Securities Arbitration Lawyers Blog

FINRA Rule 4512 Has New Amendments

March 31, 2018 | Silver Law Group

Professionals in the securities industry are obligated to follow the rules created by the Financial Industry Regulatory Authority (FINRA), and it is important that they stay abreast of any changes or updates to them. One regulation that was recently amended is Rule 4512, which concerns customer account information.

Previously, for each account opened, a FINRA member had to get and maintain certain information, including the name and address of the customer and the names of anyone else associated with the account, plus the scope of their responsibilities. Now, members also need to make an effort to get the information of a trusted contact of the client, to assist in discovering or preventing possible financial exploitation.

What constitutes a trusted contact?

FINRA Rule 2165 Allows Members to Put Holds on Client Accounts

March 31, 2018 | Silver Law Group

In another attempt to help older investors get the protection they need, the Financial Industry Regulatory Authority (FINRA) recently established Rule 2165 (Financial Exploitation of Specified Adults). This regulation allows member financial professionals to place holds on accounts in the event that exploitation is suspected.

How Rule 2165 works

Rule 2165 concerns “specified adults,” which are defined by FINRA as people 65 and older or someone 18 or older who a “member reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests.”

FINRA’s Recent Rules Aim to Further Protect Elderly Investors

March 31, 2018 | Silver Law Group

In February 2017, after approval by the SEC, the Financial Industry Regulatory Authority (FINRA) put into effective two initiatives: a new rule and an amendment to an old one.

Rule 2165 (Financial Exploitation of Specified Adults) allows member financial professionals or firms to place temporary holds on securities or the disbursements of funds for customers who are believed to be victims of financial exploitation.

Amendments to Rule 4512 (Customer Account Information) now require members to make efforts to get the name and contact information for a trusted contact person pertaining to a customer’s account.

Silver Law Group is Investigating Christopher Bennett of Hilliard Lyons

March 6, 2018 | Silver Law Group

A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded a customer of Christopher Bennett of Hillard Lyons damages of $445,000 after the claimant alleged Bennett engaged in breach of fiduciary duty, unauthorized trading, suitability, churning, misrepresentation, omission of facts, common law negligence, fraud, failure to supervise, common law negligent supervision and violation of Kentucky statutes, regulations and FINRA rules. The causes of action related to losses to the client’s qualified and non-qualified retirement accounts. The investor alleges Mr. Bennett executed transactions in her accounts without authorization, allocated her assets in an unsuitable manner for someone her age and with her investment objectives without discussing the risk associated with such re-allocation, and engaged in excessive trading in her accounts. A brokerage firm has a duty to supervise a stockbroker for compliance with the securities laws and internal firm rules and regulations.

Christopher Duke Bennett is currently registered with J.J.B. Hilliard, W.L. Lyons in Louisville, Kentucky, and has been since December 1995. He has six customer disputes against him, three of which are currently pending.

Contact Our Firm if You’ve Invested with Christopher Bennett

Silver Law Group is Investigating Patrick Maddren of Laidlaw & Company

March 6, 2018 | Silver Law Group

Laidlaw & Company financial advisor Patrick Maddren (CRD# 4665903) is the subject of a customer complaint for excessive trading and commissions. Maddren has been registered with Westpark Capital, Inc. in Fort Lauderdale, Florida since August 2017. Previously, he was registered with Laidlaw & Company in Fort Lauderdale, Florida from 2017 to September 2017. A recent customer arbitration claim was settled for $295,000. A brokerage firm has a duty to supervise its stockbrokers and prevent excessive trading or commissions. If a firm fails to properly supervise a financial advisor or otherwise mismanage a portfolio, an investor may have legal rights.

Contact Our Firm if You’ve Invested with Patrick Maddren

If you invested with Patrick Maddren 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.

FINRA Names Individuals Barred in February 2018 for Violations of FINRA Rules

March 6, 2018 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Florjan Beqo	J.P. Morgan Securities LLC
Benjamin Phillip Brown	State Farm VP Management Corp.
Joseph Calascione
Sonya D. Camarco	LPL Financial LLC
Sonya D. Camarco	Morgan Stanley DW Inc.
Samiul Anam Chowdhury	MML Investors Services, LLC
Samiul Anam Chowdhury	NYLife Securities LLC
Argenis T. Cortes	Charles Schwab & Co., Inc.
Argenis T. Cortes	J.P. Morgan Securities LLC
Vincent Frank D’Accardi	Stifel, Nicolaus & Company, Inc
Oscar R. Galdamez	AXA Advisors, LLC
Matthew Douglas Garrett	MML Distributors, LLC
Michael D. Graham	Northwestern Mutual Investment Services, LLC
Kimberlyann Huegel	Vanguard Marketing Corporation
Randall William Hunt	Ameriprise Financial Services, Inc.
Randall William Hunt	Stifel Nicolaus & Company, Inc.
Garrett Dalton Martin	J.P. Morgan Securities LLC
Kevin Allen Mee	J.P. Morgan Securities LLC
Kevin Allen Mee	Wells Fargo Advisors, LLC
Hong Kun Pan	Pruco Securities, LLC
Youngsoo Park	J.P. Morgan Securities LLC
Cornelius Peterson	Morgan Stanley
James S. Polese	Morgan Stanley
James S. Polese	UBS Financial Services Inc.
Gary Dennis Ruiz	Citigroup Global Markets Inc.
Gary Dennis Ruiz	Capital One Investing, LLC
Lynn Shuster Strain	Wells Fargo Clearing Services, LLC
Lynn Shuster Strain	Wells Fargo Advisors LLC
Jamie Yuvonne Stickland	Suntrust Investment Services, Inc.
Jamie Yuvonne Stickland	Wells Fargo Advisors, LLC
Joesph Francis Valdini	Aegis Capital Corp.
Joesph Francis Valdini	Worden Capital Management LLC
Russell L. Woodley	Citizens 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 Disciplinary Actions for February 2018 Name Registered Individuals Suspended for Failing to Comply with FINRA Rules

