA permanently barred Verzi for refusing to appear for an on the record testimony related to an investigation into unsuitable trading.

According to Verzi’s FINRA BrokerCheck report, a customer filed a FINRA arbitration in December 2016 alleging unsuitable unit investment trusts who’s only purpose was to generate commissions for the broker. This complaint led to a FINRA investigation in which he failed to appear for on-the-record testimony, at which time FINRA permanently barred him.

Morgan Stanley (CRD#149777) employed Verzi as a broker dealer from June 2009 until August 2016. Verzi operated out of Morgan Stanley’s Melbourne, Florida branch.

Silver Law Group is investigating former Memphis, Tennessee -based Wunderlich Securities Inc broker David K Mallett over allegations that Mallett excessively traded customers’ accounts and made unsuitable recommendations.

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Memphis, Tennessee-based Wunderlich Securities Inc. (CRD#2543) broker David K. Mallett (CRD#5145838) over allegations that Mallett excessively traded customers’ accounts and made unsuitable recommendations.

According to Mallett’s FINRA BrokerCheck report, a customer filed a complaint in October of 2016 against Mallett alleging churning in the customer’s account and further that he made unsuitable recommendations. Further, the customer alleges that Mallett’s employing firm, Wunderlich Securities (CRD#2543), failed to supervise Mallett.

Wunderlich has employed Mallett from June 2016 to present day at its Memphis.

Transamerica Financial Advisors Broker Harry C. Bennett Barred in Connection Unsuitability Investigation

February 27, 2017 | Silver Law Group

Silver Law Group is investigating former Michigan-based Transamerica Financial Advisors, Inc. (CRD# 16164) broker Harry C. Bennett (CRD# 2395555) after FINRA permanently barred the broker in connection with an investigation alleging excessive commissions and unsuitability.

According to Bennett’s FINRA BrokerCheck report, FINRA permanently barred Bennett from selling securities to the public in November 2016. FINRA barred Bennett when, according to his BrokerCheck report, Bennett failed to appear for on-the-record testimony requested by FINRA in connection with an investigation involving allegations that he may have engaged in sales practice violations by charging excessive commissions and recommending unsuitable transactions to his customers.

FINRA’s findings state that Bennett’s refusal to appear for the on-record testimony prevented FINRA from reaching a determination as to whether the alleged unsuitable recommendations and excessive commission charges violations occurred.

Summit Brokerage Services Broker Keith A. Bradley Under Investigation for Unsuitable Recommendations and Negligence Allegations

January 17, 2017 | Silver Law Group

Silver Law Group is investigating Houston, Texas-based Summit Brokerage Services, Inc. (CRD# 34643) broker Keith A. Bradley (CRD# 868141) after a customer filed a FINRA arbitration alleging unsuitable recommendations and negligence.

According to Bradley’s FINRA BrokerCheck report, a customer filed a FINRA arbitration against Bradley in July 2016 alleging unsuitable investments, negligence, and $100,000 in damages.

In addition to the FINRA arbitration filing, Bradley has four other disclosures on his FINRA BrokerCheck report. The other four are all tax liens accrued in separate cases. His first came in 1989 and is for an unspecified amount. His second tax lien was in 1999 in the amount of $109,000. His third came three years later in 2002 in an amount of $108,000. His most recent tax lien was in 2011 in the amount of $400,000.

Former Clearwater, Florida Broker Under Investigation after FINRA Suspension for Unsuitable Recommendations

November 3, 2016 | Silver Law Group

Silver Law Group is investigating former Clearwater, Florida broker Dennis M. Merritt (CRD# 1748115) after FINRA suspended him for four months and his employing firm terminated him for alleged unsuitable recommendations among other things.

In March 2016, FINRA and Merritt entered into an order accepting offer of settlement (the “Order”). The Order accepted the punishment without admitting or denying the allegations in the Complaint.

The Complaint alleged that Merritt invested a total of $115,000 in a speculative investment without providing written notice to his member firm prior to participating in the private securities transactions.

Former Miami, Florida-based Broker Under Investigation for Unsuitable Recommendations

August 26, 2016 | Silver Law Group

Former Dakota Securities International (“Dakota”) broker Christopher R. Mcnamee (CRD# 4271195) is under investigation for recommending unsuitable investments to his customers.

The Financial Industry Regulatory Authority (“FINRA”) arbitration complaint, according to Mcnamee’s FINRA BrokerCheck report, alleges damages in the amount of $1 million. Aside from unsuitable recommendations, the FINRA arbitration complaint alleges the use of excessive margin.

Mcnamee has an additional BrokerCheck report disclosure alleging unsuitable investment recommendations as well. The dispute was settled in March 2015 for $50,000.

Meyers Associates Broker Matthew Siliato Under Investigation for Pending Suitability and Breach of Fiduciary Duty Claims

August 16, 2016 | Silver Law Group

Silver Law Group is investigating Meyers Associates broker Matthew A. Siliato (CRD# 5062153) for recent allegations that he recommended clients unsuitable investments.

Siliato’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report indicates that the broker has nine misconduct disclosures.

Siliato’s most recent complaint was filed on June 23, 2016. The customer dispute alleges unsuitable recommendations and damages in the amount of $250,000. The complaint is currently pending.