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Articles Posted in FINRA Arbitration

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According to FINRA Disciplinary actions for December 2020, 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
  Katie Blando   J.P. Morgan Securities LLC
  Wells Fargo Advisors, LLC
  Thomas Marino   R.M. Stark & Co., Inc.
  J.W. Cole Financial, Inc.
  Narinder Singh   Farmers Financial Solutions, LLC
  ProEquities, Inc.

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On behalf of investors, Silver Law Group is investigating junk bonds offered by now-bankrupt Hornbeck Offshore Services. Hornbeck Offshore bonds were sold to clients when they held a D rating by Standard and Poor’s, the lowest rating possible. About Hornbeck Offshore Services Hornbeck Offshore Services calls itself a “leading provider of marine transportation services to exploration and production, oilfield service, offshore construction and military customers.” After struggling with low oil prices and significant debt, including debt sold to investors as bonds, Hornbeck filed for bankruptcy. In September, 2020 Hornbeck announced that it had emerged from Chapter 11 bankruptcy and completed a reorganization as a private company with a new board of directors. Investors in Hornbeck bonds lost their money.  On behalf of investors, Silver Law Group is investigating junk bonds offered by now-bankrupt Hornbeck Offshore Services. Hornbeck Offshore bonds were sold to clients when they held a D rating by Standard and Poor’s, the lowest rating possible.

About Hornbeck Offshore Services

Hornbeck Offshore Services calls itself a “leading provider of marine transportation services to exploration and production, oilfield service, offshore construction and military customers.” Continue reading ›

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Michael Martino (Michael Christopher Martino CRD#: 2579146) is a currently registered broker with Four Points Capital Partners LLC (CRD#: 43149) of New York, NY. His previous employers include Wedbush Securities Inc. (CRD#:877) of Tarrytown, NY, Brookstreet Securities Corporation (CRD#:14667) of White Plains, NY, and Emerson Bennett & Associates (CRD#:36171, expelled by FINRA in 2002) of Fort Lauderdale, FL. He has been in the industry since 1995. Michael Martino is the subject of eight disclosures, three of which are current customer disputes. The most recent dispute was filed on 6/26/2020, with allegations that indicate “between 2014-2017, reps provided unsuitable recommendations with unsuitable concentrations, with unreasonable commissions and failure to know their customer.”  The client requests damages of $543,163.00. Martino denies the allegations, calling them “baseless.”Michael Martino (Michael Christopher Martino CRD#: 2579146) is a currently registered broker with Four Points Capital Partners LLC (CRD#: 43149) of New York, NY. His previous employers include Wedbush Securities Inc. (CRD#:877) of Tarrytown, NY, Brookstreet Securities Corporation (CRD#:14667) of White Plains, NY, and Emerson Bennett & Associates (CRD#:36171, expelled by FINRA in 2002) of Fort Lauderdale, FL. He has been in the industry since 1995. Continue reading ›

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Silver Law GroupSilver Law Group is speaking with investors who have suffered losses investing in Northstar Financial Services (Bermuda) after their SunTrust brokers recommended the investment.  Since purchasing Northstar Financial Services investments, investors have experienced suspended monthly income payments, illiquidity and inability to surrender policies, and have lost virtually the entirety of their investments due to Northstar Financial Services’ recent collapse. Investors have alleged that their SunTrust financial advisors pitched Northstar Financial Services (Bermuda) as a safe, stable investment product comparable to a bank CD.  Allegations include that SunTrust financial advisors promised guaranteed monthly returns as well as protection of principal.  Unfortunately, this did not pan out to be true, as Northstar Financial Services (Bermuda) is on the verge of insolvency, and its owner, Greg Lindberg, has been convicted of fraud and bribery. What Is Northstar Financial Services (Bermuda) Ltd.? Northstar Financial Services offers investment and annuity products.  The company is based in Bermuda and purports to offer various benefits, including tax shelters, not available for US-based investments.  Northstar Financial Services offers a wide range of fixed-rate and variable-rate investment, insurance, and/or annuity products, including, but not limited to: Global Interest Accumulator Global Advantage Plus Series Global Advantage Select Global VIP Elite Global Index Product is speaking with investors who have suffered losses investing in Northstar Financial Services (Bermuda) after their SunTrust brokers recommended the investment. Since purchasing Northstar investments, investors have experienced suspended monthly income payments, illiquidity and inability to surrender policies, and have lost virtually the entirety of their investments due to Northstar Financial Services’ recent collapse. Continue reading ›

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Silver Law Group is investigating possible claims related to investments in a variety of investment and insurance products offered by Northstar Financial Services (Bermuda) Ltd. Some of the investments offered by Northstar Financial Services (Bermuda) include, but are not limited to: Global Interest Accumulator Global Advantage Plus Series Global Advantage Select Global VIP Elite Global Index Product Northstar Financial Services investments were sold by various financial advisors, have experienced suspension of monthly income payments, prolonged illiquidity, and have lost nearly the entirety of their value due to the recent collapse of Northstar Financial Services. Background On Northstar Financial Services (Bermuda) Ltd. Northstar Financial Services was established in the late 1990s to offer fixed-rate and variable-rate investment and annuity products while based in Bermuda, offering supposed tax benefits in comparison to—for example—certain US-based investment products.Silver Law Group is investigating possible claims related to investments in a variety of investment and insurance products offered by Northstar Financial Services (Bermuda) Ltd. Some of the investments offered by Northstar Financial Services (Bermuda) include, but are not limited to:

