FINRA Arbitration

National Securities Corporation: Frequent Customer Disputes with FINRA

September 12, 2018 | Silver Law Group

How the company has violated or been accused of violating FINRA regulations

It is always important for investors to have a good understanding of the financial professionals they work with. Before handing over money to anyone, brokers should be vetted properly. This is why the Financial Industry Regulatory Authority (FINRA) created its BrokerCheck reports.

Not only do these provide good information on where brokers are licensed and their work histories, but they also reveal customer disputes, discharges, and alleged improper activity. But these reports don’t just cover brokers – they also include their member firms.

James Edward Knee

September 11, 2018 | Silver Law Group

James Edward Knee (CRD #1852920) is a former registered broker and investment advisor who was last employed with Voya Financial Advisors, Inc. (CRD #2882) of Concord, NH. He was previously employed by Ameriprise Financial Services, Inc. (CRD #6363), Investors Capital Corp. (CRD #30613) and Cambridge Investment Research, Inc. (CRD #39543), all of Concord. He has been in the industry since 1988.

Knee is the subject of nine disclosures. One is regarding his discharge from Voya Financial Advisors, one is an unknown pending investigation in the state of New Hampshire, and one is a regulatory action initiated by FINRA. Of the six customer disputes, three were denied and three were settled.

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-300x200-300x200 FINRA barred Knee on 05/18/2018 after he refused to appear for on-the-record testimony. He was the subject of allegations of funds misappropriation during his tenures with both Voya and Ameriprise. After signing an Acceptance, Waiver & Consent (AWC) letter, Knee was indefinitely barred in all capacities.

Securities Arbitration Lawyer v. a Non-Attorney Representative?

September 11, 2018 | Silver Law Group

If you’ve been investing for even a short while, you may have been contacted by someone claiming that you were “cheated” out of money or otherwise wronged by your broker. This company can help you get your money back that you are rightfully entitled to, they say.

Non-attorney representatives have been the subject of numerous recent news stories about how they fail to adequately represent investors in arbitration.

If you were to work with a law firm like Silver Law Group, you would be entering into a payment agreement commonly known as a “contingency fee arrangement.” In other words, your legal fee would be contingent on representing you, and winning your case. You would generally have no out-of-pocket expenses. A percentage of your settlement would be the fee you pay for the work on your case.

FINRA Bars Broker Herbert Voss, Jr. After Allegations of Unauthorized Trading

September 5, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Herbert Voss, Jr. (CRD #1014475) is a previously registered broker and investment advisor, whose was last registered with StockCross Financial Services, Inc. (CRD #6670) of Beverly Hills, CA. His previous employers include UBS Financial Services Inc. (CRD #8174), also of Beverly Hills, and Waterhouse Securities, Inc. (CRD #7870). No current employment information is available. He has been in the industry since 1982.

FINRA began investigating Voss after allegations that he engaged in unauthorized trading in a customer’s account. After FINRA sent Voss a letter on 4/25/2018 requesting on-the-record testimony in the investigation, his counsel responded that Voss declined the request to testify at any time. Voss was then barred in all capacities by FINRA from associating with any associated brokerage, effective 5/23/2018. StockCross then discharged Voss from his employment.

Voss’ most recent customer complaint was filed on 12/15/2017, alleging “Poor Performance, Fiduciary Breach and Failure to Supervise.” Damages requested total $550,000. Voss’ response was that the facts are being discussed by counsel for both parties. The case is currently listed as “pending.”

FINRA Bars Former Raymond James Broker Stephen Murray After Allegations, Tax Lien

September 5, 2018 | Silver Law Group

Stephen Allen Murray (CRD #343722) is a former registered broker and investment advisor who was last employed by Raymond James & Associates, Inc. (CRD #705) of Palm Beach Gardens, FL. He was previously employed by Morgan Keegan & Company, Inc. (CRD #4161) of Jupiter, FL and First Financial Equity Corporation (CRD #16507) of Scottsdale, AZ. No current employment information is available. He began in the industry since 1973.

Murray is the subject of 10 different disclosures, dating back to 1982. The most recent, a regulatory action, occurred after he failed to respond to a FINRA request for information. Three letters were issued regarding the suspension, and Murray did not respond to any of them. He became permanently barred from associating with any FINRA representative as of 8/7/2018. No additional information is available.

The next disclosure was filed on 05/26/2017, a customer dispute alleging “churning, unauthorized trading; negligence, violation of FINRA rules . . .breach of contract, and breach of fiduciary duty. Activity date is: 6/2010 thru 4/2017.” The customer requested damages of $100,000, and the case was settled for $60,000.

