Articles Posted in FINRA Arbitration

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently

February 17, 2017 | Silver Law Group

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently on silverlaw.com

The broker had been accused of making unsuitable recommendations

Michael Inderlied is no longer allowed to work in any capacity as a broker that sells securities to the public. This order came down from the Financial Industry Regulatory Authority (FINRA) in September of 2016 after Inderlied failed to appear for an on-the-record testimony regarding allegations of unsuitable recommendations.

Inderlied began his career in 1991 and worked for 10 firms over a 24-year span, including and most recently:

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker

February 17, 2017 | Silver Law Group

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker on silverlaw.com

Prospera Financial Services, Inc. broker failed to respond to FINRA requests for information, resulting in a permanent ban from the industry

After 22 years in the securities industry, practicing both as a broker and an investment adviser, Rhonda Matthews’ securities career is over. According to the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report on Matthews, she allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA’s request to provide information concerning the status of compliance.

Prior to her employment as a broker with Prospera Financial Services, Inc. from June 2013 to December 2015, Matthews was employed by Wells Fargo Advisors Financial Network, LLC in Austin, TX from January 2010 to June 2013. Matthews was discharged by Wells Fargo Advisors Financial Network for allegedly failing to follow firm policy regarding contacting customers prior to each trade.

Clouded by Allegations, FELTL & Company Broker Lance Ziesemer is Permanently Barred by FINRA

February 17, 2017 | Silver Law Group

Clouded by Allegations, FELTL & Company Broker Lance Ziesemer is Permanently Barred by FINRA on silverlaw.com

Ziesemer’s 22-year career ends with numerous customer disputes and damages requested against him of almost $2M

Wayzata, MN broker Lance Ziesemer began facing customer complaints in May 2007 when the first registered complaint against him showed up on his BrokerCheck report. Ziesemer had just started his employment with FELTL & Company when a customer lodged a complaint alleging unauthorized trading, unsuitability, and inappropriate margin use during the time period of February 1998 and April 2000. In this case, the requested damages equaled just over $102,000.

In November 2008, it is reported that Ziesemer settled away with two customers in an attempt to prevent them from filing a claim, resulting in a Financial Regulatory Authority (FINRA) action against the broker requiring a 20-day suspension and $5,000 Civil and Administrative Penalty/Fine.

Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired

January 31, 2017 | Silver Law Group

Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired on silverlaw.com

The Florida broker has been charged with numerous violations over the past three years

The Financial Industry Regulatory Authority (FINRA) recently suspended broker Paul McLellan Alexander, Jr. after finding that he made transactions while exercising discretion, though he didn’t have written authorization from his clients. His firm reportedly hadn’t accepted the accounts as discretionary, either. Although he didn’t admit or deny the charges, Alexander agreed to the 20-day suspension and to pay a fine of $5,000.

Over 14 years, Alexander worked for three firms, beginning with A. G. Edwards & Sons, Inc. out of St. Louis, MO. He then moved to Palm Beach Gardens, FL, where he first joined Merrill Lynch, Pierce, Fenner & Smith Inc. and then Raymond James & Associates, Inc. Currently not registered with a firm, Alexander was permitted to resign from Raymond James after admitting that he had taken time and price discretion for his clients.

Have You Invested Your Hard-Earned Money with Broker Scott Erik Aabel?

January 31, 2017 | Silver Law Group

Have You Invested Your Hard-Earned Money with Broker Scott Erik Aabel? on silverlaw.com

Once again, Nokomis, Florida-based broker is sanctioned and fined by FINRA.

When investing with a broker, it’s important to know his or her own financial background. For instance, if you invested with Scott Aabel anytime since his early days in the securities industry with Lutheran Brotherhood Securities Corp. in 1991, you might be interested to know that he has at least four judgment/liens or financial complaints lodged against him in his personal financial life.

