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Articles Posted in Stockbroker Misconduct

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According to FINRA Disciplinary actions for April 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:

NAME FORMER EMPLOYERS
  Timothy Crowley   J.P. Morgan Securities LLC
  Chase Investment Services Corp
  David Del Rio   LPL Financial LLC
  Suntrust Investment Services, Inc.
  Christian Evans   Morgan Stanley
  Highland Capital Funds Distributor, Inc.
  Mary Frassetto   Thrivent Investment Management Inc.
  Jennifer Holmes   Voya Financial Advisors, Inc.
  ING Financial Partners,Inc.
  Yee Yee Htwe   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Farmers Financial Solutions, LLC
  Randy Jackson   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  E*Trade Securities LLC
  Scott Levine   Craft Capital Management LLC
  PHX Financial, Inc.
  Megan McAlinden
  Hiep Quoc Nguyen   Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Citizens Securities, Inc.
  Grizelle Perez   USCA Securities LLC
  Sanders Morris Harris LLC
  Michael Spyrka   Hold Brothers Capital LLC
  Koyote Trading LLC
  Jason Wilk   Worden Capital Management LLC
  Craft Capital Management LLC
  John Wyshak   Raymond James & Associates, Inc.
  Wedbush SecuritiesInc.

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According to FINRA disciplinary actions for April 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
  Joseph Berghausen   ADP Broker-Dealer, Inc.
  Cetera Advisor Networks LLC
  Stephanie Dannenberg
  Gregory Morgan   Allstate Financial Services, LLC
  ProEquities,Inc.
  Wesley Rayner   Santander Securities LLC
  JP Morgan Securities LLC
  David Rockwell   Cetera Advisor Networks LLC
  Suntrust Investment Services, Inc.
  Paul Ross   Hantz Financial Services, Inc.
  Thrivent Investment Management Inc.
  Mark Schneck   Northwestern Mutual Investment Services LLC
  MML Investors Services,LLC
  Cynthia Tarner
  Dennis Taylor   Taylor Capital Management Inc.
  Independent Financial Group, LLC

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In the wake of recent market turbulence, it is important to remember that some investment losses are not “investment” losses at all, but rather losses that are the result of stockbroker theft, fraud, Ponzi schemes, and otherwise. Silver Law Group continues to investigate cases of stockbroker theft nationwide. Unfortunately, FINRA continues to report multiple cases of brokers improperly taking money from clients, taking improper loans or deceptively selling investments directly controlled by a stockbroker or financial advisor.In the wake of recent market turbulence, it is important to remember that some investment losses are not “investment” losses at all, but rather losses that are the result of stockbroker theft, fraud, Ponzi schemes, and otherwise.

Silver Law Group continues to investigate cases of stockbroker theft nationwide. Unfortunately, FINRA continues to report multiple cases of brokers improperly taking money from clients, taking improper loans or deceptively selling investments directly controlled by a stockbroker or financial advisor. Continue reading ›

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Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy.Cetera Financial Group, comprised of Cetera Advisors, Cetera Advisor Networks, First Allied Securities, and Summit Brokerage Services, recently announced that it is halting sales of non-traded real estate investment trusts (REITs) and interval funds, citing the likely inaccuracy of real estate valuations leading up to the COVID-19 pandemic. Cetera Financial Group has approximately 8,000 registered representatives operating across the country who are subject to this policy. Continue reading ›

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Investors in YayYo (YAYO), a ride-hailing vehicle supply company, were disappointed to find out that their shares, which originally sold for $4.00 per share, are now worth pennies. A lawsuit filed in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. Aegis Capital Corp., et al., alleges that this decimation of stock value was the result of fraud. Specifically, the suit accuses the IPO underwriters, including Aegis Capital Corp., of concealing that its founder/CEO/director, Ramy El-Batrawi, controlled the company despite El-Batrawi’s “checkered past with allegations of securities violations by the federal securities authorities,” according to the Complaint.Investors in YayYo (YAYO), a ride-hailing vehicle supply company, were disappointed to find out that their shares, which originally sold for $4.00 per share, are now worth pennies. A lawsuit filed in the Southern District of New York, FirstFire Global Opportunities Fund, LLC v. Aegis Capital Corp., et al., alleges that this decimation of stock value was the result of fraud. Specifically, the suit accuses the IPO underwriters, including Aegis Capital Corp., of concealing that its founder/CEO/director, Ramy El-Batrawi, controlled the company despite El-Batrawi’s “checkered past with allegations of securities violations by the federal securities authorities,” according to the Complaint. Continue reading ›

