Unsuitable Investment Advice

Silver Law Group is Investigating Mark Perry of Royal Alliance Associates, Inc.

March 2, 2018 | Silver Law Group

Silver Law Group is currently investigating former Royal Alliance Associates, Inc. financial advisor Mark Perry (CRD# 1219294) regarding unsuitable investment recommendations to elderly clients. Perry was registered with Independent Financial Group, LLC in Mt. Pleasant, South Carolina and with Cambridge Investment Research, Inc. in Mt. Pleasant, South Carolina. Previously, Perry was registered with Royal Alliance Associates, Inc. in Mt. Pleasant, South Carolina from 2003 to 2015, when he was terminated regarding, “Under internal review for violations of firm’s email correspondence policy. In connection with the firm’s review of a customer complaint, the firm reviewed email correspondence from Mr. Perry to the customer that contained promissory and/or predictive statements, in violation of the firm policy.”

In September 2017, Perry consented to the FINRA sanctions and to the entry of findings that he made unsuitable investment recommendations to four elderly, retired customers, which caused them collectively to see realized and unrealized losses of approximately $200,000. FINRA found that Perry over concentrated the customers’ accounts in precious metal sector securities, and that he recommended that the customers purchase and hold leveraged mutual funds and/or Exchange Traded Funds (ETFs) in their accounts for extended time periods of up to 963 days, which was unsuitable for his customers. Additionally, FINRA found that Perry falsified the account records of the four elderly customers referenced above by misstating each customer’s risk tolerance in order to recommend that the customer purchase high-risk securities. FINRA also found that Perry sent emails to a customer that mislead and made promissory statements about the investments in the customer’s account. Perry also failed to disclose two customer complaints regarding trading losses to his member firms. Perry was sanctioned to 18 months suspension, which will end in March 2019.

Contact Our Firm if You’ve Invested with Mark Perry

Silver Law Group Investigates Garden State Securities, Inc. Broker Jason Eric Zwibel for Potential Securities Violations

February 7, 2018 | Silver Law Group

Silver Law Group is investigating claims against Garden State Securities, Inc. (“Garden State”) broker Jason E. Zwibel (“Zwibel”) for possible unsuitable investment recommendations. Zwibel is currently employed by the Garden State office located in Wellington, Florida.

A recent customer dispute filed with the Financial Industry Regulatory Authority (“FINRA”) against Zwibel alleges damages of $2,670,750.00 for unsuitable investments, negligence, and breach of fiduciary duty.

Registered brokers like Jason Zwibel are regulated by federal securities laws and FINRA rules and standards. The suitability of a particular investment is governed by FINRA Rules and require a broker to have “a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable” based upon the investment profile of the customer meaning specifically: the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance.

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.

Silver Law Group is Investigating Claims Against Florida-Based Raymond James Broker Ramesh Madhusudan for Unsuitable Investments and Negligent Supervision

January 9, 2018 | Silver Law Group

Ramesh Madhusudan

CRD#5389923

Silver Law Group is investigating Miami Florida-based Raymond James Financial Services broker Ramesh Madhusudan, after a customer filed a FINRA complaint alleging unsuitability and negligent supervision with alleged damages of $9,000,000

Former Oklahoma-based Broker Jay Jordan Under Investigation Following a Customer Compliant Alleging Unsuitable Investment Recommendations and Misrepresentation

January 9, 2018 | Silver Law Group

Jay D. Jordan

CRD#1776666

Silver Law Group is investigating Oklahoma City, Oklahoma-based WFG broker Jay D Jordan, after customer allegations of misrepresentation and unsuitable recommendations where received by FINRA and he was subsequently permanently barred from the industry.

Silver Law Group is Investigating Claims Against Wells Fargo Broker Carlos Mejia for Unsuitable Trading Activity

January 9, 2018 | Silver Law Group

Carlos Mejia

CRD#5011069

Silver Law Group is investigating Former Albany, New York-based Purshe Kaplan Sterling broker Carlos Mejia after he settled a customer complaint alleging unsuitable investment recommendations.

California-based Hilltop Securities Broker Justin Parker Under Investigation Following a Customer Compliant Alleging Unsuitable Investment Recommendations and Elder Abuse

January 9, 2018 | Silver Law Group

Justin W Parker

CRD#1307813

Silver Law Group is investigating Del Mar, California-based Hilltop broker Justin Parker following a customer complaint alleging unsuitable investment recommendations, churning and elder abuse.

Silver Law Group is Investigating Claims Against Florida-Based Merrill Lynch Broker James Lowther for Unsuitable Investments And Misrepresentation

January 9, 2018 | Silver Law Group

James B. Lowther

CRD#5854504

Silver Law Group is investigating Sarasota, Florida-based Merrill Lynch broker James B. Lowther following a customer complaint alleging unsuitable investment recommendations and misrepresenting an investment opportunity.

Alabama-based Principal Securities Broker Bettye Hay Under Investigation For Unsuitable Investment Recommendations and Misrepresenting an Investment Opportunity

January 9, 2018 | Silver Law Group

Bettye C. Hays

CRD#1307813

Silver Law Group is investigating former Mobile, Alabama-based Principal Securities broker Bettye Hays following a customer complaint alleging unsuitable investment recommendations and misrepresenting an investment opportunity.

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.