Securities Arbitration Lawyers Blog

An alleged inheritance of a client’s condo led to the Florida broker’s downfall In 2001, Douglas Studer started working for Prime Capital Services, Inc. in Port Richey, Florida, which began his 15-year career. That career ended in September of 2016 after an investigation by the Financial Industry Regulatory Authority (FINRA).…

FINRA Tips for Spotting and Preventing Elder Financial Abuse Elder financial abuse is a subject that has increasingly drawn scrutiny by regulatory bodies.  The Financial Industry Regulatory Authority (“FINRA”) and the Securities Exchange Commission (the “SEC”) have published numerous investor alerts, regulatory guidance, and primers on the elder financial abuse. …

Meyers Associates, L.P. changed its name in 2016 from “Meyers Associates, L.P.” to “Windsor Street Capital, LP.” Under the moniker Meyers Associates (CRD# 34171), the firm was known for hiring brokers whose FINRA BrokerCheck reports were riddled with disclosures.  According to an InvestmentNews report in 2014, Meyers Associates “stands out…

Cetera Brokerage Firm Investors Capital Corp Fined $1.1 Million Over Sales of Unit Investment Trusts Silver Law Group is investigating investor claims against Cetera Financial Group-owned Investors Capital Corp. (CRD# 30613) after FINRA fined the firm and ordered it to pay restitution of over $1.1 million for allegations of short-term…

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 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 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 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…

The broker had been involved in several customer disputes Christopher Paul’s 14-year career as a broker is over. In November of 2016, the Financial Industry Regulatory Authority (FINRA) permanently banned him because he did not respond when the agency contacted him for information. Paul has had many customer complaints against…

The former Wells Fargo broker was banned after allegations of unsuitable trading for elderly client On February 9, 2017, Matthew Christopher Maczko was permanently barred by the Financial Industry Regulatory Authority (FINRA) after Maczko consented to the sanction and FINRA’s findings. FINRA found that between January 2009 and April 2016,…