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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for May 2022, 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
  Kevin Harms   Chelsea Financial Services
  Salomon Whitney Financial
  David Morris   Stifel, Nicolaus & Company, Incorporated
  UBS Financial Services Inc.
  Aleksandr Osaulenko   First Standard Financial Company LLC
  Alexander Capital, LP
  Yousuf Saljooki   Worden Capital Management LLC
  Salomon Whitney Financial

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According to Morgan StanleyAccording to Morgan Stanley, the “Pelican Bay Group” is an elite team of 20 Morgan Stanley financial advisors and additional staff that manage wealth for high net worth families. As of December 31, 2021, the Pelican Bay Group reportedly manages approximately $4 billion in assets. However, the Group has come under scrutiny since a client recently filed a complaint against Managing Director Antony Gallea, claiming that Gallea had misrepresented the firm’s options trading strategy. Misrepresentations Violate FINRA Rules Under FINRA Rule 2020, brokers cannot use any manipulative, deceptive, or other fraudulent device or contrivance to induce the purchase or sale of any security. And if they violate that rule, FINRA can take a range of actions against the broker, including suspending the broker’s license and ordering the broker to compensate their clients. Morgan Stanley FINRA Arbitration Claims According to BrokerCheck, the recent allegations are not the first complaints FINRA has received about Gallea. While allegations are not proof of wrongdoing, if you’ve been investing with Gallea or the Pelican Bay Group, you may want to review your investments including any options strategies., the “Pelican Bay Group” is an elite team of 20 Morgan Stanley financial advisors and additional staff that manage wealth for high net worth families. As of December 31, 2021, the Pelican Bay Group reportedly manages approximately $4 billion in assets. However, the Group has come under scrutiny since a client recently filed a complaint against Managing Director Anthony Gallea, claiming that Gallea had misrepresented the firm’s options trading strategy. Continue reading ›

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In January 2022, FINRA, the organization that regulates and oversees Broker-Dealers and Wall Street brokers, received a securities arbitration claim regarding Anthony Gallea, a Managing Director and financial advisor at Morgan Stanley. In the complaint, a client alleged that Anthony Gallea misrepresented his options trading strategy, resulting in the client’s sustaining unspecified damages. And this is not the first time there have been complaints made against him by his customers. Silver Law Group represents investors in claims against financial advisors and others for breach of fiduciary duty, suitability and other claims. Our attorneys frequently assist investors in claims for misconduct relating to unsuitable options strategies, excessive fees and material misrepresentations. Stockbrokers Have A Duty Not To Misrepresent Or Mislead Investors FINRA’s Rule 2020 states: “No member shall effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.”In January 2022, FINRA, the organization that regulates and oversees Broker-Dealers and Wall Street brokers, received a securities arbitration claim regarding Anthony Gallea, a Managing Director and financial advisor at Morgan Stanley. In the complaint, a client alleged that Anthony Gallea misrepresented his options trading strategy, resulting in the client’s sustaining unspecified damages. And this is not the first time there have been complaints made against him by his customers. Continue reading ›

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Christopher Bond (Christopher Edward Bond CRD# 4658534) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD#: 7569) of Melville, NY. He was previously employed with Gunnallen Financial, Inc (CRD#:17609) of Tampa, FL and Ehrenkrantz King Nussbaum, Inc. (CRD#:113525, expelled by FINRA on 10/12/2012) of Melville, NY.  He has been in the industry since 2003. In a FINRA disciplinary action, Bond was discovered to have exercised discretions in four NSC customer brokerage accounts on 288 occasions without written authorization. While he did have their verbal permission, he also needed this permission in writing, in accordance with FINRA Rules 3260(b) and 2010.Christopher Bond (Christopher Edward Bond CRD# 4658534) is a registered broker and investment advisor currently employed with National Securities Corporation (CRD#: 7569) of Melville, NY. He was previously employed with Gunnallen Financial, Inc (CRD#:17609) of Tampa, FL and Ehrenkrantz King Nussbaum, Inc. (CRD#:113525, expelled by FINRA on 10/12/2012) of Melville, NY.  He has been in the industry since 2003. Continue reading ›

