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Articles Posted in Stockbroker Misconduct

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Investors in Northstar Financial Services (Bermuda) are beginning to realize that their investments in the companies’ products are unlikely to deliver as promised by their financial advisers. Northstar is now in bankruptcy and investors are expected to lose a substantial percentage of their principal. Unfortunately, Northstar—which invested in insurance and investment products—has suspended monthly income payments, is unable to honor liquidation and surrender requests, and may never be in a financial position to return investors’ principal funds. Northstar utlitzed brokerage firms throughout the US to market and sell its products.  Among others, brokers at SunTrust Investment Services, Ocean Financial Services, LLC, and Bankoh Investment Services, Inc. were recommending Northstar Financial Services (Bermuda) investments. Investors have alleged that brokers were pitching Northstar Financial Services (Bermuda) investments as conservative investments that were similar to bank CDs.  Allegations include promises of guaranteed monthly income and no risk of loss of principal.Investors in Northstar Financial Services (Bermuda) are beginning to realize that their investments in the companies’ products are unlikely to deliver as promised by their financial advisers. Northstar is now in bankruptcy and investors are expected to lose a substantial percentage of their principal. Continue reading ›

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Silver Law GroupSilver Law Group is speaking with investors who have suffered losses investing in Northstar Financial Services (Bermuda) after their SunTrust brokers recommended the investment.  Since purchasing Northstar Financial Services investments, investors have experienced suspended monthly income payments, illiquidity and inability to surrender policies, and have lost virtually the entirety of their investments due to Northstar Financial Services’ recent collapse. Investors have alleged that their SunTrust financial advisors pitched Northstar Financial Services (Bermuda) as a safe, stable investment product comparable to a bank CD.  Allegations include that SunTrust financial advisors promised guaranteed monthly returns as well as protection of principal.  Unfortunately, this did not pan out to be true, as Northstar Financial Services (Bermuda) is on the verge of insolvency, and its owner, Greg Lindberg, has been convicted of fraud and bribery. What Is Northstar Financial Services (Bermuda) Ltd.? Northstar Financial Services offers investment and annuity products.  The company is based in Bermuda and purports to offer various benefits, including tax shelters, not available for US-based investments.  Northstar Financial Services offers a wide range of fixed-rate and variable-rate investment, insurance, and/or annuity products, including, but not limited to: Global Interest Accumulator Global Advantage Plus Series Global Advantage Select Global VIP Elite Global Index Product is speaking with investors who have suffered losses investing in Northstar Financial Services (Bermuda) after their SunTrust brokers recommended the investment. Since purchasing Northstar investments, investors have experienced suspended monthly income payments, illiquidity and inability to surrender policies, and have lost virtually the entirety of their investments due to Northstar Financial Services’ recent collapse. Continue reading ›

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William Friedman (William Sidney Friedman CRD#: 2475502) is a former registered broker and investment advisor whose last known employer was Pinnacle Investments, LLC (CRD#:142910) of Boca Raton, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), Newbridge Securities Corporation (CRD#:104065), and Brookstreet Securities Corporation (CRD#:14667), all of Boca Raton. He has been in the industry since 1994. Friedman is the subject of four disclosures, two of which are customer disputes. The most recent client dispute was filed on 11/20/2015, alleging that Friedman “pursued an inappropriate equity trading strategy which resulted in losses on the account. Client also indicated the rep exercised discretion over the account, breached his fiduciary responsibilities and suitability obligations.” The client requested damages of $50,000, and the firm settled the claim for $10,000. An additional note indicates that the original written complaint was denied earlier in the year, and became an arbitration case.William Friedman (William Sidney Friedman CRD#: 2475502) is a former registered broker and investment advisor whose last known employer was Pinnacle Investments, LLC (CRD#:142910) of Boca Raton, FL. His previous employers include Woodstock Financial Group, Inc. (CRD#:38095), Newbridge Securities Corporation (CRD#:104065), and Brookstreet Securities Corporation (CRD#:14667), all of Boca Raton. He has been in the industry since 1994. Continue reading ›

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Scott Silver was interviewed in a recent InvestmentNews article about Silver Law Group’s FINRA arbitration claims against the broker dealers who sold GPB Capital private placements to investors. GPB Capital Holdings is a New York-based alternative asset management firm that raised $1.8 billion since it was founded in 2013 by Scientologist David Gentile. GPB used nearly 60 broker dealers across the country to sell private placements to individual investors. The alternative asset manager used the money to invest in companies such as auto dealerships and waste management businesses. Investors were sold GPB believing that they would earn a healthy return on their investment, but GPB hasn’t paid distributions to investors since 2018. GPB is the subject of multiple government investigations and enforcement actions and has been sued by investors and accused of being a Ponzi scheme. GPB’s chief compliance officer was criminally indicted for obstruction of justice. In 2019, GPB reported that the values of its funds are down significantly, but because of its illiquidity, investors are stuck holding the investment and risking a further decline in its value.Scott Silver was interviewed in a recent InvestmentNews article about Silver Law Group’s FINRA arbitration claims against the broker dealers who sold GPB Capital private placements to investors.

