Articles Posted in Stockbroker Misconduct

Silver Law Group is investigating Houston, Texas-based IMS Securities Inc. (CRD# 35567) broker Michael J. Spears (CRD# 4501523) after two (2) customers filed complaints against Spears regarding non-traded REITs. According to Spears’ FINRA BrokerCheck report, two customers filed complaints against Spears in 2016.  The first, in August 2016, alleges negligence,…

Silver Law Group is investigating former Houston, Texas-based Park Avenue Securities (CRD# 46173) broker Lizabeth Gotuaco Ty (CRD# 4737319) (also known as “Beth Ty”) after FINRA permanently barred her. According to Ty’s FINRA BrokerCheck report, FINRA permanently barred Ty in May 2016 after she failed to provide documents and information…

Silver Law Group is investigating former Las Vegas, Nevada-based Wells Fargo Advisors Financial Network, LLC (CRD# 11025) broker Donald S. Toomer (CRD# 2842723) after he was discharged by Wells Fargo and named in an SEC and criminal complaint over allegations that he sold microcap stocks to his customers in exchange…

Silver Law Group is investigating former LPL Financial LLC (CRD# 6413) broker Michael Babyak Jr, II after FINRA permanently barred him. According to Babyak’s FINRA BrokerCheck report, FINRA permanently barred Babyak from acting as a broker or otherwise associating with firms that sell securities to the public in October 2016.…

Silver Law Group is investigating former Charlotte, North Carolina-based Milestone Investments, Inc. (CRD# 47090) broker Michael W. Miles (CRD# 3206302) after FINRA suspended him for six months. According to Miles’ FINRA BrokerCheck report, FINRA suspended Miles six months and fined him $10,000 in October 2016.  According to the BrokerCheck report,…

Silver Law Group is investigating former Las Vegas, Nevada broker Frank R. Underhill Jr. (CRD# 4970331) after FINRA permanently barred him. According to Underhill’s FINRA BrokerCheck report, Underhill who owned and operated his own brokerage firm, Underhill Securities Corp. (CRD# 148001), FINRA permanently barred Underhill from acting as a broker…

Silver Law Group is investigating former Michigan-based Transamerica Financial Advisors, Inc. (CRD# 16164) broker Harry C. Bennett (CRD# 2395555) after FINRA permanently barred the broker in connection with an investigation alleging excessive commissions and unsuitability. According to Bennett’s FINRA BrokerCheck report, FINRA permanently barred Bennett from selling securities to the…

Silver Law Group is investigating former PFS Investments Inc. (CRD# 10111) broker William Upchurch Jr. (CRD# 1195846) after FINRA permanently barred the broker. According to Upchurch’s FINRA BrokerCheck report, FINRA permanently barred Upchurch from acting as a broker or otherwise associating with firms that sell securities to the public in…

Silver Law Group is investigating former New York broker Matthew DiGregorio after FINRA permanently barred him. According to DiGregorio’s FINRA BrokerCheck report, FINRA permanently barred DiGregorio after he told FINRA staff that he does not intend to honor an award that a FINRA arbitration panel ordered him to pay to…

Silver Law Group is investigating former Georgia-based Summit Brokerage Services, Inc. (CRD# 34643) broker Clay E. Hoffman (CRD# 4371162) due to multiple FINRA actions pending against him and his racking up of 16 BrokerCheck disclosures in the past five years. FINRA has initiated four regulatory actions against Hoffman in 2016,…