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Articles Posted in Stockbroker Misconduct

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You’ve probably seen this statement in fine print on many investment-related documents and websites: “Past performance does not necessarily predict future results.” And it means exactly that—just because something performed well previously does not mean that it will perform that well in the future. That’s the nature of all investments. Because investments and investment accounts are highly complex, it’s vital to understand not only the investment, but how it’s being presented and in what context. You must understand the context of the performance claim before considering investing or working with a particular broker dealer. Companies are required to provide detailed financial information which can reasonably be relied on by investors.  Unfortunately, to frequently, companies are misreporting their financials or prior success to bolster its performance or stock price.You’ve probably seen this statement in fine print on many investment-related documents and websites:

“Past performance does not necessarily predict future results.”

And it means exactly that—just because something performed well previously does not mean that it will perform that well in the future. That’s the nature of all investments. Continue reading ›

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According to FINRA Disciplinary actions for September 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
  Chad Barancyk   Great Point Capital LLC
  First Allied Securities, Inc.
  Aren Blackwood
  Richard Carman   Ameriprise Financial Services, LLC
  LPL Financial LLC
  Austin Dutton Jr.   American Trust Investments Services, Inc.
  Primex
  Beth Landwehr   J.P. Morgan Securities LLC
  Ameriprise Financial Services, Inc.
  Ebony Parks   LPL Financial LLC
  Wells Fargo Clearing Services, Inc.
  Firasat Siddiqui   Ameriprise Financial Services, LLC
  Alexandra Smith   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

Continue reading ›

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According to FINRA Disciplinary actions for September 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
  Dwayne Bullen   Primary Capital LLC
  Joseph Stone Capital, LLC
  James Flynn   IFS Securities
  Voya Financial Advisors, Inc.
  David Melilli   Cambridge Investment Research, Inc.
  SagePoint Financial, Inc.
  Joseph Pratt   Stifel Nicolaus & Co Inc
  Wells Fargo Advisors LLC
  Joseph Valdini   Aegis Capital Corp.
  Worden Capital Management LLC
  Steven Wyatt   Morgan Stanley Smith Barney
  Morgan Stanley & Co, Incorporated

Continue reading ›

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According to FINRA Disciplinary actions for September 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
  Robin Auguste   J.P. Morgan Securities LLC
  Michael Beebe   LPL Financial LLC
  Nationwide Securities, LLC
  LeRoy Cantley
  Salvatore Carollo   Allstate Financial Services, LLC
  Kevin Garasky   Pruco Securities, LLC
  Bankers Life Securities, Inc.
  Dustin Goss   Park Avenue Securities LLC
  Edward Jones
  Yang Liang   NYLIFE Securities LLC
  James Merrill   Independent Financial Group, LLC
  LPL Financial Corporation
  William Nicoloff Jr.   Boustead Securities, LLC
  StoneCreek Capital Partners
  Darrell Roberts   Spire Securities, LLC
  Western International Securities, Inc.
  Isaac Stewart   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Gregory Williams   Presidential Brokerage, Inc.
  Forta Financial Group, Inc.

Continue reading ›

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Silver Law Group filed a FINRA arbitration claim on behalf of an investor who suffered losses after her financial adviser convinced her to loan him money, and then failed to repay it. The financial adviser developed a position of trust and confidence with Silver Law Group’s client, then convinced her that he had a unique investment opportunity which would make large profits for both of them. The adviser never disclosed that this is an improper practice in the brokerage industry or that his broker-dealer did not allow brokers to borrow money from customers. However, the customer alleges that the firm failed to properly supervise the financial advisor and engaged in elder financial fraud.Silver Law Group filed a FINRA arbitration claim on behalf of an investor who suffered losses after her financial adviser convinced her to loan him money, and then failed to repay it. The financial adviser developed a position of trust and confidence with Silver Law Group’s client, then convinced her that he had a unique investment opportunity which would make large profits for both of them. The adviser never disclosed that this is an improper practice in the brokerage industry or that his broker-dealer did not allow brokers to borrow money from customers. However, the customer alleges that the firm failed to properly supervise the financial advisor and engaged in elder financial fraud. Continue reading ›

