Securities Arbitration Lawyers Blog

James Vincent Marino : Elder Financial Fraud Alert

November 10, 2017 | Silver Law Group

The Edward Jones broker is permanently barred following allegations of accepting gifts from clients, along with using client credit cards

In August 2017, the Financial Industry Regulatory Authority (FINRA) indefinitely barred James Vincent Marino from acting as a broker or otherwise associating with firms that sell securities to the public.

Marino’s one and only employer for his three-year securities industry career, Edward Jones in Pompano Beach, FL, discharged the broker in October 2016 alleging, “Without prior notice to or approval from the Firm, Mr. Marino accepted gifts totaling approximately $20,500 from a Firm client. In addition, he was authorized to use the same client’s credit card and used that card for his benefit in the amount of approximately $6,700.”

SEC Files Complaint Against Matthew C. Griffin and William D. Griffin Over Alleged Misrepresentations Concerning Payson Petroleum Offerings

November 3, 2017 | Silver Law Group

Our attorneys are investigating Matthew C. Griffin and William D. Griffin after the SEC alleged the Griffins made misrepresentations concerning Bartonville, Texas-based Payson Petroluem, Inc. offerings.

The SEC Files a Complaint Against Matthew and William Griffin

In November 2016, the SEC filed a complaint against the Griffins, who are brothers. According to the complaint, Matthew Griffin was the founder, sole owner, president, and CEO of Payson Petroleum, Inc. His brother, William Griffin, was Payson Petroleum’s Chief Administrative Officer and a member of the board of directors.

Payson Petroleum, based in Bartonville Texas, and its Private Offerings Under Investigation After Payson Companies Declare Bankruptcy

November 3, 2017 | Silver Law Group

Our attorneys are investigating Bartonville, Texas-based Payson Petroleum, Inc. and Payson Operating, LLC after the two companies declared bankruptcies, leaving unsecured investors holding over $20 million in losses.

Payson Petroleum and Payson Operating Files for Bankruptcy

Payson Petroleum and Payson Operating filed for chapter 7 bankruptcy in June 2016. The bankruptcy was later converted to a chapter 11 bankruptcy. According to the bankruptcy trustee, neither Payson Petroleum nor Payson Operating will have the funds to pay its unsecured creditors after administrative expenses are paid.

James E. Lyons, Raymond James

November 3, 2017 | Silver Law Group

James E Lyons

CRD#1020397

Silver Law Group is investigating former Shreveport, LA-based Raymond James broker James E Lyons after a client filed a FINRA complaint alleging unauthorized trading. This complaint alleged damages of $1,200,000

Michael P. Mctigue, Newbridge Securities

November 2, 2017 | Silver Law Group

Michael P Mctigue

CRD#3031287

Silver Law Group is investigating former Boca Raton, Florida-based Newbridge Securities Corp broker Michael P Mctigue. Following his voluntary resignation from his firm and allegations of churning and excessive trading.

Richard S. Botkin, Morgan Stanley

November 2, 2017 | Silver Law Group

Richard S. Botkin

CRD# 1571729

Silver Law Group is investigating Former Roseville, California-Morgan Stanley broker Richard S. Botkin after a allegations of outside business activity and illicit private placement investments.

The Elder Abuse Prevention and Prosecution Act

October 31, 2017 | Silver Law Group

On October 18, a new law went into effect that could be extremely beneficial to older investors. The Elder Abuse Prevention and Prosecution Act is a “multi-pronged approach to prevent elder abuse, protect victims, and prosecute perpetrators of elder abuse crimes.”

Immediately put in place are investigation and prosecution requirements for the Department of Justice (DOJ) in regard to crimes of elder abuse. Specifically, the new law will target telemarketing and email fraud designed to “induce investment for financial profit, participation in a business opportunity, or commitment to a loan.”

If someone is convicted of telemarketing or email fraud that targeted someone over the age of 55, they will be subjected to extra criminal penalties along with a mandatory forfeiture. The bill has also added health care fraud to the list of offenses that come with enhanced penalties.

FINRA Suspends Christopher Anthony Fernan

October 31, 2017 | Silver Law Group

The broker is accused of violating FINRA rules by borrowing money from a client

In May of this year, the Financial Industry Regulatory Authority (FINRA) contacted broker Christopher Anthony Fernan to get information involving a customer dispute. Because he failed to respond to the agency, he received a three-month suspension, which was lifted on September 20.

Fernan has been accused of borrowing $11,500 from a customer and only paying back $4,000. When Fernan’s firm – Salomon Whitney Financial – learned about his actions from the client in February of 2017, Fernan was fired.

LPL Financial, LLC (Linsco Private Ledger)

October 31, 2017 | Silver Law Group

Background Information

In terms of gross revenues and number of financial advisors, LPL Financial is ranked as the biggest independent broker dealer in the financial services industry. The company has financial advisors all over the U.S., mostly in small branch offices. And because there are so many small branch offices, LPL has several supervisory challenges.

LPL Financial was formed in 1989 as the result of a merger of two small brokerage firms: Linsco and Private Ledger. The original name was Linsco/Private Ledger, and that became LPL Financial, LLC in January of 2008.

Jack F. Bruscianelli, National Securities Corp.

October 27, 2017 | Silver Law Group

Jack F. Bruscianelli

CRD#2113986

Silver Law Group is looking into Chicago, Illinois-based National Securities Corp. broker Jack F. Bruscianelli after a FINRA complaint was brought against him alleging unsuitable investments in private placements.