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Articles Posted in FINRA Arbitration

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According to FINRA Disciplinary actions for June 2024, 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
  Gerald Cocuzzo   Newbridge Securities Corporation
  IAA Financial LLC
  Kevin Hobbs   PFS Investments Inc.
  James Myers   NYLife Securities LLC
  Kenneth Schaefer   Ameriprise Financial Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

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Michael Archimede (CRD# 5701306) is a former registered broker and investment advisor previously employed with PFS Investments Inc. (CRD# 10111) of Waukesha, WI  He has been in the industry since 2010. On 11/9/2023, a customer filed a dispute alleging that Archimede borrowed money and failed to repay the loan, requesting damages of $52,482.12. This claim is currently listed as “pending.” On 12/31/2023, PFS Investments terminated Archimede’s employment for failing to renew his securities licenses. However, during an internal review, Archimede admitted that he had borrowed money from a customer. On January 10, 2024, PFS updated the Form U5 filing to show that he was permitted to resign while under review for allegedly initiating a customer loan. FINRA initiated a review based on the Form U5 issued by PFS Investments following his separation from their employment.Michael Archimede (CRD# 5701306) is a former registered broker and investment advisor previously employed with PFS Investments Inc. (CRD# 10111) of Waukesha, WI  He has been in the industry since 2010.

On 11/9/2023, a customer filed a dispute alleging that Archimede borrowed money and failed to repay the loan, requesting damages of $52,482.12. This claim is currently listed as “pending.” Continue reading ›

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Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients. "Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy," Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. The firm in question is E1 Asset Management (CRD# 46872) of Jersey City, NJ. In the arbitration, the client requested $4 million in damages. Three FINRA arbitrators awarded the client compensatory damages of $1.6 million, interest of $578,000, and legal fees of $420,000, for a total of $2,598,000.Silver Law Group’s founder, attorney Scott Silver, recently spoke with Investment News about two brokers who filed for bankruptcy after a FINRA arbitration awarded money to one of their former clients.

“Another schlocky broker-dealer gets hit with an arbitration award and the owner and everyone else declare bankruptcy,” Mr. Silver told Investment News. Mr. Silver is also representing another client whose account was churned by the same firm. Continue reading ›

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“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Mr. Silver continued, “The question is why anyone would recommend this product to a client. This case is not about the customer, it’s about the product. The arbitrators appear shocked to hear billions of dollars of this stuff is sold.” These investments were never suitable for individual investors, but that didn’t stop brokers and broker-dealers from selling them. In the continuing fallout over L-Bonds, investors have been filing FINRA arbitration claims against the broker-dealers who sold the L-Bonds to them. FINRA arbitrator Richard Kent Mahrle commented that based on the company’s shaky financial situation, L-Bonds were “not a suitable investment for the [client,] or perhaps anyone.”

In an article in Investment News, Silver Law Group founder Scott Silver weighed in on a FINRA arbitration action involving a broker-dealer and financial advisor who sold a client GWG Holdings’ illiquid L-Bonds.

“The arbitrators in these FINRA claims over the past decade have been seeing cases around product suitability for the clients,” Scott said. “A lot of them involve these illiquid alternative investments like GWG bonds.” Continue reading ›

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According to FINRA Disciplinary actions for March 2024, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
Kwame Adusei Morgan Stanley
J.P. Morgan Securities LLC
Brittany Anderson
Gianluca De Berardinis Morgan Stanley
Quad Capital, LLC
Brian Hall
Monu Joseph Rosenblatt Securities Inc.
CIBC World Markets Corp.
Sylviah Kemunto
Sebastian Puznowski Equitable Advisors, LLC
AXA Advisors LLC
Carlos Ramirez Citizens Securities, Inc.
Key Investment Services LLC
Shaquane Smith-Thompson J.P. Morgan Securities LLC
Quintosha Thomas

