Securities Arbitration Lawyers Blog

Thomas Joseph Borruso’s Career in the Securities Industry is Over

October 26, 2017 | Silver Law Group

The former New York broker has been accused of over-concentration

Thomas Borruso can no longer act as a broker in the securities industry. In June of this year, he received a suspension from the Financial Industry Regulatory Authority (FINRA) stemming from a customer dispute. And when Borruso failed to provide FINRA with information it needed, the agency barred him permanently.

The dispute Borruso was involved in occurred in January of 2017. A customer alleged that Borruso over-concentrated the account in one equity position. The damages sought haven’t been specified, but they are believed to be over $5,000. The case is still pending.

Bao Quoc Vu, TD Ameritrade

October 26, 2017 | Silver Law Group

Bao Quoc Vu

CRD# 5090067

Silver Law Group is looking into former TD Ameritrade broker Bao Quoc Vu after a FINRA complaint alleging unsuitable investment recommendations related to Aequitas promissory notes was filed against him.

Boca Raton-Based Broker Larry Charles Wolfe Fined and Suspended by FINRA

October 25, 2017 | Silver Law Group

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Allegations against the former broker include unauthorized trading, unsuitability, and fraud, among others

With 38 years of experience in the securities industry, Boca Raton-based Stoever, Glass & Company, Inc. broker Larry Charles Wolfe has a total of 14 disclosures listed on his Financial Industry Regulatory Authority (FINRA) BrokerCheck report.

Most recently, in June 2017, Wolfe received a $5,000 fine and 15-day suspension from participating in the securities industry for allegedly exercising discretion in the accounts of customers. He is reported to have submitted 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.

Wells Fargo Clearing Services Broker James R. Schaedler, Jr. Discharged by Firm, Barred by FINRA

October 25, 2017 | Silver Law Group

Schaedler is alleged to have exercised undue influence with elderly client owning $2.3 million-dollar estate.

After 16 years in the securities industry, Wells Fargo Clearing Services broker James R. Schaedler is now indefinitely barred by the Financial Industry Regulatory Authority (FINRA). According to his FINRA BrokerCheck report, Schaedler was discharged by Wells Fargo Clearing Services in January 2017 for allegedly allowing his daughter to receive funds via check from a client, the majority of which were subsequently received by Schaedler himself.

Then in June 2017, a FINRA disciplinary action was filed which stated, “FINRA commenced an investigation in January 2016 into allegations that Schaedler exercised influence over a former elderly client, who ultimately amended her trust making Schaedler a partial beneficiary and the residual beneficiary of her $2.3 million-dollar estate. The investigation was later expanded to include allegations that Schaedler also improperly received a $200,000 gift from a second elderly client.”

William J. Paynter, Wells Fargo

October 25, 2017 | Silver Law Group

William J. Paynter

CRD# 2835535

Silver Law Group is reviewing Scottsdale, Arizona-based Wells Fargo broker William J Paynter after a customer filed a FINRA complaint alleging unsuitable investments.

Mark J Flanagan, Citigroup Global Markets

October 24, 2017 | Silver Law Group

Mark J. Flanagan

CRD#1949836

Silver Law Group is investigating former Highland Park, Illinois-based Citigroup Global Markets broker Mark J. Flanagan after he failed to respond to an official request for information and was temporarily suspended by FINRA.

Ross A Stein, Wells Fargo

October 23, 2017 | Silver Law Group

Ross A Stein

CRD# 19616

Silver Law Group is investigating New York-based Wells Fargo broker Ross A Stein after a customer filed a complaint against him related to the purchase of Puerto Rico municipal bonds.

Lorenzo C. Esteva, UBS Financial Services

October 21, 2017 | Silver Law Group

Lorenzo C. Esteva

CRD#2170595

Silver Law Group is auditing former Miami, Florida-based UBS Financial Services broker Lorenzo C Esteva, after multiple customer allegations of unauthorized trading and misrepresentation.

Mack L Miller, Dawson James Securities

October 20, 2017 | Silver Law Group

Mack L. Miller

CRD#2822317

Silver Law Group is investigating New York, New York-based former Dawson James Securities Broker Mack L. Miller after multiple clients filed FINRA complaints alleging misrepresentation and excessive trading in client accounts.

Jeffrey L. Mischel, Wells Fargo

October 19, 2017 | Silver Law Group

Jeffrey L. Mischel

CRD# 1374486

Silver Law Group is examining Carlsbad, California-based Wells Fargo broker Jeffrey L. Mischel after multiple clients filed FINRA complaints alleging misrepresentation relating to the purchase of Puerto Rico municipal bonds.