Unsuitable Investment Advice

Silver Law Group and the Law Firm of David R. Chase Files a Second FINRA Arbitration Claim Against Independent Financial Group Concerning Selling Away Claims

November 30, 2018 | Silver Law Group

What-Keeps-a-Ponzi-Scheme-Running-300x200 Silver Law Group and The Law Firm of David R. Chase have filed their second FINRA arbitration claim against Independent Financial Group alleging its broker recommended the services of an individual who was running a Ponzi scheme.

According to the securities arbitration complaint, the Claimant’s elderly father became a client of Independent Financial Group and its broker, Jon Pariser (CRD# 2755015), after meeting him at a gathering hosted by a fraternal order both were affiliated with.

In or around June 2017, Pariser informed the Claimant that he was retiring. Pariser then allegedly recommended to Claimant Christopher A. Parris, an individual who had been unlicensed for over a decade, as a trustworthy and skilled professional. According to the Statement of Claim, this fact was not disclosed by either Pariser or Independent Financial Group.

Broker Dominick Diorio Charged With Unauthorized Trading

November 21, 2018 | Silver Law Group

Dominick Joseph Diorio, Jr. (CRD #2447817) is a registered broker currently employed with Aegis Capital Corp. (CRD #15007) of Melville, NY. He was previously employed with Global Arena Capital Corp (CRD #16871) of New York, NY, Prestige Financial Center, Inc. (CRD #30407), also of Melville, and S.W. Bach & Company (CRD #43522), of Port Washington, NY. Five of his previous employers have been expelled by FINRA. He has been in the industry since 1995.

Be on the Lookout: 3 Common Signs of an Investment Scam on elderfinancialfraudattorneys.com Diorio is the subject of four disclosures, the most recent filed on 2/12/2018. In it, the client alleges “unauthorized trading and unsuitable investment recommendations,” and requests damages of $769,690.00. Diorio steadfastly denies the charges. This case is currently pending.

A previous customer dispute filed on 9/29/2017 has similar allegations of an “unsuitable investment strategy” during the period of December 2012 through July of 2017. Diorio also denies the allegations, and explained reasons why the case wasn’t valid including the investment savvy of the customer. On the advice of counsel, Diorio and the firm settled this claim for a total of $837,500.00 instead of risking higher damages and expenses on a hearing and possibly a trial.

Craig Bonn Subject Of Excessive Trading Allegations

November 21, 2018 | Silver Law Group

Craig Aaron Bonn (CRD #2280460) is a currently registered FINRA broker employed with National Securities Corporation (CRD #7569) of New York, NY. He was previously registered with Laidlaw & Company (UK) LTD. (CRD #119037) and Sands Brothers & Co., LTD. (CRD #26816), both also of New York, NY. He has been in the industry since 1993.

FINRA Reports Brokers Nas Adel Allan and Gregory Anastos Made Unsuitable Recommendations on elderfinancialfraudattorneys.com Bonn is currently the subject of a customer dispute filed on 8/29/2018 that alleges unsuitability and excessive trading from 2008 through 2016. The client has requested damages of $228,128.47. Bonn denies the claims of wrongdoing made in this dispute.

Previously, Bonn was accused of making “unsuitable recommendations” for a client from 2006 through 2012 in a dispute filed on 1/17/2014. The client requested $800,000 in damages, and the firm settled for $325,000. Bonn was “dismissed and discharged” from this case, and the company settled without any input or contribution from him.

James Flynn, Former South Carolina-based IFS Securities and Voya Financial Advisors Broker, Under Investigation

October 22, 2018 | Silver Law Group

Silver Law Group is investigating former Greenville, South Carolina-based broker James T. Flynn (CRD# 3082615) after FINRA permanently barred the broker.

FINRA Bars James T. Flynn After Numerous Customers File FINRA Arbitrations

According to Flynn’s FINRA BrokerCheck report, FINRA permanently barred Flynn in June 2018 after he failed to respond to a FINRA inquiry. The FINRA bar follows approximately 17 disclosures on Flynn’s FINRA BrokerCheck report and two employment terminations within one year.

Silver Law Group Has Filed Another FINRA Arbitration Claim Against Wells Fargo After it Broker Recommended Unsuitable Investments to Elderly Client

October 22, 2018 | Silver Law Group

Silver Law Group has filed a FINRA arbitration claim against Wells Fargo Clearing Services, LLC (Wells Fargo) after its broker allegedly recommended unsuitable, high-risk investments to his elderly customers.

According to the securities arbitration complaint, the elderly Claimants were immigrants with the equivalent of a third grade education. The Claimants had worked hard to save and had been retired since 2005.

According to the FINRA arbitration complaint, the elderly Claimants sought a reputable broker who could speak Spanish in 2014. The Claimants had no experience investing, could not speak English, and greatly relied on Wells Fargo, according to the securities arbitration claim. Further, Claimants entrusted the entirety of the retirement money to Wells Fargo and did not want excessive risk.

