All Releases

Morgan Stanley broker Peter H. Kim Barred for Allegedly Taking Client Funds for Personal Use

September 3, 2015 | Silver Law Group

Kim is permanently barred by FINRA

FINRA Rule 2010 provides that “[a] member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade,” and broker Peter Kim was found in violation of it, according to a recent FINRA disciplinary action.

In fact, according to the report, Kim’s acts, practices and conduct constituted such violation of the rule that FINRA permanently barred Kim from acting as a broker or otherwise associating with firms that sell securities to the public.

John Thornes Barred by SEC After Conversion Allegations

September 3, 2015 | Silver Law Group

Alleged conversions include two trusts – one that helped provide Alzheimer’s care and another used to provide scholarships

On August 8, following a 21-year career in the securities industry, John Thomas Thornes has been permanently barred from practicing as a broker by the US Securities and Exchange Commission according to a report published by FINRA.

Thornes was suspended in May for allegedly failing to comply with a prior settlement agreement or award, as well as failure to respond to a FINRA request, according to a FINRA disclosure on Thornes’ broker report.

Neil Buysse Barred by FINRA

September 1, 2015 | Silver Law Group

Permanent action follows a three-month suspension from the securities industry

According to the Financial Industry Regulatory Authority (FINRA), Neil J. Buysse has been permanently barred from practicing within the securities industry following a 2014 suspension.

Buysse was suspended on Dec. 1 following his alleged failure to respond to a FINRA request for information. As of Feb. 10, Buysse has been barred from practicing in any capacity as a broker or as an investment adviser.

Thomas Hogle Barred by FINRA After Alleged Lack of Cooperation With Investigation

September 1, 2015 | Silver Law Group

Allegations concern unsuitable, excessive and unauthorized trades for a 101-year-old customer

After 16 years in the securities industry, FINRA barred Thomas Morley Hogle from acting as a broker or associating with FINRA members in a professional capacity on May 11, according to the FINRA website.

The action comes in the wake of a FINRA investigation into whether Hogle made unsuitable investment recommendations to a 101-year-old customer. According to FINRA documents, FINRA requested documents and information from Hogle in two separate letters. When he did not respond to those requests FINRA staff spoke to him on the phone, at which time Hogle allegedly acknowledged the requests but stated that he would not produce the information requested at any point.

Anthony Diaz Permanently Barred by FINRA for Alleged Unethical Practices

August 31, 2015 | Silver Law Group

Diaz was also fined $10,000 amid allegations of fraud, negligence, unsuitability and misrepresentation

After a 14-year career in the securities industry marred by 44 disclosure events, Anthony Diaz has been permanently barred from acting as a broker and fined $10,000 by FINRA on June 10, 2015. This follows allegations of dishonest and unethical practices, according to FINRA’s report on the matter.

Between December 11, 2014 to May 12, 2015, Diaz was named in 20 customer disputes that are currently pending review by FINRA and one that was settled for $10,000. The amount of damages alleged against Diaz in just those five months total more than $7.3 million. According to the FINRA website, he was working for First Allied Securities, Inc., in Scotrun, Pennsylvania, when the alleged infractions occurred and continued at his subsequent firms.

Randy Bostick Permanently Barred from Securities Industry

August 26, 2015 | Silver Law Group

This final action follows two previously disclosed customer disputes

Randy Bostick was barred from the securities industry following a suspension for failing to respond to a FINRA request for information.

According to the FINRA website, Bostick, who was most recently employed by Janney Montgomery Scott LLC at the time of his suspension, has two prior disclosures regarding customer disputes in his 14 years of practice in the industry.

Puerto Rico’s Debt Crisis Hits Home With Local Investors

August 26, 2015 | Silver Law Group

Promises of safe bond investments result in lost nest eggs

High returns and tax-free income and a government that could not default on its debt. If you think that sounds like a pretty sound investment, so did many who bought Puerto Rico bonds and leveraged bond funds sold by Swiss bank UBS.

According to a recent article in the New York Times, “Puerto Rico officials now say the government cannot afford to pay its $72 million in debt.” And, for the first time since the island became a United States protectorate 117 years ago, the government defaulted on a bond payment.

Blackbook Capital LLC Fined $50,000 by FINRA

August 26, 2015 | Silver Law Group

Firm Allegedly Listed Commissions as “Miscellaneous” or “Additional Fees”

BlackBook Capital, LLC, with headquarters on Wall Street in New York City, has been sanctioned by FINRA for allegedly mischaracterizing and understating commissions charged to its investors, among other charges.

According to the FINRA disclosure, the firm –without admitting or denying the findings – consented to the sanctions and the entry of findings that it charged its customers $60.50 on separate transactions in addition to or in place of a designated commission charge. The charges were allegedly listed as “miscellaneous” or “additional fee,” however a large portion of the charge could not be contributed to a cost or expense incurred by the firm. In short, it was a minimum commission charge.

Broker Focus: Broker Peter Yao Permanently Barred from Securities Industry

August 24, 2015 | Silver Law Group

Failure to respond to FINRA request for information ends Yao’s securities career

After only 8 years in the securities industry, broker Peter Yao, most recently registered with Morgan Stanley out of Seattle, Washington, has been permanently barred by FINRA. In short, this action by FINRA means Peter Yao may no longer act as a broker or otherwise associate with firms that sell securities to the public.

Why was he barred? According to the FINRA BrokerCheck website, Yao failed to respond to a regulatory agency request for information. This follows a customer dispute from July 21, 2014 in which the customer alleged that Yao abused his relationship by convincing the customer to make a loan to another customer and made false promises of repayment. In that claim, the customer requested $120,000 in damages. This dispute is still pending.

FINRA Warns Investors About Utilizing Automated Investment Tools

August 23, 2015 | Silver Law Group

Earlier this year, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) released an investor alert related to automated investor tools. While these types of tools provide benefits to investors, they also come with certain risks and limitations.

What are the Risks and Benefits?

Automated investment tools have been utilized by financial professionals for several decades. They include, but are not limited to, personal financial planning tools, portfolio selection or asset optimization services, and online investment management programs. Professionals in the financial industry use them to help build and manage the portfolios of customers.