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Los bufetes de abogados Silver Law Group y David R. Chase P.A. han recuperado millones de dólares para los inversores de Northstar Bermuda en los Estados Unidos y en el extranjero, y recientemente presentaron una reclamación para recuperar una inversión de 2 millones de dólares en nombre de un cliente. Las firmas han formado una alianza estratégica para representar a los inversionistas de Northstar Financial Services (Bermudas) en reclamos contra los corredores de bolsa que les vendieron la inversión. Si invirtió en Northstar Financial Services (Bermudas), comuníquese con nosotros de inmediato al (800) 975-4345 para una consulta confidencial sin costo para analizar cómo podemos ayudarlo a recuperar sus pérdidas. Representamos a los inversores en base a honorarios de contingencia, por lo que no cuesta nada contratarnos. Northstar Financial Services (Bermuda) se vendió solo a inversionistas fuera de los EE. UU. y se suponía que proporcionaría ciertos beneficios, como refugios fiscales, que no estaban disponibles para los inversionistas estadounidenses. Asesores financieros y corredores de bolsa de todo Estados Unidos, incluidos Suntrust/Truist, Cetera Investment Services, Ocean Financial Services y Bankoh Investment Services, vendieron productos de Northstar Bermuda.Los bufetes de abogados Silver Law Group y David R. Chase P.A. han recuperado millones de dólares para los inversores de Northstar Bermuda en los Estados Unidos y en el extranjero, y recientemente presentaron una reclamación para recuperar una inversión de 2 millones de dólares en nombre de un cliente. Las firmas han formado una alianza estratégica para representar a los inversionistas de Northstar Financial Services (Bermudas) en reclamos contra los corredores de bolsa que les vendieron la inversión. Continue reading ›

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Silver Law Group founder and managing partner Scott Silver has been featured in an article on Investment News’ website where he discusses FINRA’s increased scrutiny of brokers and investment advisors who recommended and sold high-risk private placements and other investments from Dallas-based GPB Private Holdings. Scott has been working with some of GPB’s investors to help recoup some of the lost funds. “From my clients’ perspective, it’s frustrating to see FINRA charging brokers after the nail is in the coffin of their portfolios due to speculative, overconcentrated positions in risky alternatives,” Mr. Silver said. “In this day and age, it’s not hard to track brokers doing this kind of behavior that could be prohibited at time of sale. And it gives the investor no solace to see this kind of slap on the wrist years after the fact.” The focus on individual brokers who sold GPB may be too little, too late. One of Silver Law Group’s clients is a 67-year-old person who made an investment of $50,000 into one of GPB’s private placements in June of 2015. Despite the requirement that private placements should only be sold to investors with a specific net worth or annual income, or shown to be an accredited wealth investor, this investor was sold a private placement anyway.Silver Law Group founder and managing partner Scott Silver has been featured in an article on Investment News’ website where he discusses FINRA’s increased scrutiny of brokers and investment advisors who recommended and sold high-risk private placements and other investments from Dallas-based GPB Private Holdings. Continue reading ›

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Silver Law Group is pleased to announce that it has won a FINRA arbitration award on behalf of two Boston, Massachusetts investors against AGES Financial Services. The investors sought legal representation after suffering substantial losses investing in GWG, a company which claimed to profit from investing in life insurance policies but has declared bankruptcy amidst massive losses. Between 2018 and 2019, AGES recommended the investors make multiple purchases of GWG L Bonds, which ultimately collapsed when GWG entered bankruptcy in 2022. Investors are expected to suffer substantial principal losses with little chance of a meaningful recovery from the GWG bankruptcy. Silver Law Group represents investors throughout the United States in similar claims relating to GWG L Bonds, which were predominantly sold by small or regional broker-dealers. Silver Law Group is pleased to announce that it has won a FINRA arbitration award on behalf of two Boston, Massachusetts investors against AGES Financial Services. The investors sought legal representation after suffering substantial losses investing in GWG, a company which claimed to profit from investing in life insurance policies but has declared bankruptcy amidst massive losses. Continue reading ›

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According to FINRA Disciplinary actions for October 2023, 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
  Carl Birkelbach   Birkelbach Investment Securities, Inc.
  Ronald Diaz   Morgan Stanley
  J.P. Morgan Securities LLC
  Albert Foronda   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Jorge Baquero   Spartan Capital Securities, LLC
  Eduardo Martinez   National Securities Corporation
  PHX Financial, Inc.

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