Investment Fraud

Centaurus Financial

June 1, 2018 | Silver Law Group

Centaurus Financial has been the recipient of multiple FINRA actions, including 11 regulatory events and 8 reported arbitration claims. Not all of these are major issues, but they could be relevant to an investor doing business with Centaurus.

The SEC has strict rules about how a broker-dealer operates, runs their business and keeps records; any variation from these rules can trigger a sanction or other regulatory process. Centaurus has been the subject of multiple sanctions for various infractions and disputes filed by customers. For these regulatory sanctions, the company has paid $532,156.62 in penalties, fines and fees over the years. In some cases, there were no financial products involved or sold, only regulatory violations.

Centaurus has paid out $3,064,930.66 in securities arbitration awards and judgments.

Silver Law Group is Investigating Lawrence Hagedorn of Ascend Financial Services, Inc.

May 31, 2018 | Silver Law Group

Lawrence Hagedorn is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity. Lawrence Hagedorn was registered with O.N. Equity Sales Company.

Contact Our Firm if You’ve Invested with Lawrence Hagedorn

If you invested with Lawrence Hagedorn and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.

Silver Law Group is Investigating Jeffrey Palish of Wells Fargo Clearing Services, LLC for Elder Financial Fraud

May 30, 2018 | Silver Law Group

Jeffrey Palish was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Palish, a former Wells Fargo stockbroker, consented to the sanction and to the entry of findings that over approximately three years, he converted more than $180,000 for his personal use from an elderly customer by accepting the money with no intent or ability to repay the customer.

Contact Our Firm if You’ve Invested with Jeffrey Palish

If you invested with Jeffrey Palish and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group. Our attorneys have extensive experience with elder financial fraud and representing victims of elder investment fraud.

Credit Unions Aim to Stop Elder Financial Fraud

May 30, 2018 | Silver Law Group

A new program has launched with the goal of educating everyone about this problem

According to a 2017 survey conducted by the Cooperative Credit Union Association (CCUA), two-thirds of caregivers reported that they had an elderly family member who at one time or another was a target of some sort of fraud or scam. In addition, 28 percent of older people were victims of a scam.

The survey also revealed that only 4 percent of seniors had ever taken a financial literacy class. Overall, almost 40 percent of respondents believed their older relatives were “somewhat” or “not at all” financially literate.

FINRA Suspends Broker Shane Jason Kelly

May 8, 2018 | Silver Law Group

Shane Jason Kelly (CRD# 3152000) was recently suspended by FINRA. He was previously registered as a broker and investment advisor, but currently has no registrations. His last known employer was IFP Advisors, Inc. (CRD# 125112) of Tampa, FL.

Kelly’s previous employers include:

LPL Financial, (CRD# 6413) of Port Lucie, FL, from 08/19/2014 to 06/19/2017

FINRA Suspends Broker Jeffrey Paul Dragon For Excessive UIT Trading

May 4, 2018 | Silver Law Group

FINRA has suspended broker Jeffrey Paul Dragon (CRD# 1874038) for 21 months and sanctioned him $50,000 in relation to a series of customer complaints. He has since been subjected to a second customer dispute after being terminated.

Dragon was last employed by Berthel Fisher & Company Financial Services, Inc. (CRD# 13609) of Burlington, MA, from 03/02/2007 to 09/23/2016, when Berthel terminated his registration and employment.

His previous employers include:

Palm Beach Broker Gary Edward Adkin Subject of Negligence Claim

May 4, 2018 | Silver Law Group

Palm Beach, Florida-based Gary Edward Adkin (CRD# 3084484) is currently registered as a broker and investment advisor employed by Stifel, Nicolaus & Company, Incorporated (CRD# 793.) Adkin has been with the firm since 12/4/2015, and was previously employed by Barclay’s and Lehman Brothers. In addition to his current registration with Stifel, Nicolaus & Company, he is also currently registered with Barclay’s Capital since 9/2008. He was previously registered with Lehman Brothers, Inc., from 10/2004 through 9/2008.

Adkin is currently the subject of a customer dispute during his tenure with his current firm, with pending arbitration at FINRA. The clients have alleged that Adkin was “negligent, and failed to exercise responsibility with regard to the account.” The claim was filed with FINRA, and the client is requesting $1,550,000 in damages. Process was served on 12/8/2017.

Contact Our Firm if You’ve Invested with Gary Adkin

Reporting Failures Cost Aegis Financial $1.3M In Fines

May 3, 2018 | Silver Law Group

FINRA and the SEC has fined Aegis Capital $1.3 million stemming from multiple reporting violations, including failing to report suspicious trades to the SEC. The regulators also allege that Aegis CEO and owner Robert Eide was responsible for causing the violations when he failed to respond to reports of suspicious activity. He was fined separately.

Aegis was fined for four separate violations:

Robert Eide, failure to file, $40,000

Silver Law Group is Investigating Minish Joe Hede of Paulson Investment Company

May 1, 2018 | Silver Law Group

Minish Joe Hede (CRD# 2389098) has been with Paulson Investment Company since 2013. In a regulatory action from 2017, FINRA found that Hede failed to respond to a FINRA request for information. Hede also failed to request termination of his earlier suspension within the allotted time. As a result, FINRA permanently barred Hede from being associated with any FINRA member firm. Hede was also discharged from Paulson Investment Company in 2017. The firm terminated Hede after a customer filed a complaint alleging negligence, fraud, and unjust enrichment. The firm also stated that Hede failed to comply with its internal investigation into the matter.

Hede has also been the subject of several customer disputes. In one dispute pending from 2017, the Claimant alleges fraud and unjust enrichment in connection with the sale of promissory notes; the Claimant alleges damages of $1,000,000. In another complaint from 1999, the Claimant alleged unauthorized use of margin trading by Hede. The case settled for over $6,000.

FINRA requires its members to “have a reasonable basis to believe that a recommended transaction or investment strategy” is suitable for a customer given their individual needs. FINRA also requires that its members refrain from engaging in fraudulent or deceptive practices with their customers.

FINRA Bans Broker Michael Alan Siegel After Repeated Complaints and Investigations

April 27, 2018 | Silver Law Group

FINRA has barred Michael Alan Siegel (CRD# 1950871) from “acting as a broker or otherwise associating with a broker-dealer firm.” Siegel was a previously registered broker and investment advisor and worked in the financial services industry since 1992. His last registered place of employment was with National Securities Corporation of Edison, NJ (CRD# 7569), from 04/21/2014 through 05/13/2016

Siegel’s previous work history includes 13 investment companies:

Concorde Investment Services (CRD# 151604), in Parsippany, NJ from 09/19/2013 through 04/22/2014