A National Securities Arbitration & Investment Fraud Law Firm
From December 2012 to August 2014, Jeffrey C. McClure allegedly wrote 36 checks to himself from an elderly customer’s bank account. FINRA reports that the checks totaled nearly $89,000, which McClure deposited in his own account so that he could pay his own rent. FINRA permanently barred the broker.
Two brokers, Fernando L. Arevalo and Jimmy E. Caballero, were permanently barred from the securities industry by FINRA in 2013, for allegedly stealing $300,000 from an elderly widow with diminished mental capacity.
As the sole distributor of a Real Estate Investment Fund, David Lerner Associates allegedly solicited thousands of customers without determining if it was suitable for investors. In addition, FINRA states the firm targeted “unsophisticated investors” and the elderly. In 2012, FINRA ordered the firm to pay $12 million in restitution to affected customers who purchased shares.
Brookstone Securities, as well as its owner/CEO, Antony Turbeville, and one of its brokers, Christopher Kline, were reported by FINRA to have made fraudulent sales of collateralized mortgage obligation to elderly and retired investors. The firm was not only fined $1 million, it was also ordered to pay restitution of more than $1.6 million.
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