Securities Arbitration Lawyers Blog

Akers Bioscience and Aegis

July 23, 2018 | Silver Law Group

Akers Bioscience went public in 2014 using Aegis Financial as its investment banker and underwriter. In a subsequent offering in 2017, Akers investment banker and underwriter was Joseph Gunnar.

Akers Bioscience develops, manufactures, and supplies rapid screening and testing products designed to deliver quicker and more cost-effective healthcare information to healthcare providers and consumers. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company’s state-of-the-art rapid diagnostic assays can be performed virtually anywhere in minutes when time is of the essence. The Company has aligned with major healthcare companies and high volume medical product distributors to maximize product offerings, and to be a major worldwide competitor in diagnostics.

A class action lawsuit has been filed against Akers Biosciences, Inc. (“Akers” or the “Company”) (AKER) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, and docketed under 18-cv-10805, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Akers between May 15, 2017, through June 5, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

Recro Pharma’s Investment Banker and Underwriter was Aegis Financial in Recro Pharma’s 2014 IPO

July 23, 2018 | Silver Law Group

Recro is a specialty pharmaceutical company that develops non-opioid therapeutics for the treatment of pain in the post-operative setting. Recro offers its products to the medical industry. The Company’s lead product is a proprietary injectable form of meloxicam, a long-acting preferential COX-2 inhibitor (“IV meloxicam”) to be used for the management of moderate to severe pain.

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Recro Pharma is the subject of a class action complaint that alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) IV meloxicam lacked supporting clinical data to show sufficient clinical benefits to receive U.S. Food and Drug Administration (“FDA”) approval; and (ii) as a result, Recro’s public statements were materially false and misleading at all relevant times.

On May 24, 2018, Recro announced that the FDA had declined to approve Recro’s New Drug Application (“NDA”) for IV meloxicam. In its Complete Response Letter, the FDA stated that the drug’s analgesic effects did not meet FDA expectations and raised questions related to chemistry, manufacturing and controls data.

Mitchell Yanow Barred by FINRA After Conversion of Customer Funds

July 20, 2018 | Silver Law Group

Former broker and investment advisor Mitchell Toby Yanow (CRD #2148171) was last employed by Stifel, Nicolaus & Company, Incorporated (CRD #793) of Boca Raton, FL. His previous employers include Oppenheimer & Co. Inc. (CRD #249) and Wachovia Securities, LLC (CRD #19616), both of Palm Beach Gardens, FL. No current employment information is available. Yanow has been in the industry since 1991.

Even the Rich and Famous Can be Victims of Elder Financial Fraud on silverlaw.com
FINRA recently barred Yanow after a disciplinary action after an investigation found that he converted at least $205,586 of an elderly customer’s funds for his own personal use. The 87-year-old customer gave Yanow a series of blank, signed checks to use for paying his caregiver in the event that the client was unable to do it himself. However, Yanow instead used the checks, from the customer’s brokerage account at his own firm, to withdraw funds and pay for personal expenses such as fees for his children’s summer camp, overdue homeowner association fees and for the purchase of a 1976 Corvette.

Without admitting or denying the findings, Yanow signed a Letter of Acceptance, Consent & Waiver on 7/9/2018. Yanow has been barred indefinitely, in all capacities as of 7/11/2018, from any FINRA-registered firm.

Silver Law Group Wins $1.5 Million Securities Arbitration Award for Unsuitable Private Placement

July 18, 2018 | Silver Law Group

Our firm has won a $1.5 million FINRA arbitration award against a Texas-based brokerage firm that sold private placements in an oil and gas business venture to our client. The FINRA arbitration award included a significant million dollars in punitive damages. Silver Law Group continues to represent other investors in failed private placements or Reg D offerings.

Our Client Loses a Significant Amount of Money in an Oil and Gas Private Placement

According to the FINRA statement of claim, a broker of the Texas-based brokerage firm first met with our client and convinced him to fly to Texas for the investment pitch. Our client then met with the CEO of the brokerage firm and pitched the investment to our client. The investment proceeds would allegedly by used to drill oil wells for oil production. The CEO of the brokerage firm promised great returns on the investment within six months. Our client was convinced and invested approximately $521,000 – almost all of his life savings.

Protecting Alzheimer’s Patients from Financial Fraud

July 18, 2018 | Silver Law Group

Individuals suffering from Alzheimer’s can be prime targets for financial predators

Unfortunately, we become more susceptible to financial scams from a wide range of offenders as we age. These include trusted advisors such as lawyers, accountants, and financial managers – as well as healthcare providers, caregivers, and even close family members.

Recent studies show that as our brains age, we become less able to detect deception and focus more on the potential for positive outcomes, especially when it comes to trusting people in our own social environment.

Daniel Glick Gets 12 Years in Jail for Elder Financial Fraud

July 11, 2018 | Silver Law Group

He defrauded his clients – including his own in-laws – of more than $5 million

Former Chicago investment advisor Daniel Glick will be spending the next 12 years in federal prison. He received this sentence in April after being found guilty of using a Ponzi-like scheme to defraud several of his clients of $5.2 million.

From 2011 to 2017, it was revealed that Glick misappropriated funds through the three financial services and accounting firms he owned in Orland Park, Illinois: Glick & Associates Ltd., Glick Accounting Services Inc., and Financial Management Strategies, Inc.

