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Articles Posted in Stockbroker Misconduct

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In a recent interview with Investment News, Silver Law Group founder attorney Scott Silver stated, “The message by the perpetrator of the scam is, ‘I would never cheat my own people.’ Affinity fraud is as old as time and a big problem. Investors trust people in their own community, and this is not limited to any race, religion or creed.” Steven Woodard (CRD# 1019832) is a former registered stockbroker and investment advisor last employed by Girard Securities, Inc. (CRD# 18697) of San Diego, CA. His previous employers include Duerr Financial Corporation (CRD# 18558) of Chino Hills, CA, Spelman & Co., Inc. (CRD# 10232) of Phoenix, AZ, and Edward D. Jones & Co., L.P. (CRD# 250) of St. Louis, MO. He began in the industry in 1981 and his registration ended in 2005 after 24 years. Woodard has only one disclosure from 2006. The state of Hawai’i initiated a complaint with allegations that Woodard offered “investment advice and sale of equity indexed annuities through a letter which may mislead clients with regard to nature of investments and investment services.” Woodard consented to the sanction and paid a $500 civil penalty. Girard Securities also terminated his employment after his failure to follow compliance rules. He has not been registered with another broker-dealer since.In a recent interview with Investment News, Silver Law Group founder attorney Scott Silver stated, “The message by the perpetrator of the scam is, ‘I would never cheat my own people.’ Affinity fraud is as old as time and a big problem. Investors trust people in their own community, and this is not limited to any race, religion or creed.” Continue reading ›

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Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Philip Riposo was terminated from United Planners on 3/3/2022 after the firm discovered that he was accepting and depositing client checks made out to the name of his “Doing Business As” name (DBA), Riposo Asset Management. Additionally, Philip Riposo also created fictitious account statements and provided them to the clients from whom he received money for his DBA. The firm prohibits both activities. Upon investigation by United Planners, Riposo admitted to both, and was subsequently terminated. FINRA CASE # 2022074280901Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Continue reading ›

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According to FINRA Disciplinary actions for July 2023, 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
  Michael Adinovich   Ameriprise Financial Services, Inc.
  Steve Moise   Joseph Stone Capital LLC
  Spartan Capital Securities, LLC
  Karla Moons   Concourse Financial Group Securities, Inc.
  Amsouth Investment Services, Inc.
  Kyle Steibel   CUNA Brokerage Services, Inc.
  Edward Jones
  Joseph Todaro   Network 1 Financial Securities Inc.
  SW Financial
  Jin Zhu   Morgan Stanley
  Key Investment Services LLC

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According to FINRA Disciplinary actions for July 2023, 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
  Michael Borning   Pruco Securities, LLC
  Wells Fargo Clearing Services, LLC
  Conway Donaldson   Morgan Stanley Smith Barney
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Bridget Fernandez   UBS Financial Services Inc.
  Wachovia Securities, Inc.
  Christopher Polinaire   Network 1 Financial Securities Inc.
  Arive Capital Markets
  Tariq Sales   Spartan Capital Securities, LLC
  Newbridge Securities Corporation
  Troy West   Innovation Partners, LLC
  Southeast Investments, N.C. Inc.

Continue reading ›

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According to FINRA Disciplinary actions for July 2023, 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
  Michael Cutrone   Neuberger Berman BD LLC
  Ronald Diaz   Morgan Stanley
  J.P. Morgan Securities LLC
  Mulan Greenway
  David Morris   Stifel, Nicolaus & Company, Incorporated
  UBS Financial Services Inc.
  Josette Santos   Wells Fargo Clearing Services, LLC

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William Winchester (William Forrest Winchester III CRD# 4404327, aka “Bill Woods”) is a former registered broker and investment advisor whose last employer was Cadaret, Grant & Co., Inc. (CRD# 10641) of Chattanooga, TN. His previous employers include Raymond James Financial Services, Inc. (CRD# 6694), LPL Financial LLC (CRD# 6413), Suntrust Investment Services, Inc. (CRD# 17499) also of Chattanooga.  He has been in the industry since 2001. Raymond James terminated Winchester on 2/20/2020 after the discovery that he had engaged in three “loan arrangements”—two personal and one business. One loan included a promissory note that was related to his role as an executor for the estate of the client’s father. He then went to Cadaret. Following the termination by Raymond James, on 6/11/2020, the Tennessee Securities Division fined Winchester $45,000 and required him to “Comply with the Tennessee Securities Act of 1980, complete five FINRA training courses, and be on heightened supervision for three years.”William Winchester (William Forrest Winchester III CRD# 4404327, aka “Bill Woods”) is a former registered broker and investment advisor whose last employer was Cadaret, Grant & Co., Inc. (CRD# 10641) of Chattanooga, TN. His previous employers include Raymond James Financial Services, Inc. (CRD# 6694), LPL Financial LLC (CRD# 6413), Suntrust Investment Services, Inc. (CRD# 17499) also of Chattanooga.  He has been in the industry since 2001. Continue reading ›

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Silver Law Group represents victims of Philip Riposo on a contingency fee basis. Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973.Silver Law Group represents victims of Philip Riposo on a contingency fee basis. Philip Riposo (Philip Anthony Riposo CRD# 400056) is a former broker and investment advisor last registered with United Planners’ Financial Services Of America A Limited Partner (CRD#:20804) of Cave Creek, AZ. Previous employers include Cadaret, Grant & Co., Inc. (CRD#:10641) of New Bedford, MA, LPL Financial Corporation (CRD#:6413) of East Falmouth, MA, and Securities America, Inc. (CRD#:10205) of Lavista, NE. He has been in the industry since 1973. Continue reading ›

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Ahmed Gheith (Ahmed Ghassan Gheith, CRD# 5783957, aka Andy Gheith, Anthony Gheith) is a currently registered broker employed with Ceros Financial Services, Inc. (CRD# 37869) of Staten Island, NY. His previous employers include Noble Capital Markets, Inc. (CRD# 15768), Paulson Investment Company LLC (CRD#:5670), and Aegis Capital Corp. (CRD# 15007), all of New York, NY. He has been in the industry since 2010. While at Paulson Investment, A customer filed a dispute against Gheith on 4/13/2017, alleging fraud, negligent representations, negligence and unjust enrichment. The client requested damages of $1M, and the claim was settled for $165,000. Gheith responded that this claim was withdrawn and the claim settled by the firm without any financial contribution from him. Paulson then discharged Gheith on 08/11/2017 for this customer-submitted arbitration, along with “violations of firm WSPs, failure to provide honest answers on annual questionnaires, violations of FINRA Rule 3280.”Ahmed Gheith (Ahmed Ghassan Gheith, CRD# 5783957, aka Andy Gheith, Anthony Gheith) is a currently registered broker employed with Ceros Financial Services, Inc. (CRD# 37869) of Staten Island, NY. His previous employers include Noble Capital Markets, Inc. (CRD# 15768), Paulson Investment Company LLC (CRD#:5670), and Aegis Capital Corp. (CRD# 15007), all of New York, NY. He has been in the industry since 2010. Continue reading ›

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According to FINRA Disciplinary actions for May 2023, 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
  Albert Foronda   Spartan Capital Securities, LLC
  Worden Capital Management LLC
  Mark Miranda   Spartan Capital Securities, LLC
  Network 1 Financial Securities, Inc.
  Yvonne Nguyen   NYLIFE Securities LLC
  Alexandra Smith   J.P. Morgan Securities, LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Kenneth Wade   Cetera Advisors Networks LLC
  PFS Investments Inc.

Continue reading ›

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