A National Securities Arbitration & Investment Fraud Law Firm
CRD#1727785
Silver Law Group is investigating former Chicago, Illinois-based National Securities Corporation broker Rick Konecny, after multiple customer allegations of misrepresentation, unsuitable recommendations and overconcentration were received by FINRA.
CRD#2311741
Silver Law Group is investigating Sterling Heights, Michigan-based CoreCap broker Ernest J. Romer, after customer allegations of misrepresentation and unsuitable recommendations where received by FINRA and he was subsequently permanently barred from the industry.
CRD#2370593
Silver Law Group is investigating former Washington DC-based Morgan Stanley broker Peter J. Doyle after a customer was awarded in excess of $8,000,000 million for alleged unsuitable investment advice, misrepresentation and elder abuse.
CRD#5475175
Silver Law Group is investigating former Melville, New York-based LPL Financial broker Thomas Borruso after a customer allegation of breach of unsuitable investment recommendations and over concentration was received by FINRA.
Silver Law Group continues to investigate investments in oil, gas, and energy companies made by clients through master limited partnerships (“MLPs”) at the recommendation of their brokers. As a result of high oil prices over the past few years, there has been a heightened interest in investments in oil and gas using MLPs. Now with the drop in the price of oil and gas, investors who may have been looking for conservative investments without significant risk are facing substantial drops in their portfolios. Investors are further discovering that conflicts of interest between the investment bank, trading desk, and individual advisor influenced stockbroker’s recommendations.
These alternative investments in oil and gas typical take the form of Master Limited Partnerships (“MLPs”). These types of alternative investments have historically been extremely risky investments that demand a careful suitability analysis and due diligence by financial processionals before they are recommended to the public. More often than not, broker-dealers and brokers are enamored with these types of investments because they, like other alternative investments, also tend to pay high commissions.
In a recent Financial Industry Regulatory Authority (“FINRA”) arbitration proceeding, RBC Capital Markets and its broker Bruce Cameron were ordered to pay a former client $723,000 for losses sustained from investing in MLPs. The claims included overconcentration in unsuitable investments (MLPs), negligence, and failure to supervise. Cameron was registered with the RBC Massachusetts office.
Earlier this month, Roger Kroeger was arrested in Broward County on several charges after a former client of his accused him of stealing $290,000 from her investment account. Kroeger had been an advisor with INVEST Financial Corporation in Fort Lauderdale.
The client is a 92-year-old Pompano Beach woman who didn’t want her name to be disclosed. But she did have this to say about the situation: “I am so hurt by it because I trusted him with all my heart. I could never believe that [he] would ever do this to me.”
The Silver Law Group and the Law Firm of David Chase have announced their joint investigation into allegations that Fort Lauderdale, Florida based Invest Financial Corporation broker Roger Kroeger made improper loans from a customer account to a family members and/or misappropriated customers funds. Invest Financial Corporation terminated Kroeger on November 17, 2017, on the grounds that: “Representative admitted to facilitating a loan to his sister from a senior client, and was subsequently charged with multiple felony offenses in connection with these circumstances.”
The Sun Sentinel recently reported that Kroeger is facing state criminal charges arising out of his handling of this elderly customer’s brokerage account. The criminal charges include: exploitation of the elderly, grand theft and money laundering.
Securities brokerage firms are legally responsible for supervising the activities of their stock brokers and financial advisors, and can be held liable for their wrongful conduct, including misappropriation of customer funds.
Clint H. Stoffels
CRD# 5891072
Silver Law Group is investigating former Dallas, Texas UBS Financial Services broker Clint H. Stoffels after a client filed a FINRA complaint alleging unsuitable options investments, churning and misrepresentation.
Ricardo F. Guimares
CRD#5442981
Silver Law Group is investigating Miami, New Florida-based Wells Fargo broker Ricardo Guimares after a customer complaint alleging unsuitable investment advice.
Jeffrey S. Thompson
CRD#4602601
Silver Law Group is investigating Lake Wales, Florida-based LPL Financial broker Jeffrey Thompson following a customer complaint alleging unauthorized investment activity and unsuitable investment recommendations.
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