FINRA Arbitration

Murphy’s Misconduct

May 6, 2016 | Silver Law Group

Murphy’s Misconduct on silverlaw.com

New Jersey broker Edward T. Murphy permanently barred by FINRA due to multiple allegations of misconduct.

Multiple serious client complaints have plagued Wells Fargo broker, Edward T. Murphy over the last several years and he has now been permanently barred from all securities activity by the Financial Industry Regulatory Authority (FINRA). The ban comes after Murphy failed to request that this suspension be terminated within three months of the date of the notice of the suspension. He also failed to respond to an FINRA request for information. As a result, he is automatically barred from association with any FINRA member in any capacity.

Allegations include negligence, breach of fiduciary duty, fraud and others

Broker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA

May 3, 2016 | Silver Law Group

Broker William Siegel Discharged by Morgan Stanley and Permanently Barred by FINRA on ilverlaw.com

Allegations of churning, unsuitability, and questionable exercise of discretion surround barred broker.

William Siegel began his securities industry career in 2001 with Citigroup Global Markets Inc. in New York. Shortly after moving to Morgan Stanley & Co. in 2007, Siegel received his first complaint arising out of the sale of an auction rate security (ARS). The timing of the sale preceded the widespread auction failure and illiquidity that took place in mid-February 2008 and resulted in damages granted in the amount of $500,000.00.

In 2011, another complaint was registered against Siegel alleging churning in the customer’s account. Churning is the term used when a broker excessively trades within a customer account largely to generate commissions, without regard to the customer’s investment objectives.

LPL Financial Broker Eugene Smietana Discharged from Firm and Permanently Barred by FINRA

March 21, 2016 | Silver Law Group

LPL Financial Broker Eugene Smietana Discharged from Firm and Permanently Barred by FINRA on silverlaw.com

Have you invested funds with Eugene Smietana?

For investors who may have utilized the services of LPL Financial LLC broker Eugene Smietana out of Traverse City, Michigan, may have potential claims against LLP.

As of September 2015, FINRA has permanently barred Smietana from acting as a broker or otherwise associating with firms that sell securities to the public.

David Levy, of Titus Rockefeller, LLC, Permanently Barred from Broker Activity After Long Career of Suspicious Activity

March 17, 2016 | Silver Law Group

David Levy, of Titus Rockefeller, LLC, Permanently Barred from Broker Activity After Long Career of Suspicious Activity on silverlaw.com

Financial broker finally barred from FINRA activity after decades of questionable behavior.

After a career plagued by multiple and repeated allegations of breaches of fiduciary duty and unauthorized trading dating back to 1994, David Levy has been permanently barred by FINRA for acting as a broker in any capacity. These final sanctions come as a result of failure to provide FINRA required information; specifically, he did not request termination of his most recent suspension within three months of the date of the suspension. He was permanently barred from all broker activities, effective September 29, 2015.

FINRA’s final action against Levy comes after more than 20 years of serious allegations against him, including churning, misrepresentation, and breach of fiduciary duty. Multiple client disputes total nearly $2 million, however, many of the companies he was affiliated with at the time of the specific allegations settled with clients for much less.

Morgan Stanley Discharges and FINRA Permanently Bars Broker Samuel Wylie Sloane

March 17, 2016 | Silver Law Group

Morgan Stanley Discharges and FINRA Permanently Bars Broker Samuel Wylie Sloane on silverlaw.com

Broker accused of taking $1.8M in trust assets while serving as a trustee.

Samuel Wylie Sloane’s 15-year career in the securities industry ended abruptly in December 2015 when FINRA permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

According to the disciplinary action document in Sloane’s FINRA BrokerCheck record, the broker refused to respond to FINRA’s request for documents and information during an investigation. The investigation was initiated following allegations that Sloane converted a customer’s trust assets while serving as a trustee.

Broker Li Lin Hsu Suspended by Request of FINRA

March 16, 2016 | Silver Law Group

Broker Li Lin Hsu Suspended by Request of FINRA on silverlaw.com

Sales practice violations, misconduct and failure to respond to a FINRA request for information lead to suspension

Formerly registered with Ameriprise Financial in California, ex-broker Li-Line Hsu was recently suspended by the Financial Industry Regulatory Authority (FINRA). He was suspended under Rule 9552 which was failure to keep information current or to provide information.

Individuals who are subject to FINRA’s jurisdiction are responsible for providing testimony, data, reports, materials or information that has to be filed with the government agency. Individuals also responsible for keeping their supporting documents and membership applications current.

WFG Investments Broker Carl Busch Fined and Suspended by FINRA

March 7, 2016 | Silver Law Group

WFG Investments Broker Carl Busch Fined and Suspended by FINRA on silverlaw.com

Broker’s record includes failure to supervise, tax liens and civil judgments.

In his 46 years in the securities industry, Oklahoma City investment advisor Carl Busch has six disclosure events listed on his official FINRA BrokerCheck record. The most recent event in December 2015 shows that FINRA sanctioned Busch $5,000 and suspended him from participating in the securities industry as an advisor for 45 days.

According to the disciplinary action details, Busch failed to adequately supervise a registered representative of his firm, WFG Investments, who allegedly:

Have You Enlisted the Financial Services of William Bailey?

February 29, 2016 | Silver Law Group

Have You Enlisted the Financial Services of William Bailey? on silverlaw.com

Broker’s securities industry career is tainted with allegations, suspensions, and sanctions.

For a second time in his 25-year securities industry career, Bailey has been suspended from acting as a broker or otherwise associating with firms that sell securities to the public. This most recent suspension in November 2015 is due to Bailey’s failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. According to FINRA records, Bailey was employed by Next Financial until 2008.

Bailey’s first FINRA suspension took place in September 2010 and involved allegations that Bailey made fraudulent and unsuitable mutual fund and variable annuity switch recommendations to retired and unsophisticated customers with little or no economic benefit to the customers. It was also alleged that Bailey failed to disclose key facts about investment choices, made investment trades without consulting his clients, and failed to disclose potential sales charges that ultimately cost his customers over $90,000.00 in unnecessary costs. At the same time, Bailey derived approximately $105,000.00 in commissions from these transactions.

Broker Richard Drown Disappeared According to Firm

February 22, 2016 | Silver Law Group

Broker Richard Drown Disappeared According to Firm on silverlaw.com

Allegations of unauthorized trading and client abandonment tarnish 34-year career.

In June 2015, investment firm D.A. Davidson & Company formally discharged broker Richard G. Drown, Jr. after the broker allegedly “disappeared,” abandoning both his duties and his clients. According to Drown’s FINRA BrokerCheck report, the firm filed an Employment Separation After Allegations report, saying that his whereabouts remained unknown.

Pending customer disputes remain open on Drown’s FINRA record and involve allegations of unauthorized transactions and misappropriation of funds in two customer accounts owned by a mother and daughter. In particular, Drown is accused of transferring funds from the customer trust brokerage accounts to the trust’s outside bank accounts during two separate time periods.

Have You Lost Money After Investing with Christopher F. Veale?

February 16, 2016 | Silver Law Group

Have You Lost Money After Investing with Christopher F. Veale? on silverlaw.com

As of August 18, 2015, Veale has been suspended by FINRA

With numerous complaints filed against him, several judgments, a felony charge and various other allegations after a lengthy career in the industry, Christopher Veale remains in hot water with FINRA.

The trouble for Veale began as early as August of 2000, when a customer complained that the then Rhode Island broker made unauthorized trades in their account. Although this dispute was denied, it was just the beginning of what would become a career fraught with allegations.