H.J. Sims Broker Laurence Green Accused Of Churning, Unsuitability

September 12, 2018 | Silver Law Group

Laurence Green (CRD #604082) is a formerly registered broker. His last registration was with Herbert J. Sims & Co. Inc. (CRD #3420) of Ellijay, GA, and was with them from 2002 until January of 2018. His previous employers include Ryan, Beck & Co., LLC. (CRD #3248) of Florham Park, NJ, Gruntal & Co., L.L.C. (CRD #372) of New York, NY, and A. F. Best Securities, Inc. (CRD #14335) of Coral Springs, FL. No current employment information is available. He began in the industry in 1980.

Green is the subject of two current disclosures, both customer disputes that are similar and listed as “pending.” The first was filed on 05/09/2018 by a customer who accuses Green of unsuitability, investing in risky oil and gas securities and churning, causing economic losses. No damages are specified.

The second customer complaint alleges “unsuitable investments, churning, breach of fiduciary and excessive trading” during 2013. In this case, the customer is requesting damages of $375,000.

Former Broker Thomas Logue Subject Of Multiple Disclosures

September 11, 2018 | Silver Law Group

Thomas Joseph Logue (CRD #1700554) is a former registered broker and investment advisor who was last employed by American Independent Securities Group, LLC (CRD #135288) of Hinsdale, IL. His previous employers include Investors Capital Corp. (CRD #30613) and First Midwest Securities, Inc. (CRD #21786), also of Hinsdale. No current employment information is available. He has been in the industry since 1990.

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 There are five customer disclosures in Logue’s record, the most recent of which was filed on 2/6/18. Two of these disputes were closed with no action, including the most recent one.

One customer action was filed on 12/8/2017, with allegations of “unsuitability” and requested damages of $127,520.30. This case is currently listed as “pending.”

Broker Patrick Maddren

September 11, 2018 | Silver Law Group

Patrick Maddren (CRD #4665903) is a currently registered broker with Westpark Capital, Inc. (CRD #39914) of Fort Lauderdale, FL. His previous employers include Laidlaw & Company (UK) LTD. (CRD #119037), also of Fort Lauderdale, Dawson James Securities, Inc. (CRD #130645) of Boca Raton, FL, and Prestige Financial Center, Inc. (CRD #30407) of New York, NY. Two of his previous employers, Prestige and Sky Capital LLC (CRD #114657) of New York, were expelled by FINRA. He has been in the industry since 2004.

New-York-Broker-Gregory-Flemming-Suspended-by-FINRA-300x200 A customer dispute filed on 3/31/2016 alleges that Maddren “Failure to follow instructions, material misrepresentations and omissions, excessive trading and commissions, unauthorized trading, unsuitable recommendations, breach of contract. The customer requested damages of $1,000,000.00, and the case was settled for $295,000. Maddren denies the allegations, and was not named in the arbitration.

Maddren is the subject of four disclosures. Two of these are tax liens—one filed on 08/14/2012, for $75,630.00, and one filed on 06/26/2012 for $225,256.80. In the second disclosure, it is noted that Maddren was unaware of these liens and was made aware by his accountant. He is taking steps to remedy the liens.

FINRA Bars Former Raymond James Broker Stephen Murray After Allegations, Tax Lien

September 5, 2018 | Silver Law Group

Stephen Allen Murray (CRD #343722) is a former registered broker and investment advisor who was last employed by Raymond James & Associates, Inc. (CRD #705) of Palm Beach Gardens, FL. He was previously employed by Morgan Keegan & Company, Inc. (CRD #4161) of Jupiter, FL and First Financial Equity Corporation (CRD #16507) of Scottsdale, AZ. No current employment information is available. He began in the industry since 1973.

Murray is the subject of 10 different disclosures, dating back to 1982. The most recent, a regulatory action, occurred after he failed to respond to a FINRA request for information. Three letters were issued regarding the suspension, and Murray did not respond to any of them. He became permanently barred from associating with any FINRA representative as of 8/7/2018. No additional information is available.

The next disclosure was filed on 05/26/2017, a customer dispute alleging “churning, unauthorized trading; negligence, violation of FINRA rules . . .breach of contract, and breach of fiduciary duty. Activity date is: 6/2010 thru 4/2017.” The customer requested damages of $100,000, and the case was settled for $60,000.

FINRA Suspends IFS Broker James Flynn

August 31, 2018 | Silver Law Group

Abern-Barred-by-FINRA-for-Failing-to-Cooperate-200x300 James Travis Flynn (CRD #3082615) is a former registered broker and investment advisor who has been suspended by FINRA after he failed to respond to a request for information. Flynn’s suspension is effective 6/25/2018, and unless he complies with the requests for information, he will be automatically barred on 9/4/2018. He is prohibited from associating with any FINRA member in any capacity.

Flynn was last registered with IFS Securities (CRD #40375) of Greenville, SC, until 2/20/2018. There are 18 disclosures of varying types in his record, including judgments, a bankruptcy, and two employment discharges. The first, from IFS Securities, came after allegations of “trading ahead of authorization.” The second, on 2/10/2017, was by Voya Financial Advisors, Inc., (CRD#:2882) after allegations that Flynn “provided misleading information to the Firm during a complaint investigation.”

Although Flynn is barred from association with any FINRA company, he is still under FINRA’s jurisdiction, and FINRA can still conduct arbitration.