FINRA Arbitration

Atul Makharia Customer Disputes Allege Unsuitability

December 28, 2018 | Silver Law Group

Atul Makharia (CRD #5070762) is a registered broker currently employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC. Makharia’s previous employers are J.P. Turner & Company, L.L.C. (CRD #43177), Gunnallen Financial, Inc. (CRD #17609), and First Allied Securities, Inc. (CRD #32444), also of Lexington, SC. Makharia has been in the industry since 2006.

Broker-Ricardo-Broome-Permanently-Barred-From-FINRA-300x200-300x200 There are three disclosures in Makharia’s FINRA record. Two nearly identical customer disputes were filed on 11/8/018 and 10/15/2018. Both allege “unsuitability,” and one describes but doesn’t include “several other allegations associated therewith.” Makharia denies allegations in both disputes. Both disputes are currently pending.

A third customer dispute, filed on 1/31/2017 with the state of South Carolina, alleges that Makharia sold the customer a CD but failed to provide a prospectus. The client requested damages of $20,000. After an investigation provided the required information to the state, the claim was closed with no further actions.

Broker Ricky Mantei Subject To Allegations Of Unsuitability

December 28, 2018 | Silver Law Group

Ricky Allen Mantei (CRD #1098981, aka “Ricky Allen Mantel”) is a registered broker currently employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC. His previous employers include J.P. Turner & Company, L.L.C. (CRD #43177), Gunnallen Financial, Inc. (CRD #17609), First Allied Securities, Inc. (CRD #32444), also of Lexington, SC.

FINRA-Orders-Interactive-Brokers-LLC-to-Pay-Hedge-Fund-667000-1024x1024-300x300 Mantei is the subject of eight disclosures, three of which are currently pending customer disputes, all with the allegations of “unsuitability.” The most recent were filed on 10/25/2018 and 9/28/2018, with requested damages totaling $268,238.

The third customer dispute, filed on 5/21/2018, is from by the daughter of a deceased client. In this case, a registered representative under Mantei recommended “unsuitable investments” which resulted in a loss upon liquidation. The damages requested total $100,000. Mantei states in his rebuttal that he was acting in his capacity as Branch Manager for the Office of Supervisory Jurisdiction where the RR was assigned, there was a survivorship option involved, and denies the allegations.

Silver Law Group Client Wins FINRA Arbitration Award Against Texas Oil Broker-Dealer Including $1,000,000.00 in Punitive Damages

December 28, 2018 | Silver Law Group

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Silver Law Group represented the Claimant in a FINRA arbitration claim against Texas E&P Partner, Inc. and Mark Plummer. Scott Silver, managing partner of Silver Law Group, a leading securities and investment fraud law firm, said “the Award is significant because we have seen a rise in cases involving private placements and alternative investments and we are grateful that the FINRA Panel recognized the damage caused by Respondent.

The securities arbitration claim alleged that Respondents sold a Reg D private placement to the Claimant without disclosing all of the risks and the investment was unsuitable. The FINRA Statement of Claim further alleged that the Respondents charged excess commissions or markups. Significantly, the FINRA Arbitration Panel found that Respondents are jointly and severally liable for and shall pay to Claimant the sum of $1,000,000.00 in punitive damages pursuant to Mastrobuono v. Shearson Lehman Hutton, Inc., 514 U.S. 52, 64 (1995).

If you’ve lost money investing in unsuitable private placements or Reg “D” offerings, you may be able to recover your investment losses. We take cases on a contingency fee basis, meaning you pay nothing unless we recover. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.

Three Customer Disputes Filed Against Robert Abramowitz

December 13, 2018 | Silver Law Group

Robert Abramowitz (CRD #4437589) is a currently registered broker and investment advisor employed with National Securities Corporation (CRD #7569) of Melville, NY. Previous employers include Oppenheimer & Co. Inc. (CRD #249) of Jericho, NY, Raymond James Financial Services, Inc. (CRD #6694) of Garden City, NY, and Wells Fargo Advisors, LLC (CRD #19616) of Great Neck, NY. He has been in the industry since 2001.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Abramowitz has three disclosures in his record, all customer disputes. The most recent, on 7/30/2018, alleges “breach of contract, negligence, unsuitability, breach of fiduciary duty.” The client is requesting damages of $100,000. No additional information is available.

A previous customer dispute was filed on 3/28/2018, alleging that from 7/26/2011 – 4/11/2016, her investment objectives and risk tolerance were incorrectly state on her new account documentation. Additionally, the client alleged that her investments were unsuitable and were “misrepresented to her.” The client requested damages of $149,236.86, and the firm settled for $75,000.

Silver Law Group and the Law Firm of David R. Chase Files a Second FINRA Arbitration Claim Against Independent Financial Group Concerning Selling Away Claims

November 30, 2018 | Silver Law Group

What-Keeps-a-Ponzi-Scheme-Running-300x200 Silver Law Group and The Law Firm of David R. Chase have filed their second FINRA arbitration claim against Independent Financial Group alleging its broker recommended the services of an individual who was running a Ponzi scheme.

According to the securities arbitration complaint, the Claimant’s elderly father became a client of Independent Financial Group and its broker, Jon Pariser (CRD# 2755015), after meeting him at a gathering hosted by a fraternal order both were affiliated with.

