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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for October 2021, 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
  Arely Alvarez  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Bradley Holts   World Capital Brokerage, Inc.
  Supreme Alliance LLC
  Johnnie Jones   Network 1 Financial Securities Inc.
  National Securities Corporation
  Stacie Orr   Allstate Financial Services, LLC
  Ryan Ott   Equitable Advisors, LLC
  Dominic Scalzi   Deutsche Bank Securities, Inc.
  Banc of America Investment Services, Inc.
  Andre Senegal   OneAmerica Securities, Inc.
  NYLIfe Securities LLC
  Kyle Stevens   SECU Brokerage Services, Inc.
  Rosemary Vrablic   Deutsche Bank Securities Inc.
  Banc of America Investment Services, Inc.

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Kenneth Welsh (Kenneth Andrews Welsh CRD:# 4657872) is a former registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Fairfield, New Jersey. Previously, he was employed with three divisions of Smith Barney (CRD#: 149777, 8209, and 7556), also of Fairfield. He has been in the industry since 2004. On October 28, 2021, The Securities & Exchange Commission (SEC) charged Welsh with misappropriation of $2.86 million from client accounts. Many of these clients were elderly investors, described by the SEC as “financially unsophisticated.” Prior to any transfer, the complaint alleges, Welsh circumvented the firm’s policies to carry them out. He also sold and traded in the customer accounts to ensure available cash for his unauthorized activity. Welsh made these sales within days of the illicit transfers.Kenneth Welsh (Kenneth Andrews Welsh CRD:# 4657872) is a former registered broker and investment advisor whose last known employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of Fairfield, New Jersey. Previously, he was employed with three divisions of Smith Barney (CRD#: 149777, 8209, and 7556), also of Fairfield. He has been in the industry since 2004. Continue reading ›

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Marc Reda (Marc Augustus Reda CRD:#2757330) is a registered broker currently employed with SPARTAN CAPITAL SECURITIES, LLC (CRD# 146251) of New York, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340) of Staten Island, NY, PHX Financial, Inc. (CRD#:144403) and Laidlaw & Company (UK) Ltd. (CRD#:119037) also of New York City. FINRA expelled three of his previous employers: John Thomas Financial (CRD#:40982) of New York, NY, on 10/31/2013 Prestige Financial Center, Inc. (CRD#:30407), also of New York, NY, on 5/23/2011 Clark Street Capital, Inc. (CRD#:38304) of Levittown, NY, on 2/24/2005 He has been in the industry since 1999.Marc Reda (Marc Augustus Reda CRD:#2757330) is a registered broker currently employed with SPARTAN CAPITAL SECURITIES, LLC (CRD# 146251) of New York, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340) of Staten Island, NY, PHX Financial, Inc. (CRD#:144403) and Laidlaw & Company (UK) Ltd. (CRD#:119037) also of New York City. Continue reading ›

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Daniel O’Neil and Douglas Szempruch, two brokers working for Aegis Capital Corp. (CRD#:15007) in Melville, NY, have faced disciplinary action FINRA after both were separately involved in improper activities. Daniel O’Neil (Daniel James O’Neil CRD#:1358245) is a former registered broker with Aegis, who discharged him on 7/29/2021 for failing to notify the firm about a “pending enforcement investigation” by FINRA. The investigation focused on “conduct inconsistent with firm standards.”Daniel O’Neil and Douglas Szempruch, two brokers working for Aegis Capital Corp. (CRD#:15007) in Melville, NY, have faced disciplinary action FINRA after both were separately involved in improper activities.

Daniel O’Neil (Daniel James O’Neil CRD#:1358245) is a former registered broker with Aegis, who discharged him on 7/29/2021 for failing to notify the firm about a “pending enforcement investigation” by FINRA. The investigation focused on “conduct inconsistent with firm standards.” Continue reading ›

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Paul Vizanko (Paul Warren Vizanko CRD:#2572222) is a former broker and investment advisor last employed with  Wells Fargo Clearing Services, LLC (CRD#:19616) of Duluth, MN. He was previously employed with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of Duluth, MN, Wells Fargo Investments, LLC (CRD#:10582) of Grand Rapids, MN, and Miller Johnson Steichen Kinnard, Inc. (CRD#:694) He has been in the industry since 1995. Wells Fargo discharged Vizanko on 1/26/2021 after he borrowed money from a client. Additionally, Vizanko received a cash gift from a different client, and was also named a beneficiary of the second client’s trust. Vizanko failed to notify the firm of these funds, then misappropriated those funds. After FINRA requested information related to his termination, Vizanko failed to respond to two letters dated May 26, 2021 and June 21, 2021. FINRA issued a suspension from any association with a FINRA member, which Vizanko failed to address by requesting within three months of the date. As of August 30, 2021, Vizanko is indefinitely barred from any affiliation with a FINRA member. This ruling is final. On August 12, 2021, a customer filed a dispute alleging that from September 23, 2015 through December 22, 2020, Vizanko cashed checks that were made out to him but intended for the client. No damage amount is listed, and no other information is available. This claim is pending.Paul Vizanko (Paul Warren Vizanko CRD:#2572222) is a former broker and investment advisor last employed with  Wells Fargo Clearing Services, LLC (CRD#:19616) of Duluth, MN. He was previously employed with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691), also of Duluth, MN, Wells Fargo Investments, LLC (CRD#:10582) of Grand Rapids, MN, and Miller Johnson Steichen Kinnard, Inc. (CRD#:694) He has been in the industry since 1995. Continue reading ›

