Articles Posted in Stockbroker Misconduct

Broker Paul G. Shea (“Shea”)(CRD# 2868966) was permanently barred by FINRA commencing on July 16, 2015, for failing to respond to a FINRA request for information, pursuant to FINRA Rule 9552(d). Shea is barred from association with any FINRA member in any capacity. Shea failed to request termination of his suspension within 3 months of the date of his Notice of Suspension, and therefore, was automatically barred by FINRA (FINRA Rule 9552(h)).

Shea first became a registered securities broker in 1997 and was registered with Morgan Stanley DW Inc., from April 1997 – January 2006 (employed in Purchase, NY); and Wells Fargo Advisors, LLC from January 2006 – August 2014 (employed in Baltimore, MD).

According to FINRA, in 2014 a customer accused Shea of “investments that were an extreme departure from their investment directives” and “lack of contact from financial advisor, and financial losses.” Shea settled the claim with the customer in the amount of $25,000.

New York broker and financial advisor Paul Padovani (CRD# 2688559) was suspended by FINRA (Financial Industry Regulatory Authority) for four months from associating with any FINRA firm in any capacity, for borrowing $75,000 from a customer. Padovani’s actions violated FINRA Rules 3240 and 2010. According to his Letter of Acceptance Waiver and Consent, Padovani repaid the loan but did not obtain approval prior to his taking the funds from his employer, Metlife Securities Inc. Padovani consented, without admitting or denying the allegations made against him by FINRA, to a four-month suspension in resolution of his disciplinary proceeding. The suspension is in effect from May18, 2015, through September 17, 2015.

Padovani began his employment with MetLife Securities in 2012.  He was previously employed by Morgan Stanley & Co. from 2009-2012, and Wachovia Securities LLC from 2003-2009.

If you invested money with Paul Padovani, Metlife Securities, Inc., Morgan Stanley, or Wachovia Securities and suffered losses, you may be entitled to recover some or all of those investment losses. Please call our securities law firm toll free at (800) 975-4345 to speak with an experienced attorney, and to find out how we may be able to help you to regain some or all of your losses. Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful in your lawsuit.

Broker Salim Lyazidi (CRD# 4617448) was permanently barred by FINRA commencing on March 9, 2015, for failing to respond to a FINRA request for information, pursuant to FINRA Rule 9552(d). Lyazidi is barred from association with any FINRA member in any capacity. Lyazidi failed to request termination of his suspension within 3 months of the date of his Notice of Suspension, and therefore, was automatically barred by FINRA (FINRA Rule 9552(h)).

Lyazidi first became a registered securities broker in 2003 and was employed by the following broker-dealers from 2003- 2014: Citigroup Global Markets Inc. (Coral Gables, FL), Banc of America Investment Services, Inc. (Miami, FL), Pointe Capital, Inc. (Boca Raton, FL), JHS Capital Advisors, LLC (Coconut Grove, FL), Kovack Securities Inc. (Coconut Grove, FL), and Cabot Lodge Securities LLC (New York, NY).

According to FINRA, in 2014 a customer accused Lyazidi of irregular transactions and false documentation apparently created and submitted by Lyazidi himself. Lyazidi settled the claim with the customer. Furthermore, felony criminal charges are currently pending against Lyazidi for credit card or debit card abuse in a Texas court.

Broker Ralph Oelbermann (CRD# 1962900) was permanently barred by the Florida Office of Financial Regulation (“OFR”) and fined $110,000 by state regulators commencing on October 24, 2014, for failing to respond to a Complaint by the OFR . He was terminated after customers allegedly reported unauthorized trading in their accounts. The Complaint that was brought by the OFR alleged that Oelbermann falsified customer account documents and conducted fraudulent securities transactions. Furthermore, Oelbermann was permanently barred by FINRA commencing on May 20, 2015, for failing to respond to a FINRA request for information, pursuant to FINRA Rule 9552(d). Oelbermann is permanently barred from association with any FINRA member in any capacity. He failed to request termination of his suspension within 3 months of the date of his Notice of Suspension, and therefore, was automatically barred by FINRA (FINRA Rule 9552(h)).

Oelbermann first became a registered securities broker in 1989 and was registered with the following securities firms from 1989-2013: Hibbard Brown & Co., Inc. (New York, NY ), Corporate Securities Group, Inc. (St. Louis, MO), Investors Associates, Inc. (Hackensack, NJ), Worthington Capital Group, Inc. (Garden City, NY), First Union Securities Financial Network, Inc. . (St. Louis, MO), Gunnallen Financial, Inc. (Palm Beach Gardens, FL), National Securities Corp. (Boca Raton, FL), Securities America, Inc. (Palm Beach Gardens, FL), LPL Financial LLC (Palm Beach Gardens, FL), and J.W. Cole Financial, Inc. (Palm Beach Gardens, FL).

According to FINRA, in September, 2013, Oelbermann was discharged by his employer, LPL Financial, for unauthorized trading involving mutual funds. He also had additional customer complaints filed against him in 2001 and 2002 for allegations concerning misrepresentation, fraud, excessive and unauthorized trading, and unsuitability. In these cases, the customers were awarded reparations.