GPB Capital Holdings is a New York-based alternative asset management firm that raised $1.8 billion since it was founded in 2013 by Scientologist David Gentile. GPB used nearly 60 broker dealers across the country to sell private placements to individual investors. The alternative asset manager used the money to invest in companies such as auto dealerships and waste management businesses. Continue reading ›

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Daniel Raupp (Daniel Phillip Raupp) is a broker currently registered with Concorde Investment Services in their Port Jefferson, New York branch office. Before joining Concorde, Raupp was previously registered with J.P. Turner & Company, LLC, Gunallen Financial, Inc, and Harrison Securities, Inc., which FINRA expelled in 2004. Daniel Raupp Disclosures Daniel Raupp has 7 disclosures on his publicly-available FINRA BrokerCheck report, which includes 6 customer disputes and 1 employment separation after allegations: September, 2020: A customer dispute alleged that “various investments recommended by the representative in 2014 to 2016 were unsuitable.” $400,000 in damages are requested and the claim is pending as of this writing.Daniel Raupp (Daniel Phillip Raupp) is a broker currently registered with Concorde Investment Services in their Port Jefferson, New York branch office. Before joining Concorde, Raupp was previously registered with J.P. Turner & Company, LLC, Gunallen Financial, Inc, and Harrison Securities, Inc., which FINRA expelled in 2004. Continue reading ›

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According to FINRA Disciplinary actions for November 2020, 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
  John Evans   Wells Fargo Clearing Services, LLC
  Foreside Fund Services, LLC
  Brendan Feitelberg   United Planners’ Financial Services of America
  LPL Financial LLC
  Dia Howell   U.S. Bancorp Investments, Inc.
  Salomon Smith Barney Inc.
  May Kim   Pruco Securities, LLC
  Jonathan Malone   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors LLC
  Evan Nadelman   Aegis Capital Corp
  Ninety Holdings Group LLC
  Gyasi Richard   Wells Fargo Clearing Services, LLC
  Philip Scherello   Traderfield Securities Inc
  Velocity Capital, LLC

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According to FINRA Disciplinary actions for November 2020, 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
 William Baris   Network 1 Financial Securities Inc.
  Joseph Stone Capital, LLC
  Riza Hernandez   Lincoln Financial Securities Corporation
  Wells Fargo Advisors, LLC
  Donald Padilla   National Securities Corporation
  National Asset Management
  Jon Sanchez   Independent Financial Group  LLC
  Morgan Stanley
  Joseph Shimko, Jr.   Bank of America, N.A.
  Wells Fargo Clearing Services, LLC
  Paul Stanford   Santander Securities LLC
  Ameriprise Financial Services, Inc.

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According to FINRA Disciplinary actions for November 2020, 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
  Casey Brougham   Nationwide Securities, LLC
  Spyridon Chandrinos   Millennum Advisors, LLC
  Derek Edwards   PFS Investments Inc.
  William Ellis   Charles Schwab & Co., Inc.
  Fidelity Brokerage Services LLC
  Ignacio Del Campo   Epic Capital Securities Corp
  Insigneo Securities, LLC
  Caleb Hutzler    LPL Financial LLC
  Northwestern Mutual Investment Services, LLC
  Narongdej Jaroensabphayanont   Voya Financial Advisors, Inc.
  Ten Strategic Wealth Group
  Young Kim
  Kevin Lafollette   Nationwide Investment Services Corporation

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Thomas Marino (Thomas John Marino CRD#: 4438533) is a former registered broker and investment advisor whose most recent employer was R.M. Stark & Co., Inc. (CRD#:7612) of Lake Worth Beach, FL. Previous employers include J.W. Cole Financial, Inc. (CRD#:124583) of Sarasota, FL, Newbridge Securities Corporation (CRD#:104065) of Boca Raton, FL, and Summit Brokerage Services, Inc. (CRD#:34643) of West Palm Beach, FL. He has been in the industry since 2001. Thomas Marino Customer Dispute On 4/12/2019, a customer filed a dispute alleging that Marino made “inappropriate and unsuitable investments for her risk tolerance.”  The client requested damages of $300,000, and the claim is reported as resolved. According to filings in the case, The causes of action relate to Respondent Marino’s alleged recommendation to transfer a portion of Claimant’s retirement assets from various variable annuities and to re-direct the investment proceeds into investments with Respondent Capstone, a single-member Limited Liability Company, owned and controlled by Respondent Marino. A financial advisor generally should not recommend an investment in a company in which he is personally invested. Mr. Marino’s interest in Capstone would need to be clearly explained to the investor and fully disclosed to his employer and the customer.Thomas Marino (Thomas John Marino CRD#: 4438533) is a former registered broker and investment advisor whose most recent employer was R.M. Stark & Co., Inc. (CRD#:7612) of Lake Worth Beach, FL. Previous employers include J.W. Cole Financial, Inc. (CRD#:124583) of Sarasota, FL, Newbridge Securities Corporation (CRD#:104065) of Boca Raton, FL, and Summit Brokerage Services, Inc. (CRD#:34643) of West Palm Beach, FL. He has been in the industry since 2001. Continue reading ›

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Bradley Renberg (Bradley Leo Renberg CRD: #2155253, aka “Bradley Leo Rewberg”) is a currently registered broker and investment advisor currently employed with Ameriprise Financial Services (CRD#: 6363) of West Des Moines, IA. He was previously employed by Ameriprise Advisor Services, Inc. (CRD#:5979), also of West Des Moines, and by Hibbard Brown & Co., Inc. (CRD#:18246, expelled by FINRA on 2/22/1996) of New York City. He has been in the business since 1991. A client dispute filed on 5/8/2019 alleged that from the five-year period of May 2014 through May 2019, Renberg “recommended unsuitable investments and transactions including high-risk investments in the energy and retail sectors.”  The clients requested damages of $380,000, and Ameriprise settled the case for $150,000, to avoid the potential expense of arbitration.Bradley Renberg (Bradley Leo Renberg CRD: #2155253, aka “Bradley Leo Rewberg”) is a currently registered broker and investment advisor currently employed with Ameriprise Financial Services (CRD#: 6363) of West Des Moines, IA. He was previously employed by Ameriprise Advisor Services, Inc. (CRD#:5979), also of West Des Moines, and by Hibbard Brown & Co., Inc. (CRD#:18246, expelled by FINRA on 2/22/1996) of New York City. He has been in the business since 1991. Continue reading ›

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