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Articles Posted in Stockbroker Misconduct

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For years, financial advisers have walked a fine line when receiving financial inheritances from their clients. Unfortunately, the line between an adviser’s professional obligations and their personal interests is very easily blurred­­—a reality that leads to complicated fraud and ethics violations.In this blog post, we’ll look into the legal issues associated with financial inheritances from clients by financial advisers, potential solutions to the problem, and how a group of bipartisan lawmakers are taking action and calling to the Financial Industry Regulatory Authority (FINRA) for reform.For years, financial advisers have walked a fine line when receiving financial inheritances from their clients. Unfortunately, the line between an adviser’s professional obligations and their personal interests is very easily blurred­­—a reality that leads to complicated fraud and ethics violations.

In this blog post, we’ll look into the legal issues associated with financial inheritances from clients by financial advisers, potential solutions to the problem, and how a group of bipartisan lawmakers are taking action and calling to the Financial Industry Regulatory Authority (FINRA) for reform. Continue reading ›

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Edward Earl Matthes (CRD#: 2788055) is a former registered broker and investment advisor whose last employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. His previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc and Minneapolis, and MML Investors Services, INC. (CRD#:10409), of Chesterfield, MO. No current employment information is available. He has been in the business since 1996.Mutual of Omaha discharged Matthes on 3/12/2019, after allegations surfaced that he “created fictitious account statements and diverting customer funds for his own personal use.”  On 3/15/2019, The FBI began an investigation into the allegations of Matthes’ misappropriation of client funds. No additional information is yet available from the FBI.Edward Earl Matthes (CRD#: 2788055) is a former registered broker and investment advisor whose last employer was Mutual Of Omaha Investor Services, Inc. (CRD#:611) of Oconomowoc, WI. His previous employers include Thrivent Investment Management Inc. (CRD#:18387), also of Oconomowoc and Minneapolis, and MML Investors Services, INC. (CRD#:10409), of Chesterfield, MO. No current employment information is available. He has been in the business since 1996. Continue reading ›

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Silver Law Group has filed a FINRA arbitration claim on behalf of clients against Centaurus Financial, Inc. (CRD# 30833) and J.P. Turner & Company, LLC (CRD# 43177) regarding the acts of its employees Cindy Chiellini (CRD# 1015592) and Ricky Mantei (CRD# 1098981).The claim is brought on behalf of a family-run business’s profit sharing plan (PSP), and seeks monetary damages.Silver Law Group has filed a FINRA arbitration claim on behalf of clients against Centaurus Financial, Inc. (CRD# 30833) and J.P. Turner & Company, LLC (CRD# 43177) regarding the acts of its employees Cindy Chiellini (CRD# 1015592) and Ricky Mantei (CRD# 1098981).

The claim is brought on behalf of a family-run business’s profit sharing plan (PSP), and seeks monetary damages.

Continue reading ›

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Silver Law Group filed another FINRA arbitration claim on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (CRD# 3082615) of Greenville, South Carolina.The claim requests compensatory damages for our clients, and alleges that Voya failed to supervise Flynn’s conduct while he was working for them relating to the sale of Phillip Edison REIT, Business Development Corp of America (BDC), and other investments.Silver Law Group filed another FINRA arbitration claim on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (CRD# 3082615) of Greenville, South Carolina.

The claim requests compensatory damages for our clients, and alleges that Voya failed to supervise Flynn’s conduct while he was working for them relating to the sale of Phillip Edison REIT, Business Development Corp of America (BDC), and other investments. Continue reading ›

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The news keeps getting worse for GPB Capital. The troubled company reported Friday that the value of its two biggest investment funds, GPB Holdings II and GPB Automotive Portfolio, have declined by 25% and 39%, respectively.The other five GPB funds also have significant declines in value, according to the company.The news keeps getting worse for GPB Capital. The troubled company reported Friday that the value of its two biggest investment funds, GPB Holdings II and GPB Automotive Portfolio, have declined by 25% and 39%, respectively.

The other five GPB funds also have significant declines in value, according to the company. Continue reading ›

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Herbert Hafen (CRD#: 867068, aka Elias Herbert Hafen, E Herbert Niggebrugge, Elias Niggebrugge) is a former registered broker and investment advisor whose last employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of New York, NY. Hafen’s previous employers include Morgan Stanley (CRD#:149777 and CRD#: 8209), and Bear Sterns (CRD#: 79), also of New York City. He has been in the industry since 1979. Hafen was discharged by Wells Fargo on 8/21/2018, after “entering into financial arrangements with clients that were not approved by the firm.”Herbert Hafen (CRD#: 867068, aka Elias Herbert Hafen, E Herbert Niggebrugge, Elias Niggebrugge) is a former registered broker and investment advisor whose last employer was Wells Fargo Clearing Services, LLC (CRD#:19616) of New York, NY. Hafen’s previous employers include Morgan Stanley (CRD#:149777 and CRD#: 8209), and Bear Sterns (CRD#: 79), also of New York City. He has been in the industry since 1979.

