FINRA Arbitration

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.

Former LPL Financial Broker Mark Tauzin Suspended and Fined by FINRA

February 22, 2017 | Silver Law Group

Former LPL Financial Broker Mark Tauzin Suspended and Fined by FINRA on silverlaw.com

Tauzin’s alleged actions are some of the latest in a long history of violations by LPL advisors

Mark Tauzin won’t be able to work as a broker again until July of this year. In November of 2016, the Financial Industry Regulatory Authority (FINRA) suspended him eight months for what they called a “pattern of unsuitable short-term trading of front-loaded Unit Investment Trusts (UITs).” In addition to the suspension, Tauzin was ordered to pay fines that totaled over $225,000.

FINRA found that there was no reasonable basis for Tauzin to believe that these investments were suitable for his clients. In addition, he is reported to have maintained blank forms with customer signatures that allowed him to manipulate transactions.

FINRA Fines and Suspends Robert Estevez

February 17, 2017 | Silver Law Group

FINRA Fines and Suspends Robert Estevez on silverlaw.com

The broker’s unsuitable recommendations caused clients to lose money

In September of 2016, broker Robert Estevez received a fine and suspension from the Financial Industry Regulatory Authority (FINRA). The penalties were the result of an investigation by the agency that discovered Estevez made unsuitable recommendations to his clients.

According to FINRA, Estevez recommended short-term steepeners. Steepeners are structured products with returns reliant on the spread between long- and short-term interest rates. Estevez made the recommendations as part of a short-term investment strategy, and many clients ended up buying steepeners at full price and then selling them for a loss. Overall, Estevez’s customers lost a total of about $24,000.

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA

February 17, 2017 | Silver Law Group

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA on silverlaw.com

Goslin failed to disclose outside business activity from which he profited

After an investigation, the Financial Industry Regulatory Authority (FINRA) suspended broker Christopher Goslin for one month and fined him $5,000. Goslin agreed to the sanctions, though he didn’t admit to or deny the findings.

According to FINRA, Goslin conducted outside business activity related to a limited liability corporation, from which he received monetary distributions. Goslin was required to submit a notice in writing about this activity and receive approval, which he failed to do.

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA

February 17, 2017 | Silver Law Group

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA on silverlaw.com

The broker is reported to have made investments to generate commissions for himself

Lucas Lichtman cannot act as a broker again until July of 2017. In October of 2016, the Financial Industry Regulatory Authority (FINRA) handed him a nine-month suspension – as well as a fine of $7,500 – due to allegations that he made unsuitable recommendations that also resulted in extra commissions.

A relatively new broker, Lichtman has only worked in New Jersey, first for Investors Capital Corp. out of Englewood Cliffs in 2008. He then joined World Equity Group, Inc. also in Englewood Cliffs; then SWS Financial Services located in Tenafly. Lichtman’s most recent firm was another Englewood Cliff outfit: Caldwell International Securities. It was there that he was accused of making unsuitable recommendations and churning.

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.