In addition to the personal financial disclosures on Aabel’s BrokerCheck report, there are a reported ten customer disputes requesting upwards of $600,000 lodged against the Florida broker. The Financial Industry Regulatory Authority (FINRA) report lends insight about the allegations relating to Aabel’s 25-year securities industry career.

Dawson James Securities Broker Steven Colacurcio Suspended and Fined by FINRA

January 27, 2017 | Silver Law Group

Dawson James Securities Broker Steven Colacurcio Suspended and Fined by FINRA on silverlaw.com

The Boca Raton broker allegedly exercised discretionary power without the consent of a customer or his member firm

In August 2016, the Financial Industry Regulatory Authority (FINRA) took action against Boca Raton-based broker Steven Colacurcio. The Dawson James Securities broker was fined $5,000 and suspended for 15 business days by FINRA for allegedly exercising discretionary power in a customer’s account without obtaining prior written authorization from the customer, and without having the account accepted as a discretionary account by his employing member firm.

Previous customer disputes filed against Steven Colacurcio include allegations of breach of contract, negligence, breach of fiduciary duty, and misrepresentation. Misrepresentation occurs when a broker “intentionally or fraudulently misrepresents a material fact or omits material information related to a security,” and it can result in legal action, including the possible recovery of losses through securities arbitration.

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA

January 26, 2017 | Silver Law Group

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA on silverlaw.com

Several customer disputes led to the sanction against the former Cetera Advisors, LLC broker

As of June of 2016, Daniel Vasquez is no longer permitted to act as a broker. He was given a lifetime suspension from the Financial Industry Regulatory Authority (FINRA) for not offering any information regarding several customer disputes.

In 1998, Vasquez began his career with Dean Witter Reynolds Inc. Over the next nine years, he worked for five other firms around the US: Paulson Investment Company, Inc. in Chicago; Brookstreet Securities Corp. in San Juan Capistrano, CA; PMB Securities Corp. out of Newport Beach, CA; SunAmerica Securities, Inc. in Phoenix; and AIG Financial Advisors, Inc. in Mission Viejo, CA.

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update

January 26, 2017 | Silver Law Group

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update on silverlaw.com

A former client is seeking more than $2 million in damages

In July of 2016, a customer dispute alerted the Financial Industry Regulatory Authority (FINRA) to broker Michael Siegel. What first resulted in a suspension later became a permanent ban when he didn’t respond to the agency’s request for additional information.

Over a span of three years, Siegel was alleged to have been involved in many dubious activities, including fraud, misrepresentation, and churning. All are serious charges, and churning is troublesome because it means Siegel excessively traded his clients’ investments for the express purpose of benefiting himself with extra commissions.

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA

January 26, 2017 | Silver Law Group

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA on silverlaw.com

Prior to the regulatory action, Ameritas Investment discharged Silva for violating firm policy

After seven years in the securities industry, Omaha, Nebraska broker Nathan Silva has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The Financial Regulatory Authority (FINRA) report on Silva’s actions indicates that he spent his entire career with Ameritas Investment Corporation.

According to his FINRA BrokerCheck report, Silva was discharged from Ameritas Investment in November of 2014 for violating firm policy. The allegations against him from his former employer include commingling of client funds, participating in non-approved, outside business activities, and using a non-approved method of communication (texting) all of which are violations of firm policies.

Did You Entrust Georgia Broker Perry De Leeuw With Your Investments or Invest in WaterBos

January 20, 2017 | Silver Law Group

Did You Entrust Georgia Broker Perry De Leeuw With Your Investments or Invest in WaterBos? on silverlaw.com

If you engaged in financial dealings with PFS Investments, Inc. broker Perry De Leeuw, you may have the right to try to recover your losses

According to the Financial Industry Regulatory Authority (FINRA), Duluth, Georgia-based broker Perry De Leeuw has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

Since 2004, De Leeuw has been employed as a broker with PFS Investments, Inc. in Duluth, Georgia, and had no complaints or disputes on his record until 2016 (other than a reported misdemeanor and probation for issuing bad checks from 1984).