Securities Arbitration Lawyers Blog

Ethical Financial Advisors Can Help Clients Avoid or Spot Fraud, Says the North American Securities Administrators Association (NASAA)

July 10, 2017 | Silver Law Group

Some estimates suggest American seniors lose nearly $40 billion a year due to elder financial fraud

According to a 2015 report from the retirement planning site True Link, American senior citizens lose an estimated $35.6 billion each year from investment scams and other fraudulent financial schemes. Despite the role that shady financial advisors play in many cases of elder fraud, ethical advisors may be the people best equipped to determine when financial fraud has been perpetrated on one of their elderly clients by another individual.

The idea that brokers can act as a shield against elder fraud isn’t just an fuzzy concept: according the North American Securities Administrators Association (NASAA), brokers and financial advisors report more than 2,300 cases of elder fraud each year. Considering the fact that many elderly individuals may not possess a high degree of financial literacy (in addition to issues with cognitive decline, such as dementia-related confusion or memory loss) brokers and advisors are in a perfect position to identify financial inconsistencies in accounts, such as large, unexpected withdrawals or a series of small, suspicious ones.

FINRA Suspends Registered Individuals in June 2017 for Violations of FINRA Rules

July 7, 2017 | Silver Law Group

According to FINRA Disciplinary actions for June 2017, 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
Devin Barkley	MetLife Investors Distribution Company
Devin Barkley	MetLife Securities, Inc.
Alonza Barnett Jr.	Ameritas Investment Corp.
Alonza Barnett Jr.
Wilbert Norman Belizaire Jr.
Amalia Bocanegra
Christopher Canale
Daniel P. Capeless	FBR Capital Markets & Co.
Juliana Castaneda
Nenita Blas Causing	Transamerica Financial Advisors, Inc.
Nenita Blas Causing	World Group Securities, Inc.
Andrey Chekalin	Eagle Strategies LLC
Andrey Chekalin	NYLife Securities, LLC
Wilson Chung	JP Morgan Securities LLC
Kenneth Paul Collins Jr.	Union Capital Company
Kenneth Paul Collins Jr.	Money Concepts Capital Corp
Thomas Eric Constable	ADP Broker-Dealer, Inc.
Sebastian Joshua Dimond	Vanguard Marketing Corporation
Sebastian Joshua Dimond	JP Morgan Chase
Edwin Waite Duguie Jr.
John Charles Epting Jr.	Transamerica Financial Advisors, Inc.
John Charles Epting Jr.	World Group Securities, Inc.
Jeffrey Edward Ermi	Wells Fargo Advisors, LLC
Jeffrey Edward Ermi	Wachovia Securities, LLC
Arsola Feransou
Felicia Anne Figueroa
Nicholas C. Gallo	Cova Capital Partners LLC
Nicholas C. Gallo	Legend Securities, Inc.
David Monroe Hawkes	Transamerica Financial Advisors, Inc.
David Monroe Hawkes	World Group Securities, Inc.
Christopher Lowell Jackson	Allstate Financial Services, LLC
Jamar Darcel Jenkins	Wells Fargo Advisors, LLC
Richard Michael Jones	NYLife Securities LLC
Tika Justice
Leslie Ann Kaplan	HSBC Securities (USA) Inc.
Leslie Ann Kaplan	Transamerica Financial Advisors, Inc.
Sean David Kaplan	Merrill Lynch, Pierce, Fenner & Smith Inc.
Sean David Kaplan	Comprehensive Asset Management and Servicing
Jeffrey Timothy Kluge	Merrill Lynch, Pierce, Fenner & Smith Inc.
John Bradford Leonard	Wells Fargo Advisors
John Bradford Leonard	Wachovia Securities, LLC
Jonathan Ryan Levano	JP Morgan Securities, LLC.
Cameron Blake Lovitt	Edward Jones
Christopher Russell McNamee	Dakota Securities International, Inc.
Christopher Russell McNamee	Sterling Financial Investment Group, Inc.
Melanie Ann Melton	Allstate Financial Services, LLC
Nicholas Henry Millas
Rachel Marie Millyard	Infinex Investments, Inc.
Rachel Marie Millyard	Essex National Securities, LLC
Shayne Arlington Nelson	JP Morgan Securities LLC
David Ng	Merrill Lynch, Pierce, Fenner & Smith Inc.
David Ng	Wells Fargo Securities, LLC
Darian Curtis Norris	Wells Fargo Advisors, LLC
Darian Curtis Norris	Northwestern Mutual Investment Services, LLC
Patrick John O’Brien	Transamerica Financial Advisors, Inc.
Patrick John O’Brien	World Group Securities, Inc.
Vivien Li Ching Ong	JP Morgan Securities LLC
Robert A. Perconte	Summit Brokerage Services, Inc.
Robert A. Perconte	Ameriprise Financial Services, Inc.
Edward Daniel Prudencio	BBVA Securities Inc.
Edward Daniel Prudencio	JP Morgan Securities LLC
Raymond Jesus Rodriguez
William Edward Roe	Park Avenue Securities LLC
William Edward Roe	Crowell, Weedon & Co.
Donald John Saccomano	Source Capital Group, Inc.
Donald John Saccomano	Janney Montgomery Scott LLC
Nicholas Adel Somo	JP Morgan Securities LLC
Michael Allen Sparks	JJB Hilliard, WL Lyons LLC
Michael Allen Sparks	DMG Securities, Inc.
Jennifer Anne Spencer	Fidelity Brokerage Services LLC
Jennifer Anne Spencer	TIAA-CREF Individual & Institutional Services, LLC
Alec Michael Tracy	JP Morgan Securities LLC
Alec Michael Tracy	MMC Securities Corp.
Justin Martin West	JP Morgan Securities 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.