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The SEC announced that it has filed a temporary restraining order against Ron Harrison (Ron K. Harrison), a former registered broker and investment advisor (CRD#: 1785805) to freeze the assets of his company, Global Trading Institute, and his girlfriend since 2017, Irina Parfyonova. She is named as a relief defendant after receiving more than $279,000 from Harrison’s fraudulent activities, using the funds for their own living expenses. The US District Court in the Central District of California granted the SEC’s restraining order on September 30, 2021, freezing assets and requiring a full accounting of all funds. The court also set another hearing on October 14th to extend the emergency relief with a preliminary injunction.  The complaint states that Harrison and Parfyonova live in Ladera Ranch, CA. Harrison was unregistered, and ran his company, Global Trading Institute (GTI) since 2016 and the now-defunct Trading Advisement Program, LLC (TAP.) Neither were ever registered with the SEC. Harrison charged 22 clients $900,000 based on alleged gains he’d made trading options in the client’s accounts.The SEC announced that it has filed a temporary restraining order against Ron Harrison (Ron K. Harrison), a former registered broker and investment advisor (CRD#: 1785805) to freeze the assets of his company, Global Trading Institute, and his girlfriend since 2017, Irina Parfyonova. She is named as a relief defendant after receiving more than $279,000 from Harrison’s fraudulent activities, using the funds for their own living expenses. Continue reading ›

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Adam Feierstein (Adam S Feierstein, CRD# 6033082) is a barred broker who was last registered with Proequities Inc and Woodbury Financial Services, Inc. in Redondo Beach, California. He had been in the industry since 2011. Woodbury has been the subject of recent arbitration claims by investors who were sold GPB Capital Holdings investments.Adam Feierstein (Adam S Feierstein, CRD# 6033082) is a barred broker who was last registered with Proequities Inc and Woodbury Financial Services, Inc. in Redondo Beach, California. He had been in the industry since 2011. Woodbury has been the subject of recent arbitration claims by investors who were sold GPB Capital Holdings investments. Continue reading ›

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John Edgar Simmons, Jr. (CRD: #4878890) is a former registered broker and insurance advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Gulf Breeze, FL. He was previously employed with Investors Capital Corp. (CRD#:30613) of Pensacola, FL, LPL Financial in McMinnville, TN, and Edward Jones (CRD#:250), also of McMinnville. He has been in the industry since 2005. LPL terminated Simmons employment and filed a Form U5 with FINRA on 9/17/2020 indicating his discharge from the firm. The stated reason for his discharge was the result of an internal review investigating Simmons involvement in a private securities transaction. He neither notified the firm nor sought permission. During the course of FINRA’s investigation, staff sent Simmons a letter requesting he supply information and documentation related to the allegations in the Form U5. FINRA staff sent the letter on 02/24/2021. Simmons’ attorney responded by letter on 3/9/2021, acknowledging receipt of the FINRA request and indicating that he would not provide any information now or in the future. His denial violates FINRA Rules 8210 and 2010, and led to a letter of Acceptance, Waiver & Consent (AWC). The letter includes a bar on any involvement with a FINRA member in any capacity. John Edgar Simmons, Jr. (CRD: #4878890) is a former registered broker and insurance advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Gulf Breeze, FL. He was previously employed with Investors Capital Corp. (CRD#:30613) of Pensacola, FL, LPL Financial in McMinnville, TN, and Edward Jones (CRD#:250), also of McMinnville. He has been in the industry since 2005. Continue reading ›

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Jeffrey Warren (CRD:#2707969) is a former registered broker whose last known employer was Oppenheimer & Co. Inc. (CRD#:249) of Boca Raton, FL. He was previously employed with Wachovia Securities, LLC (CRD#:19616), also of Boca Raton, UBS Financial Services Inc. (CRD#:8174) of Weehawken, NJ, and Prudential Securities Incorporated (CRD#:7471) of New York, NY. Warren has been in the industry since 1996. On February 10, 2021, a customer filed a dispute with requested damages of $125,000. The customer alleged that in January of 2021, Warren deposited a check from a deceased client’s trust without the approval of the trust’s beneficiaries. The customer was also a beneficiary of said trust. The firm denied the client’s claim.Jeffrey Warren (CRD:#2707969) is a former registered broker whose last known employer was Oppenheimer & Co. Inc. (CRD#:249) of Boca Raton, FL. He was previously employed with Wachovia Securities, LLC (CRD#:19616), also of Boca Raton, UBS Financial Services Inc. (CRD#:8174) of Weehawken, NJ, and Prudential Securities Incorporated (CRD#:7471) of New York, NY. Warren has been in the industry since 1996. Continue reading ›

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