Securities Arbitration Lawyers Blog

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

June 4, 2018 | Silver Law Group

According to FINRA Disciplinary actions for May 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
Benjamin Glasser Aibel	Wunderlich Securities,Inc
Benjamin Glasser Aibel	Sanders Morris Harris Inc
Carter Page Brooks	Wells Fargo Clearing Services, LLC
Carter Page Brooks	Edward Jones
Walter Lee Clark	Wilmington Capital Securities, LLC
Walter Lee Clark	Adirondack Trading Groups LLC
Christian Colon	Ausdal Financial Partners, Inc.
Christian Colon	UBS Financial Services Inc.
Randolph Lee Eddlemon III	Geneos Wealth Management, Inc.
Randolph Lee Eddlemon III	Schooner Financial Associates
Carlos Nestor Evertsz-Seda	K.C. Ward Financial
Carlos Nestor Evertsz-Seda	J.P. Turner & Company, LLC
Kenneth Taylor Foreman	Securities America, Inc
Kenneth Taylor Foreman	Foothill Securities, Inc
Sherie Irene Gaunt	Gill Capital Partners
Kimberly Pine Kitts	Royal Alliance Associates, Inc
Kimberly Pine Kitts	Sound Financial, LLC
Peter Jack Margaros	State Farm VP Management Corp
James Albert Pettit	Ameriprise Financial Services, Inc
James Albert Pettit	Janney Montgomery Scott LLC
Keisha Diane Pizzo
Eric P. Poage	Edward Jones
Eric P. Poage	Lincoln Financial Advisors Corporation
John Greg Schmidt	Wells Fargo Advisors Financial Network, LLC
John Greg Schmidt	Stifel, Nicholas & Company, Inc
Bradley Curtis Williams	J.P. Morgan Securities LLC
Bradley Curtis Williams	Invest Financial Corporation
Luis Alberto Zuniga

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.

May 2018 Disciplinary Actions from FINRA Name Individuals Suspended for Failing to Comply with FINRA Rules

June 4, 2018 | Silver Law Group

According to FINRA Disciplinary actions for May 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
Lawrence Joseph Alfano	Blackbook Capital LLC
	EKN Financial Services INC
Terry Dean Bahgat	Gradient Securities, LLC
	Cambridge Investment Research, Inc
Matthew Wayne Bailey	Wells Fargo Advisors, LLC
	Edward Jones
Christopher John Calandrino	Joseph Stone Capital L.L.C.
	National Securities Corp.
Richard Grant Cody	IFS Securities
	Concorde Investment Services, LLC
Barry Franklin Connell	Morgan Stanley
James Fillmore Crawford Jr.	Concorde Investment Services, LLC
	Independent Financial Group, LLC
Rick Douglas Konency	National Securities Corporation
	J.P. Morgan Securities LLC
Jonathan Richard Lake	Morgan Stanley
	Wells Fargo Clearing Services LLC
Maroof Miyana	Legend Securities, Inc
	IAA Financial LLC
Roberto Montano	Waddell & Reed
	U.S. Bancorp Investments, Inc
Michael Jay Novick	Morgan Stanley
	Beverly Hills Wealth Management, LLC
David Warren Olson	Morgan Stanley
	Merrill Lynch, Pierce, Fenner & Smith Inc
Jason Charles Parker	LPL Financial LLC
	Edward Jones
James Albert Pettit	Ameriprise Financial Services, Inc
	Janney Montgomery Scott LLC
Jose Aloisio Teles	Nomura Securities International, Inc
	Standard Chartered Bank
Jacques Tizabi	Astor Capital, Inc
	Round Hill Securities, Inc
Christopher Thomas Tolmacs	Triad Advisors, Inc.
	Harbinger Asset Management, LLC
Bhaskar Chandrakant Vyas	Interfirst Capital Corporation
	Western International Securities, Inc
Mark Edward Winburne	MML Investors Services, LLC
	Metlife Securities, 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.

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

June 4, 2018 | Silver Law Group

According to FINRA Disciplinary actions for May 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
Fernando Enrique Acosta
Paul Anthony Bustamante	Empire Asset Management Company
Paul Anthony Bustamante	Bishop, Rosen & Co, Inc
Janna L. Carruth-Vogler
Abel Chavez	Farmers Financial Solutions, LLC
Thomas Matthew Dunlap	AXA Advisors, LLC
Saima Ashraf Durrani	J.P. Morgan Securities LLC
Saima Ashraf Durrani	Chase Investment Services Corp
Joshua David Ellis	LPL Financial LLC
Joshua David Ellis	BCG Securities, Inc.
Ashley Evans
Samual LaWayne Haddix	Ameriprise Financial Services, Inc.
Samual LaWayne Haddix	IDS Life Insurance Company
Christopher Lee Hibbard	Merrill Lynch, Pierce, Fenner & Smith Inc
Christopher Lee Hibbard	Bank of America, NA
Shawn I Houslin	Merrill Lynch, Pierce, Fenner & Smith Inc
Shawn I Houslin	Bank of America, NA
Michael Dennis Jackson	Securities America, Inc
Michael Dennis Jackson	Brecek & Young Advisors, Inc.
Valbona Keja Keja-Dasilva	Suntrust Investment Services, Inc
Valbona Keja Keja-Dasilva	CCO Investment Services Corp
Shane Jason Kelly	LPL Financial LLC
Shane Jason Kelly	Atlantic Capital Advisors
Keesang John Kim	MML Investors Services, LLC
Keesang John Kim	Pruco Securities, LLC
Michael Ray Matos	J.P. Morgan Securities LLC
Uriah Eli Mitchell	J.P. Morgan Securities LLC
Michael Patrick Nanto	J.P. Morgan Securities LLC
Michael Patrick Nanto	Mutual of Omaha Investor Services, Inc.
Frederick Lamar Pearse	J.P. Morgan Securities LLC
Anteneh A. Roberts	Merrill Lynch, Pierce, Fenner & Smith Inc
Anteneh A. Roberts	Bank of America, N.A.
Jeanette Marie Sanchez

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

Coastal Equities Broker Luke Johnson Under Investigation for Unsuitable Non-traded REIT Recommendations

June 1, 2018 | Silver Law Group

Silver Law Group is investigating Wilmington, Delaware-based Coastal Equities, Inc. (CRD# 23769) broker Luke Johnson (CRD# 461987) for unsuitable recommendations in non-traded REITs, annuities and other illiquid investments.

