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Articles Posted in Stockbroker Misconduct

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Hector Luna (Hector Luis Luna) is a previously registered broker whose last employer was Pruco Securities, LLC. (CRD#:5685). He has been in the industry since 2012. During Luna’s tenure, specifically from September 2018 through his termination in January of 2019, Pruco Securities had a policy that prohibited representatives or any of the representative’s family members from becoming beneficiaries of a customer's life insurance policy. Luna also stated annually that he understood this policy, and would report to his manager any known violation that he became aware of. Despite this annual declaration, Luna assisted a senior customer of the firm to change the beneficiaries of two life insurance policies to Luna’s wife and adult children. The total combined value of these policies was $350,000. At first, the customer suggested making Luna the beneficiary, but Luna declined based on the firm’s policies, then suggested his wife and children. Once the beneficiaries were changed, Luna submitted the forms but did not notify the firm of his family members involvement.Hector Luna (Hector Luis Luna) is a previously registered broker whose last employer was Pruco Securities, LLC. (CRD#:5685). He has been in the industry since 2012.

During Luna’s tenure, specifically from September 2018 through his termination in January of 2019, Pruco Securities had a policy that prohibited representatives or any of the representative’s family members from becoming beneficiaries of a customer’s life insurance policy. Luna also stated annually that he understood this policy, and would report to his manager any known violation that he became aware of. Continue reading ›

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Brian DiBrino (Brian Joseph DiBrino CRD: #2837066) is a registered broker and a previously registered investment advisor who is currently employed with American Portfolios Financial Services, Inc. (CRD#:18487) of Fairfield, NJ. His previous employers include First Allied Advisory Services, Inc. (CRD#:137888), First Allied Securities, Inc. (CRD#:32444) and SII Investments, Inc. (CRD#:2225), also of Fairfield. He has been in the industry since 1997. DiBrino is the subject of two pending customer disputes. The first was filed on 7/15/2020, alleging “misrepresentation, unsuitable recommendations, breach fiduciary duty, failure to supervise, breach of contract and negligence” in relation to alternative investments. The clients are requesting damages of $125,000. DiBrino denies the claims, and states that they have not been clients for more than three years.Brian DiBrino (Brian Joseph DiBrino CRD: #2837066) is a registered broker and a previously registered investment advisor who is currently employed with American Portfolios Financial Services, Inc. (CRD#:18487) of Fairfield, NJ. His previous employers include First Allied Advisory Services, Inc. (CRD#:137888), First Allied Securities, Inc. (CRD#:32444) and SII Investments, Inc. (CRD#:2225), also of Fairfield. He has been in the industry since 1997. Continue reading ›

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Omar Hammad-Randolph (Omar Waleed Hammad-Randolph CRD# 6087721) is a previously registered broker who last worked for Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) in their Boca Raton, Florida office. FINRA suspended Omar Hammad-Randolph for borrowing $150,000 from a customer without disclosing the loan or obtaining approval from the firm. Omar Hammad-Randolph Disclosures Omar Hammad-Randolph has been in the securities industry since 2012 and has 4 disclosures on his publicly-available FINRA BrokerCheck report: August, 2020: A regulatory disclosure initiated by FINRA states “Without admitting or denying the findings, Hammad-Randolph consented to the sanctions and to the entry of findings that he borrowed $150,000 from a customer at his member firm without disclosing the loan to, and obtaining approval from, the firm. The findings stated that Hammad-Randolph purchased a house for investment which he partially financed through the loan that he obtained from the customer. The findings also stated that Hammad-Randolph engaged in outside business activities without disclosing them in writing to, and obtaining approvals from, the firm for the expanded scope of his and his trust's business activities…” Omar Hammad-Randolph was fined $10,000 and suspended in all capacities for five months.Omar Hammad-Randolph (Omar Waleed Hammad-Randolph CRD# 6087721) is a previously registered broker who last worked for Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) in their Boca Raton, Florida office. FINRA suspended Omar Hammad-Randolph for borrowing $150,000 from a customer without disclosing the loan or obtaining approval from the firm. Continue reading ›

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According to FINRA Disciplinary actions for September 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
  Madeline Colon
  Blair Olsen   Lincoln Investment
  Legend Equities Corporation
  Jennifer Pendley   J.P. Morgan Securities LLC
  Scott Snelling   Kestra Investment Services, LLC
  National Planning Corporation

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According to FINRA Disciplinary actions for September 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
  Todd Paynter   Cambridge Investment Research, Inc.
  Ameriprise Financial Services, Inc.
  Nelson Polun   Wells Fargo Clearing Services, LLC
  Merrill Lynch, Pierce, Fenner & Smith Inc
  Adam Schachter   LPL Financial LLC
  Wells Fargo Clearing Services, LLC
  Paul Steffany   Moors & Cabot, Inc.
  Raymond James & Associates, Inc.
  Peter Walsworth   Morgan Stanley
  Merrill Lynch, Pierce, Fenner & Smith Inc

