Stockbroker Misconduct

SEC Halts Chicago-based Fraud Targeting Seniors Involving Daniel H. Glick, Formerly of Transamerica Financial Advisors

June 6, 2017 | Silver Law Group

The SEC announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars.

In the SEC’s complaint, the SEC alleges that Daniel H. Glick (CRD# 2175655) and his unregistered investment advisory firm Financial Management Strategies (“FMS”) took advantage of seniors who entrusted him with millions of dollars’ worth of their retirement savings.

According to the SEC complaint, Glick and his companies raised over $6 million from elderly investors, with most of the money coming from two families. Glick first raised money though Glick & Associates until dissolution in 2014, then through Glick Accounting Services and FMS.

SEC Halts South Florida-based $4.8 Million Boiler Room Scheme Involving State Lottery Tickets

June 6, 2017 | Silver Law Group

The SEC filed charges against a Pompano Beach, Florida-based company, its CEO and its top sales agent in late March 2017, accusing them of conducting a boiler room operation that bilked investors out of almost $5 million.

According to the SEC’s complaint, CEO David Gray and sales agent Joseph A. Vitale (CRD# 5223467), aka Donovan Kelly, were the primary figures in carrying out the scheme.

According to the complaint, the company, LottoNet Operating Corp. (“LottoNet”), purported to be in the business of facilitating the purchase of lottery tickets from lotteries in various states online.

Ryan E. Cox, Formerly of SunTrust Investment Services, Under Investigation For Allegedly Receiving Cash Gifts

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Georgia-based SunTrust Investment Services, Inc. (CRD# 17499) broker Ryan E. Cox (CRD# 3018153) over allegations that he accepted cash gifts from his customers.

According to Cox’s FINRA BrokerCheck report, Cox was discharged in March 2015 by his former employer, Synovus Securities, Inc. (CRD# 14023). Synovus alleged that Cox and his wife received cash payments from an unrelated client and Cox knowingly allowed the naming of a spouse as a beneficiary of the same client’s variable annuity policy without disclosure to Synovus.

FINRA followed up Cox’s discharge with a suspension of two months in December 2016. The suspension was related to Cox’s acceptance of cash gifts and Cox falsely stating that he had not received those cash gifts. FINRA also levied a $15,000 fine on Cox.

Former California and Texas Broker Willard L. Golightly Under Investigation For Multiple Alleged Securities Violations

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Fresno, California- and San Antonio, Texas-based broker Willard L. Golightly (CRD# 4395250) after FINRA permanently barred him from engaging in certain activities in the securities industry.

According to Golightly’s FINRA BrokerCheck report, FINRA suspended Golightly in December 2016 after Golightly failed to comply with an arbitration award or settlement agreement or to respond to a FINRA inquiry. Including the suspension, Golightly has a litany of other disclosures on his FINRA BrokerCheck report.

In September 2015, FINRA barred Golightly for inappropriately concentrating his customers in low-priced securities and failed to respond to red flags. Golightly additionally failed to maintain and enforce his member firm’s written supervisory procedures.

Former Arvest Broker Joe D. Treece Under Investigation for Allegedly Borrowing Money from a Client

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Arkansas-based Arvest Wealth Management (CRD# 42057) broker Joe D. Treece (CRD# 2925735) after FINRA and other state regulators barred him from acting as a broker.

According to Treece’s FINRA BrokerCheck, FINRA permanently barred Treece in October 2016 from acting as a broker or otherwise associating with firms that sell securities to the public after Treece failed to respond to a FINRA request for information.

FINRA then suspended him, according to his BrokerCheck report, in December 2016 after Treece failed to comply with an arbitration award or settlement agreement or failed to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Jupiter, Florida-based Wells Fargo Broker Roberto O. Bastardo Permanently Barred by FINRA

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Jupiter, Florida-based Wells Fargo Advisors, LLC (CRD# 19616) broker Roberto O. Bastardo (CRD# 6570886) after Wells Fargo Advisors discharged him for allegedly attempting to misappropriate customer funds.

According to Bastardo’s FINRA BrokerCheck report, Wells Fargo Advisors discharged Bastardo in September 2016 for attempting to misappropriate over $185,000 from a Wells Fargo Advisors customer. The firm allegedly recovered all but $800 of the misappropriated funds, but authorities were contacted.

FINRA followed up the discharge by permanently barring Bastardo from acting as a broker or otherwise associating with firms that sell securities to the public in November 2016 after Bastardo failed to respond to a FINRA inquiry.

New York City Broker Melanie S. Sweet Under Investigation After FINRA Suspension

June 6, 2017 | Silver Law Group

Silver Law Group is investigating New York City-based broker Melanie S. Sweet (CRD# 2620987) after FINRA suspended her from acting as a broker in December 2016.

Sweet is employed by Hamershlag Sulzberger Borg Capital Markets, Inc. (CRD#:103460)

According to Sweet’s FINRA BrokerCheck report, FINRA suspended Sweet after she failed to respond to a FINRA request for information.

New York City-based Broker Permanently Barred by FINRA; Allegation of VGTel Sale

June 6, 2017 | Silver Law Group

Rafael Santiago (CRD# 2494647) of New York, New York firm Primary Capital, LLC (CRD# 127921) is under investigation after being barred from the securities industry in April 2016.

Santiago, according to his Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report was barred by FINRA after he failed to respond to FINRA’s request for information. Besides that misconduct disclosure on his FINRA BrokerCheck report, he has two other misconduct disclosures.

Santiago has a FINRA arbitration complaint pending where the claimant alleges $495,000 in losses. The complaint, filed in September 2015, according to the BrokerCheck report involve the notorious VGTel stock and Santiago’s involvement with VGTel promotion.

Former Edward Jones Broker Under Investigation for SEC Charges Alleging Theft of $1.2 Million to Remodel Home

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Edward Jones (CRD# 250) broker Bernard M. Parker (CRD# 2010184) after the SEC charged him for stealing investors’ money so he could remodel his home.

Parker has a lengthy list of disclosures according to his FINRA BrokerCheck report. In total, Parker has 14 disclosures.

Parker didn’t start off on the right foot, with his first employing firm, North American Management, Inc., permitting him to resign a mere three years after entering the industry due to an investigation involving the sale of unregistered securities without compliance approval by the firm.

Former New York-based Morgan Stanley Broker Under Investigation After Being Permanently Barred by FINRA

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former New York, New York-based broker William V. Siegel (CRD# 4407213) after FINRA permanently barred Siegel from selling securities to the public.

According to Siegel’s FINRA BrokerCheck report, the Financial Industry Regulatory Authority (“FINRA”) suspended Siegel in April 2016 after he failed to comply with an arbitration award or settlement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance with either.

FINRA suspended Siegel despite permanently barring him in October 2015 for failing to respond to a FINRA request for information.