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Articles Posted in Stockbroker Misconduct

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Christopher Polinaire (Christopher Edward Polinaire CRD# 4330879) is a previously-registered broker whose last employer was Network 1 Financial Securities Inc. (CRD#:13577) of Hauppage, NY. His prior employers include Arive Capital Markets (CRD#:8060) of Ronkonkoma, NY, First Standard Financial Company, LLC (CRD#:168340) of Garden City, NY, and Rockwell Global Capital LLC (CRD#:142485) of Melville, NY. He has been in the industry since 2004. Following a 2020 cause exam by FINRA of Arive Capital Markets, it was found that Polinaire “excessively and unsuitably” traded in three customer accounts. These customers were senior investors, all over the age of 65.Christopher Polinaire (Christopher Edward Polinaire CRD# 4330879) is a previously-registered broker whose last employer was Network 1 Financial Securities Inc. (CRD#:13577) of Hauppage, NY. His prior employers include Arive Capital Markets (CRD#:8060) of Ronkonkoma, NY, First Standard Financial Company, LLC (CRD#:168340) of Garden City, NY, and Rockwell Global Capital LLC (CRD#:142485) of Melville, NY. He has been in the industry since 2004. Continue reading ›

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Todd Seymour (Todd Michael Seymour CRD# 3249733) is a previously registered broker and currently registered investment advisor last employed with Raymond James Financial Services, Inc. (CRD# 6694) of Clearwater, FL. He has one prior employer, Morgan Stanley (CRD#:149777), also of Clearwater, where he began his career in 2014. Seymour’s CRD has two employment terminations on the same day, 11/5/2020. The first discharge was from Raymond James, and the second from Steward Partners Investment Advisory, LLC., with identical reasons for his discharge: ”Terminated for various policy violations, including conducting firm business through an outside email address, acting in an unapproved capacity for a client, and reuse of blank, signed forms for another client.” It is not clear from the CRD if or how the two firms might be affiliated.Todd Seymour (Todd Michael Seymour CRD# 3249733) is a previously registered broker and currently registered investment advisor last employed with Raymond James Financial Services, Inc. (CRD# 6694) of Clearwater, FL. He has one prior employer, Morgan Stanley (CRD#:149777), also of Clearwater, where he began his career in 2014. Continue reading ›

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Sevag Haddadian (Sevag Raffi Haddadian CRD# 3249290) is a previously registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Brea, CA. He was previously employed by three divisions of Morgan Stanley (CRDs: #149777, #8209, and #7556), also of Brea. He has been in the industry since 2001. Haddadian’s employment with both Morgan Stanley and Wells Fargo ended in a six-month period in 2022. Both companies found that Haddadian was involved in outside business activities (OBA) involving real estate. Haddadian voluntarily resigned from Morgan Stanley on 1/13/2022 after he failed to disclose his involvement in limited liability companies (LLCs) along with firm clients that bought, sold, and rented homes in the state of Ohio. Wells Fargo discharged Haddadian on 6/12/2022 after he failed to disclose his involvement with an LLC that acquired and rented real estate.Sevag Haddadian (Sevag Raffi Haddadian CRD# 3249290) is a previously registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Brea, CA. He was previously employed by three divisions of Morgan Stanley (CRDs: #149777, #8209, and #7556), also of Brea. He has been in the industry since 2001. Continue reading ›

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Daniel Beech (Daniel Keith Beech CRD# 6169844) is a registered broker and investment advisor currently employed with Innovation Partners LLC (CRD#: 146344) of Charlotte, NC. His previous employers were Western International Securities (CRD#:39262) of Westlake Village, CA, Independent Financial Group, LLC (CRD#:7717) of Sherman Oaks, CA, and Royal Alliance Associates, Inc. (CRD#:23131) of Los Angeles, CA. He has been in the industry since 2013. Beech’s CRD includes 13 customer disputes, two of which have been settled. The other 11 were filed between 4/29/2022 and 1/11/2023 and are currently listed as “pending.” Several disclosures list clients seeking reimbursement for their investments, while others have allegations of unsuitability and negligence. The collective damages for these 11 customer disputes total $2,558,150.00. The two earlier disputes both requested $5,000 in damages, and were settled for $72,500, collectively.

Daniel Beech (Daniel Keith Beech CRD# 6169844) is a registered broker and investment advisor currently employed with Innovation Partners LLC (CRD# 146344) of Charlotte, NC. His previous employers were Western International Securities (CRD# 39262) of Westlake Village, CA, Independent Financial Group, LLC (CRD# 7717) of Sherman Oaks, CA, and Royal Alliance Associates, Inc. (CRD# 23131) of Los Angeles, CA. He has been in the industry since 2013.

