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Articles Posted in Stockbroker Misconduct

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The Securities and Exchange Commission (SEC) is suing Frederick Stow (Frederick Markley Stow), a barred broker last employed by Raymond James in Nashville, Tennessee, for allegedly defrauding two senior citizens of over $943,500. “As alleged in our complaint, Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself,” said Justin Jefferies, assoc. regional director, SEC’s Atlanta regional office. The SEC seeks the return of alleged ill-gotten gains, interest, injunctive relief, and a penalty. Federal prosecutors also filed criminal charges against Stow.The Securities and Exchange Commission (SEC) is suing Frederick Stow (Frederick Markley Stow), a barred broker last employed by Raymond James in Nashville, Tennessee, for allegedly defrauding two senior citizens of over $943,500.

“As alleged in our complaint, Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself,” said Justin Jefferies, assoc. regional director, SEC’s Atlanta regional office. The SEC seeks the return of alleged ill-gotten gains, interest, injunctive relief, and a penalty.

Federal prosecutors also filed criminal charges against Stow. Continue reading ›

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Jeffrey Dixson (CRD# 4166311) is a previously registered broker and investment adviser who was last registered with Madison Avenue Securities in Vancouver, Washington. Dixson’s BrokerCheck report includes customer disputes seeking hundreds of thousands of dollars in damages regarding the sale of GPB Capital. Silver Law Group represents investors in claims to recover GPB losses. If you have investments in GPB Capital, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. Jeffrey Dixson (CRD# 4166311) is a previously registered broker and investment adviser who was last registered with Madison Avenue Securities in Vancouver, Washington. Dixson’s BrokerCheck report includes customer disputes seeking hundreds of thousands of dollars in damages regarding the sale of GPB Capital.

Silver Law Group represents investors in claims to recover GPB losses. If you have investments in GPB Capital, contact Scott Silver for a consultation at ssilver@silverlaw.com or (800) 975-4345. 

Jeffrey Dixson And GPB Capital

3 of the customer disputes brought against Dixson in 2020 involve the sale of private placement investments in GPB Capital Holdings, an alternative investment company that is now accused of being a Ponzi scheme. Continue reading ›

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Masood Azad (Masood Husain Azad, CRD# 4798445) is a barred broker last registered with First Allied Securities, Inc. (CRD# 32444) in League City, Texas. He was previously registered with Voya Financial Advisors, Inc. (CRD# 2882). He had been in the industry since 2004. Masood Azad Disclosures Masood Azad has 5 disclosures on his publicly-available FINRA BrokerCheck report, including 3 customer disputes, 1 regulatory disclosure, and 1 employment separation after allegations:Masood Azad (Masood Husain Azad, CRD# 4798445) is a barred broker last registered with First Allied Securities, Inc. (CRD# 32444) in League City, Texas. He was previously registered with Voya Financial Advisors, Inc. (CRD# 2882). He had been in the industry since 2004.

Masood Azad Disclosures

Masood Azad has 5 disclosures on his publicly-available FINRA BrokerCheck report, including 3 customer disputes, 1 regulatory disclosure, and 1 employment separation after allegations: Continue reading ›

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James Daughtry (James Blake Daughtry, CRD# 3272282) is a currently-barred broker who last worked for Kestra Investment Services, LLC in Dothan, Alabama. Before joining Kestra in 2015, Daughtry worked for Ameriprise Financial Services, Securities America, Sterne Agee Financial Services, Wachovia Securities, Southtrust Securities, and Liberty Securities Corporation. He had been in the industry from 1999-2020.James Daughtry (James Blake Daughtry, CRD# 3272282) is a currently-barred broker who last worked for Kestra Investment Services, LLC in Dothan, Alabama.

Before joining Kestra in 2015, Daughtry worked for Ameriprise Financial Services, Securities America, Sterne Agee Financial Services, Wachovia Securities, Southtrust Securities, and Liberty Securities Corporation. He had been in the industry from 1999-2020. Continue reading ›

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One of the most common claims from unhappy investors is against stockbrokers who churn or excessively trade their account to generate commissions for themselves. Every dollar spent on fees, costs, or commissions is money that needs to be recovered through profit just for the investor to break even. The higher the commissions an investor pays, the less likely they are to make a profit.One of the most common claims from unhappy investors is against stockbrokers who churn or excessively trade their account to generate commissions for themselves.

