A National Securities Arbitration & Investment Fraud Law Firm

Articles Posted in Stockbroker Misconduct

|

Broker Yassin Mohamed (CRD #1673281) is a barred broker who formerly worked for National Securities Corporation (CRD#: 7569). His other former employers include Morgan Stanley (CRD#: 149777), UBS Financial Services Inc. (CRD#: 8174), and Prudential Securities Incorporated (CRD#: 7471).Mohamed is the subject of five disclosures, including 2 customer disputes, 2 regulatory disputes, and 1 termination.The first customer dispute was filed on 2/7/2017, and “Claimant alleged, inter alia, excessive trading with respect to trust accounts – 2012 to 2016.” The claimants requested damages of $3,500,000. The case was settled for $457,034.Broker Yassin Mohamed (CRD #1673281) is a barred broker who formerly worked for National Securities Corporation (CRD#: 7569). His other former employers include Morgan Stanley (CRD#: 149777), UBS Financial Services Inc. (CRD#: 8174), and Prudential Securities Incorporated (CRD#: 7471).

Mohamed is the subject of five disclosures, including 2 customer disputes, 2 regulatory disputes, and 1 termination. Continue reading ›

|

Jackie Wadsworth (CRD #2342163) is a barred broker who formerly worked with IMS Securities in Houston, Texas (CRD#: 35567). She previously worked with Retirement Investment Group (CRD#: 7421), also in Houston. She has been in the industry since 1993.Wadsworth is the subject of 9 disclosures, eight of them customer disputes, starting in 1999.Wadsworth was the CEO of IMS Securities, which was the underwriter and wholesaler for United Development Funding IV (UDF IV), a real estate investment trust (REIT). In 2016 the FBI raided the offices of UDF IV, and the price of its shares subsequently collapsed.Jackie Wadsworth (CRD #2342163) is a barred broker who formerly worked with IMS Securities in Houston, Texas (CRD#: 35567). She previously worked with Retirement Investment Group (CRD#: 7421), also in Houston. She has been in the industry since 1993.

Wadsworth is the subject of 9 disclosures, eight of them customer disputes, starting in 1999. Continue reading ›

|

James Flynn VOYA Financial

Silver Law Group, a nationally-recognized law firm representing investors, continues to file FINRA arbitration claims on behalf of clients against Voya Financial Advisors regarding its former employee James Flynn (a/k/a Jim Flynn CRD# 3082615) of Greenville, South Carolina. 

The claims request compensation to recover investment losses suffered by our clients and allege that Voya Financial failed to supervise Flynn while he was a registered representative of Voya. Continue reading ›

|

Kristian M. Gaudet (CRD#: 4190811) is a former registered broker whose last employer was Ameritas Investment Corp. (CRD#:14869) of Cut Off, Louisiana. He was previously employed by The Advisors Group, Inc. (CRD#:14035) of Bethesda, MD and Princor Financial Services Corporation (CRD#:1137) of Des Moines, IA. No current employment information is available. He has been in the industry since 2000.FINRA initiated an investigation after it became suspicious that Gaudet was involved in fraudulent activity. On 12/10/2018, following an internal firm investigation, Ameritas discharged Gaudet after discovering that he was using client funds for personal use.Kristian M. Gaudet (CRD#: 4190811) is a former registered broker whose last employer was Ameritas Investment Corp. (CRD#:14869) of Cut Off, Louisiana. He was previously employed by The Advisors Group, Inc. (CRD#:14035) of Bethesda, MD and Princor Financial Services Corporation (CRD#:1137) of Des Moines, IA. No current employment information is available. He has been in the industry since 2000.

FINRA initiated an investigation after it became suspicious that Gaudet was involved in fraudulent activity. On 12/10/2018, following an internal firm investigation, Ameritas discharged Gaudet after discovering that he was using client funds for personal use. Continue reading ›

|

Gavelsmall-2-300x200Suitability for Retail Customers

FINRA rule 2111 ensures that firms and people associated with firms deal with customers fairly. The rule is composed of three main parts: reasonable basis suitability, customer-specific suitability, and quantitative suitability. FINRA will observe unsuitable recommendations to retail investors and also deficiencies in some firms; supervisory systems.

In the past, FINRA has observed situations where customers’ financial needs were not considered. Registered representatives failed to think about cumulative fees, sales charges, and commissions. Failure to understand the specific features and terms of products recommended to customers was a common contributor to the problems that FINRA observed. Continue reading ›

|

Silver Law Group is investigating Boca Raton, Florida-based Newbridge Securities Corporation broker David Fagenson (CRD# 1652012) after FINRA suspended him for eight (8) months for alleged misconduct in elder customer brokerage accounts.According to Fagenson’s FINRA BrokerCheck report, FINRA suspended the Florida-based broker in November 2018. FINRA suspended Fagenson after he entered into an Acceptance, Waiver & Consent (AWC) that found Fagenson engaged in excessive and unsuitable trading in three (3) senior customer brokerage accounts while employed by UBS Financial Services Inc.Silver Law Group is investigating Boca Raton, Florida-based Newbridge Securities Corporation broker David Fagenson (CRD# 1652012) after FINRA suspended him for eight (8) months for alleged misconduct in elder customer brokerage accounts.

