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Articles Posted in Unsuitable Investment Advice

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We previously reported on broker Kevin Richard Wilson (CRD #326701), who had two customer disputes filed in 2018. He is currently employed with Worden Capital Management, LLC (CRD#: 148366) of New York, NY. He has been in the industry since 1999. Since our previous report, there have been six more disputes with allegations of unsuitability and over-concentration. Two were settled, and four are listed as “pending.”We previously reported on broker Kevin Richard Wilson (CRD #326701), who had two customer disputes filed in 2018. He is currently employed with Worden Capital Management, LLC (CRD#: 148366) of New York, NY. He has been in the industry since 1999.

Since our previous report, there have been six more disputes with allegations of unsuitability and over-concentration. Two were settled, and four are listed as “pending.” Continue reading ›

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Joshua Stivers (Joshua Daniel Stivers CRD:#5708565) is a currently registered broker and investment advisor currently employed with Kalos Capital, Inc. (CRD#: 44337) of Austin, TX. His previous employers include G.F. Investment Services, LLC (CRD#:132939) and Global Financial Private Capital, LLC (CRD#:132070), both of Austin, TX, and USA Wealth Management LLC (CRD#:122082) of Marble Falls, TX. He has been in the industry since 2009.Joshua Stivers (Joshua Daniel Stivers CRD:#5708565) is a currently registered broker and investment advisor currently employed with Kalos Capital, Inc. (CRD#: 44337) of Austin, TX. His previous employers include G.F. Investment Services, LLC (CRD#:132939) and Global Financial Private Capital, LLC (CRD#:132070), both of Austin, TX, and USA Wealth Management LLC (CRD#:122082) of Marble Falls, TX. He has been in the industry since 2009. Continue reading ›

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Jeffrey Cohen (CRD: #2528929) is a registered broker and investment advisor currently employed by Moloney Securities Asset Management LLC (CRD#:282448) of Henderson, NV. His previous employers include Moloney Investment Advisory LLC (CRD#:282140) of Laguna Miguel, CA, Moloney Securities Co., Inc. (CRD#:38535) also of Henderson, and Western International Securities, Inc. (CRD#:39262), of Westlake Village, CA. He has been in the industry since 1994. Cohen is the subject of seven disclosures, six of which were filed in the last year. From 8/23/2019 through 7/13/2020, these disputes all allege “unsuitability” and unsuitable recommendations of “alternative investments” in their claims against Cohen. The combined claims total $7,200,000. None of the claims contain a rebuttal statement from Cohen.Jeffrey Cohen (CRD: #2528929) is a registered broker and investment advisor currently employed by Moloney Securities Asset Management LLC (CRD#:282448) of Henderson, NV. His previous employers include Moloney Investment Advisory LLC (CRD#:282140) of Laguna Miguel, CA, Moloney Securities Co., Inc. (CRD#:38535) also of Henderson, and Western International Securities, Inc. (CRD#:39262), of Westlake Village, CA. He has been in the industry since 1994. Continue reading ›

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Dennis J. Murphy (a/k/a Dennis James Murphy) (CRD# 4840274), a previously-registered broker, has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) for failing to appear for testimony in connection with a FINRA investigation concerning his employer’s supervision of potentially unsuitable trading. Failing to cooperate with FINRA in this manner constituted a violation of FINRA Rules and Murphy was barred from associating with any FINRA member firm in any capacity.Dennis J. Murphy (a/k/a Dennis James Murphy) (CRD# 4840274), a previously-registered broker, has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) for failing to appear for testimony in connection with a FINRA investigation concerning his employer’s supervision of potentially unsuitable trading. Failing to cooperate with FINRA in this manner constituted a violation of FINRA Rules and Murphy was barred from associating with any FINRA member firm in any capacity. Continue reading ›

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At the end of March 2020, Allianz Global Investors (Allianz) liquidated two investment vehicles—Structured Alpha 1000 and 1000 Plus—following substantial losses to the funds, resulting in clients losing millions of dollars. According to news reports, other related Allianz Funds, including Structured Alpha 250, 350, and 500, also suffered heavy losses. Recently, the Securities and Exchange Commission (SEC) requested information about the funds. The Structured Alpha Funds were a group of investment opportunities offered and managed by Allianz Global Investors. According to marketing materials incorporated into a recent lawsuit against Allianz, the three main principles of the Alpha Funds’ strategy were: Capitalize on long-term and short-term volatility; Perform irrespective of the market environment; and Employ a three-prong strategy that will (1) profit during normal market conditions, (2) protect against a market crash, and (3) navigate as wide a range of equity-market outcomes as possible.At the end of March 2020, Allianz Global Investors (Allianz) liquidated two investment vehicles—Structured Alpha 1000 and 1000 Plus—following substantial losses to the funds, resulting in clients losing millions of dollars. According to news reports, other related Allianz Funds, including Structured Alpha 250, 350, and 500, also suffered heavy losses. Recently, the Securities and Exchange Commission (SEC) requested information about the funds. Continue reading ›

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SagePoint Financial has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1.3 million in restitution to customers for alleged failings related to unit investment trusts (UITs). SagePoint was also ordered by FINRA to pay $300,000 for supervisory violations related to UITs.DID YOUR SAGEPOINT ADVISOR SELL YOU UITs?

