Securities Arbitration Lawyers Blog

Broker failed to respond to FINRA information requests after allegations of excessive trading in numerous customer accounts After 19 years in the securities industry, Antonio Costanzo has received a permanent bar from FINRA from acting in the capacity of a broker or other financial adviser, according to the FINRA website.…

Michigan broker Kenneth Hornyak (“Hornyak”)(CRD# 2990144), was permanently barred by the Financial Industry Regulatory Authority (“FINRA”) and is no longer licensed to act as a broker, or otherwise associate with firms that sell securities to the public. Hornyak is barred from association with any FINRA member in any capacity. According…

Broker Salim Lyazidi (CRD# 4617448) was permanently barred by FINRA commencing on March 9, 2015, for failing to respond to a FINRA request for information, pursuant to FINRA Rule 9552(d). Lyazidi is barred from association with any FINRA member in any capacity. Lyazidi failed to request termination of his suspension…

According to recent SEC allegations, from approximately mid-2009 through at least July 2014, Jacob and Innovative Business Solutions, LLC (“IBS”), which Jacob owns and controls, engaged in a fraudulent scheme involving material misrepresentations and omissions and other deceptive devices and practices. Jacob engaged in this scheme in order to obtain…

Broker Ralph Oelbermann (CRD# 1962900) was permanently barred by the Florida Office of Financial Regulation (“OFR”) and fined $110,000 by state regulators commencing on October 24, 2014, for failing to respond to a Complaint by the OFR . He was terminated after customers allegedly reported unauthorized trading in their accounts.…

Securities regulators state that professionals should help seniors avoid being scammed When it comes to investment scams, seniors are easy targets. According to a recent report from the North American Securities Administrators Association (NASAA), seniors were targeted in one-quarter of the enforcement actions in 2014, in cases where states track…

Throughout history, promises of high returns and low risk have lured investors to financial peril If they only used their brilliance for good and not evil, what a better world we all might live in. Unfortunately, the brilliant businessmen behind some of the most famous Ponzi schemes, both in the…

It’s time to start looking beyond low commissions Maybe you’re a new investor. Maybe you’re looking for a new broker after getting burned. Either way, you’re entitled to know a few things about the person you’ll trust to act as the guiding intermediary between you and securities traded on the…

Quigley and his two brothers are accused of running a fraudulent offering scheme After a 24-year career in the securities industry checkered with allegations of misconduct and unauthorized trading, broker William Quigley has not only been barred permanently by FINRA, he also faces fraud charges brought by the SEC. According…

FINRA did not impose a fine though Borger failed to report outside accounts After 43 years in the securities industry, Samuel Jacob Borger was hit with a two-month suspension from FINRA on May 29 following allegations that he failed to inform his employing firm of outside accounts over which he…