In June 2017, FINRA Suspends Registered Individuals for Failing to Comply with FINRA Rules

July 7, 2017 | Silver Law Group

According to FINRA Disciplinary actions for June 2017, 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
Kimberly Aylesworth	Morgan Stanley
	Merrill Lynch, Pierce, Fenner & Smith Inc.
Roger Ericson Bell	UBS Financial Services Inc.
	Merrill Lynch, Pierce, Fenner & Smith Inc.
Reuven Blank	Raymond James & Associates, Inc.
	Morgan Keegan & Company, Inc.
Patrick Ryan Bray	Newbridge Securities Corporation
	UBS Financial Services Inc.
Richard Lyndon Brown	Arive Capital Markets
	Chelsea Financial Services
Brian Richardson Castillo	Morgan Stanley
	Silver Oak Wealth Management
Daniel Harry Curkan	Sigma Financial Corporation
	Morgan Stanley
Donald Gene Dewaay Jr.	Dewaay Financial Network, LLC
	VSR Financial Services, Inc.
Andrew Goodman	Jackson National Life Distributors LLC
	Wells Fargo Advisors, LLC
Christopher Randall Johnson	Morgan Stanley
	UBS Financial Services Inc.
Jose A. Landin Jr.	BBVA Securities Inc.
	Wells Fargo Advisors, LLC
Adam Benjamin Mayfield	Cetera Advisor Networks LLC
	Suntrust Investment Services, Inc.
Jason Todd Meil	Janney Montgomery Scott LLC
	Morgan Stanley
Clifford Todd Morgan	Advanced Planning Securities, Inc
	Nations Financial Group, Inc.
Manuel Tomas Paredes	Spartan Capital Securities, LLC
	National Securities Corporation
Marc Harold Pearl	Wells Fargo Advisors, LLC
	LPL Financial LLC
Casey Thomas Rodriguez	Arive Capital Markets
	Chelsea Financial Services
David Aaron Seigerman	Janney Montgomery Scott LLC
	Morgan Stanley
Jeffery Hunter Smith	Wells Fargo Advisors LLC
	Morgan Stanley
Labron Manosa Toles	Rothschild Lieberman LLC
	Newport Coast Securities, Inc.
Steven Michael Wisniewski	Newbridge Securities Corp
	Cambridge Investment Research, 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 Bars Registered Individuals in June 2017 for Failing to Comply with FINRA Rules

