Articles Posted in FINRA

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).…

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,…

An assortment of charges, firings, and settlements have followed the broker for the last decade Christopher Vincent Paul’s 14-year career has come to an end. After failing to give the Financial Industry Regulatory Authority (FINRA) information it was looking for, the agency permanently barred him from acting as a broker.…

FINRA allegations include billing elderly clients $70,000 in false fees to make up lost commissions Former Purshe Kaplan Sterling Investments and MML Investors Services, LLC adviser Stanley Clayton Niekras is under investigation by the Financial Industry Regulatory Authority (FINRA) for allegedly taking advantage of elderly clients. In its complaint, FINRA…

Maczko is reported to have earned nearly $600K in commissions by excessively trading an elderly client’s account After almost 30 years in the securities industry, Matthew Maczko’s career is over. Earlier this month, the Financial Industry Regulatory Authority (FINRA) permanently barred him from acting as a broker due to allegations…

Discovery violations can severely impede the chance of a fair arbitration proceeding Between 2010 and 2013, investment management firm Oppenheimer & Co. is reported to have repeatedly failed to produce documents during the discovery process for a group of claimants who alleged that the firm had not properly supervised a…

FINRA says that the investment firm often reported essential data more than 4 years late This January, the Financial Industry Regulatory Authority (FINRA) fined investment bank and wealth management firm Oppenheimer & Co. $1.575 million for allegedly failing to report mandatory data, withholding documents in discovery for clients in arbitration,…

The former Sarasota, FL broker has been permanently barred by FINRA for falsifying information, among other charges After only about four years in the securities industry, Winston Turner has been barred permanently by the Financial Industry Regulatory Authority (FINRA). In February of 2016, FINRA made the decision based on evidence…

It’s reported that the California broker didn’t disclose that he borrowed money from a client, among previous accusations of elder financial exploitation Ciro Cavazos learned in August of 2016 that he was being fined and suspended by the Financial Industry Regulatory Authority (FINRA). The agency discovered that Cavazos borrowed money…

Allegations of securities fraud and violation of the Securities Exchange Act of 1934 drive FINRA action to permanently bar Kolf According to the Financial Industry Regulatory Authority (FINRA), broker James Kolf allegedly recommended and sold at least $588,000 in securities to twelve firm customers between October 2013 and July 2014.…