Every dollar spent on fees, costs, or commissions is money that needs to be recovered through profit just for the investor to break even. The higher the commissions an investor pays, the less likely they are to make a profit. Continue reading ›

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According to FINRA Disciplinary actions for May 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
  Thomas Bock   Mutual Securities, Inc.
  Securities America, Inc.
  Richard Brown   Arive Capital Markets
  Chelsea Financial Services
  Mary Evans   Mutual Securities, Inc.
  Securities America, Inc.
  Matthew Francis   Morgan Stanley Smith Barney
  Morgan Stanley & Co Incorporated
  James Heafner   Retirement Wealth Advisors, Inc.
  Taylor Capital Management Inc.
  Christopher Kennedy   Oppenheimer & Co, Inc.
  Liberty Tree Advisors, LLC
  Rachael Konz   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Morgan Stanley
  Jonathan Lake   Wells Fargo Clearing Services, LLC
  Morgan Stanley
  Douglas Leone   Salomon Whitney Financial
  Newport Coast Securities, Inc.
  Yousuf Saljooki   Worden Capital Management LLC
  Salomon Whitney Financial
  Ricardo Urrutia   Mutual of Omaha Investor Services, Inc.
  AXA Advisors, LLC
  Frank Wroblewski   National Securities Corporation
  Wells Fargo Clearing Services, LLC

Continue reading ›

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According to FINRA Disciplinary actions for May 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
  George Belesis   Portfolio Advisors Alliance, LLC
  John Thomas Financial
  Dustin Blount   MML Investors Services, LLC
  Northwestern Mutual Investment Services, LLC
  Barry Carson   Farmers Financial Solutions, LLC
  Felix Chu   NYLife Securities LLC
  Brian Colburn   Maxim Group LLC
  The Buckingham Research Group Incorporated
  Prithviraj Dhandapani   LPL Financial LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Michael Drury   Stillpoint Capital LLC
  Davrion Hemphill
  Robert Lee
  Eric Zakarin   Lombard Securities Incorporated
  Independent Financial Group, LLC

Continue reading ›

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According to FINRA Disciplinary actions for May 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
  Robert Cacioppo   MML Investors Services, LLC
  NYLife Securities LLC
  Paula Collins   TIAA-CREF Individual & Institutional Services, LLC
  OppenheimerFunds Distributor, Inc.
  Michael Davis   Allied Millennial Partners, LLC
  Syren Capital Advisors
  Megan Hoffman   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  Jody Pullium   Allstate Financial Services, LLC
  PNC Investments
  Ana Rivera   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  John Santariello   Arive Capital Markets
  Cape Securities Inc.
  George Schmidt, Jr.   Lincoln Financial Advisors Corporation
  Horner, Townsend & Kent, Inc.
  Ricardo Turlan   UBS Financial Services Inc.
  BBVA Securities Inc.
  Kevin Williams   Lucia Securities, LLC
  Wells Fargo Clearing Services, LLC

Continue reading ›

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Investors whose brokers or financial advisors recommended that they invest in Steepener Notes (a/k/a “Steepeners”) may have incurred losses due to the risky and complex nature of these products. Steepeners, which are tied to U.S. treasury interest rates, have left investors stuck in illiquid investments while receiving little to none of the regular income they were promised. What Is A Steepener Note? Steepener Notes are non-traditional and long-term investments that pay a quarterly or monthly interest payment that is tied to the yield curve, which measures the interest rates on U.S. Treasury securities. Steepener Notes are a type of “structured product”: for the first year or two, the issuer pays investors an above-average rate of interest (often referred to as “teaser” rate), and then, for the remainder of the note—often 15-30 years—the rate is determined by a complex formula.Investors whose brokers or financial advisors recommended that they invest in Steepener Notes (a/k/a “Steepeners”) may have incurred losses due to the risky and complex nature of these products. Steepeners, which are tied to U.S. treasury interest rates, have left investors stuck in illiquid investments while receiving little to none of the regular income they were promised.

What Is A Steepener Note?

Steepener Notes are non-traditional and long-term investments that pay a quarterly or monthly interest payment that is tied to the yield curve, which measures the interest rates on U.S. Treasury securities. Steepener Notes are a type of “structured product”: for the first year or two, the issuer pays investors an above-average rate of interest (often referred to as “teaser” rate), and then, for the remainder of the note—often 15-30 years—the rate is determined by a complex formula. Continue reading ›

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Silver Law Group is currently investigating broker-dealer firms and financial advisors that improperly marketed and sold Steepener Notes, which are non-traditional, long-term, illiquid, and highly complex products that many brokerage firms have been selling to unsuspecting clients over the past decade. Steepener Notes are structured products that pay a regular interest payment that is tied to the yield curve, which measures interest rates on U.S. Treasury securities. The amount of the payment is calculated based on the difference between long-term and short-term interest rates. Thus, the “steeper” the curve, the better the investment performs. However, it means that Steepener Notes are risky. If the yield curve is flat, as it has been for much of the last decade, the payments to investors are minimal or zero. Similarly, if the yield curve is inverted, as it was in 2018, investors do not receive any interest payments.Silver Law Group is currently investigating broker-dealer firms and financial advisors that improperly marketed and sold Steepener Notes, which are non-traditional, long-term, illiquid, and highly complex products that many brokerage firms have been selling to unsuspecting clients over the past decade.

Steepener Notes are structured products that pay a regular interest payment that is tied to the yield curve, which measures interest rates on U.S. Treasury securities. The amount of the payment is calculated based on the difference between long-term and short-term interest rates. Thus, the “steeper” the curve, the better the investment performs. However, it means that Steepener Notes are risky. If the yield curve is flat, as it has been for much of the last decade, the payments to investors are minimal or zero. Similarly, if the yield curve is inverted, as it was in 2018, investors do not receive any interest payments. Continue reading ›

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