Continue reading ›

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According to FINRA Disciplinary actions for September 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
  William Ellis   Charles Schwab & Co., Inc.
  Fidelity Brokerage Services LLC
  John Evans   Wells Fargo Clearing Services, LLC
  Foreside Fund Services, LLC
  Dia Howell   U.S. Bancorp Investments, Inc.
  May Kim   Pruco Securities, LLC
  Evan Nadelman   Aegis Capital Corp.
  Ninety Holdings Group LLC
  Blair Olsen   Lincoln Investment
  Legend Equities Corporation
  Gyasi Richard   Wells Fargo Clearing Services LLC
  Philip Scherello   Traderfield Securities Inc.
  Velocity Capital, LLC

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Jesse Kovacs (Jesse Todd Kovacs CRD# 5047161) is a currently suspended broker who last worked for PTS Brokerage, LLC in their Forked River, New Jersey branch office. Kovacs was suspended for participating in a private securities transaction (selling away) without giving advance written notice to his firm. Jesse Kovacs Disclosures Jesse Kovacs has been in the securities industry since 2006. Before joining PTS Brokerage in 2019, Kovacs worked for The O.N. Equity Sales Company, Hornor, Townsend & Kent, Inc., and other broker-dealers. Kovacs has 6 disclosures on his publicly-available FINRA BrokerCheck report:Jesse Kovacs (Jesse Todd Kovacs CRD# 5047161) is a currently suspended broker who last worked for PTS Brokerage, LLC in their Forked River, New Jersey branch office. Kovacs was suspended for participating in a private securities transaction (selling away) without giving advance written notice to his firm. Continue reading ›

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Anthony Hall (Anthony Glenn Hall CRD: #5546165) is a former registered broker and investment advisor whose last known employer was Edward Jones (CRD: #250) of Dayton, Texas. He was employed with Edward Jones from 2008 until his discharge in 2019. No additional employment information is available. On 8/12/2019, two customers filed disputes alleging that Hall’s wife borrowed money from them and had not yet paid it back. The loan amounts were $174,427.75 and $134,785.14, totaling of $309,212.89. The company settled the disputes for $174,427.75 and $130,000, respectively. Edward Jones then terminated Hall on 8/14/2019, “after concerns that registered representative attempted to settle two client complaints involving lending arrangements with the registered representative's wife without notifying the firm.”  After his discharge, the firm then filed a Form U5 with FINRA indicating that they had terminated Hall for the reasons stated.Anthony Hall (Anthony Glenn Hall CRD: #5546165) is a former registered broker and investment advisor whose last known employer was Edward Jones (CRD: #250) of Dayton, Texas. He was employed with Edward Jones from 2008 until his discharge in 2019. No additional employment information is available. Continue reading ›

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Bryant Caveness (Bryant Edwin Caveness CRD: #4033740) is a former registered broker and investment advisor whose last employer was Ameriprise Financial Services, LLC (CRD#:6363) of Kingsport, TN. His previous employers include Ameriprise Advisor Services, Inc. (CRD#:5979), also of Kingsport, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999. Ameriprise Financial discharged Caveness on 6/26/2020, indicating that, “the registered representative was terminated for company policy violations related to personal trade, ethics, and solicitation of exchange traded products.” FINRA began its investigation that included allegations of “potential receipt of checks from senior customers.” Bryant Caveness initially cooperated with the investigation, but changed his mind in July of 2020. In an email from his legal counsel on July 9, 2020, to FINRA staff, Caveness indicated that he had received FINRA’s request for documentation, but would not be supplying the requested information or documentation at any time.Bryant Caveness (Bryant Edwin Caveness CRD: #4033740) is a former registered broker and investment advisor whose last employer was Ameriprise Financial Services, LLC (CRD#:6363) of Kingsport, TN. His previous employers include Ameriprise Advisor Services, Inc. (CRD#:5979), also of Kingsport, and Morgan Stanley DW Inc. (CRD#:7556) of Purchase, NY. He has been in the industry since 1999. Continue reading ›

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Stanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. In 2015,Girard Securities partnered with Cetera Advisor Networks joining the Cetera platform. As part of Cetera, it is responsible for any of Girard’s liabilities. Cetera is a large network of interrelated brokerage firms all operating under the Cetera umbrella. The Utah Division of Securities notified both Secor and Cetera that the agency began an investigation into Stanley Secor’s activities while with the firm. After an on-site investigation, the agency found that Secor engaged in: Sharing in client accounts Roles in estates and trustee appointments that were undisclosed and unapproved Designation as client's beneficiary without the firm’s knowledge or approval Violation of former BD's WSPS and misrepresentation regarding the sources of funds Control and custody of client funds False statements Engaging in dishonest or unethical practicesStanley Secor (Stanley Bernard Secor CRD:#1982414) is a former registered broker and investment advisor whose last employer was Cetera Advisor Networks LLC (CRD# 13572) of Salt Lake City, UT. His previous employers include Girard Securities, Inc. (CRD#:18697) and Securian Financial Services, Inc. (CRD#:15296), also of Salt Lake City, and WS Griffith Securities, Inc. (CRD#:10410) of Hartford, CT. He has been in the industry since 1989. Continue reading ›

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