FINRA Arbitration

Silver Law Group Files Securities Arbitration Claim Relating to California-based Cetera/Investors Capital Corp Broker Daniel B. Vazquez

April 18, 2017 | Silver Law Group

Our firm has filed a complaint against Irvine, California-based Cetera Advisors (CRD# 10299) relating to broker Daniel B. Vazquez Sr. (CRD# 3141463) after FINRA permanently barred Vazquez.

According to Vazquez’s FINRA BrokerCheck report, FINRA permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public in June 2016 for failing to respond to a FINRA request for information.

The permanent bar comes just two months after a FINRA arbitration was filed alleging unsuitable recommendations and unauthorized trades which led to portfolio losses.

New York City Broker Francesco Scarso Fined, Suspended, and Ultimately Barred by FINRA

April 5, 2017 | Silver Law Group

Allegations of failing to disclose pertinent tax information led to the sanctions against the former First Standard Financial and Phoenix Financial Services broker

As of November 2016, Francesco Scarso, formerly with First Standard Financial Company LLC and Phoenix (PHX) Financial Services, is no longer allowed to act as a broker. The ruling came down from the Financial Industry Regulatory Authority (FINRA) after Scarso – who was already suspended – failed to contact the agency to supply additional information.

Francesco Scarso began his career in 1996 with J.W. Barclay & Co., Inc. and worked for 12 firms, including these since 2007:

After FINRA’s Ruling, Joel Weiner has been Permanently Barred from the Securities Industry

March 31, 2017 | Silver Law Group

The Boynton Beach broker is alleged to have profited from unsuitable investment recommendations

Joel Weiner is no longer allowed to act as a broker as of December of 2016. It was then that the Financial Industry Regulatory Authority (FINRA) decided to permanently bar him due to serious allegations involving the solicitation of millions of dollars from a client.

FINRA reported that Weiner recommended that his client invest in an outside business that was owned by a representative of his firm, whom Weiner supervised. The business provided loans to small businesses, and the client ended up issuing $2.6 million in loans over several years. Weiner is reported to have earned about $65,000 in finder’s fees as the result of these transactions. In 2014, the business stopped providing loans and asked for repayment of all outstanding loans, but by February of 2015, only half of them had been repaid.

Summit Equities Broker Rembert McNeer is Given a 1-Year Suspension from FINRA

March 15, 2017 | Silver Law Group

Summit Equities Broker Rembert McNeer is Given a 1-Year Suspension from FINRA on silverlaww.com

The Parsippany, New Jersey broker was also hit with a $10,000 fine

Up until recently, Rembert McNeer had a clean record with the Financial Industry Regulatory Authority (FINRA). A broker for over 30 years, McNeer worked for three firms: E.F. Hutton & Company Inc.; G.A. Michele, Inc. in New York City; and Summit Equities, Inc. located in Parsippany, NJ.

But in October of 2016, FINRA found that McNeer failed to supervise the private securities transactions of one of his representatives. McNeer was the representative’s immediate supervisor, as well as the member firm’s chief compliance officer.

Matthew Christopher Maczko Permanently Barred from Practicing as a Broker

March 10, 2017 | Silver Law Group

Matthew Christopher Maczko Permanently Barred from Practicing as a Broker on silverlaw.com

The former Wells Fargo broker was banned after allegations of unsuitable trading for elderly client

On February 9, 2017, Matthew Christopher Maczko was permanently barred by the Financial Industry Regulatory Authority (FINRA) after Maczko consented to the sanction and FINRA’s findings.

FINRA found that between January 2009 and April 2016, Maczko made excessive and unsuitable trades on behalf of his elderly client, now 93 years old. FINRA also reported that Maczko inaccurately testified before FINRA that he had not spoken with other clients, also senior citizens, since his termination. However, telephone records revealed that he had in fact spoken with these clients several times in that period.

New York Broker Christopher Vincent Paul Permanently Barred by FINRA

March 7, 2017 | Silver Law Group

New York Broker Christopher Vincent Paul Permanently Barred by FINRA on silverlaw.com

An assortment of charges, firings, and settlements have followed the broker for the last decade

Christopher Vincent Paul’s 14-year career has come to an end. After failing to give the Financial Industry Regulatory Authority (FINRA) information it was looking for, the agency permanently barred him from acting as a broker.

From May of 2001 to August of 2015, these are the firms with which Paul was associated, all of them in New York:

Oppenheimer & Co. and Other Firms Cited for Discovery Violations in FINRA Arbitration

March 6, 2017 | Silver Law Group

Oppenheimer & Co. and Other Firms Cited for Discovery Violations in FINRA Arbitration on silverlaw.com

Discovery violations can severely impede the chance of a fair arbitration proceeding

Between 2010 and 2013, investment management firm Oppenheimer & Co. is reported to have repeatedly failed to produce documents during the discovery process for a group of claimants who alleged that the firm had not properly supervised a broker who managed their investments.

Why the discovery process is so important in securities arbitration

FINRA Sanctions Oppenheimer & Co. $3.4 Million for Reporting Violations and More

March 6, 2017 | Silver Law Group

FINRA Sanctions Oppenheimer & Co. $3.4 Million for Reporting Violations and More on silverlaw.com

FINRA says that the investment firm often reported essential data more than 4 years late

This January, the Financial Industry Regulatory Authority (FINRA) fined investment bank and wealth management firm Oppenheimer & Co. $1.575 million for allegedly failing to report mandatory data, withholding documents in discovery for clients in arbitration, and for failing to apply sales charge waivers to clients. As a part of the settlement agreement, FINRA also ordered the company to pay $1.85 million in restitution to clients.

According to FINRA, lack of reporting was pervasive throughout the firm

Former Broker Winston Turner’s Career is Over Barely after it Begun

March 1, 2017 | Silver Law Group

Former Broker Winston Turner’s Career is Over Barely after it Begun on silverlaw.com

The former Sarasota, FL broker has been permanently barred by FINRA for falsifying information, among other charges

After only about four years in the securities industry, Winston Turner has been barred permanently by the Financial Industry Regulatory Authority (FINRA). In February of 2016, FINRA made the decision based on evidence showing Turner falsified information in regard to variable annuity transactions.

FINRA found that, in addition to circumventing his firm’s supervisory review process to misrepresent the sources of funds, Turner submitted documents with forged customer signatures. He is also reported to have failed to disclose outside business activity. The final nail in the coffin came when Turner reportedly refused to offer information to FINRA and didn’t appear for scheduled testimony.

34-Year Career of Wisconsin-based Broker James Paul Kolf Comes to an Abrupt End

February 28, 2017 | Silver Law Group

34-Year Career of Wisconsin-based Broker James Paul Kolf Comes to an Abrupt End on silverlaw.com

Allegations of securities fraud and violation of the Securities Exchange Act of 1934 drive FINRA action to permanently bar Kolf

According to the Financial Industry Regulatory Authority (FINRA), broker James Kolf allegedly recommended and sold at least $588,000 in securities to twelve firm customers between October 2013 and July 2014. These customers believed they were investing in securities of “SFN Financial Network,” however, such securities did not actually exist. Instead, Kolf is reported to have used his customer’s funds to pay for his own business and personal expenses. Taking it a step further, Kolf allegedly then created and distributed falsified account statements to his customers reflecting their interests in the fake investments.

Such allegations of fraud and material misrepresentation ended what to date had been a spotless career in the securities industry.