A National Securities Arbitration & Investment Fraud Law Firm
John Maloney (CRD #726108) has been employed by Woodbury Financial Services Inc. since June 2016. Maloney was previously employed by Edward Jones from January 1981 to June 2016.
According to the FINRA BrokerCheck, there have been several complaints against Mr. Maloney.
In 2016 Claimants allege Mr. Maloney’s recommendations to purchase individual equities were unsuitable. The complaint settled for $132,500.
Robert Abramowitz (CRD #4437589) is a currently registered broker and investment advisor employed with National Securities Corporation (CRD #7569) of Melville, NY. Previous employers include Oppenheimer & Co. Inc. (CRD #249) of Jericho, NY, Raymond James Financial Services, Inc. (CRD #6694) of Garden City, NY, and Wells Fargo Advisors, LLC (CRD #19616) of Great Neck, NY. He has been in the industry since 2001.
Abramowitz has three disclosures in his record, all customer disputes. The most recent, on 7/30/2018, alleges “breach of contract, negligence, unsuitability, breach of fiduciary duty.” The client is requesting damages of $100,000. No additional information is available.
A previous customer dispute was filed on 3/28/2018, alleging that from 7/26/2011 – 4/11/2016, her investment objectives and risk tolerance were incorrectly state on her new account documentation. Additionally, the client alleged that her investments were unsuitable and were “misrepresented to her.” The client requested damages of $149,236.86, and the firm settled for $75,000.
Dana H. Davis (CRD #1707708) is a currently registered broker currently employed by Newbridge Securities Corporation (CRD #104065) of New York, NY. His previous employers include First Montauk Securities Corp. (CRD #13755) of Hauppage, NY, Global Capital Securities Corporation (CRD #16184) of Englewood, CO, and Gilford Securities Incorporated (CRD #8076) of New York, NY. He has been in the industry since 1989.
Davis’ most recent customer dispute was filed on 01/08/2018. In it, the customer alleges that Davis engaged in “misrepresentation, unsuitable and excessive trading, negligent supervision and breach of fiduciary duty.” The customer requests damages of $250,000. This case is currently listed as “pending.”
A previous complaint, filed on 10/10/2007, alleged that Davis engaged in churning, unauthorized trading, fraud, breach of fiduciary duty, among other things. The client requested $150,000 in damages, and the case was settled for $75,000. A broker’s comment states Davis was discharged as part of the settlement.
Stephen Allen Murray (CRD #343722) is a former registered broker and investment advisor who was last employed by Raymond James & Associates, Inc. (CRD #705) of Palm Beach Gardens, FL. He was previously employed by Morgan Keegan & Company, Inc. (CRD #4161) of Jupiter, FL and First Financial Equity Corporation (CRD #16507) of Scottsdale, AZ. No current employment information is available. He began in the industry since 1973.
Murray is the subject of 10 different disclosures, dating back to 1982. The most recent, a regulatory action, occurred after he failed to respond to a FINRA request for information. Three letters were issued regarding the suspension, and Murray did not respond to any of them. He became permanently barred from associating with any FINRA representative as of 8/7/2018. No additional information is available.
The next disclosure was filed on 05/26/2017, a customer dispute alleging “churning, unauthorized trading; negligence, violation of FINRA rules . . .breach of contract, and breach of fiduciary duty. Activity date is: 6/2010 thru 4/2017.” The customer requested damages of $100,000, and the case was settled for $60,000.
Michael Barnett (CRD #5792242) is a currently registered broker and investment advisor working with J.J.B. Hilliard, W.L. Lyons, LLC of Marion, IL (CRD #453). He has been with Hilliard Lyons since 2012. Previously, Barnett was registered with Edward Jones (CRD #250) of Herrin, IL. He has been in the industry since 2010.
Barnett has three pending customer complaints in 2018, with the damages requested totaling $133,529.56. Two of these claims involve allegations of over-concentration and losses related to a company called Breitburn Energy (BBEP), and that the company was unsuitable for the clients. Both complaints include allegations of breach of contract and fiduciary duty, violation of Kentucky Consumer Protection Act, Kentucky Blue Sky Law, and the Illinois Consumer Fraud Act. The third 2018 complaint, also pending, allege “breach of fiduciary duty, violation of Illinois’ Securities Act (Section 815 ILCS 5/12 et al.), negligence/negligent misrepresentation/omission, breach of contract, restitution, common law fraud, and negligent supervision.”
In 2017, Barnett had two additional customer complaints. In one case, the client alleges “unauthorized trading in an unsuitable security.” The second complaint alleges “misrepresentation, unsuitable investments, and unauthorized trading in a single security beginning in 2014 through 2015.” The client has requested damages of $1.5 million.
Broker Robert Cleary (CRD #1505792) is a currently registered broker with Stifel, Nicolaus & Company, Incorporated (CRD #793) of New York, NY, since 2007. He was previously employed with Ryan Beck & Co. (CRD #3248), Gruntal & Co., L.L.C. (CRD#:372) Lehman Brothers Inc. (CRD #7506), all of New York, NY. He has been in the industry since 1986.