Hafen was discharged by Wells Fargo on 8/21/2018, after “entering into financial arrangements with clients that were not approved by the firm.” Continue reading ›

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Adam Michael Lopez (CRD#: 5562750) is a former registered broker who was last employed with Country Capital Management Company (CRD#:12060) of Springfield, IL, from 09/16/2008 through 09/21/2018. No current employment information is available. He has been in the industry since 2018.Country Capital terminated Lopez on 9/21/2016 for violations of provisions in his insurance services contract. His actions were not related to securities, and his U5 termination form was later updated to include an investigation by a “domestic or foreign governmental body or self-regulatory organization with jurisdiction over investment-related business.”Adam Michael Lopez (CRD#: 5562750) is a former registered broker who was last employed with Country Capital Management Company (CRD#:12060) of Springfield, IL, from 09/16/2008 through 09/21/2018. No current employment information is available. He has been in the industry since 2018.

Country Capital terminated Lopez on 9/21/2016 for violations of provisions in his insurance services contract. His actions were not related to securities, and his U5 termination form was later updated to include an investigation by a “domestic or foreign governmental body or self-regulatory organization with jurisdiction over investment-related business.” Continue reading ›

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Dudley Stevens (CRD#: 4119268, aka “Stephen Franklin Dudley”) is a previously registered broker and investment advisor whose last known employer was Coastal Equities, Inc. (CRD#:23769) of New York, NY. Previous employers include Prospera Financial Services, Inc. (CRD#:10740), Wells Fargo Advisors, LLC (CRD#:19616), and HSBC Securities (USA) INC. (CRD#:19585), also of New York City.  In addition to New York, he has also worked in Birmingham, AL, Dallas, TX, Boca Raton, FL, and Carle Place, NJ. He has been in the industry since 2000.Coastal Equities terminated Stevens’ employment on 7/20/2018 after he was “reviewed for suspicious letters of authorization concerning third party wires.”  No additional information is available, and Coastal Equities was his most recent broker registration.Dudley Stevens (CRD#: 4119268,aka “Stephen Franklin Dudley”) is a previously registered broker and investment advisor whose last known employer was Coastal Equities, Inc. (CRD#:23769) of New York, NY. Previous employers include Prospera Financial Services, Inc. (CRD#:10740), Wells Fargo Advisors, LLC (CRD#:19616), and HSBC Securities (USA) INC. (CRD#:19585), also of New York City.  In addition to New York, he has also worked in Birmingham, AL, Dallas, TX, Boca Raton, FL, and Carle Place, NJ. He has been in the industry since 2000. Continue reading ›

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John Spach (CRD#: 2731192) is a former registered broker and investment advisor whose last known employer was Kestra Investment Services, LLC (CRD#: 42046) of Aliso Viejo, CA. His previous employers include Financial Telesis Inc (CRD#: 31012) and Financial West Group (CRD#: 16668), both of Westlake Village, CA, and Sentra Securities Corporation (CRD#: 10249) of Phoenix, AZ. He has been in the industry since 1996.Spach has three disclosures, all within a one-year time frame. The first was filed on 2/6/2018, after Spach introduced a non-firm client of his own independent registered investment advisor (RIA) to an outside investor. This client invested $450,000 into a promissory note with the outside investor. This activity took place completely outside of Kestra’s auspices, and the note later defaulted. The client informed Spach of the defalt, and Spach agreed to settle the account and reimburse the client for the full $450,000, plus interest until paid.John Spach (CRD#: 2731192) is a former registered broker and investment advisor whose last known employer was Kestra Investment Services, LLC (CRD#: 42046) of Aliso Viejo, CA. His previous employers include Financial Telesis Inc (CRD#: 31012) and Financial West Group (CRD#: 16668), both of Westlake Village, CA, and Sentra Securities Corporation (CRD#: 10249) of Phoenix, AZ. He has been in the industry since 1996. Continue reading ›

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William Christian Gennity (CRD#: 4913490, aka “Billy Christian Gennity”) is a former registered broker whose last known employer was First Standard Financial Company LLC (CRD#: 168340) of Staten Island, NY. Previous employers include Alexander Capital, L.P. (CRD#: 40077) and Legend Securities, Inc. (CRD#: 44952, expelled by FINRA on 4/17/2017), both of New York City, and National Securities Corporation (CRD#: 7569) of Iselin, NJ. No current employment information is available. He began in the industry in 2005.Gennity is the subject of twelve disclosures dating back to 2014, eight of which are customer disputes, two closed with no actions. Four of these are regulatory/civil matters involving the Securities and Exchange Commission (SEC), the State of Montana, and the Financial Industry Regulatory Association (FINRA), barring him from any and all association with broker-dealers and acting as a broker or in any other capacity.William Christian Gennity (CRD#: 4913490, aka “Billy Christian Gennity”) is a former registered broker whose last known employer was First Standard Financial Company LLC (CRD#: 168340) of Staten Island, NY. Previous employers include Alexander Capital, L.P. (CRD#: 40077) and Legend Securities, Inc. (CRD#: 44952, expelled by FINRA on 4/17/2017), both of New York City, and National Securities Corporation (CRD#: 7569) of Iselin, NJ. No current employment information is available. He began in the industry in 2005. Continue reading ›

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