Securities Arbitration Lawyers Blog

Former Pennsylvania-based Raymond James Broker Under Investigation for Allegations of Accepting Undisclosed Loans From Customers

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Pennsylvania-based Raymond James Financial Services, Inc. (CRD# 6694) Jeffrey S. Ingros (CRD# 2091822) after FINRA permanently barred him.

The most recent trouble with Ingros came in February 2016 when Raymond James permitted Ingros to resign after Ingros disclosed to the firm that he accepted loans from customers without prior written approval from the firm and failed to disclose those loans on the firm’s annual compliance attestations, according to his FINRA BrokerCheck report.

Not even a month later, Ingros entered into an Acceptance, Waiver & Consent (“AWC”) consenting to sanctions and the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during its investigation into the aforementioned allegations as well as allegations that he engaged in outside business activities. FINRA permanently barred Ingros for his failure to appear.

Former Coral Gables, Florida-based UBS Broker Under Investigation for Allegations of Unauthorized Trading

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Coral Gables, Florida broker James P. Scullin (CRD# 1577362) for unauthorized trading in customer accounts among other allegations.

According to Scullin’s FINRA BrokerCheck report, UBS Financial Services Inc. (CRD# 8174) terminated Scullin when UBS learned that he actively traded in an undisclosed commodities account outside UBS, exercised discretion without written authorization in violation of firm policy, and entered an unauthorized trade.

According to an Acceptance, Waiver & Consent (“AWC”) entered into between FINRA and Scullin in May 2016, FINRA found that Scullin placed a trade of over $5 million without informing the individuals with authority over the account. Further, when one of the individuals questioned the unauthorized trade, Scullin concealed the trade.

What is the Senior Safe Act?

May 24, 2017 | Silver Law Group

Find out how the proposed law would help protect the elderly

Elder financial fraud in the U.S. has now reached an epidemic level. According to an estimate from the Government Accountability Office (GAO), seniors are scammed out of almost $3 billion every year. Fortunately, plans are in the works to help stop this growing problem.

Earlier this year, Senators Susan Collins and Claire McCaskill introduced the Senior Safe Act. This bipartisan legislation aims to protect older people from financial exploitation and fraud. If passed, support would be given to regulators and financial institutions to educate employees about identifying and preventing abuse.

6 Resources That Will Help You Understand, Prevent, and Address Elder Financial Fraud

May 22, 2017 | Silver Law Group

Knowledge is power when looking to prevent or address elder financial fraud

Sadly, it seems as though a week can’t go by without elder financial fraud making the news. Whether it’s at the hands of a family member or a financial professional, elder financial abuse continues to be rampant in the U.S.

One of the best ways for you or your older loved ones to avoid being victimized by elder financial fraud and abuse is by being vigilant, and you can do this by staying informed. Here are some excellent resources that can provide you with valuable information:

FINRA plays an important role in our financial system. Learn how.

May 22, 2017 | Silver Law Group

Learn how the organization protects you as an investor

If you have been investing for a while or you follow news about the securities industry, you have probably heard about the Financial Industry Regulatory Authority, also known as FINRA. Though not a part of the government, FINRA is given authority by Congress to ensure the “broker-dealer industry operates fairly and honestly.” FINRA employs more than 3,500 people, but because it is a nonprofit, no taxpayer money is used to keep the organization running.

What does FINRA do?

The SEC Guide to Protecting Seniors Against Investment Fraud

May 19, 2017 | Silver Law Group

The SEC guide offers a variety of suggestions to help senior citizens protect their assets from fraud

An estimated 7.3 million American seniors have been victimized by financial or investment fraud, and most experts believe that elder financial fraud is becoming more of an issue as the population ages. Each year, the SEC shuts down and investigates millions of dollars’ worth of investment scams aimed at seniors and other vulnerable groups. That means it’s never been more important to understand the signs of financial abuse, and a new guide published by the SEC’s Office of Investor Education and Advocacy helps seniors do just that. In a nutshell, here’s what it says:

Asking smart questions is key to keeping your portfolio safe

Good News About Elder Financial Fraud?

May 19, 2017 | Silver Law Group

Yes and no. One survey states the proportion of elder financial fraud victims is down, but thieves are choosing more lucrative targets

According to estimates, billions of dollars are stolen from elderly people every year. Whether by financial professionals, caregivers, or even family members, financial elder fraud has been rampant in the U.S. for years.

“Older Americans make attractive targets for financial exploitation because many have accumulated some wealth in the form of retirement savings or home equity,” said Richard Cordray, direction of the Consumer Financial Protection Bureau (CFPB). “They can be isolated and lonely, and some may have impaired physical or mental capacity that makes them especially vulnerable.”

