All Releases

Christopher Veale Under Investigation From FINRA After Churning Allegations

July 31, 2015 | Silver Law Group

Disciplinary action Pending

In April, FINRA initiated a regulatory investigation after Christopher Frederic Veale, most recently employed by Legend Securities, Inc., allegedly refused to provide documents requested by the agency in response to alleged rule violations. The purported violations involve business and outside business activities, as well as a potential violation of FINRA disclosure requirements in regard to outstanding liens, of which he has a great sum, according to FINRA.

Veale’s 18-year career in the securities industry has been fraught with dispute, both with FINRA and with customers. He has been employed by 18 firms, seven of which have since been expelled by FINRA, according to its website. Amongst other firms, Veale has been employed at John Thomas Financial, Meyers Associates, LP, and Blackwall Capital Markets, Inc.

Jon Cox Barred From Securities Industry After FINRA Launches Investigation

July 28, 2015 | Silver Law Group

Investigation follows termination from LPL Financial

Jon Lawrence Cox, who has been in the securities industry since June 1990, according to FINRA documents, has been barred as of April 29 after allegedly failing to respond to three written requests from FINRA to provide information to aid an investigation into allegations against him.

Cox was discharged from LPL Financial after allegedly violating policies about outside business activities, according to a disclosure made by the firm. After receiving this information, FINRA launched its own investigation into whether those activities violated its rules as well. FINRA requested information from Cox, who allegedly did not provide it, leading to his barring.

Two LPL Financial LLC Brokers, Thomas Caniford and Andrew Carter, Permanently Barred by FINRA

July 27, 2015 | Silver Law Group

Both brokers barred following termination from same firm

One broker had over 30 years’ experience in the securities industry. One broker had only one year of experience in the securities industry. Yet both brokers were terminated from LPL Financial LLC within a month of each other.

According to the FINRA BrokerCheck website, both Thomas H. Caniford and Andrew M. Carter were terminated earlier this year from the firm for what seem to be fairly similar reasons.

Broker Focus: Patrick Teutonico in the Spotlight for Unauthorized Transactions

July 22, 2015 | Silver Law Group

According to FINRA Teutonico failed to observe high standards of commercial honor.

According to the Financial Industry Regulatory Authority (FINRA) Broker Check website, broker Patrick Teutonico is once again in the spotlight. Over the course of 17 years in the securities industry, Teutonico has 10 disclosures to report.

To provide some background, brokers are required by FINRA – known as the industry watchdog – to disclose different types of events, from customer complaints to IRS tax liens, judgments and even criminal matters. As such, Teutonico has 10 on his record, many of which involve allegations of unsuitable and unauthorized transactions. According to InvestmentNews, only about 12% of financial advisors have any type of disclosure event on their records. Therefore, it would seem the number of disclosures by Teutonico is relatively high.

Investor Update: What You Need to Know About Churning

July 21, 2015 | Silver Law Group

Churning is a Type of Securities Fraud

What is churning?

Simply put, churning is defined as excessive trading.

Have You Suffered Financial Losses with Bruce Sabourin?

July 20, 2015 | Silver Law Group

Formerly of Cetera Advisors, you may not be the only one who has suffered.

Investment broker Bruce Michael Sabourin (CRD #2556826), most recently with Cetera Advisors, once again has a FINRA reported disclosure. Sabourin is now permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. According to the April 2015 FINRA Disciplinary and Other FINRA Actions Report, Sabourin was suspended as of February 23, 2015 for allegedly failing to provide information or keep information current according to FINRA rules.

What exactly is FINRA, you ask? Good question. It is the Financial Industry Regulatory Authority. All brokers and investment firms must agree to abide by FINRA rules. It’s the watchdog you want keeping an eye on investment players to make sure everyone is playing by the same rules. When someone isn’t, FINRA steps in.

Alex Makarovsky Recently Sanctioned by FINRA

July 16, 2015 | Silver Law Group

In the news again.

According to the FINRA website, Alex Makarovsky is once again in the hot seat for allegedly violating FINRA By-Laws and SEC rules. Makarovsky was most recently registered with Blackbook Capital, LLC.

Let’s go back a few years to build some context on his history. In 2010, while associated with Avenir Financial Group, Makarovsky allegedly made unauthorized trades in a client’s account. As a result, Makarovsky’s State of Indiana license was suspended for five years. In addition he and his firm had to pay a civil penalty and restitution to two customers.

Michael McGregor Suspended for 45 Days, Fined $5000

July 15, 2015 | Silver Law Group

Currently employed by and registered with Blackbook Capital, LLC

Since 1997, Michael Anthony McGregor has been registered with FINRA as a General Securities Representative (GSR). Through the years, McGregor has been subject to judgments and liens that have not been properly reported. By not reporting them, Michael McGregor is in violation of FINRA’s By-Laws and now he’s facing FINRA sanctions.

In March 2015, Michael McGregor was handed a 45-day suspension and fined $5,000 by FINRA for allegedly failing to amend and timely amend his FINRA registration to reflect unsatisfied judgments and liens he received. Without admitting or denying the findings, McGregor consented to the sanctions and to the entry of the findings.

Broker Robert Tricarico Permanently Barred from Securities Industry

July 14, 2015 | Silver Law Group

Alleged mismanagement of funds and failure to provide documentation to FINRA lead to Industry Bar

FINRA had questions for Robert Tricarico, Tricarico did not provide the information requested. And now Robert Tricarico is permanently barred from associating with any FINRA member in any capacity. That means he is barred from the securities industry forever.

To fill in the background, here are the details:

Brokers’ Licenses Revoked by FINRA in June 2015

July 13, 2015 | Silver Law Group

According to FINRA Disciplinary actions for June 2015, the following individuals’ licenses were revoked for failure to pay fines and/or costs to FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Frank E. Brickell	World Trade Financial Corporation
Frank E. Brickell	Ameritrade
Rodney Preston Michel	World Trade Financial Corporation
Rodney Preston Michel	Del Mar Financial Services, Inc.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.