Articles Posted in Class Action

Failure to provide on-the-record testimony to FINRA results in disciplinary action After termination from employment with Morgan Stanley in 2014 following allegations surrounding his status as an executor and beneficiary in a client’s estate and his use of discretion in several client accounts, broker Justin Amaral has been permanently barred…

Failure to disclose criminal charges results in $5,000 fine and suspension During a 15-year career in the securities industry, Miami-based broker Mikell Simmons has seen a total of six disclosure events on his official record, the most recent of which includes a one-month suspension and a $5,000 fine. According to…

Allegations include elder fraud, misappropriation and failure to provide requested information Following a fifteen-year career in the securities industry, Boca Raton-based financial adviser Brian M. Berger has been permanently barred from the industry due to allegations of funds misappropriation as well as failing to respond to FINRA requests for information.…

Torres allegedly convinced a client to go into business with him, converted at least $59,600 for his personal use After five years in the securities industry, Alejandro Ariel Torres has been permanently barred by FINRA on May 11, 2015 following allegations of converting customer money for his personal use. Most…

The firm accepted sanctions including $50,000 fine Oriental Financial Services was recently fined in the conclusion of a FINRA investigation alleging that the corporation withheld documents and information regarding a 2011 customer dispute in FINRA arbitration. Based in Puerto Rico, OFS also works for investors in Florida, Washington, D.C., New…

Ledoux failed to report six liens between 2004 and 2012 Boca Raton broker David J. Ledoux faced a suspension and fine in June after allegations that he failed to file an updated Form U4 to reflect six liens in a timely manner, according to FINRA. Ledoux, who has been employed…

Cancellation is a direct result of alleged failure to pay fees Global Arena Capital, a New York firm founded in 1985, was stripped of its license by FINRA on July 20. The license cancellation resulted from the firm’s failure to pay outstanding fees of nearly $50,000 to FINRA, but its…

Record shows customer disputes and failure to respond to FINRA request FINRA barred Ralph Oelbermann in February after 23 years in the securities industry. According to FINRA’s website, the bar resulted from Oelbermann allegedly failing to respond to FINRA requests for information. In 2013, Oelbermann was discharged from his employing…

Carnahan allegedly converted almost $170,000 in misappropriated customer funds After 16 years and five disclosure events in the securities industry, Bryan Andrew Carnahan was barred permanently by FINRA on May 1 following allegations that he converted $169,500 in funds from a customer at his firm, The Huntington Investment Company, between…

Patrick McGrath and Aaron Parthemer: Separate FINRA complaints for similar violations In two separate FINRA disciplinary actions, two South Florida investment brokers were found to have made loans to, or borrowed funds from, their firm’s customers without permission. Generally, brokerage firms prohibit stockbrokers from asking clients for personal loans or…