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Articles Posted in Stockbroker Misconduct

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Robert Thompson (Robert Kennedy Thompson CRD# 1975407, aka, “Bob Thompson”) is a previously registered broker and currently registered investment advisor with Concourse Financial Group Securities, Inc. (CRD# 15708) of Palos Hills, IL. His previous employers include The Concord Equity Group, LLC (CRD# 14569) of Iselin, NJ, Emissary Financial Group, Inc. (CRD# 44568) of Mentor, OH, and   Money Concepts Capital Corp (CRD# 12963) of Palm Beach Gardens, FL. He has been in the industry since 1989. Concourse Financial discharged Thompson on 10/6/2023 for engaging in outside business activity (OBA) without the firm’s approval and written consent. On February 1, 2023, Thompson sought pre-approval from Concourse Financial Group to work as a business development officer at an external bank. Concourse Financial Group denied his request.Robert Thompson (Robert Kennedy Thompson CRD# 1975407, aka, “Bob Thompson”) is a previously registered broker and currently registered investment advisor with Concourse Financial Group Securities, Inc. (CRD# 15708) of Palos Hills, IL. His previous employers include The Concord Equity Group, LLC (CRD# 14569) of Iselin, NJ, Emissary Financial Group, Inc. (CRD# 44568) of Mentor, OH, and Money Concepts Capital Corp (CRD# 12963) of Palm Beach Gardens, FL. He has been in the industry since 1989. Continue reading ›

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Richard Mireles (Richard Randy Mireles CRD# 5288651) is a currently registered broker and investment advisor with  Independent Financial Group, LLC (CRD# 7717) of San Diego, CA. He was previously registered with Western Financial Advisors (CRD# 35098), also of San Diego. He has been in the industry since 2007. In the disciplinary action, FINRA detailed how from July 2020 and December 2022, despite notifications from lower-level managers, Mireles did not respond or act on “red flags” escalated to him. These red flags were for a registered representative who had traded excessively in five customer accounts during this period. Multiple trades were repeatedly “red-flagged” for this representative. The parameters were designed to notify the firm of solicited trades with high principal amounts.Richard Mireles (Richard Randy Mireles CRD# 5288651) is a currently registered broker and investment advisor with  Independent Financial Group, LLC (CRD# 7717) of San Diego, CA. He was previously registered with Western Financial Advisors (CRD# 35098), also of San Diego. He has been in the industry since 2007. Continue reading ›

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Maria Leon (Maria De Los Angeles Leon CRD# 6042515, aka, Maria D. Del Real, Maria De Los Angeles Del Real, Maria Del Real, Maria D Delreal, Maria D. Delreal, Maria De Los Angeles Delreal, Maria Delreal) is a previously registered broker last employed with PNC Investments (CRD# 129052) of Grand Rapids, MI. Her previous employers were J.P. Morgan Securities LLC (CRD# 79) of Chicago, IL and San Leandro, CA, and Chase Investment Services Corp. (CRD# 25574) of Michigan City, IN. She has been in the industry since 2012. PNC Investments discharged Leon on August 13, 2024 for misappropriation of customer funds following an investigation. The firm issued a Uniform Termination Notice for Securities Industry Registration (Form U5) for her termination. Despite no longer being an employee of PNC or any other member broker-dealer, Leon continues to be subject to FINRA’s jurisdiction. FINRA sent requests for related information, documents, and for on-the-record testimony to Leon on September 10, 2024.  Leon acknowledged the requests in an email on the same day and declined to provide the requested documents and information and refused any on-the-record testimony. This refusal violates FINRA Rules 8210 and 2010.Maria Leon (Maria De Los Angeles Leon CRD# 6042515, aka, Maria D. Del Real, Maria De Los Angeles Del Real, Maria Del Real, Maria D Delreal, Maria D. Delreal, Maria De Los Angeles Delreal, Maria Delreal) is a previously registered broker last employed with PNC Investments (CRD# 129052) of Grand Rapids, MI. Her previous employers were J.P. Morgan Securities LLC (CRD# 79) of Chicago, IL and San Leandro, CA, and Chase Investment Services Corp. (CRD# 25574) of Michigan City, IN. She has been in the industry since 2012. Continue reading ›

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Roy Williams (Roy Kevin Williams CRD# 843607) is a former registered broker and investment advisor last employed with Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Indianapolis, IN. He was previously employed with Morgan Stanley Smith Barney (CRD# 149777) and Citigroup Global Markets Inc. (CRD# 7059), also of Indianapolis, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691). He has been in the industry since 1977. On June 5, 2023, a customer filed a dispute alleging that Williams convinced them to “make personal loans to him from 2019 through 2021. The client requested damages of $59,000, and the dispute was settled for the same amount.Roy Williams (Roy Kevin Williams CRD# 843607) is a former registered broker and investment advisor last employed with Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Indianapolis, IN. He was previously employed with Morgan Stanley Smith Barney (CRD# 149777) and Citigroup Global Markets Inc. (CRD# 7059), also of Indianapolis, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691). He has been in the industry since 1977. Continue reading ›

