All Releases

Silver Law Group is investigating former Melbourne, FL-Morgan Stanley broker Anthony J. Verzi

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Melbourne, FL-Morgan Stanley (CRD#149777) broker Anthony J. Verzi (CRD# 1186572) after FINRA permanently barred Verzi for refusing to appear for an on the record testimony related to an investigation into unsuitable trading.

According to Verzi’s FINRA BrokerCheck report, a customer filed a FINRA arbitration in December 2016 alleging unsuitable unit investment trusts who’s only purpose was to generate commissions for the broker. This complaint led to a FINRA investigation in which he failed to appear for on-the-record testimony, at which time FINRA permanently barred him.

Morgan Stanley (CRD#149777) employed Verzi as a broker dealer from June 2009 until August 2016. Verzi operated out of Morgan Stanley’s Melbourne, Florida branch.

Silver Law Group is investigating former Memphis, Tennessee -based Wunderlich Securities Inc broker David K Mallett over allegations that Mallett excessively traded customers’ accounts and made unsuitable recommendations.

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Memphis, Tennessee-based Wunderlich Securities Inc. (CRD#2543) broker David K. Mallett (CRD#5145838) over allegations that Mallett excessively traded customers’ accounts and made unsuitable recommendations.

According to Mallett’s FINRA BrokerCheck report, a customer filed a complaint in October of 2016 against Mallett alleging churning in the customer’s account and further that he made unsuitable recommendations. Further, the customer alleges that Mallett’s employing firm, Wunderlich Securities (CRD#2543), failed to supervise Mallett.

Wunderlich has employed Mallett from June 2016 to present day at its Memphis.

Silver Law Group is investigating former Texas-based IMS Securities, INC broker Jackie D Wadsworth for five pending FINRA arbitrations and a litany of disclosures on her FINRA BrokerCheck report

September 5, 2017 | Silver Law Group

Silver Law Group is investigating former Texas-based IMS Securities, INC (CRD#35567) broker Jackie D Wadsworth (CRD#2342163 ) for five pending FINRA arbitrations and a litany of disclosures on her FINRA BrokerCheck report.

According to Wadworths’s FINRA BrokerCheck report, she has five pending FINRA arbitrations filed in the past that allege unsuitable recommendations, failure to supervise, fraud, breach of duty of loyalty, and negligence for an aggregate amount of over $7.1 million.

FINRA’s BrokerCheck tool is a valuable way to examine a broker’s background. The investor tool discloses FINRA arbitrations that have been settled, are pending or have been denied; bankruptcies, civil judgments and tax liens, employment separations and other discharges, criminal proceedings, and regulatory actions. According to an InvestmentNews report, only about 12 percent of financial advisors have any type of disclosure events on their records.

Former Colorado LPL Broker Sonya Camarco Charged with Stealing Client Funds

August 25, 2017 | Silver Law Group

Sonya Camarco (CRD #2427529), a longtime Colorado Springs resident and former Broker with LPL Financial LLC (CRD #6413) is the target of a SEC asset freeze request.

The SEC complaint alleges Camarco, over the past 13 years, systematically stolen money from her client’s investment accounts. The SEC alleges that Sonya Camarco forged client signatures on checks made out to “C Investments” a fictitious investment firm that Camarco controlled. When confronted by her clients, Camarco explained that “C Investments” was an outside investment that she made on their behalf.

When Camarco’s employer became aware of the alleged fraud, Camarco suggested that “C Investments” was an outside client investment that she had no affiliation with. Using a private PO Box, Camarco sent forged client checks to herself and then use the ill-gotten funds to pay personal bills and mortgages.

Federal Employee Benefit Counselors Targeted Federal Government Employee Retirement Plan Participants With Variable Annuities Scheme.

August 2, 2017 | Silver Law Group

Silver Law Group and The Law Firm of David Chase are reviewing potential claims of fraudulent inducement of federal employees into purchasing high fee paying variable annuity products by LPL Financial LLC (CRD#6413) affiliated brokers Brandon Long (CRD# 5975459) , Christopher S Laws (CRD#4479529) , Johnathan Dax Cooke (CRD#5365691) and Danny Scott Hood (CRD#3236852).

