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Articles Posted in Stockbroker Misconduct

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FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Misappropriation of Client Funds - David Wells, CRD#: 6774493 This broker has two additional names listed in Brokercheck: David Sheldon Wells David Wells He has been in the industry since 2017 and has worked for two broker dealers: Fifth Third Securities, Inc. (CRD#:628) Of Chicago, IL Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Chicago, IL On 06/03/2021, Fifth Third Securities allowed Wells to resign after allegations surfaced that he misappropriated client funds from three of his clients.FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Continue reading ›

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Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. FINRA’s Department of Enforcement filed a complaint against Parikh alleging unsuitable recommendations and excessive trading that led to over $33,000 in losses while generating considerable commissions, including $89,000 for himself. Although none of the accounts were discretionary accounts, Parikh traded as if they were. Therefore, he had de facto control over all his customer accounts. Parikh recommended active short-term trading to these customers with the use of a margin. He failed to consider the costs associated with this type of trading, nor the interest use cost associated with using the margin. This allowed him to trade more often but at a higher cost to the customers. Kishan Parikh also executed trades for two of his customers that had a total principal value of $4.2 million, and that he did not call the customers on the date of the trades.Kishan Parikh (CRD#:5506554, aka “Sean Parikh”) is a previously registered broker whose last employer was Aegis Capital Corp. (CRD#:15007) of New York, NY. His previous employer was Max International Broker/Dealer Corp. (CRD#:46039), also of New York City, was expelled by FINRA on 1/29/2013. He has been in the industry since 2008. Continue reading ›

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Clyde Jensen (Clyde Anthony Jensen CRD:#5658476) is a registered broker and investment advisor whose last known employer was TD Private Client Wealth LLC (CRD#:164484) of Tampa, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095) of Valrico, FL, Ameriprise Financial Services, Inc. (CRD#:6363) of Fort Meyers, FL, and Morgan Stanley (CRD#:149777) of Tampa, FL. He has been in the industry since 2009. While employed with Ameriprise, a client in her 90s notified Jensen that she wanted him to be the beneficiary of her trust. The trust consisted of nine securities, and at the time was worth $600,000. When Jensen notified his supervisor, the supervisor informed him that the firm’s rules prohibited him and/or his family members to become beneficiaries of a client’s estate. He did so anyway, meeting with the client and her attorney, successor trustee and primary beneficiary of the client’s trust to make Jensen the primary beneficiary and his children as the contingent beneficiaries. Jensen failed to notify Ameriprise, and falsely claimed on compliance documentation that he was not a beneficiary for anyone’s estate.Clyde Jensen (Clyde Anthony Jensen CRD:#5658476) is a registered broker and investment advisor whose last known employer was TD Private Client Wealth LLC (CRD#:164484) of Tampa, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095) of Valrico, FL, Ameriprise Financial Services, Inc. (CRD#:6363) of Fort Meyers, FL, and Morgan Stanley (CRD#:149777) of Tampa, FL. He has been in the industry since 2009. Continue reading ›

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Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Maxim Beliakov (CRD:# 5968432) is a former registered broker whose last employer was Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY, and Chelsea Financial Services (CRD#:47770), also of Staten Island. He has been in the industry since 2011.Alphonse Stazzone (Alphonse Joseph Stazzone CRD:#4908107) is a previously registered broker and whose last known employer was Monmouth Capital Management LLC (CRD#:290248) of Holmdel, New Jersey. His previous employers include Garden State Securities, Inc. (CRD#:10083) of Red Bank, NJ and Woodstock Financial Group, Inc. (CRD#:38095) of Staten Island, NY. He has been in the industry since 2005. Continue reading ›

