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Articles Posted in FINRA Disciplinary Actions

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According to FINRA Disciplinary actions for July 2020, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Thomas Ambrose   Ambrose Wealth Management
  Cambridge Investment Research, Inc.
  Matthew Beaver   Grit Wealth Management, LLC
  Ameriprise Financial Services, Inc.
  Neal Carlson   Forthright Family Wealth Advisory LLC
  Wells Fargo Clearing Services, LLC
  Karl Foust, Jr.   H.D. Vest Investment Services
  GunnAllen Financial, Inc.
  Ryan Kaufman   Securities America, Inc.
  Woodbury Financial Services, Inc.
  Henry Osorio, Jr.   Westrock Advisors, Inc.
  S.W. Bach & Company
  Damion Smith   Great Gable Wealth Management
  Morgan Stanley
  Walter Taylor, Jr.   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors LLC
  Howard Walzer   BB&T Securities, LLC
  UBS Financial Services Inc.
  Xianyu Yu Zhang   Wells Fargo Clearing Services, LLC
  LPL Financial LLC

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According to FINRA Disciplinary actions for June 2020, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Conrad Coggeshall   Packerland Brokerage Services, Inc.
  USA Financial Securities Corporation
  Madeline Colon
  Jennifer Holmes   Voya Financial Advisors, Inc.
  ING Financial Advisers, LLC
  Yee Yee Htwe   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Farmers Financial Solutions, LLC
  Jennifer Pendley   J.P. Morgan Securities LLC
  David Stateman   Allstate Financial Services, LLC
  AXA Advisors, LLC
  Alexander Walker   Fidelity Brokerage Services LLC

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SagePoint Financial has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1.3 million in restitution to customers for alleged failings related to unit investment trusts (UITs). SagePoint was also ordered by FINRA to pay $300,000 for supervisory violations related to UITs.DID YOUR SAGEPOINT ADVISOR SELL YOU UITs?

SagePoint Financial has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1.3 million in restitution to customers for alleged failings related to unit investment trusts (UITs). SagePoint was also ordered by FINRA to pay $300,000 for supervisory violations related to UITs. Continue reading ›

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According to FINRA Disciplinary actions for May 2020, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Thomas Bock   Mutual Securities, Inc.
  Securities America, Inc.
  Richard Brown   Arive Capital Markets
  Chelsea Financial Services
  Mary Evans   Mutual Securities, Inc.
  Securities America, Inc.
  Matthew Francis   Morgan Stanley Smith Barney
  Morgan Stanley & Co Incorporated
  James Heafner   Retirement Wealth Advisors, Inc.
  Taylor Capital Management Inc.
  Christopher Kennedy   Oppenheimer & Co, Inc.
  Liberty Tree Advisors, LLC
  Rachael Konz   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Morgan Stanley
  Jonathan Lake   Wells Fargo Clearing Services, LLC
  Morgan Stanley
  Douglas Leone   Salomon Whitney Financial
  Newport Coast Securities, Inc.
  Yousuf Saljooki   Worden Capital Management LLC
  Salomon Whitney Financial
  Ricardo Urrutia   Mutual of Omaha Investor Services, Inc.
  AXA Advisors, LLC
  Frank Wroblewski   National Securities Corporation
  Wells Fargo Clearing Services, LLC

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According to FINRA Disciplinary actions for May 2020, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  George Belesis   Portfolio Advisors Alliance, LLC
  John Thomas Financial
  Dustin Blount   MML Investors Services, LLC
  Northwestern Mutual Investment Services, LLC
  Barry Carson   Farmers Financial Solutions, LLC
  Felix Chu   NYLife Securities LLC
  Brian Colburn   Maxim Group LLC
  The Buckingham Research Group Incorporated
  Prithviraj Dhandapani   LPL Financial LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Michael Drury   Stillpoint Capital LLC
  Davrion Hemphill
  Robert Lee
  Eric Zakarin   Lombard Securities Incorporated
  Independent Financial Group, LLC

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According to FINRA Disciplinary actions for May 2020, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Robert Cacioppo   MML Investors Services, LLC
  NYLife Securities LLC
  Paula Collins   TIAA-CREF Individual & Institutional Services, LLC
  OppenheimerFunds Distributor, Inc.
  Michael Davis   Allied Millennial Partners, LLC
  Syren Capital Advisors
  Megan Hoffman   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  Jody Pullium   Allstate Financial Services, LLC
  PNC Investments
  Ana Rivera   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  John Santariello   Arive Capital Markets
  Cape Securities Inc.
  George Schmidt, Jr.   Lincoln Financial Advisors Corporation
  Horner, Townsend & Kent, Inc.
  Ricardo Turlan   UBS Financial Services Inc.
  BBVA Securities Inc.
  Kevin Williams   Lucia Securities, LLC
  Wells Fargo Clearing Services, LLC

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Stephen Fry (Stephen Douglas Fry CRD: 2928258) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Germantown, TN. His previous employer was H.D. Vest Investment Services (CRD#:13686) of Cordoba, TN. He has been in the industry since 1998. As a financial advisor with Woodbury Financial Services, Fry was able to operate as Fry Financial Services in Germantown, Tennessee. This business model is frequently used by independent contractors or others affiliated with small or regional brokerage firms. However, Woodbury remains responsible for the acts of their financial advisors or stockbrokers and are required to maintain a supervisory system and to comply with FINRA rules and regulations.Stephen Fry (Stephen Douglas Fry CRD: 2928258) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Germantown, TN. His previous employer was H.D. Vest Investment Services (CRD#:13686) of Cordoba, TN. He has been in the industry since 1998.