March 6, 2018 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Patrick John Auckland	TIAA-CREF Individual & Institutional Services, LLC
	Morgan Stanley
Michael Albert DiPietro	Transamerica Financial Advisors, Inc.
	Centaurus Financial, Inc.
Laurie Anne Facsina	LPL Financial LLC
	Stratos Wealth Partners, Ltd
Joseph Manuel Focil	Wedbush Securities Inc.
	Wells Fargo Advisors, LLC
Christopher Lee Goslin	Harbor Light Securities, LLC
	J.P. Turner & Company, LLC
Matthew Grady	Millstone Wealth Partners, LLC
	Barclays Capital Inc.
Anthony Minerva	Richard James & Associates, Inc.
	J.D. Nicholas & Associates, Inc.
James William Stanton Jr.	Wells Fargo Advisors, LLC
	MetLife Securities Inc.
Joseph Morris Thurnherr	Spartan Capital Securities, LLC
	Windsor Street Capital, LP
Darren Thomas Walton	Capital Synergy Partners
	Wells Fargo Advisors, 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.

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

March 6, 2018 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Walter Lee Clark	Wilmington Capital Securities, LLC
Walter Lee Clark	Adirondack Trading Group LLC
Chelsea Lauren Clemons-Denby
Ethan Frederick Daubert	Wells Fargo Clearing Services, LLC
Ethan Frederick Daubert	Wells Fargo Advisors, LLC
Truitt Scott Ficklin	Cetera Investment Services LLC
Truitt Scott Ficklin	Edward Jones
Philip William Formwalt	Woodmen Financial Services, Inc.
Lawrence E. Hagedorn	The O.N. Equity Sales Company
Lawrence E. Hagedorn	Ohio National Financial Services
Raymond Woody Hooker	J.P. Morgan Securities LLC
Raymond Woody Hooker	Chase Investment Services Corp.
Brian Patrick Hurley	MML Investors Services, LLC
Brian Patrick Hurley	NYLife Securities LLC
Lindsey Marie Katula	Wells Fargo Clearing Services, LLC
Lindsey Marie Katula	Wells Fargo Advisors, LLC
Jason Harris Klabal	Alexander Capital, L.P.
Jason Harris Klabal	Legend Securities, Inc.
Richard James Murphy	Tullett Prebon Financial Services LLC
Richard James Murphy	Citation Financial Group, L.P.
James Albert Pettit	Ameriprise Financial Services, Inc.
James Albert Pettit	Janney Montgomery Scott LLC
Michael Alan Sadouskas	Allstate Financial Services, LLC
John Greg Schmidt	Wells Fargo Advisors Financial Network, LLC
John Greg Schmidt	Stifel, Nicolaus & Company, Inc.
John Joseph Silvernale	HD Vest Investment Services
Casey Tyler Thompson	Allstate Financial Services, LLC
Casey Tyler Thompson	Northwestern Mutual Investment Services, LLC
Aaron Bronelle Wilbanks	Wilbanks Securities, Inc.
Aaron Bronelle Wilbanks	Birchtree Financial Services, Inc.
Sara Wilhite	PFS Investments Inc.
Sara Wilhite	Primerica Financial Services
Bradley Curtis Williams	J.P. Morgan Securities LLC
Bradley Curtis Williams	Invest Financial Corporation
Brandon M. Williams	BMO Harris Financial Advisors, Inc.
Brandon M. Williams	Northwestern Mutual Investment Services, 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.

Silver Law Group is Investigating William Harrison of Stifel Nicolas & Company

March 5, 2018 | Silver Law Group

Stifel Nicolaus & Company broker/adviser William Harrison is involved in a pending customer dispute. William Harrison has spent 29 years in the securities industry and has been registered with Stifel Nicolaus & Company in Boca Raton, Florida since 2009. Palm Beach County is home to a large retirement community and FINRA arbitration claims are generally heard in FINRA’s Boca Raton office.

In January 2018, an arbitration claim was filed alleging William Harrison, while employed at Stifel Nicolaus & Company, committed common law fraud, negligently misrepresented material facts, breached his fiduciary duty, and acted negligently in connection to investments in common and preferred stock. The customer is seeking $100,000 in damages in the pending complaint.

Contact Our Firm if You’ve Invested with William Harrison

Silver Law Group is Investigating UBS Financial Services Broker James Dillon for Potential Unsuitable Recommendations Relating to Puerto Rico Municipal Bonds

March 5, 2018 | Silver Law Group

Silver Law Group is investigating claims against UBS Financial Services (“UBS”) New York-based stockbroker James Dillon (“Dillon”). According to the Financial Industry Regulatory Authority (“FINRA”), Dillon’s FINRA BrokerCheck record shows a pending customer dispute alleging claims of unsuitable concentration in connection with the purchase of Puerto Rico municipal bonds. The damages alleged in the complaint are $500,000.

Silver Law Group is representing investors in claims against UBS and several other brokerage firms relating to the sale and concentration of portfolios in Puerto Rico municipal bonds. Brokers recommended Puerto Rico bonds due to their high coupons without disclosing to investors the risks associated with the Puerto Rican economy and the on-going recession on the island. Many elderly and conservative investors lost substantial portions of their portfolios when the Puerto Rico municipal bonds collapsed in value causing many to lose their entire retirement savings.

Silver Law Group is representing customers of brokerage firms in securities arbitration claims for losses in Puerto Rico municipal bonds alleging that the customers were misled about the risks of the bonds, overconcentration, breach of fiduciary duty, and excessive trading.