FINRA Arbitration

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.

FINRA Bars Broker Michael Talin From Securities Industry

December 7, 2015 | Silver Law Group

FINRA Bars Broker Michael Talin From Securities Industry on silverlaw.com

Allegations include elder financial fraud, misappropriation of funds and unsuitable recommendations

Michael Talin, a former broker associated with Woodbury Financial Services, has been barred from the securities industry by FINRA after failing to cooperate with agency investigators. An investigation was launched after customers alleged that he misappropriated and converted more than $300,000 in customer funds.

According to the BrokerCheck report, Woodbury Financial discharged Talin after he failed to disclose three tax liens and civil complaints against him to the firm. He had previously been registered with Woodbury’s Seal Beach branch in California since 1998 and had worked in the Los Alamitos location since the year 2000.

Tiffany Peacock-Asakawa Gets 10-Month Suspension Following Allegations of False Representation and Document Falsification

October 30, 2015 | Silver Law Group

Tiffany Peacock-Asakawa Gets 10-Month Suspension Following Allegations of False Representation and Document Falsification on silverlaw.com

Broker was also fined $15,000 for accepting trade orders she was not licensed to accept

Tiffany Peacock-Asakawa was suspended from practicing in the securities industry for 10 months in August, following allegations that she was involved in false representation and the falsification of records of trade orders at her member firm, according to FINRA.

According to FINRA reports, Peacock-Asakawa allegedly accepted trade orders that she was not licensed to accept, as she was not registered as a financial adviser in Hawaii. Sanctions were levied against her in the form of a 10-month suspension from the industry and a $15,000 fine.

Massachusetts-based Broker Jeffrey B. Pierce Permanently Barred by FINRA

October 23, 2015 | Silver Law Group

Massachusetts-based Broker Jeffrey B. Pierce Permanently Barred by FINRA on silverlaw.com

Allegations include conversion of funds from non-securities customer account

After thirteen years in the securities industry, Jeffrey Pierce has been permanently barred from practicing in the securities industry in any capacity. During his career, Pierce accumulated eleven disclosure events, including regulatory events, a criminal event, customer disputes and two employer terminations.

The most recent complaint, according to FINRA’s BrokerCheck report, alleges that Pierce circumvented the procedures of his member firm in order to conceal unsuitable annuity replacement transactions.

UBS to Pay FINRA Claimants $3M in Puerto Rico Muni Bond Case

October 18, 2015 | Silver Law Group

FINRA arbitration panel finds bank liable in alleged fraud claim

As Puerto Rico’s financial struggles continue, a FINRA arbitration panel awarded three claimants $3M in an alleged fraud claim against UBS Financial Services in early September.

According to Law360.com, the claimants alleged that the bank committed fraud relating to closed-end funds and muni bonds, and how the bank used those investments as collateral to borrow funds through lines of credit. Included in the complaint were allegations of breach of fiduciary duty, negligence and breach of contract against UBS.