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Articles Tagged with Unsuitable Recommendations

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Douglas Leone (CRD #2453784) has been employed with Salomon Whitney Financial since March 2013.  Previous employment includes Newport Coast Securities, Inc. from October 2008 to March 2013 and Basic Investors Inc. from August 2005 to October 2008.

Leon-Vaccarelli-Fined-and-Sanctioned-by-FINRA-300x199-1-300x199Leone was barred from association with any FINRA member in all capacities. The sanctions were based on findings that Leone failed to attend an on-the-record interview during an investigation by FINRA.  The findings stated that FINRA opened an investigation into Leone’s potential unsuitable recommendations and excessive trading in customer accounts.  FINRA twice requested that Leone appear at an on-the-record interview to provide testimony.

The decision became final May 21, 2018.

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John Michael Cione (CRD #1742561) is a registered broker and investment advisor currently employed with Independent Financial Group (CRD #7717) of San Diego, CA. His previous employers include Sentra Securities Corporation (CRD #10249) and Spelman & Co., Inc. (CRD #10232) both of Phoenix, AZ and Foresters Equity Services, Inc. (CRD #18464), also of San Diego. He has been in the industry since 1987.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.comOne of Cione’s customers recently filed a dispute, alleging that from September 2007 and August 2016, he made unsuitable recommendations for investments that incurred financial losses and “lost opportunity.” For this claim, the client is asking for damages of $671,490.00. Cione denies the claim and intends to defend it.

Cione has one previous regulatory disclosure from 1990, issued by the National Association Of Securities Dealers, Inc. (predecessor to FINRA.) He was censured and fined $2,000. No additional information is available.

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Carlos Mejia

CRD#5011069

Silver Law Group is investigating Former Albany, New York-based Purshe Kaplan Sterling broker Carlos Mejia after he settled a customer complaint alleging unsuitable investment recommendations.

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James B. Lowther

CRD#5854504

Silver Law Group is investigating Sarasota, Florida-based Merrill Lynch broker James B. Lowther following a customer complaint alleging unsuitable investment recommendations and misrepresenting an investment opportunity.

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Bettye C. Hays

CRD#1307813

Silver Law Group is investigating former Mobile, Alabama-based Principal Securities broker Bettye Hays following a customer complaint alleging unsuitable investment recommendations and misrepresenting an investment opportunity.

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Beth A. Debouvre

CRD#3176483

Silver Law Group is investigating former Grosse Pointe Farms, Michigan-based  IMS Securities broker Beth Debouvre after multiple customer allegations of breach of fiduciary duty and unsuitable investment recommendations were received by FINRA.

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Melvin Case

CRD#2393464

Silver Law Group is investigating Jacksonville, Florida-based LPL Financial broker Melvin Case following multiple customer complaints alleging unsuitable investment recommendations, churning, and misrepresentation.

Case is not currently employed by any FINRA registered brokerage. He was previously employed by firm LPL at their Jacksonville, FL office, where he was employed since 2008. Case was discharged from LPL over allegations of criminal charges involving exploitation of an aged adult after converting the victim’s money to his own benefit.

According to FINRA’s BrokerCheck report on Case, a complaint was received in August of 2017 alleging that Case had provided unsuitable investment recommendations and engaged in churning and misrepresentation. The complaint alleges over $6,000 in damages and settled in September for $9,023.

An unsuitable recommendation is a serious form of potential broker misconduct.  A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct.  Failure to supervise is a claim made against a brokerage firm in these situations.

Unauthorized trading occurs when a broker facilitates a transaction without the permission of the customer in a non-discretionary account.  According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.

Often, unauthorized trading is accompanied by churning.  Churning occurs when the account frequently trades for no apparent reason but to generate fees and commissions.

Also, among other investment tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.

When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there must be accountability.  If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.

FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unsuitable investment recommendation or unauthorized trading.  The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you. Our Florida licensed attorneys can represent you in any Florida securities or investment fraud matter.

If you invested with LPL Financial and Melvin Case and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.

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David W Krumrey

CRD#4121845

Silver Law Group is investigating The Woodlands, Texas-based Oppenheimer & Co broker David Krumrey following a customer complaint alleging unauthorized trading,

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Rick D. Konecny

CRD#1727785

Silver Law Group is investigating former Chicago, Illinois-based National Securities Corporation broker Rick Konecny, after multiple customer allegations of misrepresentation, unsuitable recommendations and overconcentration were received by FINRA.

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Ernest Julius Romer

CRD#2311741

Silver Law Group is investigating Sterling Heights, Michigan-based CoreCap broker Ernest J. Romer, after customer allegations of misrepresentation and unsuitable recommendations where received by FINRA and he was subsequently permanently barred from the industry.

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