Older Americans Face Exploitation and Financial Abuse in Record Numbers

May 11, 2017 | Silver Law Group

A report from the Florida Bar Journal cites studies indicating elder financial abuse is a growing trend

The number of elderly Americans is growing like never before. Census projections indicate that Americans 65+ will make up more than one-fifth of the U.S. population within 30 years, but despite the increasing numbers of older Americans, as a group, their quality of life has not necessarily kept pace. Improvements in healthcare are keeping people alive for longer, but they can’t always prevent cognitive disorders like dementia, which currently affects 5 million sufferers in the U.S. American family values have also changed – and with the fall of the multigenerational household, many children of older Americans no longer feel as obligated to directly care for them.

That leaves millions of Americans at home and often alone. And for many financial fraudsters, 80+ individuals are prime targets. Elderly individuals, some of whom suffer from dementia, can sometimes be easily convinced to sign checks, turn over sensitive account information, and reveal personal details about savings, investments, and credit cards. With older Americans at risk, how can we protect them?

New York Study Exposes the Hard Truth About the Cost of Elder Financial Fraud

May 9, 2017 | Silver Law Group

Raising awareness about the exploitation of seniors and vulnerable adults.

It’s an unfortunate fact: senior citizens are common targets for individuals seeking to take advantage of them, especially when it comes to money. As the exploitation of senior citizens and vulnerable adults continues to rise, the New York State Office of Children and Financial Services (OCFS) has taken the lead in researching just how broad-reaching and costly this crime truly is.

In a 2016 press release, OCFS announced the results of its study of the impact of financial crimes against the elderly. The study, titled The New York State Cost of Financial Exploitation, represents the combined efforts of numerous state agencies seeking to raise awareness of elderly financial fraud and aims to aid in preventing continued exploitation.

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

May 8, 2017 | Silver Law Group

According to FINRA Disciplinary actions for April 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
Miguel Anel Aguilar	MML Investors Services, LLC
Miguel Anel Aguilar	Northwestern Mutual Investment Services, LLC
Steven Preston Alexander	Citizens Securities, Inc.
Steven Preston Alexander	CUNA Brokerage Services, Inc.
Jared Cody Artho	J.P. Morgan Securities LLC
Amadou Bah	Maxim Group LLC
Amadou Bah	Garden State Securities, Inc.
Michael W Benjamin	State Farm VP Management Corp.
John W. Boals	Allstate Financial Services, LLC
Lionel Brooks Jr.	Merrill Lynch, Pierce, Fenner & Smith Inc.
Lionel Brooks Jr.	Oppenheimer & Co. Inc.
Amanda Yvette Burnett	Invest Financial Corporation
Sandra Canaba	LPL Financial LLC
Sandra Canaba	Chase Investment Services Corp.
Joni Carrera
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
Chad Daniel Hornaday	AXA Advisors, LLC
Chad Daniel Hornaday	National Planning Corporation
Stephen Johnathan Hoshimi	Crescent Securities Group, Inc.
Stephen Johnathan Hoshimi	Capwest Securities, Inc.
Matthew J. Houtz	Raymond James & Associates, Inc.
Jennifer Rebecca Johnson	Ameriprise Financial Services, Inc.
Jennifer Rebecca Johnson	Edward Jones
Adam Anthony Jurczyk	J.P. Morgan Securities LLC
John James Joseph Labrie	J.P. Morgan Securities LLC
John James Joseph Labrie	Chase Investment Services Corp.
Alexander Lewis	Northwestern Mutual Investment Services LLC
Derek James Longmuir	Advisors Asset Management, Inc.
Derek James Longmuir	First Trust Portfolios LP
Elijah Robert Maldonado	J.P. Morgan Securities LLC
Elijah Robert Maldonado	Chase Investment Services Corp.
David K. Mallett	Wunderlich Securities, Inc.
David K. Mallett	Stephens Inc.
Raymond Edward Martin
Quinn Alexander McClendon	Citizens Securities, Inc.
Quinn Alexander McClendon	Mutual of Omaha Investor Services, Inc.
Luan Quoc Nguyen	Pruco Securities, LLC
Andrew Michael Pritchard	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	J.P. Morgan Securities LLC
Nathan Robert Trodahl	State Farm VP Management Corp.
Daniel L. Waters	Fidelity Brokerage Services LLC
Sherman Marcel White	Wayne Hummer Investments LLC
Sherman Marcel White	US Bancorp Investments, Inc.
Brian Scot Winchester	Securities America, Inc.
Brian Scot Winchester	Sunset Financial Services, Inc.
William Brian Wyman	Ameriprise Financial Services, Inc.
William Brian Wyman	Royal Alliance Associates, Inc.
Kevin Jin Yi	Voya Financial Advisors, Inc.
James Seokhoon Yoon	J.P. Morgan Securities LLC
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.