  • Global Interest Accumulator
  • Global Advantage Plus Series
  • Global Advantage Select
  • Global VIP Elite
  • Global Index Product

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Stanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. In 2015,Girard Securities partnered with Cetera Advisor Networks joining the Cetera platform. As part of Cetera, it is responsible for any of Girard’s liabilities. Cetera is a large network of interrelated brokerage firms all operating under the Cetera umbrella. The Utah Division of Securities notified both Secor and Cetera that the agency began an investigation into Stanley Secor’s activities while with the firm. After an on-site investigation, the agency found that Secor engaged in: Sharing in client accounts Roles in estates and trustee appointments that were undisclosed and unapproved Designation as client's beneficiary without the firm’s knowledge or approval Violation of former BD's WSPS and misrepresentation regarding the sources of funds Control and custody of client funds False statements Engaging in dishonest or unethical practicesStanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. Continue reading ›

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New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%. Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. New York City REIT (NYC) Public Listing Nontraded REITS are illiquid, which means they can’t be easily sold. However, they often pay a high dividend, and the selling brokers sometimes tell investors that a liquidity event (public listing) could happen in the future that will allow them to get their principal out. Sometimes with nontraded REITS the liquidity event doesn’t happen, as in the case of The Parking REIT, which stopped paying distributions and told investors that a liquidity event may never occur.New York City REIT Inc. (NYC) has lost significant value since its public listing in August, 2020. Managed by AR Global, a partnership led by investor Nicholas Schorsch, many investors in the REIT have seen their investment decline by as much as 80%.

Started in 2013, New York City REIT, which invests in commercial real estate in New York, was one of many nontraded real estate investment trusts (REITS) managed by AR Global and Schorsch. Continue reading ›

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Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Silver Law Group represents investors in claims to recover GPB investment losses. Contact us today at (800) 975-4345 for a no-cost consultation. GPB Capital Investments Don’t Perform For Investors GPB Capital Holdings is an alternative asset management company founded in 2013 by Scientologist David Gentile. The company raised $1.8 billion by having broker-dealers across the country sell private placement investments to retail investors. GPB said it would deliver returns to investors by buying and managing income producing companies such as car dealerships and garbage companies. The investment was illiquid, meaning it couldn’t be sold, but investors were drawn to the high dividends. Owning GPB has not gone the way investors had hoped. The attractive dividend is no longer being paid. The company is being sued by a former business partner and investors, and investigated by FINRA, the SEC, and the New York Business Integrity Commission. In November, 2019, GPB’s Chief Compliance Officer and Managing Director was criminally indicted for obstruction of justice.Gary Ginsberg (Gary David Ginsberg, CRD# 1175258) is a currently registered broker working for Ameriprise Financial Services (CRD# 6363) in New Jersey. Before working at Ameriprise, Ginsberg worked for Royal Alliance Associates (CRD# 23131) from 1992 to 2020. Gary Ginsberg has sold his customers private placement investments in GPB Capital, which has been accused of being a Ponzi Scheme. Continue reading ›

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PIABA is the Public Investors Advocate Bar Association, a bar association of some of the best securities litigation lawyers in the country who represent investors in claims for investment fraud, stockbroker misconduct, and Ponzi schemes. Scott Silver, Silver Law Group’s managing partner, is a proud member of PIABA since 2002. Scott routinely presents on various issues of stockbroker misconduct at the annual meeting and delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas. Silver Law Group also published a securities arbitration primer in Trial magazine. PIABA Name Change Reflects Changing Securities Landscape Traditionally, many cases of investment fraud were against stockbrokers working at major Wall Street brokerage firms and involved FINRA arbitration. Over the years, Scott has represented investors in claims against stockbrokers for churning, unsuitable recommendations, theft, failure to supervise, Ponzi schemes, and many other claims.PIABA is the Public Investors Advocate Bar Association, a bar association of some of the best securities litigation lawyers in the country who represent investors in claims for investment fraud, stockbroker misconduct, and Ponzi schemes.

Scott Silver, Silver Law Group’s managing partner, is a proud member of PIABA since 2002. Scott routinely presents on various issues of stockbroker misconduct at the annual meeting and delivered a presentation on variable annuity fraud at the 28th PIABA annual meeting in Austin, Texas. Silver Law Group also published a securities arbitration primer in Trial magazine. Continue reading ›

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“FINRA Office of Dispute Resolution” (a/k/a ODR or DR) has changed its name to “FINRA Dispute Resolution Services”. A newsletter from FINRA says the name change “highlights our focus on customer service and helps distinguish FINRA Dispute Resolution Services from FINRA Enforcement for our external stakeholders, lawmakers and the media. The name change also highlights our unique functions and speaks to our role as a neutral administrator of FINRA’s arbitration and mediation forum.” Richard Berry, FINRA’s Executive Vice President and Director of Dispute Resolution, says the name change represents that his office administers disputes, rather than resolves them. FINRA, the Financial Industry Regulatory Authority, is a government-authorized non-profit organization that works under the Securities and Exchange Commission (SEC) to protect investors and ensure market integrity. Authorized by Congress, FINRA oversees over 4,200 broker-dealers and more than 624,000 brokers.“FINRA Office of Dispute Resolution” (a/k/a ODR or DR) has changed its name to “FINRA Dispute Resolution Services”. A newsletter from FINRA says the name change “highlights our focus on customer service and helps distinguish FINRA Dispute Resolution Services from FINRA Enforcement for our external stakeholders, lawmakers and the media. The name change also highlights our unique functions and speaks to our role as a neutral administrator of FINRA’s arbitration and mediation forum.” Continue reading ›

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