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Articles Posted in FINRA Arbitration

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Investors are interested in safe investments that can protect their assets and help them grow. Many investors outside of the US were directed to a Bermuda-based company called Northstar Financial Services (Bermuda). Frequently sold by US-based brokers, their products offered alleged high commissions with additional incentives to brokers and broker-dealers overshadowed the best interest of the customers. Many of the investors were foreign nationals who lost their life savings. Unfortunately, the company and its owners are embroiled in a complicated chronicle that has led to criminal charges for the two people involved that cost investors billions. The company is now in liquidation. Investors are interested in safe investments that can protect their assets and help them grow. Many investors outside of the US were directed to a Bermuda-based company called Northstar Financial Services (Bermuda).

Frequently sold by US-based brokers, their products offered alleged high commissions with additional incentives to brokers and broker-dealers overshadowed the best interest of the customers. Many of the investors were foreign nationals who lost their life savings. Continue reading ›

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scott-silverIt’s not uncommon for employees of nearly any type of business to branch off and form their own company. When that company is a new broker dealer firm and a competitor for the former employer, things get complicated. Especially if that employer is Wells Fargo Advisors.  Continue reading ›

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Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Silver Law Group represents investors in claims against selling broker-dealers for losses relating to GWG L Bonds and violations of Regulation Best Interest and other FINRA rules and regulations.Most investors believe their broker and broker-dealer have their best interests in mind when making recommendations. As we’ve reported many times in this blog, that’s not always the case. The SEC’s newest rule, called Regulation Best Interest, nicknamed Reg BI, is the latest in the effort to make the market a safe place for investors. Now, Reg BI has led to its first enforcement action. Continue reading ›

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An investor who lost $1  million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. The investor, a longtime banking client of Hancock Whitney, is seeking return of his principal and other damages. The investor lost the entirety of his principal when Northstar Bermuda filed for Chapter 15 bankruptcy amid a run on surrender requests. The debt-ridden Bermuda-based Northstar Financial Services (Bermuda) is now in liquidation proceedings, and Greg Lindberg, the owner of its holding company, is also facing SEC charges of misconduct. Silver law Group Has Filed Claims on Behalf of Northstar Financial Services (Bermuda) Investor Victims to Recover Losses Silver Law Group founder Scott Silver and the Law Firm of David Chase have filed claims on behalf of defrauded investors in Northstar to recover their investment losses. These Northstar investors were pitched on the safety and security of Northstar’s fixed and variable rate annuity-type products by their U.S.-based brokerage firms, including Truist Investment Services, Inc. (SunTrust), Bankoh Investment Services, J.P. Morgan Securities, and Ocean Financial Services.An investor who lost $1 million investing in variable annuities sold by Northstar Financial Services (Bermuda) has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Hancock Whitney Investment Services, Inc., and the Hancock Whitney broker who concentrated his retirement portfolio in Northstar offerings. Continue reading ›

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We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away. Then the company crashed and burned. The L Bonds, as they were called, required patience from investors. After all, the policy payout would come when the original policyholder died. Last August, the company temporarily halted the sales of their L Bonds, leading to a series of events that ended with GWG Holdings declaring bankruptcy in April of 2022. Investors in L Bonds were left with nothing. So, what happened to the investor’s funds that were going to earn them great returns?We’ve written frequently about GWG Holdings, the now-bankrupt Dallas-based company that bought out life insurance policies from people who needed cash more than their policies. The company sold those policies to other investors who would see a return when the original policyholder passed away.

