Securities Arbitration

Angel Aquino of Morgan Stanley Claims for Puerto Rico Bonds

February 27, 2018 | Silver Law Group

Investment broker Angel Edgardo Aquino-Velez (CRD#: 2687333) is no longer working as a broker, according to FINRA. Velez was previously registered as a broker, with the last place of employment listed as Morgan Stanley (CRD# 149777). His name is also listed as “Angel Edgardo Aquino,” “Angel E AquinoVelez” and, “Angel Edgardo AquinoVelez.” Velez worked for Morgan Stanley from 2010 through 2017, for Merrill Lynch from 2006 through 2009, and UBS Financial Services, Inc./UBS Financial Services, Inc. of Puerto Rico from 2000 through 2006. Since leaving Morgan Stanley in 2017, Velez is not listed as working as a broker, or in any financial services capacity requiring registration.

Silver Law Group represents other investors in claims against Morgan Stanley relating to Angel Aquino. Since 2001, Velez has had a number of customer disputes have been filed against him. Many were settled by Merrill Lynch during his tenure of employment. FINRA arbitration claims filed during Velez’s tenure at Morgan Stanley are still open, with the most recent involving “unsuitability with respect to Puerto Rico investments,” from 2013 to 2017, among other things (“inter alia.”) No money damages are specified in the latest dispute, but previous disputes dating back to July of 2016 have a combined outstanding total of $17,559,000. Morgan Stanley agreed to pay one customer dispute the amount of $80,000, resolving a securities arbitration of “unsuitability with respect to the Puerto Rico closed-end fund investment – 2012 to 2013.” Customer complaints include “unsuitability” and “misrepresentation” in relation to investments Velez was involved with.

Contact Our Firm if You’ve Invested with Angel Aquino

Christopher Robert Hickman, formerly of Cetera Advisors, LLC.

February 27, 2018 | Silver Law Group

FINRA suspended Christopher Robert Hickman in June of 2017 for six months. This suspension is a result of Hickman’s violations of NASD Rule 2310, and FINRA Rules 2111 and 2010, regarding the unsuitable trading of Unit Investment Trusts, or “UITs.” Hickman neither denied nor confirmed the findings, and consented to the sanctions, which included a five-month suspension and a fine of $5,000, and included customer restitution of $115,989.75 (with interest.) Hickman was in the Delray Beach, Florida office of Cetera.

Hickman recommended these UITs to his customers and sell them within a year of purchase. The UITs in question had a 24-month maturity, and come with significant up-front charges, up to 3.95%. The average holding period for his customers was 136 days. After their sale, Hickman again recommended his customers purchase the same types of UITs with the proceeds and sell them after less than a year, repeating the process. Six of his customers suffered losses of approximately $115,989.75.

During his tenure at Cetera Advisors, LLC., Hickman was also the subject of several customer disputes, most of which were settled, and one denied. The last customer dispute, in April of 2017, involved “breach of fiduciary duty, violation of FINRA rules, negligence, breach of contract, and elder abuse,” and was settled for $15,000.

Scott Silver Participates in the University of Miami School of Law Class Action Forum

February 13, 2018 | Silver Law Group

On December 8, 2017, the University of Miami School of Law held its annual class action forum. Of particular interest was hot topics in class action and mass torts plus a keynote speech from the attorney representing many NFL players in litigation relating to concussions.

Scott Silver is a 1996 graduate of Miami Law School and an active member of the Law School alumni program. In 2016, Silver Law Group was instrumental in helping the University of Miami Investor Rights Clinic receive a $107,000 Cy Pres Award from one of our class actions relating to the U.S. Pension Trust Corp. fraud which resulted in a substantial recovery for our clients.

The Investor Rights Clinic is an important program which teaches students about securities arbitration while helping investors, who may not be able to find counsel, pursue FINRA arbitration claims for securities and investment fraud. Scott Silver is a frequent lecturer at investor rights clinics around the country including University of Miami and Albany Law School in New York.

