Unsuitable Investment Advice

FINRA Bars Omar K. Henry

May 16, 2019 | Silver Law Group

Omar K. Henry (CRD#: 5751648) is a former registered broker and investment advisor whose last employer was Cetera Advisors LLC (CRD#:10299) of New York, NY. His previous employers include J.P. Morgan Securities LLC (CRD#:79) of Franklin, NJ, and Chase Investment Services Corp. (CRD#:25574) of Sussex, NJ. He has been in the industry since 2010.

On 09/27/2018 and 10/22/2018, FINRA sent two Notices of Suspension to Henry after he failed to respond to a request for information. On 12/31/2018, after failing to request termination of his suspension, FINRA barred Henry indefinitely, and in all capacities. No additional information is available. Continue reading ›

Christopher Bice Of SagePoint Financial Subject Of 5 Disclosures For $1.75 Million

April 12, 2019 | Silver Law Group

Broker Christoper Bice is a broker employed by SagePoint Financial of Greensboro, NC. His publicly-available FINRA BrokerCheck report includes five disclosures, four customer disputes and one employment separation after allegations. Broker Christoper Bice (CRD#: 3222439) is a currently-registered broker employed by SagePoint Financial, Inc (CRD#: 133763) of Greensboro, NC. He has been in the industry since 1999.

Bice’s publicly-available FINRA BrokerCheck report includes five disclosures, four customer disputes and one employment separation after allegations. Continue reading ›

NAIFA Files Anti-Investor Lawsuit Against New York State

February 20, 2019 | Silver Law Group

The National Association of Insurance and Financial Advisors of New York State Inc. (“NAIFA”) filed a lawsuit on November 16 in the New York Supreme Court alleging New York regulation requiring insurance agents and brokers to act in the best interest of their clients when selling life insurance and annuity products is unfair. It is arguing that the state’s Department of Financial Services overstepped its boundaries by promulgating the rule without legislative or constitutional authorization.

The suit also states the insurance sales standard contradicts existing New York insurance law, as it requires insurance sales professionals to prioritize their clients before their firms. Many investors remain confused why insurance agents or financial advisors are not required to act in the clients’ best interest.

Donald Damick, an agent with Nationwide Insurance Companies and past president of NAIFA New York State, has stated that this rule has put him and many other in an impossible situation, as agents are under contractual obligations to act as an agent of the insurer, not of the customer. “I can lose my NYDFS license if I do not follow the state’s insurance statutes, and now I can also face penalties under the regulation’s best-interest standard,” he said.

Boca Raton, Florida: Silver Law Group Securities Arbitration Attorneys Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

Have-You-Invested-Money-with-William-“Billy”-Nelson-and-Lost-300x200 Silver Law Group is investigating claims against brokers and financial advisors who committed misconduct in Boca Raton, Florida and the surrounding area.

Boca Raton is located in Palm Beach County, Florida on the east coast of the state. The city is located less than 50 miles away from Miami and less than 20 miles away from Silver Law Group offices. As of July 2015, Boca Raton’s estimated population is just over 93,000.

Boca Raton is home to the main campus of Florida Atlantic University, also known as FAU. Additionally, major supplier of office products and services Office Depot has its global headquarters in Boca Raton.

Orlando, Florida: Silver Law Group Securities Fraud Attorneys Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

iStock-492125706-300x200 Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in Orlando, Florida and the surrounding area.

Orlando is located in Orange County, Florida and has a population of just under 2.5 million as of July 2015, the third-largest metropolitan area in Florida.

Orlando is also known as the “Theme Park Capital of the World,” featuring numerous high-profile theme parks such as Disney’s Magic Kingdom, Disney’s Epcot, Universal Studios, and Seaworld. In fact, the theme parks attracted over 66 million visitors to Orland in 2015 alone.

Tampa, Florida: Silver Law Group Stockbroker Misconduct Lawyers Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

Florida-Broker-Peter-Gouzos-Banned-by-FINRA-300x206 Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in Tampa, Florida and the surrounding area.

Tampa is located in Hillsborough County, Florida. It is located on the west coast of Florida on the Tampa Bay near the Gulf of Mexico. As of July 2015, Tampa’s population is estimated to be 369,075. Tampa is part of the Tampa Bay Metropolitan area, which consists of St. Petersburg and Clearwater.

Tampa features numerous attractions such as the Tampa Bay Lightning, the Tampa Bay Buccaneers, the theme park Busch Gardens, the Florida Aquarium, and crystal blue gulf beaches.