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Caz Craffy (CRD# 5222223, a/k/a Carz Levinski Craffey) is a former broker last employed with Monmouth Capital Management LLC (CRD#:290248) of Point Pleasant Beach, NJ. His previous employers include Newbridge Securities Corporation (CRD#:104065) and National Securities Corporation (CRD#:7569) of Morristown, NJ, and Joseph Gunnar & Co. LLC (CRD#:24795) of Staten Island, NY. He has been in the industry since 2011. FINRA began an investigation into Craffy on 11/10/2022 into his outside business activities (OBA.) The investigation began following a customer complaint to FINRA. The next day, Monmouth Capital terminated his employment due to his failure to disclose his OBA. FINRA requested additional information from Craffy and on-the-record testimony. Additionally, FINRA was interested in the possibility that he had: Actively traded customer accounts Received loans or gifts from customers Potential conversion of customer funds Failed to disclose his OBA to Monmouth and FINRA as requiredCaz Craffy (CRD# 5222223, a/k/a Carz Levinski Craffey) is a former broker last employed with Monmouth Capital Management LLC (CRD#:290248) of Point Pleasant Beach, NJ. His previous employers include Newbridge Securities Corporation (CRD#:104065) and National Securities Corporation (CRD#:7569) of Morristown, NJ, and Joseph Gunnar & Co. LLC (CRD#:24795) of Staten Island, NY. He has been in the industry since 2011. Continue reading ›

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According to FINRA Disciplinary actions for February 2023, 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
  Eugene Bartley III   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Carl Birkelbach   Birkelbach Investment Securities, Inc.
  Mark Boucher   Strategic Wealth Advisor Group Services Inc.
  Raymond James Financial Services
  David Weigel   PBC Capital Markets, LLC
  Morgan Stanley
  Jamie Worden   Worden Capital Management LLC
  Salomon Whitney LLC

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According to FINRA Disciplinary actions for February 2023, the following individuals were barred 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:

NAME FORMER EMPLOYERS
  Albert Aviles   Reid & Rudiger LLC
  Spartan Capital Securities, LLC
  Ruth Chambers   Raymond James & Associates, Inc.
  Mutual Trusdt Co. of America Securities
  Seymour Cohen   Wilmington Capital Securities, LLC
  Clark Dodge & Co., Inc.
  John Fabiano   LPL Financial LLC
  Wealth Enhancement Advisory Services
  Samuel Heavrin   J.P. Morgan Securities LLC
  Austin Lazarus   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  J.P. Morgan Securities LLVC
  Jason Long   State Farm VP Management Corp.
  Cory Tinsley   Farmers Financial Solutions, LLC
  AXA Advisors, LLC

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According to FINRA Disciplinary actions for February 2023, 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
  William Casper   J.P. Morgan Securities LLC
  Kevin Chiu   J.P. Morgan Securities LLC
  Albert Foronda   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Edward McMahon   Alexander Capital, L.P.
  J.P Turner & Company, LLC
  Mark Miranda   Spartan Capital Securities, LLVC
  Network 1 Financial Securities Inc
  Patrick Thayer   LPL Financial LLC
  Parkland Securities, LLC
  Brian Wurdemann   RBC Capital Markets, LLC
  UBS Financial Services Inc.

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A broker and his investment firm in Wausau, WI has been charged by the SEC after he was barred last year for defrauding clients. Anthony B. “Tony” Liddle, (CRD#: 5478479) and his company, Prosper Wealth Management, convinced at least 13 of his clients to invest money in L-Bonds sold by GWG Holdings of Dallas, TX. As we’ve blogged about previously, GWG Holdings ceased selling their speculative and risky L-Bonds prior to their bankruptcy in April of 2022. Liddle continued to “sell” L-Bonds even after the company suspended their sale.  Most of his clients were senior citizens.A broker and his investment firm in Wausau, WI has been charged by the SEC after he was barred last year for defrauding clients.

Anthony B. “Tony” Liddle, (CRD# 5478479) and his company, Prosper Wealth Management, convinced at least 13 of his clients to invest money in L-Bonds sold by GWG Holdings of Dallas, TX. As we’ve blogged about previously, GWG Holdings ceased selling their speculative and risky L-Bonds prior to their bankruptcy in April of 2022. Liddle continued to “sell” L-Bonds even after the company suspended their sale. Most of his clients were senior citizens. Continue reading ›

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Charles Malico (Charles Vincent Malico CRD# 1507282) is a previously registered broker whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Huntington Station, NY. His previous employers include MidAmerica Financial Services, Inc. (CRD#:47351, expelled by FINRA on 5/10/2016), Global Arena Capital Corp (CRD#:16871, expelled by FINRA on 1/4/2016), B.B. Graham & Company, Inc. (CRD#:41533), all of Melville, NY. He has been in the industry since 1987. After a customer’s requested for arbitration, FINRA followed up with its own review. In it, FINRA found that Malico engaged in violations of the Regulation Best Interest’s Care Obligation, set forth at Exchange Act Rule 15l-1(a)(2)(ii). Also known as Reg BI, it’s the standard by which brokers consider potential investments to recommend to their customers. Brokers must consider the customers’ investment profile and act in the customer’s best interest. In the AWC letter, FINRA found that Malico engaged in excessive trading that would require a customer’s account to recognize an increase of 158% to break even. From July 2020 through November 2021, Malico made multiple recommendations that were excessive for his investment profile. The customer paid more than $54,000 in commissions and other trading costs resulting from Malico’s recommendations, losing more than $17,500. One tactic was to suggest to the customer that he sell a specific security, then re-buy it several days or weeks later. This “in-and-out” trading included shares for a biotechnology company.Charles Malico (Charles Vincent Malico CRD# 1507282) is a previously registered broker whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Huntington Station, NY. His previous employers include MidAmerica Financial Services, Inc. (CRD#:47351, expelled by FINRA on 5/10/2016), Global Arena Capital Corp (CRD#:16871, expelled by FINRA on 1/4/2016), B.B. Graham & Company, Inc. (CRD#:41533), all of Melville, NY. He has been in the industry since 1987. Continue reading ›

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