Articles Posted in FINRA Arbitration

Both brokers barred following termination from same firm One broker had over 30 years’ experience in the securities industry. One broker had only one year of experience in the securities industry. Yet both brokers were terminated from LPL Financial LLC within a month of each other. According to the FINRA…

Morgan Stanley has found itself on the wrong end of a Florida FINRA arbitration for claimed damages of $400 million. Lynnda Speer, the widow of Home Shopping Network (HSN) co-founder Roy M. Speer, filed the claim against Morgan Stanley and one of its branch managers and investment advisers. Due to…

According to the Financial Fraud Research Center, Americans lose $50 billion each year to fraud. Further, research funded by the Financial Industry Regulatory Authority Education Foundation (Foundation) discovered that roughly 80 percent of consumers over the age of 40 said they had been solicited for a potentially fraudulent scheme. In…

A customer of Wells Fargo Advisors filed a FINRA complaint against Wells Fargo to seek the money he lost when his adviser invested his monies in “F-Squared Investments.”  The customer’s claim is that Wells Fargo failed to supervise his adviser properly, and also did not do the required due diligence…

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…

According to FINRA Disciplinary actions for November, 2014, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules: NAME FORMER EMPLOYERS Niyukt Raghu Bhasin NSM Securities, Inc. Max International Broker/Dealer Corp. William Dean Chapman, Jr. Alexander Capital…

Scott Silver, Managing Partner of Silver Law Group, is the current co-chair of the Securities and Financial Fraud group of the American Association of Justice (“AAJ”).  On July 28, 2014, during the 2014 AAJ Annual Convention in Baltimore, Maryland, Scott gave a well-received presentation titled “How to Win an Alternative…

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…

The Financial Industry Regulatory Authority (FINRA) has recently sponsored a new securities industry rule that makes the information included on customer account statements more transparent.  Transparent commissions will likely lower the total up-front commissions a broker can collect on certain popular securities as investors realize the steep fees they are…