FINRA Bars Broker Meaghan Johnson After Allegations in Eight Customer Complaints Totaling $1.3M in Damages

September 5, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Former broker and investment advisor Meaghan Marie Johnson (CRD #5754123) has been barred by FINRA after customers filed eight complaints in 2017. She was previously employed by Northwestern Mutual Investment Services, LLC (CRD #2881) of McLean, VA, and briefly by Signator Investors, Inc. (CRD #468) of Vienna, VA. She resigned from Northwestern on 01/19/2017, and began as a registered representative in the financial industry in 2010.

Johnson was, at the time of her resignation, under an internal review by Northwestern after client complaints filed towards her colleague. Multiple allegations of client signature forgery brought questions of Johnson’s potential for involvement in the same actions. The eight customer complaints were filed after Johnson left the firm. The total amount of these eight complaints is $1,314,616.13.

FINRA sent two requests to Johnson for documents and related information, but she did not comply and failed to provide the requested information. FINRA later sent a request to Johnson to appear in a hearing for on-the-record testimony on April 13, 2018. On April 12, 2018, Johnson refused, informing FINRA staff that she would not appear for testimony on the requested date, nor in the future.

Some of National Securities Corporation’s FINRA-Reported Brokers

September 5, 2018 | Silver Law Group

These four brokers have been accused of numerous infractions

National Securities Corporation has been operating for decades and has offices and brokers all over the U.S. Unfortunately, however, a significant percentage of their brokers have been involved in numerous customer complaints. Here are just a few examples of how National Securities employees have allegedly violated FINRA rules:

James Eichner

FINRA Bans Broker Ramon Herrera

August 31, 2018 | Silver Law Group

Ramon Arturo Herrera (CRD #6021170) is a former registered broker and investment advisor, barred by FINRA. His last registered employer was Wells Fargo Clearing Services, LLC (CRD #19616) of Union City, NJ.

A customer dispute was filed by a client’s POA on 01/13/2018. The POA alleged that from 04/17/2018 through 11/17/2018, one of two financial advisors assigned to her conducted excess trading and made and an unauthorized withdrawal of $75,010 from her personal savings account. The FA in question was not named in the complaint. The case was settled for $105,000.

The next customer dispute was filed on 04/04/2018, alleging that Herrera withdrew funds from multiple client accounts without their permission. That case is pending, and the requested damages total $20,000.

Bradley Tennison Discharged and Barred By FINRA After Selling Away Allegations

August 29, 2018 | Silver Law Group

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200 Bradley Joseph Tennison (CRD #1561988) is a former registered broker and investment advisor who has recently been barred by FINRA. He was last registered with Genos Wealth Management of Mesa, AZ. He was previously employed with Oberlin Financial Corp. (CRD #103717) of Bryan, OH, First Allied Securities, Inc. (CRD #32444) of San Diego, CA, and D.E. Frey & Company, Inc. (CRD #23595) of Denver, CO. No current employment information is available. He has been in the industry since 1989.

Tennison has six disclosures, three of which are related to a client dispute that is currently pending. On 4/24/2018, a former firm client contacted Genos Wealth with a written complaint requesting assistance with a $300,000 investment Tennison recommended, called “The Joseph Project.” The letter alleges no statements were ever issued, and she was unsuccessful in getting her capital back or any of the promised returns. The client was told by Tennison that it was a 12 month “investment” with a 5% enhancement. She wired the $300K from her bank directly to where Tennison instructed her.

Upon examination, it was discovered that this “investment opportunity” was not something recommended or offered by the firm, and there were no records available. Tennison was “minimally responsive” to the firm’s request for information. On 4/25/2018, Genos Wealth discharged Tennison after he admitted that the former client’s money was wired to a third party that wasn’t investment related.

Senior Citizens in Florida Reportedly Scammed into Investing in Fake Fish Farm

August 29, 2018 | Silver Law Group

Several older investors reportedly fell victim to the scam, including a former police officer

From 2013 to 2014, several senior citizens living in South Florida invested over $400,000 in Blue Ocean Farm, a fish farm company. Three purported financial professionals reportedly solicited funds for the farm – Rebecca Gonzalez and Matthew Braun of Boca Raton and Michael Creamer of St. Petersburg. There was just one problem: the Florida Department of Law Enforcement says that the company was completely bogus.

The scheme was allegedly spearheaded by Gonzalez, and now she, Braun, and Creamer are facing several charges, including fraud, selling unregistered securities, and the sale of securities by an unregistered person. The trio reportedly targeted six older investors, all of which handed over thousands of dollars.