All Releases

Jenna Connett, Formerly a Broker at Morgan Stanley, Permanently Barred by FINRA

June 16, 2015 | Silver Law Group

Jenna Connett was permanently barred by FINRA for association with any FINRA member in any capacity for failing to respond to FINRA’s request for information. Connett worked at Morgan Stanley in Red Bank, NJ from June 2009 until she was suspended by FINRA in July 2014. Prior to working at Morgan Stanley, Connett worked at Citigroup Global Markets.

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.

Robert Charles Mangold Permanently Barred by FINRA

June 15, 2015 | Silver Law Group

Allegedly provided false information to FINRA during investigation

For Robert Charles Mangold, it seems it is the end of the line in the securities industry. Most recently employed by and registered with LPL Financial, LLC, Mangold is now permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public by FINRA.

How did this happen? Let’s take a look: In June 2013, LPL Financial, LLC terminated Mangold’s registration because he allegedly borrowed $56,000 from two customers – a violation of firm policy. This prompted FINRA to investigate the circumstances of his termination. As part of the investigation, FINRA requested a signed statement in response to the allegations.

Homer Vining, Former J.P. Turner Broker Suspended by FINRA for Failure to Pay an Arbitration Award

June 9, 2015 | Silver Law Group

Homer Vining was suspended by FINRA for failing to pay an arbitration award in a dispute with his former employer, Ameriprise Advisor Services, Inc. Vining allegedly failed to repay a promissory note to Ameriprise upon termination of his employment in 2008. Vining worked at J.P. Turner & Company, LLC from 2009 through March 2015.

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.

New York Broker Raymond Thomas Clark Permanently Barred by FINRA

June 9, 2015 | Silver Law Group

Broker Raymond Thomas Clark (CRD# 3120696) was permanently barred by FINRA for failing to appear for FINRA-requested on-the-record testimony related to an investigation into whether he executed excessive and/or unauthorized transactions in customer accounts, exercised discretion without authorization, and accepted trade instructions from an individual who was not authorized to exercise trading authority in a customer account.

Clark first became a registered securities broker in 1998 and was employed by the following broker-dealers from 1998- 2014: Global Capital Markets, LLC (Melville, NY), Global Capital Securities Corp. (Englewood, CO), J.P. Turner and Co., LLC (Atlanta, GA), Bathgate Capital Partners LLC (Buffalo, NY), J.P. Turner and Co., LLC (Buffalo, NY), Paulson Investment Co., Inc. (Buffalo, NY), First Midwest Securities, Inc. (Buffalo, NY), and Dynasty Capital Partners, Inc. (Buffalo, NY).

In 2011 and 2014, Clark was suspended for using his personal email account to communicate with customers regarding business-related matters, in violation of FINRA rules and the firm’s procedures. Investors should be weary when their broker uses a personal email account to communicate with them. In many cases, the broker is doing so in order to circumvent FINRA rules and to hide illegal activities from his employer. This was the case with Clark, who by using his personal email account, bypassed the firm’s supervisory review of emails and caused the firm to fail to preserve required records, as well as not reporting a customer’s complaint concerning overcharging of commissions.

Broker Charles D. Johnson Permanently Barred by FINRA

June 9, 2015 | Silver Law Group

His career in securities ends with failure to respond to FINRA request

After only six years in the securities industry, broker Charles Damien Johnson has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. According to the FINRA BrokerCheck website, Johnson failed to respond to a FINRA request for information and was sent a notice of suspension in August of 2014. Since he then failed to request termination of his suspension within three months of the date of notice of his suspension, he was automatically barred from association with any FINRA member in any capacity as of November 10, 2014.

During his career in the industry, Johnson nonetheless worked for at least 10 investment firms in the New York state area. His dates of employment and employers are listed below:

Employment Dates	Employer Name	Employer Location
01/2013 – Present	Laidlaw & Co (UK) Ltd	Melville, NY
06/2012 – 12/2012	Global Arena Capital Corp	New York, NY
07/2010 – 06/2012	National Securities Corp	Huntington, NY
07/2009 – 07/2010	New Castle Financial Services, LLC	Melville, NY
09/2008 – 07/2009	Morgan Wilshire Securities, Inc.	Westbury, NY
10/2007 – 09/2008	National Securities Corp	Huntington, NY
07/2007 – 10/2007	EKN Financial Services, Inc.National Securities Corp	Woodbury, NY
11/2006 – 02/2007	Morgan Wilshire	Woodbury, NY
11/2006 – 02/2007	SW Bach & Co	Port Washington, NY
01/1997 – 10/2006	Argo Financial	Melville, NY

While moving from firm to firm seems to have been voluntary, Johnson’s employment with Global Arena Capital Corp was terminated on December 12, 2012 for “circumvention of firm policy” according to the FINRA BrokerCheck website.

Why are we telling you all of this?

To let you know that, if you’re an investor who suffered financial losses at the hands of Charles D. Johnson, or any other financial advisor, you may be eligible to recover your losses through securities arbitration. The key is to turn to the right securities fraud attorney with proven expertise in recovering lost funds.