July 7, 2017 | Silver Law Group

According to FINRA Disciplinary actions for June 2017, 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
Miguel Angel Aguilar	MML Investors Services, LLC
Miguel Angel Aguilar	Northwestern Mutual Investment Services, LLC
Steve Preston Alexander	Citizens Securities, Inc.
Steve Preston Alexander	CUNA Brokerage Services, Inc.
Amadou Bah	Maxim Group LLC
Amadou Bah	Garden State Securities, Inc.
John W. Boals	Allstate Financial Services,, LLC
Lionel Brooks Jr.	Merrill Lynch, Pierce Fenner & Smith Inc.
Lionel Brooks Jr.	Oppenheimer & Co. Inc.
Sandra Canaba	LPL Financial LLC
Sandra Canaba	Chase Investment Services Corp.
Barry Franklin Connell	Morgan Stanley
Barry Franklin Connell	UBS Financial Services Inc.
Pamela A. Daniels
Charles Greer Denormandie III	Commonwealth Financial Network
Charles Greer Denormandie III	Ameriprise Financial Services, Inc.
Leah Rose Fox-Greenberg
Jennifer Marie Gonzalez
Matthew J. Houtz	Raymond James & Associates, Inc.
Barry Jin	Spartan Capital Securities, LLC
Barry Jin	Lampert Capital Markets, Inc.
Jennifer Rebecca Johnson	Ameriprise Financial Services, Inc.
Jennifer Rebecca Johnson	Edward Jones
Martin Jones	Goldman Sachs & Co.
Adam Anthony Jurczyk	J.P. Morgan Securities LLC
Alexander Lewis	Northwestern Mutual Investment Services, LLVC
Quinn Alexander McClendon	Citizens Securities, Inc.
Quinn Alexander McClendon	Mutual of Omaha Investor Services, Inc.
Luan Quoc Nguyen	Pruco Securities, LLC
Timothy John Reed	Suntrust Investment Services, Inc.
Timothy John Reed	Wells Fargo Advisors, LLC
Steven Barry Sitzer	Dinosaur Securities, LLC
Steven Barry Sitzer	Spartan Capital Securities, LLC
Raynard Keshav Sookdial	PFS Investments Inc.
Quynh Ngoc Tran	JP Morgan Securities LLC
Kevin Jin Yi	Voya Financial Advisors, Inc.
Young Min Yun

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.

Find out exactly why the broker received a lifetime ban from FINRA

July 5, 2017 | Silver Law Group

In April, we brought you the story of Kelly Althar, a broker who received a permanent ban from the Financial Industry Regulatory Authority (FINRA). Here is additional information that explains why FINRA made this ruling.

While working for the Financial West Group, Althar reportedly began making investments for an elderly client who started with $308,000. Between April of 2011 and March of 2014, FINRA states that Althar made several investments for the express purpose of generating commissions. This unethical practice is known as churning. In fact, Althar is reported to have bought, sold, and then repurchased the same security in just a small timeframe.

In December of 2012, Althar reportedly bought 700 shares of a real estate investment trust (REIT) and then just two months later, sold them for a loss of $261. After another two months, almost 800 shares of the same REIT were repurchased. Six weeks later, FINRA reports that Althar sold them, this time for a loss of over $8,100. Those trades netted Althar more than $3,000 in commissions.

Be on the Lookout: 3 Common Signs of an Investment Scam

July 3, 2017 | Silver Law Group

elder_Financial_scams

Awareness will help you avoid becoming a victim of elder financial fraud

Investment fraud is something that can affect anyone, but elderly people seem to be targeted the most. According to one study, 1 in 5 people in the U.S. over the age of 65 have been the victim of a financial scam. Various studies have found that due to elder financial abuse, seniors lose billions every year.

So, how can you protect yourself and your loved ones from fraud? Vigilance is the key. Here are three common signs of investment scams to be aware of:

New FINRA Guidelines Aim to Protect Seniors from Elder Financial Fraud

July 3, 2017 | Silver Law Group

Learn about the safeguards that can help older investors

The Financial Industry Regulatory Authority (FINRA) is a nonprofit organization overseen by the government and tasked by the securities industry to protect investors through the creation and enforcement of rules and regulations. Periodically, FINRA makes adjustments and revisions to its guidelines, and the agency recently added measures to safeguard elderly investors.

In its 17-13 regulatory notice, FINRA spells out its new principal consideration, one of which is intended to protect vulnerable customers. Focusing on the undue influence a broker could have over a customer, the regulation “reaffirms that financial exploitation of senior and other vulnerable customers should result in strong sanctions.”