In or around June 2017, Pariser informed the Claimant that he was retiring. Pariser then allegedly recommended to Claimant Christopher A. Parris, an individual who had been unlicensed for over a decade, as a trustworthy and skilled professional. According to the Statement of Claim, this fact was not disclosed by either Pariser or Independent Financial Group.

Silver Law Group Files Securities Arbitration Claim Against Voya Financial Advisors and IFS Securities Regarding James Flynn

November 29, 2018 | Silver Law Group

Silver Law Group has filed a FINRA arbitration claim against IFS Securities and Voya Financial Advisors, Inc., two firms that employed Greenville, South Carolina-based broker James T. Flynn (CRD# 3082615).

In the securities arbitration complaint, the Claimant alleges that she entrusted Flynn with a significant amount of money to manage while he was employed with Voya Financial Advisors and IFS Securities. According to the complaint, Flynn then proceeded to recommend significant positions in illiquid investments and non-traded REITs, including a Phillips Edison REIT and a business development corporation (BDA) called Business Development Corporation of America.

Flynn proceeded to recommend, according to the FINRA arbitration complaint, the Claimant invest a significant amount of money in these investments. Claimant alleges Flynn made these recommendations solely due to the significant fees and commissions he would earn selling these products. Due to these unsuitable recommendations and IFS Securities and Voya Financial Advisors’ failure to supervise Flynn, Claimant allegedly lost a significant amount of money.

Broker Dominick Diorio Charged With Unauthorized Trading

November 21, 2018 | Silver Law Group

Dominick Joseph Diorio, Jr. (CRD #2447817) is a registered broker currently employed with Aegis Capital Corp. (CRD #15007) of Melville, NY. He was previously employed with Global Arena Capital Corp (CRD #16871) of New York, NY, Prestige Financial Center, Inc. (CRD #30407), also of Melville, and S.W. Bach & Company (CRD #43522), of Port Washington, NY. Five of his previous employers have been expelled by FINRA. He has been in the industry since 1995.

Be on the Lookout: 3 Common Signs of an Investment Scam on elderfinancialfraudattorneys.com Diorio is the subject of four disclosures, the most recent filed on 2/12/2018. In it, the client alleges “unauthorized trading and unsuitable investment recommendations,” and requests damages of $769,690.00. Diorio steadfastly denies the charges. This case is currently pending.

A previous customer dispute filed on 9/29/2017 has similar allegations of an “unsuitable investment strategy” during the period of December 2012 through July of 2017. Diorio also denies the allegations, and explained reasons why the case wasn’t valid including the investment savvy of the customer. On the advice of counsel, Diorio and the firm settled this claim for a total of $837,500.00 instead of risking higher damages and expenses on a hearing and possibly a trial.

Craig Bonn Subject Of Excessive Trading Allegations

November 21, 2018 | Silver Law Group

Craig Aaron Bonn (CRD #2280460) is a currently registered FINRA broker employed with National Securities Corporation (CRD #7569) of New York, NY. He was previously registered with Laidlaw & Company (UK) LTD. (CRD #119037) and Sands Brothers & Co., LTD. (CRD #26816), both also of New York, NY. He has been in the industry since 1993.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Bonn is currently the subject of a customer dispute filed on 8/29/2018 that alleges unsuitability and excessive trading from 2008 through 2016. The client has requested damages of $228,128.47. Bonn denies the claims of wrongdoing made in this dispute.

Previously, Bonn was accused of making “unsuitable recommendations” for a client from 2006 through 2012 in a dispute filed on 1/17/2014. The client requested $800,000 in damages, and the firm settled for $325,000. Bonn was “dismissed and discharged” from this case, and the company settled without any input or contribution from him.

Investment Center Broker Accused of Stealing $300K from Elderly Client

September 26, 2018 | Silver Law Group

Leon Vaccarelli allegedly defrauded a total of nine clients out of more than $1 million

In May, former financial advisor Leon Vaccarelli was charged with 12 counts of fraud and money laundering in a federal court in Connecticut. If convicted on all of them, he could receive a maximum penalty of 210 years in prison. After pleading not guilty, Vaccarelli was released on a $100,000 bond.

Vaccarelli is alleged to have stolen money from several clients between 2011 and 2017. During that time, he reportedly informed his clients that their money would be invested in different places, including money market accounts and retirement products. What Vaccarelli actually did, according to investigators, was put the money into his own account and use it to pay his own expenses. In addition, federal prosecutors also say that he also used client money to make interest payments to other investors.

FINRA Bars Broker William Downing, Allegations of $1M Excess Trading

September 13, 2018 | Silver Law Group

William Downing (CRD #1529382) is a former registered broker and investment advisor who was last registered with Coastal Equities, Inc. (CRD #23769) of Wimberly, TX. He was previously employed with J.W. Cole Financial, Inc. (CRD #124583), also of Wimberly, as well as Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) and Wells Fargo Advisors, LLC (CRD #19616), both of Austin, TX. No current employment information is available. He began in the industry in 1986.

FINRA barred Downing after he failed to respond to a request for information. He was previously suspended, but did not respond to request termination of his suspension within the three-month time frame. He was indefinitely barred on 08/20/2018. No additional information is available.

Boca-Raton-Oppenheimer-Employees-Settle-SEC-Investigation-300x208 Downing is also the subject of a customer dispute, filed on 07/05/2018. In it, the client alleges that Downing “between 2013 and 2018. . .excessively traded client’s account.” Requested damages are $1M, but no additional details are available. It is not known if this case is related to the FINRA action that let to Downing ultimately being barred indefinitely.