SagePoint Financial has been ordered by the Financial Industry Regulatory Authority (FINRA) to pay $1.3 million in restitution to customers for alleged failings related to unit investment trusts (UITs). SagePoint was also ordered by FINRA to pay $300,000 for supervisory violations related to UITs. Continue reading ›

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Jeremy Rosen (Jeremy Seth Rosen CRD# 5513416) is a broker currently registered with Nationwide Planning Associates, Inc. (CRD# 31029) in Easton, Pennsylvania. Jeremy Rosen has multiple customer disputes alleging unsuitable investments. In the securities industry since 2008, he was previously registered with Berthel, Fisher & Company Financial Services, Inc. (CRD# 13609) and Planned Financial Programs, Inc. (CRD# 3049).Jeremy Rosen (Jeremy Seth Rosen CRD# 5513416) is a broker currently registered with Nationwide Planning Associates, Inc. (CRD# 31029) in Easton, Pennsylvania.

Jeremy Rosen has multiple customer disputes alleging unsuitable investments. In the securities industry since 2008, he was previously registered with Berthel, Fisher & Company Financial Services, Inc. (CRD# 13609) and Planned Financial Programs, Inc. (CRD# 3049). Continue reading ›

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Mark Cline (Mark Alan Cline CRD #3206962) is a currently registered broker currently employed with National Securities Corporation (CRD#: 7569) of Wildwood, FL, employed since 2014. His previous employers include Great Nation Investment Corporation (CRD#19981), United Equity Securities, LLC (CRD#47261), and CCF Investments, Inc. (CRD# 136571), all of Fort Lauderdale, FL. Cline has a total of twelve state licenses and two SRO licenses. He has been in the industry since 1999. From 12/11/2019 through 12/31/2019, a total of twelve customer disputes were filed against Cline alleging “suitability.” No other information is currently available on any of these disputes. There is no indication as to whether these disputes were for one client or multiple clients.

Mark Cline (Mark Alan Cline CRD: #3206962) is a currently registered broker currently employed with National Securities Corporation (CRD#: 7569) of Wildwood, FL, employed since 2014. His previous employers include Great Nation Investment Corporation (CRD#:19981), United Equity Securities, LLC (CRD#:47261), and CCF Investments, Inc. (CRD#:136571), all of Fort Lauderdale, FL. Cline has a total of twelve state licenses and two SRO licenses. He has been in the industry since 1999. Continue reading ›

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Robert Perlman (CRD# 1892131) is a currently-registered broker with UBS Financial Services who has 3 customer disputes on his publicly-available FINRA BrokerCheck report, including 1 that seeks $750,000 in damages related to investment in the UBS Yield Enhancement Strategy (YES). Robert Perlman (Robert Benjamin Perlman) has been in the securities industry since 1988 when he started at Lehman Brothers (CRD# 7506). He then worked for Credit Suisse Securities (USA) LLC (CRD# 816) before joining UBS (CRD# 8174) in 2015. He works in New York City.Robert Perlman (CRD# 1892131) is a currently-registered broker with UBS Financial Services who has 3 customer disputes on his publicly-available FINRA BrokerCheck report, including 1 that seeks $750,000 in damages related to investment in the UBS Yield Enhancement Strategy (YES).

Robert Perlman (Robert Benjamin Perlman) has been in the securities industry since 1988 when he started at Lehman Brothers (CRD# 7506). He then worked for Credit Suisse Securities (USA) LLC (CRD# 816) before joining UBS (CRD# 8174) in 2015. He works in New York City. Continue reading ›

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Katherine Greer Nishnic (CRD# 2499553) of Centaurus Financial, Inc. in Lexington, South Carolina, faces seven pending customer disputes, six of which arose this year. Prior to joining Centaurus Financial in 2015, Nishnic worked for First Allied Securities, Gunnallen Financial, Inc., and J.P. Turner & Company, a firm that has since been shut down due to numerous regulatory problems.Katherine Greer Nishnic (CRD# 2499553) of Centaurus Financial, Inc. in Lexington, South Carolina, faces seven pending customer disputes, six of which arose this year. Prior to joining Centaurus Financial in 2015, Nishnic worked for First Allied Securities, Gunnallen Financial, Inc., and J.P. Turner & Company, a firm that has since been shut down due to numerous regulatory problems. Continue reading ›

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