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Silver Law Group is investigating Cetera Advisors, LLC and its registered representative David Rockwell. According to Rockwell’s CRD Report, published by the Financial Industry Regulatory Authority (FINRA), Rockwell was permanently barred from the securities industry and has been the subject of several customer disputes arising out of his misconduct over the past several years, involving allegations of fraud and misappropriation of customer’s funds. Rockwell (CRD# 4236377) has also been the subject of several criminal proceedings, involving charges of stalking, driving while intoxicated, obstruction, and even assault.Silver Law Group is investigating Cetera Advisors, LLC and its registered representative David Rockwell. According to Rockwell’s CRD Report, published by the Financial Industry Regulatory Authority (FINRA), Rockwell was permanently barred from the securities industry and has been the subject of several customer disputes arising out of his misconduct over the past several years, involving allegations of fraud and misappropriation of customer’s funds. Continue reading ›

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Silver Law Group recently filed a FINRA arbitration claim on behalf of a customer of David Krumrey of Oppenheimer & Co.  Among other things, the suit alleges breach of fiduciary duty, negligence, breach of contract, and failure to supervise resulting in substantial investment losses in the customer’s account. Silver Law Group has been investigating Oppenheimer & Co., Inc. and its registered representative David Krumrey. According to Krumrey’s CRD Report, published by the Financial Industry Regulatory Authority (“FINRA”), Krumrey was permanently barred from the securities industry and is the subject of several customer disputes arising out of his conduct over the past several years. It is likely that Krumrey was engaged in widespread misconduct across many customer accounts. Silver Law Group believes Krumrey’s employing broker-dealer firm, Oppenheimer & Co. Inc., may be liable for this misconduct.Silver Law Group recently filed a FINRA arbitration claim on behalf of a customer of David Krumrey of Oppenheimer & Co.  Among other things, the suit alleges breach of fiduciary duty, negligence, breach of contract, and failure to supervise resulting in substantial investment losses in the customer’s account.

Silver Law Group has been investigating Oppenheimer & Co., Inc. and its registered representative David Krumrey. According to Krumrey’s CRD Report, published by the Financial Industry Regulatory Authority (“FINRA”), Krumrey was permanently barred from the securities industry and is the subject of several customer disputes arising out of his conduct over the past several years. It is likely that Krumrey was engaged in widespread misconduct across many customer accounts. Silver Law Group believes Krumrey’s employing broker-dealer firm, Oppenheimer & Co. Inc., may be liable for this misconduct. Continue reading ›

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Silver Law Group, a nationally-recognized stockbroker misconduct law firm, is investigating AllianceBernstein Securitized Asset LP (ABSA or Fund) on behalf of shareholders in the Fund, due to ABSA’s recent news to its shareholders. ABSA is a pooled investment hedge fund, sold by Alliance Bernstein, whose “. . . portfolio is concentrated in mortgage-related securities, it also invests in asset-backed securities, consumer whole loans, and collateralized loan obligations, providing exposure to underlying collateral across residential and commercial mortgages, consumer and auto loans, as well as corporate loans.”Silver Law Group, a nationally-recognized stockbroker misconduct law firm, is investigating AllianceBernstein Securitized Asset LP (ABSA or Fund) on behalf of shareholders in the Fund, due to ABSA’s recent news to its shareholders.

ABSA is a pooled investment hedge fund, sold by Alliance Bernstein, whose “. . . portfolio is concentrated in mortgage-related securities, it also invests in asset-backed securities, consumer whole loans, and collateralized loan obligations, providing exposure to underlying collateral across residential and commercial mortgages, consumer and auto loans, as well as corporate loans.” Continue reading ›

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Kalos Capital, Inc. (CRD #44337) is a registered broker-dealer based in Alpharetta, Georgia that is registered in all 50 states and Washington, D.C. Kalos has approximately 150 financial advisors and 60 independent offices. Kalos Capital has been registered with the SEC since 1998 and sells a variety of securities and alternative investments. Kalos was founded by Daniel and Carol Wildermuth, who are its CEO and CFO, respectively.Background Information

Kalos Capital, Inc. (CRD #44337) is a registered broker-dealer based in Alpharetta, Georgia that is registered in all 50 states and Washington, D.C. Kalos has approximately 150 financial advisors and 60 independent offices. Kalos Capital has been registered with the SEC since 1998 and sells a variety of securities and alternative investments. Kalos was founded by Daniel and Carol Wildermuth, who are its CEO and CFO, respectively. Continue reading ›

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Silver Law Group is investigating the following UBS ETRACS ETNs (Exchange Traded Notes): MRRL, WTIU, MLPZ, HOML, SMHD, HDLV, BDCL, LBDC, LMLP, DVHL, and MORL. These ETNs have suffered significant losses as the market has declined due to the coronavirus. UBS created its ETRACS ETNs and may have marketed and sold them to investors seeking low risk without explaining the risks involved in those securities.Silver Law Group is investigating the following UBS ETRACS ETNs (Exchange Traded Notes): MRRL, WTIU, MLPZ, HOML, SMHD, HDLV, BDCL, LBDC, LMLP, DVHL, and MORL. These ETNs have suffered significant losses as the market has declined due to the coronavirus.

UBS created its ETRACS ETNs and may have marketed and sold them to investors seeking low risk without explaining the risks involved in those securities. Continue reading ›

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