Cleary currently has a pending customer dispute in which the client alleges “alleges breach of fiduciary duty, negligence, and breach of contract,” with damages requested of $300,000. Filed o
n 5/17/18, no additional information is available.
One previous dispute in 2016 alleged “losses due to inappropriate investment recommendations. 3/31/15 through 5/6/15.” Damages were requested in the amount of $70,000. The client was awarded $40,000, and the case was settled.
Broker Jason McBride (CRD #1875972) is a registered broker and investment advisor employed by Presidential Brokerage, Inc. (CRD #28784) of Greenwood Village, CO. He has been with Presidential since 1995. His previous employers include VTR Capital, Inc. (CRD #21404) of New York City, Chatfield Dean & Co., Inc. (CRD #14714) also of Greenwood Village, CO, Venture Trading, Inc. (CRD #21404) of New York City, Marshall Davis, Inc. (CRD #16278), Donald & Co. Securities Inc. (CRD #7776) of Tinton Falls, NJ, Pacific Rim Securities, Inc. (CRD #13155) and Power Securities Corporation (CRD #15527). He has been in the industry since 1988.
McBride has been the subject of five customer disputes in his career. The most recent was filed on 5/1/2018, by a client alleging “unsuitability, breach of fiduciary duty, negligence, failure to supervise, misrepresentation, omission, and breach of contract in the purchase of 2 non traded REITs and a limited partnership between February 2006 and August 2008.” The client is requesting damages in the amount of $251,317.00. Presidential denies the claims, and McBride isn’t actually a named party in the complaint. The firm is defending itself against the claims.
A prior complaint was filed on 12/15/2015 by a disgruntled former employee and her husband. McBride, again, was not a named party in the complaint. The clients alleged “breach of fiduciary duty, breach of contract, negligence and unlawful termination and retaliation.” The wife was employed by Presidential as a Series 7 representative, studying for her Series 7 exam, and working as an assistant to McBride.
Ray Gene Reese (CRD #1694620) is a FINRA Broker and Investment Advisor with Money Concepts Capital Corp (CRD #12963) of Farmington, MO. His previous employers include Pruco Securities Corporation (CRD #5685) and The Prudential Insurance Company Of America (CRD #680), of Newark, NJ, Hibbard Brown & Co., Inc. (CRD #18246) and Sherwood Capital, Inc. (CRD #10474). He has been in the industry since 1987.
Reese is the subject of five disclosures, all customer disputes dating back to 1999. The latest, filed on 05/08/2018, involved Reese misrepresented a publicly traded, illiquid product. The customer requested damages of $75,000. Reese countered that he had indeed informed the client of its illiquid nature. After the customer stated that they did not need the money for 11-20 years, the firm found that this was a suitable investment based on the provided information. Additionally, the clients indicated that the accounts were not held in their name; at the time, they were in a brokerage account by Pershing LLC. This dispute was denied.
The next customer dispute is dated 05/07/2018, and is currently listed as “pending.” These clients claim “unsuitability, negligence, breach of contract” as well as breaches of Missouri statutes related to losses of funds deposited in their accounts in 1999 and 2000. The clients also claim that they made a down payment on a whole life insurance policy, with Reese stating that the premiums would never increase, and to ignore letters from the insurance company regarding unpaid premiums. Furthermore, the clients allege that Reese converted money for his own use and ignored their requests to see their file. Reese denies all the allegations, was not the individual who sold the client their insurance policies, and indicated that the clients took loans against their $400,000 investment and personal distributions in excess of $400,000. The clients are requesting damages in the amount of $650,000.
Broker Donald Fowler (CRD #4989632) is a broker currently registered with Worden Capital Management LLC (CRD #148366) of Rockville Center, New York. He has been with Worden since 2014. He was previously employed by J.D. Nicholas & Associates, Inc. (CRD #44791) of Syosett, NY, and American Capital Partners, LLC (CRD #119249) of Wantagh, NY. He has been in the industry since 2005.
Fowler, along with another Worden broker, is the subject of an SEC complaint regarding excessive trading, churning, and what the SEC calls an “in-and-out” trading strategy. This generated bigger fees for himself and the other broker who was charged, but caused clients to suffer significant losses as a result.
Fowler is alleged to have recommended the strategy to his 27 clients at now-defunct J.D. Nicholas & Associates without any reason to believe it would benefit any one of them. He knew, or should have known, that the cost structure and nature of the trading would cause them all to lose money. Furthermore, at least three of his 27 accounts were the subject of “churning” (excessive training to generate more commissions and fees.) Both of these practices violated antifraud provisions in federal trading laws. This action is listed as “pending.”
Silver Law Group attorneys have won an award against Curtis D. Milakovich, formerly of Kovack Securities Inc. on behalf of our clients through FINRA arbitration.
On December 22, 2017, the Financial Industry Regulatory Authority (“FINRA”) awarded our clients $164,000 due to Milakovich’s misconduct, including unsuitable recommendations, unauthorized trading, negligence, breach of fiduciary duty, and churning.
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