Securities Arbitration Lawyers Blog

Dan Brown (CRD#: 3184347) is a previously registered broker whose last employer was Joseph Stone Capital L.L.C. (CRD#:159744) of Center Moriches, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340), Legend Securities, Inc. (CRD#:44952, expelled by FINRA on 4/17/2017) and Tryco Securities, Inc. (CRD#:104025), all of Miller Place,…

Investors who have gone through FINRA arbitration claims against closed boiler-rooms know that collecting an award can be a problem. Brokers and broker-dealers who have actions filed against them are also required to pay fees, as well as any financial restitution they are ordered to pay. While most of these…

American Realty Capital New York City REIT has changed its name, and is now known as New York City REIT (NYCR). The trust recently updated its charter to reflect the new name. Shares of NYCR were initially sold for $25 each. The company’s board recently approved net asset value of…

Richard Lynn Pittman (CRD#: 2845145) is a registered broker and investment advisor currently employed with Cetera Advisors LLC (CRD#: 10299) of Memphis, TN. His previous employers include Investors Capital Corp. (CRD#:30613), also of Memphis, Washington Square Securities, Inc. (CRD#:2882) of Des Moines, IA, and WMA Securities, Inc. (CRD#:32625) of Duluth,…

It’s one thing when a company terminates your employment. It’s another thing when the company causes you to lose business. John L. Perry and Robin Johnson are two former financial advisors for Wells Fargo that have brought a complaint against the company. After news broke of Wells Fargo’s extensive misconduct,…

Robert David Child (CRD#: 500359) is a former registered broker and investment advisor whose last employer was National Securities Corporation (CRD#:7569) of Boca Raton, FL. Previous employers include Vfinance Investments, Inc (CRD#:44962 and #25121), also of Boca Raton, and UBS Painewebber Inc. (CRD#:8174) of Weehawken, NJ. He has been in…

Robert Lee Basile (CRD#: 2392772, aka “Bob Basile”) is a former registered broker and investment advisor who was last employed with PARK AVENUE SECURITIES LLC (CRD#:46173) of Corona, CA. His previous employers include Waddell & Reed (CRD#:866) of Riverside, CA, National Planning Corporation (CRD#:29604) of Chino, CA, and Edward Jones…

You may have heard the term “churning” in discussions of investments and securities. But you probably won’t know what it means unless you’ve actually experienced it. (Hint: it has nothing to do with butter.) “Churning” is when a broker and/or firm conducted extra trading in your account for the sole…

Back in August, we told you about Bradley Joseph Tennison (CRD#: 156988), who was barred by FINRA after his discharge from Genos Wealth Management of Mesa, AZ. Tennison was discharged for “selling away,” the practice of offering and selling securities that are not offered by the broker’s firm of employment.…

Back in June, we told you about John Greg Schmidt (CRD#: 708094) who was barred by FINRA after a series of allegations of misappropriation of funds. Since then the Securities and Exchange Commission has also investigated Schmidt, and has now filed a civil action. Schmidt was discharged by his last…