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Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011. Whitacre has three disclosures: two from his previous employers and one disciplinary action from FINRA. Wealth Management Advisors placed Whitacre on leave while the firm investigated allegations that he misdirected client funds for his own personal use. During this leave period, he became employed by Arkadios Capital. However, when Arkadios discovered the leave and the reasons behind it, they contacted Wealth Management Advisors and were notified of the “confirmatory findings from the internal review.” Both firms terminated Whitacre on 7/16/2021 based on these findings.Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011. Continue reading ›

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Darryl Cohen (Darryl Matthew Cohen CRD# 2786613) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Westlake Village, CA. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Westlake Village, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1997. After a spate of customer disputes with similar allegations, Morgan Stanley terminated Cohen’s employment on 3/9/21. The reason was due to “Allegations relating to the representative's facilitation of outside client business and transactions not disclosed to or approved by Morgan Stanley and use of an unapproved platform to engage in inappropriate communications with clients.”Darryl Cohen (Darryl Matthew Cohen CRD# 2786613) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#:149777) of Westlake Village, CA. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Westlake Village, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of New York, NY. He has been in the industry since 1997. Continue reading ›

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According to FINRA Disciplinary actions for April 2022, 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
  Mamdoh Abas   Cetera Advisor Networks LLC
  ProEquities, Inc.
  John Agostino   LPL Financial LLC
  Wells Fargo Advisors LLC
  Adam Schachter   PM Wealth Management LLC
  LPL Financial LLC

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According to FINRA Disciplinary actions for April 2022, 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
  Antonio Bestard   Edward Jones
  Morgan Stanley
  Kevin Burckhard   Northwestern Mutual Investment Services, LLC
  Robert W. Baird & Co. Inc
  Darryl Cohen   Morgan Stanley
  Wells Fargo Advisors, LLC
  Odalis Duran   J.P. Morgan Securities LLC
  Chase Investment Services Corp.
  Thomas Hagan   Morgan Stanley
  Wells Fargo Advisors, LLC
  Forrest Jones   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Fortune Financial Services, Inc.
  Evan Jordan   J.P. Morgan Securities LLC
  AXA Advisors, LLC
  Bryan Richey   Eagle Strategies LLC
  NYLife Securities LLC
  Ebony Staples
  Jordan Whitacre   Arkadios Capital
  Triad Advisors LLC

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According to FINRA Disciplinary actions for April 2022, 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
  Kyleigh Haynes   Northwestern Mutual Investment Services, LLC
  Grant Hebeisen   U.S. Bancorp Investments, Inc.
  Ameriprise Financial Services, Inc.
  Carl Ippolito   Pruco Securities, LLC
  Eagleview Securities, Inc.
  Jaime Quintero   American Independent Securities Group, LLC
  AFA Financial Group, LLC
  J-waun Smiley   Morgan Stanley
  Charles Schwab & Co., Inc.
  Albert Tejada   Northwestern Mutual Investment Services, LLC

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Warren Rowe (Warren Ellwood Rowe, Jr. CRD# 1065880) is a former registered broker whose last known employer was Oppenheimer & Co. Inc. (CRD#:249) of Richmond, VA. His previous employers include RBC Capital Markets, LLC (CRD#:31194) and Ferris, Baker Watts, LLC (CRD#:285), also of Richmond, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1982. Two clients filed disputes against Rowe that indicated he borrowed money from them. The first, filed on 5/1/2020, included allegations of unauthorized trading and requested damages of $225,000 and was ultimately dismissed. The second dispute was filed on 10/5/2020, and included damages of $25,000, and was ultimately denied. The loans were allegedly made in August and September of 2019. After the initial report that Rowe entered into a loan agreement with a client, he voluntarily resigned from Oppenheimer. The firm filed his Form U5 on 5/4/2020. The U5 stated that he entered into loan agreements with a client and failed to notify the firm of the transaction.Warren Rowe (Warren Ellwood Rowe, Jr. CRD# 1065880) is a former registered broker whose last known employer was Oppenheimer & Co. Inc. (CRD#:249) of Richmond, VA. His previous employers include RBC Capital Markets, LLC (CRD#:31194) and Ferris, Baker Watts, LLC (CRD#:285), also of Richmond, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1982. Continue reading ›

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