Former Wells Fargo Broker Matthew Maczko Faces Additional Fraud Allegations

June 30, 2017 | Silver Law Group

His most recent alleged transgression wasn’t his first

Earlier this year, the Financial Industry Regulatory Authority (FINRA) handed down a permanent ban to Matthew Maczko, a former Wells Fargo broker who had been accused of making excessive trades that earned him almost $600,000 in commissions. And because his client was near 90 when Maczko began handling her money, this may have constituted elder financial fraud.

In our original article, we mentioned that the allegations that resulted in FINRA’s ruling were not the first levied against Maczko. In addition to a $1M settlement stemming from reports of four years of unauthorized trading, there have been several other customer disputes:

FINRA Investigation Results in Career-Ending Decision for Broker Christopher Ariola

June 30, 2017 | Silver Law Group

Ariola allegedly made unsuitable recommendations in high-risk gold and energy stocks to elderly investors.

In December 2016, a disciplinary proceeding by the Financial Industry Regulatory Authority (FINRA) resulted in broker Christopher Ariola being permanently barred from the securities industry. This decision followed a FINRA investigation into Ariola’s termination from Bay Mutual due to the firm’s concerns over recommendations he made to firm customers that were not consistent with firm guidelines.

The investigation uncovered allegations of possible senior financial fraud in that he made unsuitable recommendations to four retirees with limited financial resources and who needed income from those resources. His reported recommendation that these unsophisticated investors concentrate their retirement assets in risky gold and energy stocks was inconsistent with their financial needs and objectives.

FINRA Suspends Registered Individuals in May 2017 for Violations of FINRA Rules

June 19, 2017 | Silver Law Group

According to FINRA Disciplinary actions for May 2017, 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
Dimitris Alifragis
Ricardo Alonzo Jr.
David William Beutler	Wells Fargo Advisors, LLC
David William Beutler	Prudential Securities Incorporated
J. Gordon Cloutier Jr.	Wells Fargo Advisors, LLC
J. Gordon Cloutier Jr.	Merrill Lynch, Pierce, Fenner & Smith Inc.
Donald Joseph Coleman	Citigroup Global Markets Inc.
Charles Maxwell Cox	Wells Fargo Advisors, LLC
Charles Maxwell Cox	Chases Investment Services Corp.
Laura Johnson Craven	State Farm VP Management Corp.
Thomas A. Davis	Wells Fargo Advisors, LLC
Megan Eilers	Wells Fargo Advisors, LLC
Megan Eilers	First Clearing, LLC
Ayrton Pierce Haddad	TD Ameritrade, Inc.
Ayrton Pierce Haddad	E*Trade Securities LLC
Scott William Hartman	Morgan Stanley
Scott William Hartman	Sanford C. Bernstein & Co., LLC
Stephen Johnathan Hoshimi	Crescent Securities Group, Inc.
Stephen Johnathan Hoshimi	Capwest Securities, Inc.
Israel Jurkevicz	J.P. Morgan Securities LLC
Shawn Brett Larkin	Fidelity Brokerage Services LLC
Richard Muzquiz Jr.	J.P. Morgan Securities LLC
Richard Muzquiz Jr.	Chase Investment Services Corp.
Sharon Theresa Noonan	Allstate Financial Services LLC
Sharon Theresa Noonan	Prudential Securities Incorporated
Olateju Samson Oyeniyi
Michael Jason Ripper	International Assets Advisory, LLC
Michael Jason Ripper	LPL Financial LLC
Christopher Peter Rose	State Farm VP Management Corp.
Teresita Santos Santos	Tramsamerica Financial Advisors, Inc.
Teresita Santos Santos	World Group Securities, Inc.
Bimal Kishore Shah	Independent Financial Group, LLC
Bimal Kishore Shah	WRP Investments Inc.
Bryan Michael Snyder	J.P. Morgan Securities LLC
Bryan Michael Snyder	Northwestern Mutual Investment Services, LLC
Cory Ward Taylor	Ameriprise Financial Services, Inc.
Cory Ward Taylor	IDS Life Insurance Company
Xin Wang	JP Morgan Securities LLC
Matthew Edward Witkowski	Vanguard Marketing Corporation
Matthew Edward Witkowski	Edward Jones

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.