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Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. FINRA began an investigation after it received a telephone call to its Securities Helpline for Seniors. While employed with Cetera Investment Services, Summers accepted “multiple appointments and designations from one of the firm’s elderly clients.” The client, age 82, made Summers a: Successor trustee of his living trust, allowing Summers to receive 90% of the assets upon this customer’s death Personal representative of the customer’s estate in the will Sole beneficiary for an annuity Agent with power of attorney and medical power of attorney (Summers never used these POAs, and is no longer an agent)Jimmie Summers (Jimmie Darrel Summers CRD#: 1467286, aka, Jim Summers, Jimmy Daryl Summers, Jimmy Summers) is a former registered broker and investment advisor. His last known employer was Waddell & Reed (CRD#:866) of Tulsa, OK. Previous employers include Cetera Investment Services LLC (CRD#:15340), also of Tulsa, Bok Financial Securities, Inc. (CRD#:17530) of Sand Springs, OK, and Invest Financial Corporation (CRD#:12984) of Appleton, WI.  He has been in the industry since 1986. Continue reading ›

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Donatas Belys Vildzius (CRD#: 2202883) is a former broker and registered investment advisor whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Danbury, CT. His previous employers include Rockwell Global Capital LLC (CRD#:142485), also of Danbury, Source Capital Group, Inc. (CRD#:36719), of Westport, CT, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1992. Vildzius is the subject of twelve disclosures, including two civil judgments from 2012 totaling $9,062 and multiple regulatory sanctions. The most recent action was initiated by FINRA after Vildzius was found to have churned the accounts of two clients with excess trading. This action occurred between August 2015 and April 2017, when he recommended a short-term trading strategy that involved in-and-out trading. The result of these trades was a high turnover rate and excessive fees.   Following Vildzius’ recommendations, the clients both executed the unsuitable trades. This also gave Vildzius de facto control over both customer accounts. After following Vilzus’ recommendations, the two clients suffered losses totaling $32,240, and paid commissions and fees totaling $33,449. After signing the Acceptance, Waiver & Consent (AWC) Letter, FINRA fined Vildzius $5,000 and suspended him from any association with any FINRA member firm for six months, beginning 10/9/2020.Donatas Belys Vildzius (CRD#: 2202883) is a former broker and registered investment advisor whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Danbury, CT. His previous employers include Rockwell Global Capital LLC (CRD#:142485), also of Danbury, Source Capital Group, Inc. (CRD#:36719), of Westport, CT, and Wachovia Securities, LLC (CRD#:19616) of St. Louis, MO. He has been in the industry since 1992. Continue reading ›

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Joseph Michaletz (CRD#: 1327534, aka “Joseph Gerard Michaeletz”, “Joseph Gerald Michaeletz” and “Joe Michaletz”) is a currently registered broker and investment advisor currently employed with Dai Securities of Mankato, MN. His previous employers include Concorde Investment Services, LLC (CRD#:151604), Triad Advisors, Inc. (CRD#:25803) and Transamerica Financial Advisors, Inc. (CRD#:3600), all also of Mankato, MN. He has been in the industry since 1984. Silver Law Group represents clients of Joseph Michaletz for claims to recover investment losses suffered in GPB Capital Holdings. Joseph Michaletz Disclosures From 5/29/2020 through 3/24/2021, eight client disputes were filed against Joseph Michaletz and remain listed as pending. The collective allegations include: Unsuitable recommendations Over-concentrations of private placements Negligent due diligence in private placements Breaches of fiduciary duty Fraudulent/negligent misrepresentations and omissions Breach of contract Failure to superviseJoseph Michaletz (CRD#: 1327534, aka “Joseph Gerard Michaeletz”, “Joseph Gerald Michaeletz” and “Joe Michaletz”) is a currently registered broker and investment advisor currently employed with Dai Securities of Mankato, MN. His previous employers include Concorde Investment Services, LLC (CRD#:151604), Triad Advisors, Inc. (CRD#:25803) and Transamerica Financial Advisors, Inc. (CRD#:3600), all also of Mankato, MN. He has been in the industry since 1984. Continue reading ›

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According to FINRA Disciplinary actions for October 2021, 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
  Matthew Berman
  Thomas Bonik   NTB Financial Corporation
  LInsco/Private Ledger Corp.
  James Clements   Allstate Financial Services, LLC
  State Farm VP Management Corp.
  Henrique Lucena   Laidlaw & Company
  Morgan Stanley
  Lionel Scott   Arive Capital Markets
  Cape Securities Inc.
  Ricardo Uliambre   Morgan Stanley Smith Barney LLC
  UBS Financial Services Inc.
   Paul Vizanko   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated

Continue reading ›

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