In August 2017, a Coastal Equities customer filed a FINRA arbitration alleging that Johnson recommended unsuitable securities purchased in approximately 2015. The FINRA arbitration complaint alleges $56,000 in damages. In 2005, Johnson’s previous firm permitted Johnson to resign after he admitted that he signed the name of his office’s designated supervisor on four (4) variable life insurance application forms which indicated an acceptable suitability review by the supervisor.

Johnson operates under the name Legend Capital Group Inc. As part of his business under Legend Capital Group, he sells fixed insurance and annuity products for various insurance companies, according to his FINRA BrokerCheck report. He is also an investment advisor with Coastal Equities.

Royal Alliance Associates Arbitration Lawyer

June 1, 2018 | Silver Law Group

The recent arrest of former broker Gary Basralian (CRD #14385) for defrauding two clients of $2.1 million also raises allegations of failure to supervise about his brokerage firm, Royal Alliance Associates (CRD #23131.) According to news reports, Basralian embezzled money from two elderly women and used the funds for his own expenses. When the discrepancies were discovered, the elderly victims’ attorney notified both the FBI and DOJ. Both agencies took immediate action, and Basralian was arrested May 23, 2018 on charges of wire and investment adviser fraud. He could face as much as 25 years in prison.

The stockbroker in question allegedly deliberately sought out vulnerable victims who might not notice that he was stealing funds directly from their accounts. Basralian is, himself, 70 years of age—so he likely embezzled from his contemporaries. When the law firm representing the two victims contacted Royal Alliance, Basralian was not immediately terminated, but allowed to resign. He signed a FINRA agreement and was barred from being a broker or affiliated with any broker firms.

But what about the brokerage firm, Royal Alliance, that failed to stop him? And why didn’t Royal Alliance notice or stop Basralian’s unethical activities over a ten-year period? Allegations against Royal Alliance in this case include inadequate supervision of brokers and lax anti-money laundering compliance that allowed this to not only happen, but continue. But this is not the first time Royal Alliance has been host to broker misbehavior, with several instances of “failure to supervise” kinds of sanctions.

Broker Gary Basralian Barred, Arrested After Allegations Of Using Client’s Moneys For His Own Expenses

June 1, 2018 | Silver Law Group

FINRA has barred former broker Gary Basralian (CRD# 14385) after allegations of stealing more than $2 million from two clients and using the money to pay his personal expenses. He is charged with two counts of wire fraud and one count of investment adviser fraud. His last employer was Royal Alliance Associates, Inc. (CRD# 23131) of Maplewood, NJ, from 11/19/1989 through 12/20/2017.

His previous employment record includes (locations not available):

Integrated Resources Equity Corporation (CRD# 6403), from 07/18/1984 through 11/19/1989

FINRA Bars Stifel Nicolaus Broker John M. James After Refusing To Testify

June 1, 2018 | Silver Law Group

Former broker John M. James (CRD #4609872) has been barred after failing to provide on-the-record testimony involving allegations from a previous employer. His refusal put him in violation of FINRA Rules 8210 and 2010.

James was last employed with Stifel, Nicolaus & Company, Incorporated (CRD#:793) Of Golden Valley, MN. James was previously employed with:

Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Wayzata, MN, from 06/16/2006 to 03/24/2016

Centaurus Financial

June 1, 2018 | Silver Law Group

Centaurus Financial has been the recipient of multiple FINRA actions, including 11 regulatory events and 8 reported arbitration claims. Not all of these are major issues, but they could be relevant to an investor doing business with Centaurus.

The SEC has strict rules about how a broker-dealer operates, runs their business and keeps records; any variation from these rules can trigger a sanction or other regulatory process. Centaurus has been the subject of multiple sanctions for various infractions and disputes filed by customers. For these regulatory sanctions, the company has paid $532,156.62 in penalties, fines and fees over the years. In some cases, there were no financial products involved or sold, only regulatory violations.

Centaurus has paid out $3,064,930.66 in securities arbitration awards and judgments.

Silver Law Group is Investigating Lawrence Hagedorn of Ascend Financial Services, Inc.

May 31, 2018 | Silver Law Group

Lawrence Hagedorn is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity. Lawrence Hagedorn was registered with O.N. Equity Sales Company.

Contact Our Firm if You’ve Invested with Lawrence Hagedorn

If you invested with Lawrence Hagedorn and believe you have lost money due to his misconduct, you may be able to file a claim to recover your losses through FINRA arbitration. For a free evaluation of your potential case by as securities attorney, please contact Silver Law Group.

Silver Law Group is Investigating Larry Wolfe of Herbert J. Sims & Co., Inc.

May 31, 2018 | Silver Law Group

Larry Wolfe is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

Wolfe consented to the sanctions and to the entry of findings that he exercised discretion in the accounts of customers, by submitting sell orders to sell one particular security in each customer account without obtaining prior written authorization from the customers or written approval of the accounts as discretionary from his member firm.

Contact Our Firm if You’ve Invested with Larry Wolfe