FINRA Suspends Registered Individuals in June 2018 for Violations of FINRA Rules

July 9, 2018 | Silver Law Group

According to FINRA Disciplinary actions for June 2018, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Mona Ali	JP Morgan Securities
Bobbie Jo Bressler	Farmers Financial Solutions, LLC
Bobbie Jo Bressler	State Farm VP Management Corp
Jeffrey Scott Cederberg	Primex
Jeffrey Scott Cederberg	Capwest Securities, Inc
Gregory James Connell
Vicente Davila	Morgan Stanely
Vicente Davila	Merill Lynch, Pierce, Fenner & Smith Inc
Miguel Eduardo Guzman	JP Morgan Securities LLC
Miguel Eduardo Guzman	MA Investment Corp
John Matthew Kurzhal	UBS Financial Services Inc.
John Cochran Maccoll	UBS Financial Services Inc.
John Cochran Maccoll	Morgan Stanley DW Inc
Cynthia Mae Moore	The Huntington Investment Company
Felipe De Jesus U Munive	Allstate Financial Services, LLC
Gordon Beecher Nitka	MML Investors Services, LLC
Gordon Beecher Nitka	MassMutual Life Insurance Company
Daniel Ochoa	Farmers Financial Solutions, LLC
Joshua Alexander Stephens-Anselm	JP Morgan Securities LLC
Joshua Alexander Stephens-Anselm	Capital One Bank NA
John Bradford Stoddard	Fidelity Brokerage Services LLC
John Bradford Stoddard	Zions Bank
Christopher Robert Threet	JP Morgan Securities LLC
Christopher Robert Threet	Capital One Bank
David Wells
Yuhong Zhou	Transamerica Financial Advisors, Inc
Yuhong Zhou	World Financial Group, Inc

Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide in securities arbitration to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Registered Individuals Barred by FINRA in June 2018 for Failing to Comply with FINRA Rules

July 9, 2018 | Silver Law Group

According to FINRA Disciplinary actions for June 2018, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Donald Nelson Bower III	Edward Jones
Donald Nelson Bower III	Invest Financial Corp
Christopher Masharn Bruce	Statefarm VP Management Corp
Christopher Masharn Bruce	Chris Bruce Insurance Agency
Geoffrey Bret Davidson	Fidelity Brokerage Services LLC
Miriam Fry	Wells Fargo Clearing Services, LLC
Miriam Fry	First Clearing, LLC
Melanie Haning	UBS Financial Services Inc
Melanie Haning	Merrill Lync, Pierce, Fenner & Smith Inc
Ashley Marie Hostetter
David Wayne Krumrey	Oppenheimer & Co., Inc
David Wayne Krumrey	Stanford Group Company
Gregory Alan Levine	First Allied Securities, Inc
Gregory Alan Levine	MBM Capital Management
Thomas Williams Manley II	RBC Capital Markets, LLC
Thomas Williams Manley II	Lloyds Securities
Gurdey Singh Mann	NYLife Securities LLC
Christopher Quocthai Nguyen	TD Ameritrade, Inc
Christopher Quocthai Nguyen	WellsFargo Bank
Brett Michael Williams	NY Life Securities LLC

FINRA makes this information available, in part, to inform investors about potential red flags or problems with certain stockbrokers. If you invested with anyone in this report and have questions about your legal rights, our attorneys will talk with you at no cost to explain your legal rights and about how we can help recover your investment losses through securities arbitration or litigation.

Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide in securities arbitration to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

FINRA Suspends Registered Individuals in June 2018 for Failing to Comply with FINRA Rules

July 9, 2018 | Silver Law Group

According to FINRA Disciplinary actions for June 2018, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Daniel Harry Curkan	Sigma Financial Corporation
Daniel Harry Curkan	Morgan Stanley
Diaz, Anthony	IBN Financial Services, Inc
Diaz, Anthony	Sandlapper Securities, LLC
Brandon Avery Duncan	Royal Alliance Associates, Inc
Brandon Avery Duncan	Raymond James & Associates, Inc.
Timothy Stephen Fannin	UBS Financial Services Inc.
Timothy Stephen Fannin	Merrill Lynch, Pierce, Fenner & Smith Inc
Michael P. Gopie	AXA Advisors, LLC
Michael P. Gopie	Merrill Lynch, Pierce, Fenner & Smith Inc
Louis Karl Kittlaus	Wall Street Strategies, Inc
Louis Karl Kittlaus	Edwin C. Blitz Investments, Inc
Michael Scott Lavolpe	Meyers Associates, LP
Robert M Marks Jr.	Cape Securities Inc.
Robert M Marks Jr.	Synergy Investment Group, LLC
Michael James McGraw	Morgan Stanley
Michael James McGraw	Wells Fargo Advisors, LLC
Curtis Dean Milakovich	Kovack Securities Inc.
Curtis Dean Milakovich	Lincoln Investment
Matthew Jacob Paparazzo	Wells Fargo Clearing Services, LLC
Matthew Jacob Paparazzo	J.P. Morgan Securities LLC

Silver Law Group represents investors in securities and investment fraud cases through FINRA arbitration or court. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide in securities arbitration to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Our lawyers have extensive experience collecting FINRA arbitration awards, prevailing on Motions to Vacate FINRA arbitration awards and using various collection efforts to enforce FINRA awards after they are received.

Texas, Louisiana Senior Investors Targeted in $3.8 M Ponzi Scheme Costing Them Their Life Savings

July 4, 2018 | Silver Law Group

Retirement planning firm owner allegedly paid for lavish living expenses and more with elderly investors’ money

It has happened again. The Securities Exchange Commission (SEC) has uncovered yet another alleged Ponzi scheme targeting the most vulnerable of investors: the elderly. Clifton Stanley of Galveston, Texas is accused of cheating his elderly investors – those in their eighties and nineties – out of $3.8 million dollars in two related scams.

The first alleged scheme: PONZI