Articles Posted in Churning

Broker failed to respond to FINRA information requests after allegations of excessive trading in numerous customer accounts After 19 years in the securities industry, Antonio Costanzo has received a permanent bar from FINRA from acting in the capacity of a broker or other financial adviser, according to the FINRA website.…

Alert lists red flags and best practices for avoiding fraud A relatively recent increase in fraud schemes involving oil and gas ventures has caused the Securities and Exchange Commission to issue an investor alert that educates investors by bringing to their attention the possibility of fraudulent endeavors and the warning…

His most recent employing firm was expelled by FINRA in October After 22 years in the securities industry, FINRA permanently barred Peter Gouzos in February from acting as a broker or selling securities to the public. The final straw in a career full of customer dispute disclosures was his alleged…

According to FINRA Teutonico failed to observe high standards of commercial honor. According to the Financial Industry Regulatory Authority (FINRA) Broker Check website, broker Patrick Teutonico is once again in the spotlight. Over the course of 17 years in the securities industry, Teutonico has 10 disclosures to report. To provide…

The Silver Law Group has filed a securities arbitration claim before the Financial Industry Regulatory Authority (“FINRA”) on behalf of a family and a family business from South America alleging, among other things, that Dawson James failed to properly supervise one of its registered representatives, permitted an unsuitable investment strategy…

According to FINRA, Thomas Tedeschi has recently been named in a securities arbitration lawsuit against him and his former employer, Aegis Capital Corp., for making unsuitable investments, unauthorized trades, misrepresentations and excessive trading (churning), among other claims.  The assertions against him involve speculative securities that include penny stocks and Exchange…

Herbert Leonard Kaye, of Delray Beach, Florida, submitted an AWC in which he was assessed a deferred fine of $25,000, which includes disgorgement of $11,000 of commissions received, and suspended from association with any FINRA member in any capacity for four months. Kaye was registered with First Allied Securities in…

Silver Law Group is investigating Stephen Eldridge Ridgely, II who was suspended by FINRA for failing to respond to FINRA requests for information. Mr. Ridgely was registered with Ameriprise Financial Services, Inc.’s Plantation, Florida office from September 2012 through March 2014.  Prior to that time, he was registered with Merrill…

NSM Securities, Inc. (CRD #134357, West Palm Beach, Florida) and Niyukt Raghu Bhasin (CRD #2282048, Wellington, Florida) submitted an Offer of Settlement to FINRA in which NSM Securities (“NSM”) was expelled from FINRA membership. Bhasin was barred from association with any FINRA member in any capacity. NSM and Bhasin consented…

Last week, the Financial Industry Regulatory Authority (FINRA) filed charges against Newport Coast Securities, Inc. (“Newport Coast”) and some of its current and former registered representatives, accusing them of using margin and risky securities to artificially generate huge commissions for themselves while wiping out most of their customers’ investment capital.…