A National Securities Arbitration & Investment Fraud Law Firm
CRD#1727785
Silver Law Group is investigating former Chicago, Illinois-based National Securities Corporation broker Rick Konecny, after multiple customer allegations of misrepresentation, unsuitable recommendations and overconcentration were received by FINRA.
CRD#2311741
Silver Law Group is investigating Sterling Heights, Michigan-based CoreCap broker Ernest J. Romer, after customer allegations of misrepresentation and unsuitable recommendations where received by FINRA and he was subsequently permanently barred from the industry.
CRD#2370593
Silver Law Group is investigating former Washington DC-based Morgan Stanley broker Peter J. Doyle after a customer was awarded in excess of $8,000,000 million for alleged unsuitable investment advice, misrepresentation and elder abuse.
CRD#5475175
Silver Law Group is investigating former Melville, New York-based LPL Financial broker Thomas Borruso after a customer allegation of breach of unsuitable investment recommendations and over concentration was received by FINRA.
Silver Law Group continues to investigate investments in oil, gas, and energy companies made by clients through master limited partnerships (“MLPs”) at the recommendation of their brokers. As a result of high oil prices over the past few years, there has been a heightened interest in investments in oil and gas using MLPs. Now with the drop in the price of oil and gas, investors who may have been looking for conservative investments without significant risk are facing substantial drops in their portfolios. Investors are further discovering that conflicts of interest between the investment bank, trading desk, and individual advisor influenced stockbroker’s recommendations.
These alternative investments in oil and gas typical take the form of Master Limited Partnerships (“MLPs”). These types of alternative investments have historically been extremely risky investments that demand a careful suitability analysis and due diligence by financial processionals before they are recommended to the public. More often than not, broker-dealers and brokers are enamored with these types of investments because they, like other alternative investments, also tend to pay high commissions.
In a recent Financial Industry Regulatory Authority (“FINRA”) arbitration proceeding, RBC Capital Markets and its broker Bruce Cameron were ordered to pay a former client $723,000 for losses sustained from investing in MLPs. The claims included overconcentration in unsuitable investments (MLPs), negligence, and failure to supervise. Cameron was registered with the RBC Massachusetts office.
Ricardo F. Guimares
CRD#5442981
Silver Law Group is investigating Miami, New Florida-based Wells Fargo broker Ricardo Guimares after a customer complaint alleging unsuitable investment advice.
Harold J. Lauber
CRD#2001512
Silver Law Group is investigating Naples, Florida-based Herbert J. Sims & Co broker Harold Lauber, after a customer allegation of unsuitable investment recommendations was received by FINRA.
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.
Christopher D. Sinkula
CRD#2001512
Silver Law Group is investigating former Stuart, Florida-based Janney Montgomery Scott LLC broker Christopher Sinkula, after a customer allegation of misrepresentation and unsuitable recommendations were received by FINRA.
Silver Law Group is investigating claims related to Barry Kornfeld and First Financial Tax Group for the sale of investment products issued by the Woodbridge Group of Companies as safe alternatives for income seeking retirees.
Barry Kornfeld (“Kornfeld”) is the owner of First Financial Tax Group in Boca Raton, FL and teaches Baby Boomer Retirement Courses at Florida Atlantic University. Kornfeld is alleged to have sold short-term mortgage notes issued by the Woodbridge Group of Companies (“Woodbridge”) to retirees seeking safe, conservative, income alternatives. Barry Kornfeld was barred in July 2010 by both the U.S. Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.
Woodbridge is currently the subject of a SEC probe for the possible fraudulent sale of securities to investors. Woodbridge filed for Chapter 11 bankruptcy today citing costs of expansion, litigation, and a government fraud investigation as the reason. According to Woodbridge Wealth’s website, Woodbridge offers First Position Commercial Mortgages, Secondary Market Annuities and a Commercial Bridge Loan Fund. Woodbridge has reportedly raised approximately 1 billion dollars from investors around the country through agents such as Barry Kornfeld and First Financial Tax Group.
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