Global Strategic Investments, LLC, of Miami, Florida, was named a respondent in a FINRA complaint alleging that it failed to investigate or report, where appropriate, unusual activity related to bond transactions and subsequent money transfers relating to a new business line. The FINRA complaint alleges that the firm launched a…
Articles Posted in Failure to Supervise
FINRA Files Disciplinary Charges against Bradley Claus Relating to an Oil and Gas Company
Bradley Claus, of Castle Rock, Colorado, was named a respondent in a FINRA complaint alleging that he participated in private securities transactions with three investors, in an oil and gas company, without receiving authorization from his member firm. The complaint alleges that the firm did not permit Claus to solicit…
FINRA Files Disciplinary Charges against Cantella & Co., Inc.
Cantella & Co., Inc., of Boston, Massachusetts, submitted an AWC with FINRA in which the firm was censured, fined $50,000 and required to pay $81,973.65, plus interest, in restitution to customers for allegations relating to excessive commissions. Without admitting or denying the findings, Cantella consented to the sanctions and to…
FINRA Files Disciplinary Charges against Aon Douglas Miller
Aon Douglas Miller, of Chattanooga, Tennessee, was named a respondent in a FINRA complaint alleging that he participated in private securities transactions with various entities in which four of his member firm’s customers invested a total of $1,550,000. The complaint alleges that at no time were any of the entities…
Silver Law Group is Investigating NSM Securities, Inc.
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…
Silver Law Group Represents 93 year old Victim of Elder Financial Abuse
According to the Sun Sentinel, the Palm Beach County Sheriff’s Office has charged Sultaine Valcius of Boynton Beach with fraud after taking $1.4 million from a 93 year-old man that hired her as a medical aide. The Sun Sentinel reports Sultaine Valcius, 48, is charged with organized scheme to defraud…
Federal Appeals Court Upholds SEC Ban on Broker-Dealer Principal for Failing to Prevent Churning and Excessive Trading
In July 2013, the U.S. Securities and Exchange Commission (“SEC”) issued a lifetime ban upon Carl Birkelbach, the founder and principal of Birkelbach Investment Securities (headquartered in Chicago, Illinois), which prevents him from participating in any working capacity in the securities industry. Mr. Birkelbach appealed the SEC’s ban, claiming in…
Connecticut Securities Regulator Seeks to Bar Meyers Associates from Selling Securities in Connecticut
If the Connecticut Department of Banking (the “Department”) has its way, Meyers Associates and its owner, Bruce Meyers, will be barred from selling securities in Connecticut. A February 2014 Order to Cease and Desist issued by the Department, charges Meyers Associates and Bruce Meyers (“Respondents”) with numerous violations of Connecticut…
FINRA Revises Brokerage Firm’s Supervisory Rules
FINRA rules establish the core supervisory system procedures which all broker-dealers must follow to protect investors. A broker-dealer or other FINRA member may be sanctioned by FINRA for violating these rules and an investor may bring a FINRA arbitration claim against a brokerage firm for failing to properly supervise a…
FINRA Fines LPL Financial Over Alternative Investments
LPL Financial, the self-proclaimed “nation’s largest independent broker-dealer” was recently fined $950,000 by securities regulator FINRA for allegedly failing to supervise its brokers that sold alternative investments. In a letter of Acceptance, Waiver and Consent (“AWC”), signed March 24, 2014, LPL Financial (“LPL”) settled FINRA’s charges that it failed to…