Securities Arbitration

Frederick Monroe, 16-year Financial Advisor, Permanently Barred by FINRA

May 20, 2016 | Silver Law Group

Frederick Monroe, 16-year Financial Advisor, Permanently Barred by FINRA on silverlaw.com

Fraud, misappropriation of funds, and criminal charges—this New York broker is in serious trouble.

The subject of numerous customer disputes, Frederick Monroe has been barred from associating with acting as a broker or otherwise associating with firms that sell securities to the public.

Frederick Monroe began his career in the securities industry in 1994 when he was employed by Robert W. Baird & Company in Milwaukee, Wisconsin. He was also employed by Voya Financial Advisors in Albany, New York, from February 2006 to June 2015. Before that, he was employed by Northwestern Mutual Investment Services in Latham, New York, from July 1994 to February 2006.

Martin Waldman Subject of a Securities Arbitration Claim

May 19, 2016 | Silver Law Group

Martin Waldman Subject of a Securities Arbitration Claim on silverlaw.com

This is the fourth complaint filed against the Raymond James broker Martin “Skip” Waldman of Boca Raton, Florida.

Boca Raton broker Martin Waldman now faces yet another client complaint. In his 13 years in the securities industry, Waldman has several reported disclosure events on his professional track record.

Waldman has been registered with and employed by the Boca Raton, Florida, office of Raymond James & Associates, Inc. since May of 2009. Prior to that, Waldman was registered with Vision Investment Services, Inc. and Northern Trust Securities, Inc., both located in Boca Raton.

Paul Posillico, Aegis Financial Corp., Investigation

May 18, 2016 | Silver Law Group

Manager Touching The Word UNAUTHORIZED Onscreen on silverlaw.com

Paul Posillico, a New York stock broker, is no longer licensed.

After ten years in the securities industry, Paul Posillico has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Although his barring occurred in June of 2015, Posillico was in hot water with FINRA for years before, including five complaints against him and two regulatory disputes.

His employment history includes most recently working as a broker for Aegis Capital Corporation in Melville, New York, from February 2013 to October 2014. He was also employed at Obsidian Financial Group from April 2008 to April 2013, a firm that was expelled by FINRA in October 2013.

David Burke, Shearson Financial Services, LLC of Boca Raton, FL

May 17, 2016 | Silver Law Group

David Burke, Shearson Financial Services, LLC of Boca Raton, FL

David Burke has been barred by FINRA.

David Burke failed to respond the requests from FINRA for information, and as a result has been permanently barred from the securities industry. Accused of selling away, which means that Burke solicited clients to purchase securities not held or offered by his member firm, his alleged damages are in excess of $195k.

Burke’s employment history includes Shearson Financial Services in Boca Raton, Florida, where he was employed from October 2011 to November 2014. He also worked for Sunbelt Securities in Houston, Texas, LF Financial in Boca Raton, Florida, Capstone Investments in San Diego, California, and Carolina Capital Markets in Chapel Hill, North Carolina.

California Broker Rick Esparza Borrowed Money From Client, Permanently Barred by FINRA

March 9, 2016 | Silver Law Group

California Broker Rick Esparza Borrowed Money From Client, Permanently Barred by FINRA on silverlaw.com

Failure to respond to FINRA’s request regarding customer loan ends securities career.

In August 2015, Princor Financial Services Corp. broker Rick Esparza consented to findings he borrowed money from his client. The California broker allegedly made numerous withdrawals from his client’s variable annuity totaling a personal loan of $67,500. When Esparza failed to make timely payments, the client complained.

As a result, the client was granted $75,000 in settlement damages and, less than a week later, Princor Financial Services Corp. discharged Esparza from its employ.

Boca Raton Financial Advisor Robert Child Faces Yet Another Customer Dispute

March 8, 2016 | Silver Law Group

Boca Raton Financial Advisor Robert Child Faces Yet Another Customer Dispute on silverlaw.com

Three most recent complaints involve allegations of suitability

With almost 40 years in the securities industry, Child has a total of 14 disclosure events reported on his BrokerCheck record. Many events consist of customer disputes as to Child’s actions relating to customer brokerage accounts. The three most recent complaints involve allegations of suitability, with requested damages in excess of $2.5M since October 2015.

Previous customer disputes include allegations such as:

Did Bernard Parker Use Your Money to Remodel His Home?

February 25, 2016 | Silver Law Group

Did Bernard Parker Use Your Money to Remodel His Home? on silverlaw.com

If you invested funds with Bernard Parker at Edward Jones, you need to keep reading.

Most recently registered with Edward Jones in Indiana, PA, Bernard Parker is now permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

According to his FINRA BrokerCheck record, Parker is accused of stealing investor money to remodel his house and pay other bills. In fact, in November 2015, the Securities and Exchange Commission (SEC) announced fraud charges against Parker. In its complaint, the SEC alleges that Parker conducted an unregistered and fraudulent offering of securities that raised more than $1.2 million from his longstanding brokerage customers and others who were told they were purchasing legitimate tax lien certificates and would earn returns of six to nine percent annually.

FINRA Permanently Bars Raymond T. Clark from Securities Industry

February 23, 2016 | Silver Law Group

FINRA Permanently Bars Raymond T. Clark from Securities Industry on silverlaw.com

Former Dynasty Capital Partners broker ends 15-year career with numerous customer disputes.

After 17 years as a financial adviser, Raymond T. Clark has been permanently barred from the securities industry. This permanent bar follows Clark’s failure to pay fines and/or costs associated with a FINRA complaint. The complaint also alleges that Clark failed to appear for, or provide on-the-record testimony that materially impeded the agency’s investigation of his activities as a broker, including numerous acts of broker misconduct. In fact, through the years, allegations made by customers against Clark include:

Excessive and unauthorized trading

Leon Vaccarelli Fined and Sanctioned by FINRA

February 18, 2016 | Silver Law Group

Leon Vaccarelli Fined and Sanctioned by FINRA on silverlaw.com

Connecticut broker agrees to one-month suspension and $7500 fine.

Leon Vaccarelli, a stockbroker registered with the Investment Center, was recently suspended from participating in the securities industry for one month and paid a $7500 fine to regulatory agency FINRA.

According to the report, registered representatives are prohibited from exercising discretion in a customer’s account unless the customer has given prior written authorization to exercise discretion and the account has been approved as discretionary, in writing, by the representative’s firm.

David Sullivan Accused of Excessive Trading on More Than One Occasion

February 17, 2016 | Silver Law Group

David Sullivan Accused of Excessive Trading on More Than One Occasion on silverlaw.com

Other allegations include unsuitable investments and unauthorized trading.

In the securities industry for 28 years, New York broker David J. Sullivan is the subject of yet another customer complaint against his behavior as a securities broker.

This most recent complaint alleges that on or about September 2011 through approximately December 2014, while associated with J.P. Morgan, Sullivan effected numerous transactions in three accounts of a customer without obtaining prior written authorization from the customer and without J.P. Morgan having accepted the accounts as discretionary.