Securities Arbitration Lawyers Blog

Reuters Releases List of Top 48 Brokerage Firms with Highest Percentage of Brokers with Most Serious FINRA Disclosures

October 13, 2017 | Silver Law Group

A Reuters investigation team published a story earlier this year documenting high-risk brokers and brokerage firms using bulk data it compiled. Silver Law Group continues to investigate claims against these brokerage firms.

FINRA requires brokers to disclose 23 types of incidents that might give investors concern, such as regulatory sanctions, court and arbitration judgments and bankruptcies. FINRA then publishes these disclosures on its BrokerCheck website. Investors can then search the backgrounds of these brokers but cannot examine the data from a big-picture level.

According to the story, Reuters obtained bulk FINRA data from researchers at the Columbia University Law School Datalab and use the information to compile a list of 48 brokerage firms with the highest percentage of incidents.

Christopher Robert Hickman is Sanctioned by FINRA after Alleged Elder Financial Fraud

October 12, 2017 | Silver Law Group

The Florida broker received a fine and suspension for making unsuitable investments

Christopher Robert Hickman will not be able to resume working as a broker until the middle of November. It will be then that his five-month suspension will come to an end. The penalty came from the Financial Industry Regulatory Authority (FINRA) after the agency reported that Hickman “engaged in an unsuitable pattern of short-term trading of unit investment trusts (UITs).”

FINRA found that with six customers, Hickman recommended that they buy UITs and then sell them within a year, even though the UITs had maturity dates of 24 months or longer. In fact, the average time the customers held the UITs was just 136 days. Hickman also reportedly recommended that with the money from the sale of these UITs, his customers should buy another UIT with the same objectives. In total, the six customers lost about $116,000.

North Florida-based D.H. Hill Broker Charles Stevens and St. Johns Financial Planning Under Investigation

October 11, 2017 | Silver Law Group

Silver Law Group is investigating St. Augustine Florida-based D.H. Hill Securities, LLLP (CRD# 41528) broker Charles T. Stevens (CRD# 1698058) after FINRA sanctioned D.H. Hill Securities over misconduct concerning public non-traded REITs.

Charles Stevens and St. Johns Financial Planning

Stevens’ runs his own St. Augustine, Florida-based D.H. Hill Securities office under the moniker St. Johns Financial Planning. St. Johns Financial Planning and Stevens hold themselves out as an independent agency specializing in retirement and estate markets that has been in business in the St. Augustine, Florida area for the past twenty-five (25) years, according to Stevens’ and his firm’s website.

Kingwood, Texas-based Broker D.H. Hill Under Investigation Over Regulatory Actions Concerning REITs

October 11, 2017 | Silver Law Group

Silver Law Group is investigating Kingwood, Texas-based brokerage firm D.H. Hill Securities, LLLP (CRD# 41528) (“D.H. Hill”) after FINRA sanctioned the firm for its conduct concerning the firm’s role as underwriter of a real estate investment trust (“REIT”).

D.H. Hill Securities Enters into a Settlement with FINRA

D.H. Hill entered into an Acceptance, Waiver & Consent (“AWC”), signed in November 2016, with FINRA. The AWC alleged that, between February 2012 through April 2013, D.H. Hill participated as a dealer manager of a REIT offering, replacing another firm in the process. When D.H. Hill replaced the previous brokerage firm, it failed to seek or obtain authorization from FINRA’s Corporate Financing Department to proceed with the offering, a requirement under FINRA Rule 5110.

Greensboro, North Carolina-based Ameritas Investment Corp. Broker Alonza Barnett Under Investigation After FINRA Bar

October 10, 2017 | Silver Law Group

Silver Law Group is investigating Greensboro, North Carolina-based Ameritas Investment Corp. (CRD# 14869) broker Alonza Barnett Jr (CRD# 4577695) after FINRA barred him and a customer brought a complaint alleging $1.75 million in damages.

Barnett’s CRD Report

According to Barnett’s FINRA BrokerCheck report, FINRA barred Barnett in March 2017 after he failed to respond to a FINRA request for information. According to FINRA, Barnett failed to request termination of his suspension within three (3) months of the date of the Notice of Suspension.

Former South Florida-based Raymond James Broker Leon P. Rehak Under Investigation

October 10, 2017 | Silver Law Group

Silver Law Group is investigating former South Florida-based Raymond James & Associates, Inc. (CRD# 705) broker Leon P. Rehak (CRD# 2331058) after a customer brought a FINRA arbitration complaint alleging over half a million dollars in damages.

According to Rehak’s FINRA BrokerCheck report, a customer of Rehak filed a FINRA arbitration against him in November 2016 – a few weeks after he left Raymond James.

According to Rehak’s BrokerCheck report, Rehak, who is currently employed by LPL Financial LLC (CRD# 6413) at its Pompano Beach, Florida location, allegedly committed numerous types of securities misconduct between 2004 and 2011 in a customer’s accounts.

Former New York-based Joseph Stone Capital Broker Under Investigation After Montana Sanctions Over Excessive and Unauthorized Trading

October 10, 2017 | Silver Law Group

Silver Law Group is investigating former New York-based Joseph Stone Capital L.L.C. (CRD# 159744) broker David G. Menashe (CRD# 5727269) after the State of Montana sanctioned him for excessive and unauthorized trading.

Menashe’s CRD Report and the Montana Regulatory Decision

According to Menashe’s FINRA BrokerCheck report, the Office of the Commissioner of Securities and Insurance for Montana sanctioned both Joseph Stone and Menashe. According to the Montana Order, Montana required Joseph Stone to pay $30,000 in restitution with Menashe contributing half of that amount.

Binary Options- CFTC’s RED List

October 10, 2017 | Silver Law Group

Binaryoptionfraudattorneys.com

CFTC’s RED List

Binary Options fraud is on the rise in recent years as regulators and government agencies continue to receive hundreds of complaints with damages totaling in the millions of dollars in the United States alone. The U.S. Commodity Futures Trading Commission (“CFTC”) has issued a Fraud Advisory concerning Binary Options due to the increased number of victims of these schemes. The CFTC, as part of its efforts to reduce this fraudulent activity, maintains a list of foreign entities that illegally solicit U.S. residents to trade binary options and forex without being registered with the CFTC as required by securities laws. This allows investors to protect themselves against this type of illegal activity.

Binary Options- CFTC Fraud Advisory

October 10, 2017 | Silver Law Group

Binaryoptionlosses.com

Binary Options Fraud

Binary Options fraud is on the rise in recent years as regulators and government agencies continue to receive hundreds of complaints with losses totaling in the millions of dollars in the United States alone. The U.S. Commodity Futures Trading Commission (“CFTC”) has issued a Fraud Advisory concerning Binary Options due to the increased number of victims of these schemes. The CFTC is hoping to educate investors in order to prevent them from falling victim to these schemes.

Binary Options- SEC Investor Alert

October 10, 2017 | Silver Law Group

Binaryoptionlossattorneys.com

Binary Options Fraud

Binary Options fraud is on the rise in recent years as regulators and government agencies continue to receive hundreds of complaints with losses totaling in the millions of dollars in the United States alone. The Federal Bureau of Investigation (“FBI”) issued a news release and the staggering damages associated with this type of fraud just keep increasing. The U.S. Securities and Exchange Commission (“SEC”) has also issued an Investor Alert concerning Binary Options and Fraud due to the increased number of victims of these schemes. Along with the FBI, the SEC is hoping to educate investors in order to prevent them from falling victim to these schemes.