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The SEC recently issued a press release warning investors about investing in private placements. As the name suggests, it’s an alternative form of fundraising by hedge funds as well as startups and companies who aren’t ready to or interested in issuing an IPO (initial public offering.) These placements are generally offered only to select individual and institutional investors and have less regulatory requirements. They aren’t registered with the SEC because they aren’t traded publicly, so there isn’t as much information available for investors. But by their very nature, private placements can also be indicative of a fraudulent scheme. Not all private placements are fraudulent, but investors should always be aware and on guard for highly touted and unusual investments. The SEC has specific rules regarding these types of placements. While most investors do not understand Reg D or Private Placements, these are traditionally investments that do not trade on a public stock exchange.  In recent years, private placements have become popular amongst smaller broker-dealers who sell these complex investments to small investors claiming these investments offer greater security than the stock market.  However, in reality, these investments are illiquid and pay the broker a large commission.The SEC recently issued a press release warning investors about investing in private placements. As the name suggests, it’s an alternative form of fundraising by hedge funds as well as startups and companies who aren’t ready to or interested in issuing an IPO (initial public offering.) Continue reading ›

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According to FINRA Disciplinary actions for Aug 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
  Andrew Edenbaum   Allliance Global Partners
  National Securities Corporation
  Keith Esp   Vanderbilt Securities, LLC
  LPL Financial LLC
  Karl Foust Jr.   H.D. Vest Investment Services
  Gunnallen Financial, Inc.
  Robert Guidicipietro   Alexander Capital, L.P.
  Arive Capital Markets
  Robert Haas   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  Christopher Johnson   Morgan Stanley
  UBS Financial Services Inc.
  Jeffrey Nunez   Chicago Investment Group, LLC
  Providential Securities, Inc.
  Izhar Shefer   APW Capital, Inc.
  Morgan Stanley
  Gretchen Wallace   Oppenheimer & Co. Inc.
  Morgan Stanley

Continue reading ›

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According to FINRA Disciplinary actions for Aug 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
  Teresa Gomez   UBS Financial Services Inc.
  Pruco Securities, LLC
  Ann Montgomery   LPL Financial LLC
  National Planning Corporation
  Sean Winkler   Vanguard Marketing Corporation

Continue reading ›

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According to FINRA Disciplinary actions for Aug 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
  Roger Arnold  PFS Investments Inc
  Jimmy Cheng   J.P. Morgan Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Eddy Chou   Ameriprise Financial Services, LLC
  Wells Fargo Clearing Services, LLC
  Kara Gagnon   Global Atlanticv Distributors, LLC
  MetLife Investors Distribution Company
  Johana Jimenez
  Igor Kislitsa   PFS Investments Inc.
  Christopher McFadden   Equitable Advisors, LLC
  LPL Financial LLC
  John Molskness   Valic Financial Advisors, Inc.
  New England Securities
  Thomas Pfeiffer   MML Investors Services, LLC
  Chelsea Financial Services
  Emily Pich   Key Investment Services LLC
  Chase Investment Services Corp.
  Cari Spicer   Cavu Securities LLC
  Triton Pacific Securities, LLC
  Derick Strickland   Allstate Financial Services, LLC
  Khalil Watts   J.P. Morgan Securities LLC
  Chiu Wu   Ameriprise Financial Services, LLC
  Wells Fargo Clearing Services, LLC

Continue reading ›

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Shawn Good (Shawn Edward Good CRD# 2022168) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#: 149777) of Wilmington, NC. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Wilmington, and Charles Schwab & Co., Inc. (CRD#:5393) of San Francisco, CA. He has been in the industry since 1990. Good has five disclosures on his record, three of which are customer disputes. The first was filed on 4/13/2022, alleging that from August 2019 to February 2022, he misappropriated funds from the customers’ Liquidity Access Line accounts. The clients request damages of $2,275,000.00; this claim is pending. The latest claim was filed on 4/30/2022, with allegations that Good “misappropriated funds by soliciting an outside real estate investment opportunity” from 2015 through 2018. No damages are listed but this claim is also listed as pending.Shawn Good (Shawn Edward Good CRD# 2022168) is a former registered broker and investment advisor whose last known employer was Morgan Stanley (CRD#: 149777) of Wilmington, NC. His previous employers were Wells Fargo Advisors, LLC (CRD#:19616), also of Wilmington, and Charles Schwab & Co., Inc. (CRD#:5393) of San Francisco, CA. He has been in the industry since 1990. Continue reading ›

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