A National Securities Arbitration & Investment Fraud Law Firm
The Financial Industry Regulatory Authority (“FINRA”) fined eight firms, including VOYA Financial Advisors (CRD# 2882) (“VOYA”) and five broker-dealer subsidiaries of Cetera Financial Group (Cetera Advisor Networks LLC (CRD# 13572)), for failing to supervise sales of variable annuities (VAs). The eight firms are required to pay a fine of $6.2…
Silver Law Group is investigating former Plano, Texas-based VSR Financial Services, Inc. (CRD# 14503) broker John H. Towers (CRD# 700221) due to an extraordinarily high amount of FINRA BrokerCheck disclosures alleging unsuitable recommendations and negligence. According to John H. Towers FINRA BrokerCheck report, Towers has 46 misconduct disclosures, most of which…
Silver Law Group is investigating Houston, Texas-based Summit Brokerage Services, Inc. (CRD# 34643) broker Keith A. Bradley (CRD# 868141) after a customer filed a FINRA arbitration alleging unsuitable recommendations and negligence. According to Bradley’s FINRA BrokerCheck report, a customer filed a FINRA arbitration against Bradley in July 2016 alleging unsuitable investments,…
On November, 2016, FINRA announced fines against five (5) Cetera Financial Group brokerage firm subsidiaries in an amount of $2.95 million for supervisory failures related to variable annuity L-shares. FINRA fined the following Cetera Financial Group-related firms: Cetera Advisor Networks LLC (CRD# 13572) of El Segundo, CA, was fined $750,000. Cetera…
Regulatory action is pending against New York financial advisor for unauthorized trading, misrepresentation and omissions, among other allegations In August 2016, the Financial Industry Regulatory Authority (FINRA) initiated an investigation into allegations against Craig David Dima made by one of his long-standing customers. The complaint alleges that Dima made approximately…
It was the New Woodstock, NY executive’s second suspension in 10 months In October, Leigh Garber received a three-month suspension from the Financial Industry Regulatory Authority (FINRA). It was the second time in 2016 that she was penalized by the agency. An 18-year veteran of the securities industry, Garber first…
Failure to respond to agency request ends Seigerman’s securities industry career According to the Financial Industry Regulatory Authority (FINRA), New Jersey-based broker David Seigerman failed to respond to the agency’s request for information and a result has been permanently barred from acting as a broker or otherwise associating with firms…
The SEC is investigating a crime that goes back more than a decade In December of 2016, the Securities and Exchange Commission (SEC) filed a complaint in Boston’s federal court against broker Richard Cody. The complaint charged Cody with defrauding at least three of his retired clients. He was registered…
Silver Law Group is investigating former Wells Fargo Advisors, LLC (CRD# 19616) broker Robert T. Tuffy (CRD# 1201052) after FINRA barred him over unauthorized trading allegations. According to Tuffy’s FINRA BrokerCheck report, FINRA suspended him in July 2016 for executing six trades in two accounts of a customer prior to…
Scott L. Silver, Managing partner of Silver Law Group was recently sourced in an InvestmentNews article discussing the issue of unpaid FINRA arbitration awards for brokerage firms that are going out of business. According to the InvesmentNews report, FINRA reported that the number of brokerage firms open for business today…