As a financial advisor with Woodbury Financial Services, Fry was able to operate as Fry Financial Services in Germantown, Tennessee. This business model is frequently used by independent contractors or others affiliated with small or regional brokerage firms. However, Woodbury remains responsible for the acts of their financial advisors or stockbrokers and are required to maintain a supervisory system and to comply with FINRA rules and regulations. Continue reading ›

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John Wyshak (John Charles Wyshak CRD: #1272260) is a former registered broker and investment advisor. His last known employer was Raymond James & Associates, Inc. (CRD#:705) of Los Angeles, CA. His previous employers include Wedbush Securities Inc. (CRD#:877), also of Los Angeles, Ryan, Beck & Co., LLC. (CRD#:3248) of Florham Park, NJ, and Gruntal & Co., L.L.C. (CRD#:372), of New York, NY. He has been in the industry since 1984. A customer dispute filed on 01/29/2018 alleged that Wyshak engaged in actions such as fraud, breach of contract, conversion, churning, fraudulent concealment, and other industry violations from 10/2014 through 11/2017. The two clients requested damages of $1,023,460.00, and his employer, Raymond James & Associates, settled the case for $700,000.John Wyshak (John Charles Wyshak CRD: #1272260) is a former registered broker and investment advisor. His last known employer was Raymond James & Associates, Inc. (CRD#:705) of Los Angeles, CA. His previous employers include Wedbush Securities Inc. (CRD#:877), also of Los Angeles, Ryan, Beck & Co., LLC. (CRD#:3248) of Florham Park, NJ, and Gruntal & Co., L.L.C. (CRD#:372), of New York, NY. He has been in the industry since 1984. Continue reading ›

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On February 12, 2020, the Financial Industry Regulatory Authority (“FINRA”) permanently barred Ronald Hannes (Ronald Walter Hannes CRD# 1452241) from associating with any FINRA member in any capacity for refusing to cooperate with FINRA officials during their investigation of him for conversion of consumer funds. Hannes operated out of Hannes Financial Services Inc in Spokane Washingon. Letter of Acceptance Waiver and Consent No. 2019064915301 (Feb. 13, 2020). Hannes was previously registered with Woodbury Financial Services Inc. in Spokane, Washington from 1994-2019. Prompting FINRA’s investigation was a Uniform Termination Notice for Securities Industry Registration (U5) which was filed on December 18, 2019. According the AWC, “. . .[b]y Uniform Termination Notice for Securities Industry Registration (Form U5) dated December 18, 2019, Woodbury terminated Hannes' association with the Firm and disclosed that the Firm ‘received notice from a client that funds were paid to [Hannes] for purchase of a life insurance contract that were not forwarded to the life insurance company.’” Id.On February 12, 2020, the Financial Industry Regulatory Authority (“FINRA”) permanently barred Ronald Hannes (Ronald Walter Hannes CRD# 1452241) from associating with any FINRA member in any capacity for refusing to cooperate with FINRA officials during their investigation of him for conversion of consumer funds. Hannes operated out of Hannes Financial Services Inc in Spokane Washingon. Letter of Acceptance Waiver and Consent No. 2019064915301 (Feb. 13, 2020). Hannes was previously registered with Woodbury Financial Services Inc. in Spokane, Washington from 1994-2019.

Prompting FINRA’s investigation was a Uniform Termination Notice for Securities Industry Registration (U5) which was filed on December 18, 2019. According the AWC, “. . .[b]y Uniform Termination Notice for Securities Industry Registration (Form U5) dated December 18, 2019, Woodbury terminated Hannes’ association with the Firm and disclosed that the Firm ‘received notice from a client that funds were paid to [Hannes] for purchase of a life insurance contract that were not forwarded to the life insurance company.’” Id. Continue reading ›

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According to FINRA Disciplinary actions for February 2020, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  DiLiberto, Jesse   Fidelity Brokerage Services
  Wilmington Capital Securities, LLC
  Fry, Stephen   Woodbury Financial Services, Inc
  H.D. Vest Investment Services
  Johnson, Timothy Jr.   MML Investors Services, LLC
  Suntrust Investment Services, Inc
  Mannera, Samuel   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith, Inc.
  Karney, Amogh
  McGuire, Jesse   JP Morgan Securities LLC
  Chase Investment Services Corp.
  Mostert, John   Quest Capital Strategies, Inc
  Intersecurities, Inc.
  Murray, Robert   SW Financial
  Joseph Stone Capital LLC
  Oplinger, Todd   IFS Securities
  Ridgeway & Conger, Inc
  Rangel, Jesse   TD Ameritrade, Inc
  Morgan Stanley
  Stokes, Dain   LPL Financial LLC
  Edward Jones
  Thrush, Steven   Summit Brokerage Services, Inc
  Cambridge Investment Research, Inc
  Washington, Robert

Continue reading ›

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