At Silver Law Group you’ll find an experienced securities attorney committed to help recover investment losses due to stockbroker misconduct. With lawyers admitted to practice in New York and Florida – representing investors nationwide – you can expect a complimentary consultation and a case handled on a contingent fee basis, meaning you don’t pay legal fees unless Silver Law Group is successful. Contact us today to schedule your free consultation and discuss your legal rights.

FINRA Head: SEC Should Lead in Development of Fiduciary Standard

June 8, 2015 | Silver Law Group

Recently, the head of the Financial Industry Regulatory Authority (FINRA) told a congressional panel that the Securities and Exchange Commission (SEC) should take the lead in the development of a uniform fiduciary duty for broker-dealers and investment advisors. Currently, both the SEC and the Department Labor (DOL) are, independently, developing a uniform standard for stockbrokers and investment advisors.

Uniform Fiduciary Duty

Before the House of Representatives Financial Services subcommittee, Richard Ketchum, FINRA’s chairman and chief executive, stated that he supports the development of a standard that securities professionals act in the client’s best interest, regardless of whether they are a broker or investment advisor. Further, Ketchum stated that he believes that the SEC should be in charge of the development of this standard, while promising FINRA would provide assistance in this endeavor.

Pedro Molina’s Securities Industry Career Ends With FINRA Permanent Suspension

June 2, 2015 | Silver Law Group

Amid claims of unsuitable investment advice, Molina does not respond to requests for information

After not responding to a FINRA request for information, broker Pedro Molina is permanently suspended from the securities industry. According to the FINRA BrokerCheck website, Molina failed to request termination of his suspension from FINRA within three months of the date of his notice of suspension. Therefore, he is permanently barred from association with any FINRA member in any capacity.

While it might seem unusual for a broker not to respond to a FINRA request and allow a permanent suspension to occur, surprisingly, it is not uncommon. In the case of Pedro Molina, it follows a career during which customers’ alleged mismanagement of their investment funds and lack of production of documentation. In fact, in three of the customer complaints against him, customers alleged he gave misleading investment advice and made unsuitable investments in risky Puerto Rican funds. The combined alleged damages equal over $1.2 million dollars. In addition, Molina was “permitted to resign” from Kovack Securities, Inc. in February 2014 after admitting to having borrowed money from clients while with a previous employer.

SEC and FINRA Holding Compliance Program for Broker-Dealers

May 20, 2015 | Silver Law Group

Later this summer the Securities and Exchange Commission (SEC) and the Financial Industry National Regulatory Authority (FINRA) will jointly hold a National Compliance Outreach Program for Broker-Dealers. This one-day program is designed for compliance, audit, and risk officers of broker-dealer firms and frequently highlights areas of concern to FINRA.

Details of the Program

The program was created with the intention that it will provide regulators and industry professionals an open forum for discussion related to compliance practices. In addition, the program helps to facilitate the exchanging of ideas related to effective and efficient compliance structures.

Stockbroker Thomas Tedeschi and Broker-Dealer Aegis Capital Corp. are the Subject of Multiple Securities Arbitration Claims Against Them for Churning

May 14, 2015 | Silver Law Group

According to FINRA, Thomas Tedeschi has recently been named in a securities arbitration lawsuit against him and his former employer, Aegis Capital Corp., for making unsuitable investments, unauthorized trades, misrepresentations and excessive trading (churning), among other claims. The assertions against him involve speculative securities that include penny stocks and Exchange Traded Notes. Mr. Tedeschi is required by law to only recommend or engage in transactions that are suitable to their individual client, and not to excessively trade in their accounts. This type of trading may be considered stockbroker misconduct called churning. The excessive buying and selling is done for the purpose of generating commissions for the broker, and not to benefit the client. In fact, it almost always results in enormous losses to the client.

Thomas Tedeschi began his stockbroker career in 1994 and has been employed by 17 different brokerage firms since then, seven of which have been expelled from the brokerage industry by FINRA for violations of the law and misconduct. It is quite a shocking record. Additionally, Aegis Capital Corp. has many claims against it, including 17 final regulatory violations that were filed by FINRA, NASDAQ Stock Market, and other regulatory bodies, for such violations as market manipulation, excessive buying and selling of illicit microcap stocks, failure to supervise and failure to disclose, late trade reporting, and other violations of NASD Rules and Texas Securities Acts as well. There is one regulatory violation claim currently pending. Aegis Capital Corp has also been fined on numerous occasions and has been suspended in the past from acting as a market maker.

If you invested money with Thomas Tedeschi or Aegis Capital Corp. and suffered losses, you may be entitled to recover some or all of those investment losses. Please call our securities law firm toll free at (800) 975-4345 to speak with an experienced attorney and to find out how we may be able to help you regain some or all of your investment losses. Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful in your lawsuit.

FINRA Bars Brokers for Failing to Pay Arbitration Awards or Settlements – March 2015

April 30, 2015 | Silver Law Group

According to FINRA Disciplinary actions for March 2015, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Jay Howard Lustig	Equibond, Inc.
Jay Howard Lustig	Drake Capital Securities, Inc.
Amarjeet Singh	Morgan Stanley Smith Barney
Amarjeet Singh	Morgan Stanley & Co. 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.