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Articles Posted in FINRA Arbitration

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Christopher Kennedy (Christopher Booth Kennedy CRD# 4498061) is a former registered broker and investment advisor last employed with Western International Securities, Inc. (CRD#:39262) of Woodland Hills, CA. His previous employers included Spartan Capital Securities, LLC (CRD# 146251) of New York, NY, Western International Securities, Inc. (CRD# 39262) and Financial West Group (CRD# 16668, expelled by FINRA on 2/13/2020) of Tarzana, CA. He has been in the industry since 2002.  Kennedy was discharged by Western International on 8/27/2021 with cause, “Clients have alleged unauthorized options trading and failure to adhere to discretionary options sales orders.” No additional information is available. However, Kennedy’s CRD includes ten customer disputes dated from 9/10/2021 through 6/9/2022. Of the ten, seven are settled, and three are listed as “pending.” All have allegations of misconduct including improper trading and other breaches of fiduciary duty.  Christopher Kennedy (Christopher Booth Kennedy CRD# 4498061) is a former registered broker and investment advisor last employed with Western International Securities, Inc. (CRD#:39262) of Woodland Hills, CA. His previous employers included Spartan Capital Securities, LLC (CRD# 146251) of New York, NY, Western International Securities, Inc. (CRD# 39262) and Financial West Group (CRD# 16668, expelled by FINRA on 2/13/2020) of Tarzana, CA. He has been in the industry since 2002.  Continue reading ›

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Silver Law Group, a nationally recognized law firm that represents investors, is currently investigating Alliance Bernstein after its customers suffered losses related to their Option Advantage Strategy. If you invested in Alliance Bernstein’s Option Advantage and have questions about your legal rights, or if you have information relevant to this matter, contact Silver Law Group for a no-cost consultation at 800-975-4353 to discuss your potential options. Advisors with global asset management firm Alliance Bernstein encouraged their investment customers to invest in a new and complicated options strategy they called “Options Advantage.” This strategy was described as something for investors who were “seeking incremental return in a low yield environment.”Silver Law Group, a nationally recognized law firm that represents investors, is currently investigating Alliance Bernstein after its customers suffered losses related to their Option Advantage Strategy.

If you invested in Alliance Bernstein’s Option Advantage and have questions about your legal rights, or if you have information relevant to this matter, contact Silver Law Group for a no-cost consultation at 800-975-4353 to discuss your potential options. Continue reading ›

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Silver Law Group is investigating claims involving the AllianceBernstein Options Advantage Program, where investors were offered the opportunity to earn additional return on already-invested funds. The firm’s financial advisors allegedly sold this program as low risk and low volatility, but many investors suffered significant losses. Many investors claim they were told that they could earn an additional 1% to 2% return on assets they’d previously invested in the firm. The so-called “cash-free” option involved using margin to avoid having customers add additional funds to their account. The idea was that using margin would make it less risky to the investor. The existing stocks, bonds, mutual funds, or other investments became the collateral for borrowing on margin.Silver Law Group is investigating claims involving the AllianceBernstein Options Advantage Program, where investors were offered the opportunity to earn additional return on already-invested funds. The firm’s financial advisors allegedly sold this program as low risk and low volatility, but many investors suffered significant losses. Continue reading ›

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What do you do if you’re a citizen of a foreign country and a broker in the US sold you securities that weren’t the solid investment they claimed? The securities law attorneys at Silver Law Group are preparing to act against those brokers and broker-dealers who were involved. These individuals sold investments in the Bermuda-based Northstar Financial Services Bermuda to foreign investors who wanted a US based investment to protect their assets. Investors in Latin America, Japan, China, and Taiwan who invested in Northstar discovered that the solid vehicle they bought into was anything but. Northstar was not available to US or Bermuda-based investors. Brokers who represented the Northstar investment as safe, secure, and that would guarantee their principal. The company was ordered into bankruptcy in Bermuda in 2020, and is now in bankruptcy litigation. With just $8 million in assets, the company has a deficit and debts totaling $260 million.What do you do if you’re a citizen of a foreign country and a broker in the US sold you securities that weren’t the solid investment they claimed?

The securities law attorneys at Silver Law Group are preparing to act against those brokers and broker-dealers who were involved. These individuals sold investments in the Bermuda-based Northstar Financial Services Bermuda to foreign investors who wanted a US based investment to protect their assets. Investors in Latin America, Japan, China, and Taiwan who invested in Northstar discovered that the solid vehicle they bought into was anything but. Northstar was not available to US or Bermuda-based investors. Continue reading ›

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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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