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Articles Posted in FINRA Arbitration

Barry Garapedian (CRD #1039251) is a currently registered broker employed by Morgan Stanley (CRD #149777) of Westlake Village, CA. He has been with Morgan Stanley since 2009. He was previously employed by Citigroup Global Markets Inc. (CRD #7059), Lehman Brothers, Inc. (CRD #7506) and E. F. Hutton & Company, Inc. (CRD #235) He has been in the industry since 1982.

https://www.silverlaw.com/blog/wp-content/uploads/2017/07/Massachusetts-based-Broker-Jeffrey-B.-Pierce-Permanently-Barred-by-FINRA-300x200.jpgGarapedian has been the subject of three FINRA customer disputes in 2018, all with similar allegations of “unsuitability.” The first one, on 3/20/2018 was denied. The second was filed on 03/22/2018 and involves the period 2013 to 2015, and is listed as “pending.” The third claim, filed on 04/01/18, requests damages of $713,000.00. Garapedian’s statement denies the allegations, and maintains that everything was discussed with the customer prior to any transactions, and the investments recommended were suitable for the client. This claim is also listed as “pending.”

One claim was also filed in 2017, alleging the same “unsuitablility,” and was closed with no action.

Broker-Ricardo-Broome-Permanently-Barred-From-FINRA-300x200Thomas Murray (CRD #721725) has received a securities arbitration claim according to the Financial Industry Regulatory Authority (FINRA) CRD system.

Thomas Murray has been registered with FSC Securities Corporation in Hartsdale, New York since 2009. Previous registrations include Advantage Capital Corporation in Hartsdale, New York (2007-2009; 1983-2007) and First Investors Corporation (1981-1983).

Murray is the subject of a pending customer complaint as shown in his BrokerCheck report relating to the sale of oil and gas investments.

John Bryant (CRD #3202048) was recently discharged by Wells Fargo over concerns about similar trading strategies in multiple customer accounts and has received a customer dispute according to publicly available records published by the Financial Industry Regulatory Authority (FINRA).

John Bryant has been registered with American Portfolios Financial Services in Clifton Park, New York since March 2018. Previous registrations include Wells Fargo Clearing Services in Albany, New York (2012-2018); UBS Financial Services in Albany, New York (2006-2012); and Mercer Allied Company in Albany, New York (1999-2006).

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Bryant has received one customer complaint and was discharged by Wells Fargo in connection with suspicious trading patterns as shown on his BrokerCheck report.

Here’s what you need to do now

Elder financial fraud continues to be a lucrative scheme in America, which is why seniors and their loved ones always need to keep their guard up. We have previously discussed how to spot fraud and what some financial institutions are doing to prevent it, and this piece serves as a guide on what to do about the fraud that has occurred.

Victims, their family members, or caregivers should follow these steps to help limit the damage:

Silver Law Group attorneys have won an award against Curtis D. Milakovich, formerly of Kovack Securities Inc. on behalf of our clients through FINRA arbitration.

FINRA Awards Our Clients Damages Due to Curtis D. Milakovich’s Misconduct

FINRA-300x202On December 22, 2017, the Financial Industry Regulatory Authority (“FINRA”) awarded our clients $164,000 due to Milakovich’s misconduct, including unsuitable recommendations, unauthorized trading, negligence, breach of fiduciary duty, and churning.

Our firm has won a $1.5 million FINRA arbitration award against a Texas-based brokerage firm that sold private placements in an oil and gas business venture to our client. The FINRA arbitration award included a significant million dollars in punitive damages. Silver Law Group continues to represent other investors in failed private placements or Reg D offerings.

Our Client Loses a Significant Amount of Money in an Oil and Gas Private Placement

According to the FINRA statement of claim, a broker of the Texas-based brokerage firm first met with our client and convinced him to fly to Texas for the investment pitch. Our client then met with the CEO of the brokerage firm and pitched the investment to our client. The investment proceeds would allegedly by used to drill oil wells for oil production.  The CEO of the brokerage firm promised great returns on the investment within six months. Our client was convinced and invested approximately $521,000 – almost all of his life savings.

Retirement planning firm owner allegedly paid for lavish living expenses and more with elderly investors’ money

It has happened again. The Securities Exchange Commission (SEC) has uncovered yet another alleged Ponzi scheme targeting the most vulnerable of investors: the elderly. Clifton Stanley of Galveston, Texas is accused of cheating his elderly investors – those in their eighties and nineties – out of $3.8 million dollars in two related scams.

The first alleged scheme: PONZI

Vicente Davila has spent eight years in the securities industry and was most recently registered with Morgan Stanley in Houston, Texas (2016 – 2018). Previous registrations include Merrill Lynch and Barclays Capital.

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) state that former Texas-based Morgan Stanley broker/adviser Vicente Davila, who has received a customer dispute, was discharged from Morgan Stanley in connection to alleged rule violations and is currently not affiliated with any broker-dealer firm.

According to his BrokerCheck report, he has received one customer complaint and was discharged from his former employer in connection to alleged rule violations.

Alan New has been registered with NYLife Securities LLC in Fort Wayne, IN from 2004 to August 2016.

According to his BrokerCheck Report, New has been the subject of five customer complaints in 2018.

April 2018. “Plaintiff alleges that material facts and the risks associated with an unregistered investment purchased in Woodbridge Mortgage Investment Fund in December 2013 were not disclosed. Claimant seeks recovery of damages in the amount of at least $400,000.00.” The customer is seeking $400,000 in damages and the case is currently pending.

Frank Dietrich was registered with Quest Capital Strategies, Inc. in Lake Forest, California from March 2013 to April 2018, when he was terminated regarding, “Failure to fully disclose outside business activities and sale of unapproved product.”  Dietrich sold Woodbridge notes to multiple investors.

Dietrich has been the subject of six customer complaints between 2013 and 2018, according to his CRD report.  The complaints include:

April 2018: Client states that she purchased a Woodbridge Wealth Promissory Note through Frank Dietrich in January of 2017, outside of Quest Capital Strategies. The customer is seeking $200,000 in damages and the case is currently pending.

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