Then the company crashed and burned. Continue reading ›

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If Cabot Lodge Securities sold you L Bonds from GWG Holdings, Silver Law Group may be able to help you recover your investment losses. GWG Holdings filed for bankruptcy in April, 2022 and it is expected that L Bonds investors will lose a significant amount of their principal.  Silver Law Group represents GWG L Bonds investors in FINRA arbitration claims to recover their investment losses. Contact us at 800-975-4345 for a no-cost, confidential consultation. GWG L Bonds Are Speculative Investments GWG Holdings (GWGH) is a Texas-based financial services company that offers life insurance and alternative investments. L Bonds are a type of bond that buys life insurance policies from the policy holder. Bond investors’ money finances the life insurance policy, and investors are paid when the policy holder dies. L Bonds can offer a higher return than other bonds, but they also involve considerable speculation and high risk. Many investors claim that their broker-dealers, such as Cabot Lodge, did not inform them of the risks of investing in GWG L Bonds when they sold them and instead described them as a safe and secure source of income.If Cabot Lodge Securities sold you L Bonds from GWG Holdings, Silver Law Group may be able to help you recover your investment losses. GWG Holdings filed for bankruptcy in April, 2022 and it is expected that L Bonds investors will lose a significant amount of their principal.

Silver Law Group represents GWG L Bonds investors in FINRA arbitration claims to recover their investment losses. Contact us at 800-975-4345 for a no-cost, confidential consultation. Continue reading ›

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Jesus Rodriguez (CRD#: 4888685) is a former broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of El Paso, Texas. His former employers are Citigroup Global Markets Inc. (CRD#:7059) and    Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of El Paso.  He has been in the industry since 2005. Rodriguez has a total of nine disclosures, all from 2021. The earliest, filed on 7/15/2021, alleges that Rodriguez used a customer’s credit line for his own personal benefit. This claim is currently pending, and requests damages of $61,431.00. He voluntarily resigned from Morgan Stanley on 8/6/2021 when the allegations came to light. Two customer disputes filed on 8/23/2021 have nearly identical allegations of improper withdrawals (one from 2017 through 2020). These two disputes were settled for $376,532.96 and $30,470.00, respectively.Jesus Rodriguez (CRD# 4888685) is a former broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of El Paso, Texas. His former employers are Citigroup Global Markets Inc. (CRD# 7059) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691), also of El Paso. He has been in the industry since 2005. Continue reading ›

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Broker-dealer Joseph Stone Capital (CRD# 159744/SEC# 8-69014), based in Mineola, NY, has recently been fined by FINRA for allowing eight of its brokers to engage in excessive trading in their customers’ accounts. This practice is known as “churning,” and it always costs a customer money. From January 2015 to June 2020, Joseph Stone Capital and eight of its brokers engaged in excessive trading in several customer accounts and made considerable commissions for themselves and the firm. This caused the customers to over-pay and never see a return on their investments. FINRA made the announcement on September 8, 2022, and levied a fine of $1.04 million against the firm. The firm also failed to create adequate Written Supervisory Procedures (WSPS) that complied with FINRA Rule 2111.Broker-dealer Joseph Stone Capital (CRD# 159744/SEC# 8-69014), based in Mineola, NY, has recently been fined by FINRA for allowing eight of its brokers to engage in excessive trading in their customers’ accounts. This practice is known as “churning,” and it always costs a customer money. Continue reading ›

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Boca Raton-based National Securities Corporation (NSC) has announced that it is closing its doors after 75 years. The recent announcement came after the firm filed termination papers with FINRA. The company’s representatives and advisors are now part of the company that began buying National Securities, B. Riley Wealth Management. Although National Securities is closing, it appears to be a merger with B. Riley. The company bought a large stake in the parent company, National Holdings Corporation in 2018. In 2021, B. Riley purchased the remaining shares. The resulting merger has 900 representatives and $29 billion in client assets. FINRA Sanctions National Securities Corporation On June 23, 2022, FINRA issued sanctions against National Securities Corporation totaling $9 million that includes: Disgorgement of $4.77 million Restitution of $625,000 to customers who purchased private placementsBoca Raton-based National Securities Corporation (NSC) has announced that it is closing its doors after 75 years. The recent announcement came after the firm filed termination papers with FINRA. The company’s representatives and advisors are now part of the company that began buying National Securities, B. Riley Wealth Management. Continue reading ›

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