According to Fagenson’s FINRA BrokerCheck report, FINRA suspended the Florida-based broker in November 2018. FINRA suspended Fagenson after he entered into an Acceptance, Waiver & Consent (AWC) that found Fagenson engaged in excessive and unsuitable trading in three (3) senior customer brokerage accounts while employed by UBS Financial Services Inc. Continue reading ›

|

Silver Law Group is investigating former Salinas, California-based, Independent Financial Group broker David Marshall after some customers have come forward alleging he recommended his customers invest with unregistered brokers. According to Marshall’s FINRA BrokerCheck report, Marshall was registered with Independent Financial Group at its Salinas, California branch from July 2015 to October 2017 and is now unregistered. Marshall ran his brokerage business through his own company, Marshall Wealth Management, according to his detailed CRD report. Marshall Wealth Management was also a registered investment adviser.Silver Law Group is investigating former Salinas, California-based, Independent Financial Group broker David Marshall after some customers have come forward alleging he recommended his customers invest with unregistered brokers.

According to Marshall’s FINRA BrokerCheck report, Marshall was registered with Independent Financial Group at its Salinas, California branch from July 2015 to October 2017 and is now unregistered. Marshall ran his brokerage business through his own company, Marshall Wealth Management, according to his detailed CRD report. Marshall Wealth Management was also a registered investment adviser. Continue reading ›

|

When you’re considering working with a financial professional, how do you pick the right person? Do you choose someone with an impressive-sounding title/designation that makes it seem like they have expertise helping people just like you, such as “senior specialist” if you’re a senior citizen?While a designation like that might inspire confidence, before you work with anyone, you may be surprised to learn what really goes into getting these designations. It might not mean what you think it means.

When you’re considering working with a financial professional, how do you pick the right person? Do you choose someone with an impressive-sounding title/designation that makes it seem like they have expertise helping people just like you, such as “senior specialist” if you’re a senior citizen?

While a designation like that might inspire confidence, before you work with anyone, you may be surprised to learn what really goes into getting these designations. It might not mean what you think it means. Continue reading ›

|

The Massachusetts Securities Division has charged former investment adviser, Bruce Colin Worthington, with allegedly withdrawing $100,000 from a client's bank account.Worthington has been charged with fraudulently misappropriating the investment funds of a retiree and using the money for personal use. He was affiliated with Founders Financial Securities for about five years, and before that, he was with Commonwealth Financial Network.The Massachusetts Securities Division has charged former investment adviser, Bruce Colin Worthington, with allegedly withdrawing $100,000 from a client’s bank account.

Worthington has been charged with fraudulently misappropriating the investment funds of a retiree and using the money for personal use. He was affiliated with Founders Financial Securities for about five years, and before that, he was with Commonwealth Financial Network. Continue reading ›

|

Barred advisor Aaron Parthemer, who had a practice in Florida that catered to NFL and NBA players, invested some of his clients' money in a Miami Beach nightclub that he partially owned. He also engaged in other activities that ultimately caught the attention of regulators. According to FINRA disciplinary records, he owned a tequila promotion business and sent gift baskets of the liquor to NFL and NBA teams. In 2015, FINRA barred Parthemer for engaging in outside business activities without firm approval. He allegedly loaned his clients $399,000 against firm policy, convinced eight clients to invest $3 million in private securities transactions, and provided false information to his employers and FINRA. Last year, the SEC penalized him $160,000.This is the latest case related to the conduct of barred advisor Aaron Parthemer, who had a practice in Florida that catered to NFL and NBA players.

Parthemer invested some of his clients’ money in a Miami Beach nightclub that he partially owned. He also engaged in other activities that ultimately caught the attention of regulators. According to FINRA disciplinary records, he owned a tequila promotion business and sent gift baskets of the liquor to NFL and NBA teams. Continue reading ›

Contact Information
Main Office
11780 W Sample Rd
Coral Springs, FL 33065
Phone: (954) 755-4799Fax: (954) 755-4684
New York Office
229 W 36th St 8th Floor
New York, NY 10018
Phone: (212) 377-5227
Florida Office
4755 Technology Way #205
Boca Raton, FL 33431
Phone: (561) 665-8613
ATTORNEY ADVERTISING

Visit our Florida Securities Whistleblower Website

We serve clients nationwide including, but not limited to, those in the following localities: Atlanta, Baltimore, Boston, Chicago, Dallas–Fort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, Tampa–St. Petersburg, and Washington, D.C. View More

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The contact form sends information by non-encrypted email, which is not secure. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship.

Copyright © 2024, Silver Law Group
JUSTIA Law Firm Blog Design