FINRA Arbitration

South Florida Broker, Walter Priebe, Receives FINRA Disciplinary Action

February 15, 2016 | Silver Law Group

South Florida Broker, Walter Priebe, Receives FINRA Disciplinary Action on silverlaw.com

Florida stockbroker suspended from securities activity for 6 months due to misconduct

Walter P. Priebe, from Pompano Beach, FL, is accused of engaging in outside business activities without telling his registered firm, Investacorp. Priebe worked for Investacorp between March 1989 and July 2014, when his position in that company was terminated.

The FINRA report alleges that Priebe served as a primary or successor trustee for numerous trusts that were associated with his firm (and was paid for this role). He did not, however, disclose this outside business role and on several occasions, indicated that he had fully disclosed all outside business associations.

Failure to Adequately Supervise Prompts FINRA Suspension of Roman Luckey

February 11, 2016 | Silver Law Group

Failure to Adequately Supervise Prompts FINRA Suspension of Roman Luckey on silverlaw.com

Ineffective supervision leads to FINRA suspension of financial services provider

Roman T. Luckey, formerly registered with Newport Coast Securities Inc., was fined $15,000 and also suspended for 14 months by the Financial Industry Regulatory Authority (FINRA) in August 2015 for failure to appropriately supervise his staff, who were taking advantage of clients by excessive trading, churning and making unsuitable financial recommendations.

The FINRA report maintains that Luckey failed to act on numerous obvious red flags concerning five of the financial representatives he supervised that impacted 24 client accounts between 2008 and 2013.

Alain Florestan Guilty of Putting Profits Before Customers

February 11, 2016 | Silver Law Group

New York broker Alain Florestan faces allegations of misconduct and unsuitable trading.

After 16 years in the securities industry, New York financial broker Alain Florestan is no longer registered to act as a financial advisor or representative in the securities industry. During his career, Florestan experienced 10 disclosure events reported on his FINRA BrokerCheck.

The most recent allegation against Florestan names him as a respondent in a case involving $1.1 million in customer trading losses while these same customers paid over $1 million in commissions and fees. The disciplinary action alleges that during his time with Caldwell International Securities Corporation (CISC), Florestan and his colleagues “put profits before customers, growth before compliance, and subterfuge before transparency.”

FINRA Permanently Bars Texas Broker Joe L Buckner

January 17, 2016 | Silver Law Group

FINRA Permanently Bars Texas Broker Joe L Buckner on silverlaw.com

Buckner can no longer act as a broker or associate with any member of FINRA in any capacity

Joe L. Buckner has been barred by FINRA as of December 2015. As a result of his refusal to respond to the FINRA’s request for information, the Texas broker can no longer associate with any member of FINRA in any capacity.

Buckner’s employment history includes Brazos Securities in Dallas and in his early days, Merrill Lynch, Pierce, Fenner and Smith in New York, New York.

Abern Barred by FINRA for Failing to Cooperate

January 12, 2016 | Silver Law Group

Abern Barred by FINRA for Failing to Cooperate on silverlaw.com

FINRA made a request to meet but Andrew Abern was a no show.

The Financial Industry Regulatory Authority (FINRA) took decisive action in 10/15 against former Dalton Strategic Investment Services broker, Andrew Abern, for failing to cooperate with their investigation. Specifically, Abern did not appear at a scheduled FINRA on-the-record interview. FINRA was investigating allegations that Abern recommended a customer refinance his home and use the proceeds toward the purchase of variable annuities. This ban means that he can no longer have any contact or activity with FINRA firms.

Long history of questionable conduct

Marat Zeltser Has Been Barred By FINRA After Numerous Allegations of Misconduct

January 10, 2016 | Silver Law Group

Marat Zeltser Has Been Barred By FINRA After Numerous Allegations of Misconduct on silverlaw.com

Allegations include willful violation of the Securities Exchange Act of 1934, among others

Marat Zeltser has a long history in the financial services industry, including working as a broker for various firms in New York, New York since 2003.

While employed by Caldwell International Securities Corporation, allegations against Zeltser included mishandling accounts, losing a client’s money and failing to follow client’s requests to sell a security. He also allegedly invested monies in an unsuitable triple leverage EFT’s over long periods of time.

Matthew DiGregorio Suspended After Multiple Client Complaints

January 10, 2016 | Silver Law Group

Matthew DiGregorio Suspended After Multiple Client Complaints on silverlaw.com

Investment broker recently barred by FINRA after multiple complaints from clients

Investment broker Matthew DiGregorio was suspended by the Federal Industry Regulatory Authority in August of 2015. Mr. DiGregorio has had multiple complaints filed against him by prior clients for the following breaches of conduct:

Taking excessive risk with client investments that was not in line with their goals and objectives

Hugh M. Dyson, Jr. Suspended and Ordered To Pay $740,000 In Restitution

January 10, 2016 | Silver Law Group

Hugh M. Dyson, Jr. Suspended and Ordered To Pay $740,000 In Restitution ON SILVERLAW.COM

Long-time investment broker permanently suspended from any FINRA activity and ordered to pay restitution.

Hugh Monroe Dyson, Jr. was issued a final suspension in August, 2015 and ordered to pay $740,000 (plus interest) in restitution to clients that he solicited to invest in his business, Keypoint Oil, and misrepresented how he used their investments.

FINRA found that over a period of nearly 20 years between 1992-2011, Mr. Dyson solicited more than $740,000 in funds from clients of Ameriprise Financial Services in Raleigh, NC and other former securities customers. He claimed that these investments would be used for oil and gas extraction.

FINRA Permanently Bars Broker Richard McGuire for Taking Funds and Forging Signatures

January 10, 2016 | Silver Law Group

FINRA Permanently Bars Broker Richard McGuire for Taking Funds and Forging Signatures on silverlaw.com

Allegations include conversion and elder financial fraud among numerous other unethical acts

FINRA has taken strong action against investment broker Richard McGuire, a long-time broker who was most recently registered with Newport Coast Securities Inc. and Financial West Group, both located in New York.

McGuire has been permanently barred from associating with any FINRA member in any capacity for numerous alleged unethical actions including stealing from his clients, forging signatures, failing to notify his brokerage firms about outside brokerage accounts, and taking advantage of older and unsophisticated clients for his own personal gain.

Former New York Life Broker, Jonathan Williams, Barred by FINRA as a Result of Outside Business Activities

December 7, 2015 | Silver Law Group

Former New York Life Broker, Jonathan Williams, Barred by FINRA as a Result of Outside Business Activities on silverlaw.com

NY Life Securities LLC terminates broker, files U-5 with allegations of commingling client funds

FINRA recently brought enforcement action against Jonathan Williams that led to a bar from the securities industry. Williams was accused of failing to provide FINRA staff with documents and information requested by the agency in an investigation. The failure to provide these documents as well as other information to FINRA led to an automatic bar working in the industry at all, as brokers bear a responsibility to comply with ongoing investigations.

The investigation in question had to do with claims about whether Williams had falsified bank account records or commingled client funds in a bank account that was ultimately under his control. This investigation stems from Williams’ termination from NY Life Securities LLC in March earlier this year. At that time, NY Life officially filed a termination notice with FINRA on form U-5 stating, that the firm discharged the broker in question as a result of allegations of commingling client funds.