The Villages, Florida: Silver Law Group, Elder Financial Fraud Attorneys, Seeks to Aid Aggrieved Investors

February 20, 2019 | Silver Law Group

Silver Law Group is investigating claims against brokers and financial advisors who committed securities misconduct in The Villages, Florida and the surrounding area.

The Villages is located in Sumter County, Florida. According to FOX Business, The Villages is the fastest-growing city in America. The city, one of the fastest-growing retirement communities, also shares the same name as The Villages retirement community. It’s a Manhattan-sized city “with more golf carts than New York has taxis,” according to a Bloomberg report. Continue reading ›

Paul Murans Settles $250K Customer Dispute, Fights Unsuitability Allegations

February 19, 2019 | Silver Law Group

Have-You-Lost-Money-Investing-With-Bennett-Broad-300x225 Paul William Murans (CRD #3266607, aka “Peace Murans”) is a registered broker and investment advisor currently employed with Thurston Springer Financial (CRD #8478) of Indianapolis, IN. His previous employers include UBS Financial Services Inc. (CRD #8174) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691), also of Indianapolis, and UBS Painewebber Inc. (CRD #8174) of Weehawken, NJ. He has been in the industry since 1999.

Murans is the subject of six disclosures, two of which are employment separations. His most recent disclosure was filed on 11/18/2018, carried over from his previous employment with UBS Financial Services. The client claims that from 12/2/2013 through 10/20/2017, Murans misrepresented a “life settlement contract” that was ultimately unsuitable, and unauthorized trading of “structured products.” The client also alleged that she was completely unaware that she was borrowing from her loan account. Murans denies the allegations, and has requested copies of the complaint, as has Thurston Springer Financial, but UBS has not supplied the requested information to verify the complaint. The case was settled for $250,000.

A customer dispute filed on 5/16/2018 is currently listed as “pending.” The customer alleges “Unsuitable investments, unauthorized credit line agreement, unauthorized trades, uninvested funds, lost market opportunity,” and requests damages of $183,000. Murans denies the allegations.

Broker Erik Pica Subject Of Four Disclosures Totaling Over $900K

February 19, 2019 | Silver Law Group

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 Erik Patrick Pica (CRD #4829533) is a currently registered broker employed with Joseph Stone Capital L.L.C. (CRD #159744) of New York, NY. His previous employers include Global Arena Capital Corp (CRD #16871, expelled by FINRA on 4/1/2016), First Midwest Securities, Inc. (CRD #21786), Chicago Investment Group, LLC (CRD #11853, expelled by FINRA on 9/14/2010) and Eastbrook Capital Group LLC (CRD #39781, expelled by FINRA on 9/23/2009), all of New York City. He has been in the industry since 2004.

Pica is the subject of seven disclosures, all customer disputes. The first one was filed on 5/10/2018, alleging “unauthorized trade of 6000 shares Rite Aid Corp unauthorized trade of 550 shares Valeant Pharmaceutical.” The client requests damages of $7,613.65. This case is currently pending.

The next customer dispute was filed on 5/4/2018, with allegations of negligence, over-concentration and suitability.” This client requests damages of $293,000. This case is also currently “pending.”

Katherine Nishnic

February 19, 2019 | Silver Law Group

Are-or-Were-Unsuitable-Non-Traded-REITs-in-Your-Portfolio-300x224-300x224 Katherine Greer Nishnic (CRD #2499553, a/k/a Katherine Greer Martinson, Katherine Diane Nishnic, Katherine G. Nishnic) is a currently registered broker employed with Centaurus Financial, Inc. (CRD #30833) of Lexington, SC. Her previous employers include J.P. Turner & Company, L.L.C. (CRD #43177), Gunnallen Financial, Inc (CRD #17609) and First Allied Securities, Inc. (CRD #32444), also of Lexington, SC. She has been in the industry since 1994.

Nishnic is the subject of three disclosures, all recent customer disputes. The first was filed on 11/18/2018, alleging that Nishnic made unsuitable recommendations as well as “other allegations” that were not disclosed. The client is asking for damages of $100,000. Nishnic denies the allegations, and indicates that this may be a client’s family creating the dispute. This case is currently “pending.”

The next customer dispute was filed on 8/21/2017, alleging that the products sold to the client while she and her late husband were customers of Nishnic’s at a different brokerage were unsuitable. This client requests damages of $95,000. Nishnic also denies these allegations. The case was ultimately closed without any action.