Unauthorized Trading

Silver Law Group is Investigating Christopher Bennett of Hilliard Lyons

March 6, 2018 | Silver Law Group

A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded a customer of Christopher Bennett of Hillard Lyons damages of $445,000 after the claimant alleged Bennett engaged in breach of fiduciary duty, unauthorized trading, suitability, churning, misrepresentation, omission of facts, common law negligence, fraud, failure to supervise, common law negligent supervision and violation of Kentucky statutes, regulations and FINRA rules. The causes of action related to losses to the client’s qualified and non-qualified retirement accounts. The investor alleges Mr. Bennett executed transactions in her accounts without authorization, allocated her assets in an unsuitable manner for someone her age and with her investment objectives without discussing the risk associated with such re-allocation, and engaged in excessive trading in her accounts. A brokerage firm has a duty to supervise a stockbroker for compliance with the securities laws and internal firm rules and regulations.

Christopher Duke Bennett is currently registered with J.J.B. Hilliard, W.L. Lyons in Louisville, Kentucky, and has been since December 1995. He has six customer disputes against him, three of which are currently pending.

Contact Our Firm if You’ve Invested with Christopher Bennett

Silver Law Group is Investigating Claims Against former Stifel, Nicolaus & Company, Inc. Broker Coleman J. Devlin for Unauthorized Trading in Customer Accounts

February 5, 2018 | Silver Law Group

Silver Law Group is investigating former Stifel, Nicolaus & Company, Inc. (“Stifel Nicolaus”) broker Coleman Joseph Devlin (“Devlin”) for allegations of executing trades in customer accounts without first obtaining authorization from the customers. Devlin was employed by Stifel Nicolaus’ Baltimore, Maryland office prior to his termination in June 2016.

The Financial Industry Regulatory Authority (“FINRA”) suspended Devlin on 11/6/2017 for a 30 day period ending 12/18/2017 after Devlin, without admitting or denying the findings, consented to FINRA’s findings that he had executed trades in 5 customer accounts without their prior authorization while at Stifel Nicolaus.

Devlin has been the subject of 14 customer disputes of which 2 are currently still pending. The disputes include allegations of unsuitable investments, unauthorized trading, over-concentration of the accounts, breach of fiduciary duty, and negligent supervision. Stifel Nicolaus terminated Devlin’s employment in June 2016 in connection with the customer complaints. A recently filed FINRA arbitration claim is seeking $20,000,000.00 alleging Stifel Nicolaus negligently supervised Devlin.

FINRA Arbitration Claim Filed Against Joseph Weinrich and Moloney Securities Co.

January 11, 2018 | Silver Law Group

The Silver Law Group in collaboration with the Law Firm of David Chase recently filed a FINRA arbitration claim on behalf of a legally blind 86-year old customer against Moloney Securities Co. and its broker, Joseph Weinrich, which alleges counts of unsuitability, unauthorized trading and churning, and seeks the recovery of his investment losses.

The arbitration complaint alleges that, over the course of at least a five-year period, Weinrich made unsuitable investment recommendations, including oil and gas master limited partnerships, inconsistent with his elderly customer’s financial situation and stated investment goals, which caused significant account losses. The complaint further alleges that Weinrich excessively traded or “churned” the account, which was on margin, to improperly generate significant fees and commissions, and engaged in unauthorized trading. Due to Weinrich’s misconduct, and Moloney Securities Co.’s failure to reasonably supervise, as alleged by the complaint, the customer suffered losses of over $450,000, and paid significant commissions and margin interest.

Unauthorized trading occurs when a stockbroker facilitates a transaction without the permission of the customer in a non-discretionary account.

Jason Anderson, LPL Financial Under Investigation For Claims of Unauthorized Trading

January 9, 2018 | Silver Law Group

Jason N. Anderson

CRD#4370191

Silver Law Group is investigating former Beaumont, Texas-based LPL Financial broker Jason Anderson following a customer complaint alleging unauthorized trading, churning, and mismanagement in customers accounts.

Silver Law Group is Investigating Claims Against PWA Securities Broker John Schneider for Unsuitable Trading Activity and Unauthorized Trading

January 9, 2018 | Silver Law Group

John M. Schneider

CRD#2360548

Silver Law Group is investigating former Pittsburgh, PA-based PWA Securities broker John Schneider following a customer complaint alleging unauthorized investment activity and unsuitable investment recommendations.

Utah-based Ameriprise Broker Kim Isaacson Under Investigation For Fraudulent Misrepresentation & Unauthorized Trading

January 9, 2018 | Silver Law Group

Kim D. Isaacson

CRD#855618

Silver Law Group is investigating former Midvale, Utah based Ameriprise Financial Services, Inc broker Kim D. Isaacson after FINRA received a complaint of fraudulent misrepresentation, omission of material facts and unauthorized trading

Silver Law Group is Investigating Claims Against Broker Englebert Sarmiento for Unauthorized Investment Activity

January 9, 2018 | Silver Law Group

Englebert Sarmiento

CRD#4506010

Silver Law Group is investigating Former Lynnbrook, New York-based Network 1 Financial Services broker Englebert Sarmiento following multiple customer complaints alleging unauthorized investment activity and unsuitable investment recommendations.

Jeffrey S. Thompson, LPL Financial: Unauthorized Investment Activity

December 6, 2017 | Silver Law Group

Jeffrey S. Thompson

CRD#4602601

Silver Law Group is investigating Lake Wales, Florida-based LPL Financial broker Jeffrey Thompson following a customer complaint alleging unauthorized investment activity and unsuitable investment recommendations.

Felipe Arrieta, Dakota Securities International

December 5, 2017 | Silver Law Group

Felipe N. Arrieta

CRD#4142123

Silver Law Group is investigating Miami, Florida-based Dakota Securities International broker Felipe Arrieta following a customer complaint alleging unauthorized trading, breach of fiduciary duty and breach of contract in customers’ accounts.

James E. Lyons, Raymond James

November 3, 2017 | Silver Law Group

James E Lyons

CRD#1020397

Silver Law Group is investigating former Shreveport, LA-based Raymond James broker James E Lyons after a client filed a FINRA complaint alleging unauthorized trading. This complaint alleged damages of $1,200,000