Variable annuities (“VAs”) are highly-complex financial products. According to FINRA, a good way to think of a VA is as a cross between an insurance product and an investment product.

Like other annuities, a VA is a contract between the investor and an insurance company. The investor pays the insurer a single payment or a series of payments called premiums. In exchange for those premiums, the insurer promises to make periodic payments to you either immediately or at some point in the future.

Reuters Analyzes FINRA BrokerCheck Data to Compile List of High-risk Brokerage Firms After FINRA Fails to Disclose Said Information

June 16, 2017 | Silver Law Group

A Reuters investigation team ran a story on June 12, 2017 concerning high-risk brokers and brokerage firms and compiling a list of the firms with highest percentage of brokers with BrokerCheck disclosures.

The FINRA BrokerCheck tool allows users to search specific brokerage firms and brokers to see a variety of information such as location, ownership, outside business activities and, most importantly, FINRA disclosures.

There are a total of 23 types of incidents that might give investors concern, such as regulatory sanctions, lawsuit judgments and bankruptcies. Unfortunately, the information, while very helpful, leaves out bulk information about which brokerage firms have a higher percentage of brokers reporting these incidents.

New York-based Beech Hill Securities Broker Frank Hamrak Under Investigation Over Unsuitability Allegations

June 6, 2017 | Silver Law Group

Silver Law Group is investigating New York-based Beech Hill Securities (CRD# 24771) broker Frank Hamrak (CRD# 1385077) after a customer complaint filed against him alleging unsuitable recommendations settled.

According to Hamrak’s FINRA BrokerCheck report, a customer complaint filed in November 2016 against Hamrak settled. The complaint alleged unsuitability and settled for $127,000.

In addition to the settled complaint, Hamrak has six other disclosures on his BrokerCheck report.

Former Ameriprise Broker William B. Wyman Under Investigation Over Allegations of Selling Unapproved Investments

June 6, 2017 | Silver Law Group

Silver Law Group is investigating form Palm Bay, Florida-based Ameriprise Financial Services, Inc. (CRD# 6363) broker William B. Wyman (CRD# 4155621) after allegations that he sold away from his employing firm surface.

According to Wyman’s FINRA BrokerCheck report, FINRA barred Wyman in January 2017 after he failed to request termination of his suspension after his suspension period ended. Accordingly, FINRA automatically barred him from associating with any FINRA member in any capacity.

Wyman’s most recent BrokerCheck disclosure is a customer complaint that alleges negligence and that Wyman sold the customer an unapproved investment outside the brokerage firm. The complaint alleges almost $100,000 in damages.

Former Pennsylvania-based Raymond James Broker Under Investigation for Allegations of Accepting Undisclosed Loans From Customers

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Pennsylvania-based Raymond James Financial Services, Inc. (CRD# 6694) Jeffrey S. Ingros (CRD# 2091822) after FINRA permanently barred him.

The most recent trouble with Ingros came in February 2016 when Raymond James permitted Ingros to resign after Ingros disclosed to the firm that he accepted loans from customers without prior written approval from the firm and failed to disclose those loans on the firm’s annual compliance attestations, according to his FINRA BrokerCheck report.

Not even a month later, Ingros entered into an Acceptance, Waiver & Consent (“AWC”) consenting to sanctions and the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during its investigation into the aforementioned allegations as well as allegations that he engaged in outside business activities. FINRA permanently barred Ingros for his failure to appear.

Silver Law Group Investigates Former Law Vegas Broker Over Recent Cocaine-related Criminal Charges

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former PFS Investments Inc. (CRD# 10111) Charles Little (CRD# 2632450) for felony criminal charges involving cocaine.

According to Little’s FINRA BrokerCheck report, Little was charged with five felony criminal charges on February 19, 2015. The charges are all drug-related, including selling and trafficking cocaine.

Upon discovering the felony cocaine charges, PFS discharged Little in May 2015, according to the FINRA BrokerCheck report. When Little failed to responded to FINRA’s request for information, FINRA permanently barred Little.