Jeffrey L. Mischel, Wells Fargo

October 19, 2017 | Silver Law Group

Jeffrey L. Mischel

CRD# 1374486

Silver Law Group is examining Carlsbad, California-based Wells Fargo broker Jeffrey L. Mischel after multiple clients filed FINRA complaints alleging misrepresentation relating to the purchase of Puerto Rico municipal bonds.

Robert H Keller, Morgan Stanley

October 17, 2017 | Silver Law Group

Robert H. Keller

CRD#2168444

Silver Law Group is reviewing former Beverly Hills, California-based Morgan Stanley broker Robert H. Keller after he was discharged for trading in low priced securities and inaccurately designating trades as unsolicited.

The Definitive Guide to Securities Arbitration and Mediation

September 1, 2016 | Silver Law Group

The Definitive Guide to Securities Arbitration and Mediation on silverlaw.com

If you decide to use FINRA’s dispute resolution process to resolve a dispute with a broker or financial firm, you have two options, arbitration and mediation.

When investors have a dispute with a brokerage firm registered with FINRA that cannot be settled through mutual agreement or outside settlement, the case may be arbitrated or mediated through FINRA’s dispute resolution forum, which includes both arbitration and mediation.

Securities arbitration and mediation have been found to be much faster, less expensive, and less complex than litigation when it comes to resolving financial disputes between investors and brokers, financial advisors, or brokerage firms.

Crowdfunding and Securities: What You Need to Know to Stay Protected

August 31, 2016 | Silver Law Group

Crowdfunding and Securities: What You Need to Know to Stay Protected on silverlaw.com

Crowdfunding, like any investment, has both risks and benefits. Before investing, make sure you understand both.

As of May 2016, investors are able to buy stock in early-stage companies through crowdfunding, a system in which companies raise small amounts of money through many people, typically on internet-based platforms.

To many, crowdfunding sounds like an exciting new way to invest, but it’s important to understand the type of business you’re investing in: what it does, how it makes money, and the inherent risks in investing in start-ups and other early stage ventures.

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA

August 19, 2016 | Silver Law Group

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA on silverlaw.com

Ralph Savoie refused to respond to requests for information from the FINRA.

After 40 years in the financial services industry, Ralph Savoie has been permanently barred by the FINRA. His most recent place of employment was as a broker for the firm Cambridge Investment Research in Metairie, Louisiana where he worked from 2013 to 2015. He also worked for ING Financial Partners in Baton Rouge from March 2007 to July 2013.

FINRA barred Savoie as a result of his refusal to respond to requests for information pertaining to an investigation. He is being investigated for misappropriating funds of $665,000 from one client and for outside business activity without approval. He has also been accused of fraud for selling a client a life insurance policy that was priced well beyond the client’s means.

5 Signs You Should Contact Your Securities Arbitration Attorney

August 18, 2016 | Silver Law Group

5 Signs You Should Contact Your Securities Arbitration Attorney on silverlaw.com

You think your financial advisor has committed investment fraud, when should you lawyer up?

A securities arbitration attorney can be an essential asset if you have questions about what a financial advisor is doing with your money, have been under-informed or misinformed about your investments, or are facing an upcoming hearing with the Financial Investment Regulatory Authority (FINRA) about your investments. Here are five signs you should contact your securities arbitration attorney today:

1. You want a FINRA hearing

What is the Statute of Limitations on Securities Fraud?

August 17, 2016 | Silver Law Group

What is the Statute of Limitations on Securities Fraud? on silverlaw.com

How much time do you have to take legal action against a fraudulent broker? It depends…

If you’ve only recently realized that you were defrauded by your broker or financial advisor, or have been waiting until obtaining the proper evidence to take legal action against them, it’s essential to know the statute of limitations on security fraud. The amount of time you have to make a case against the investment professional who has defrauded is two to five years under federal law, but there are some circumstances that determine when your clock actually starts ticking.

What federal law says