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Christian De Berardinis (CRD# 4312327, aka Christian Eduardo DeBerardinis) is a previously registered broker and currently registered investment advisor last registered with Morgan Stanley (CRD# 149777) of New York, NY. His previous employers include J.P. Morgan Securities LLC (CRD# 79) of Miami, FL, Phoenix Derivatives Group, LLC (CRD# 25802) and Oppenheimer & Co. Inc. (CRD# 249), also of New York, NY. He has been in the industry since 2001. A customer dispute filed on 3/1/23 by multiple claimants alleged that De Bernadinis “solicited outside investment opportunities not authorized from the firm from February 20, 2020 to March 1, 2023.”  The customers requested damages of $6,500,000, and the claim was settled for $1,350,000.Christian De Berardinis (CRD# 4312327, aka Christian Eduardo DeBerardinis) is a previously registered broker and currently registered investment advisor last registered with Morgan Stanley (CRD# 149777) of New York, NY. His previous employers include J.P. Morgan Securities LLC (CRD# 79) of Miami, FL, Phoenix Derivatives Group, LLC (CRD# 25802) and Oppenheimer & Co. Inc. (CRD# 249), also of New York, NY. He has been in the industry since 2001. Continue reading ›

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After discovering that four of its financial advisors had committed fraud with automatic bank transfers, Morgan Stanley Smith Barney (MSSB) has agreed to pay $15 million in fines and other sanctions for failing to have reasonable theft detection in place. Prior to December of 2022, MSSB did not have a system that screened and detected unauthorized transfers and payments made by Automatic Clearing House (ACH) and other types of cash transfers. Both methods were unauthorized, and the financial advisors were able to transfer millions of customer funds to their own accounts.After discovering that four of its financial advisors had committed fraud with automatic bank transfers, Morgan Stanley Smith Barney (MSSB) has agreed to pay $15 million in fines and other sanctions for failing to have reasonable theft detection in place. Continue reading ›

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Blog-Graphics1Silver Law Group founder Scott Silver was recently interviewed by Investment News for an article about Henry Duval, formerly known as “Roger Allen Duvall.” Duvall was barred by FINRA in 2020 after it found he was selling away and misappropriating funds while associated with MML and Pruco, two former employers. Continue reading ›

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Silver Law Group’s managing partner Scott Silver discussed a recent ruling from a California court that gave two brokers a temporary restraining order (TRO) against FINRA in arbitration over their sales of GHG Holdings’ illiquid L-Bonds.  “This appears to be a Hail Mary pass by two brokers who are taking a ‘never say die’ approach to arbitration,” Scott said in a recent AdvisorHub article. "In this case, FINRA's position is correct, straightforward, and investor friendly."Silver Law Group’s managing partner Scott Silver discussed a recent ruling from a California court that gave two brokers a temporary restraining order (TRO) against FINRA in arbitration over their sales of GWG Holdings’ illiquid L-Bonds.

“This appears to be a Hail Mary pass by two brokers who are taking a ‘never say die’ approach to arbitration,” Scott said in a recent AdvisorHub article. “In this case, FINRA’s position is correct, straightforward, and investor friendly.” Continue reading ›

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According to FINRA Disciplinary actions for November, 2024, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
Helen Andrews Morgan Stanley
Barclays Capital Inc.
Vincent Fuchs Steward Partners Investment Solutions, LLC
Raymond James Financial Services, Inc.
Wentworth Gardner CUNA Brokerage Services, Inc.
AXA Advisors, LLC
Colton Jacob Steward Partners Investment Solutions, LLC
Raymond James Financial Services, Inc.
Gail Milon ELE Wealth Advisors, Inc.
MSI Financial Services, Inc.
Michael Paesano Morgan Stanley
UBS Financial Services Inc.
David Page Spartan Capital Securities, LLC
SW Financial
Any Zwaan LPL Financial LLC
Wealthplan Partners

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According to FINRA Disciplinary actions for November 2024, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
Juan Gomez
James Easter Independent Financial Group, LLC
NPB Financial Group, LLC
Janelle English
Sara Jankowski Stifel, Nicolaus & Company, Incorporated
City Securities Corporation
David Love LaSalle St Securities, LLC
ICMA-RC Services, LLC
James Marrero American Portfolios Financial Services, Inc.
BCG Securities, Inc.
Luis Castanon J.P. Morgan Securities LLC
Michael Russo Spartan Capital Securities, LLC
Craft Capital Management LLC

Continue reading ›

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