Securities Arbitration Lawyers Blog

Former Metlife Broker Brian P. Murphy Under Investigation Over Outside Business Allegations

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Pennsylvania-based Metlife Securities Inc. (CRD# 14251), also known as MSI Financial Services, Inc., broker Brian P. Murphy (CRD# 2953503) over allegations that he conducted outside business activities without the permission of his firm.

According to Murphy’s FINRA BrokerCheck report, Signator Investors, Inc. (CRD# 468) terminated Murphy after Murphy allegedly admitted to conducting an unapproved, outside business activity. FINRA barred Murphy in October 2016 after Murphy failed to respond to a FINRA inquiry.

The discharge follows five other disclosures on his BrokerCheck report. In 2000, Murphy was permitted to resign from his employing firm. In November 2014, Metlife terminated Murphy after he allegedly represented that he had a professional designation that he had not earned. In December 2015, a customer dispute alleging misrepresentations of variable annuities was settled for the full amount demanded.

West Palm Beach, Florida Broker William T. Eaton Under Investigation After FINRA Suspends Him

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Florida-based LPL Financial LLC (CRD# 6413) and Wells Fargo Advisors, LLC (CRD# 19616) (Also known as Wells Fargo Clearing Services) broker William T. Eaton (CRD# 3058469) after FINRA suspended him.

According to Eaton’s FINRA BrokerCheck report, FINRA suspended Eaton from acting as a broker in September 2016. Eaton allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

LPL Financial employed Eaton from August 2015 to November 2016 at its West Palm Beach, Florida location. Wells Fargo Advisors employed Eaton from April 2013 to August 2015 at its Wellington, Florida location. Prior to Wells Fargo and LPL Financial, Suntrust Investment Services, Inc. (CRD# 17499) employed Eaton from July 2011 to April 2013 at its Delray Beach, Florida branch.

Former New York-based Morgan Stanley Broker Under Investigation After Being Permanently Barred by FINRA

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former New York, New York-based broker William V. Siegel (CRD# 4407213) after FINRA permanently barred Siegel from selling securities to the public.

According to Siegel’s FINRA BrokerCheck report, the Financial Industry Regulatory Authority (“FINRA”) suspended Siegel in April 2016 after he failed to comply with an arbitration award or settlement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance with either.

FINRA suspended Siegel despite permanently barring him in October 2015 for failing to respond to a FINRA request for information.

Former Edward Jones Broker Under Investigation for SEC Charges Alleging Theft of $1.2 Million to Remodel Home

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Edward Jones (CRD# 250) broker Bernard M. Parker (CRD# 2010184) after the SEC charged him for stealing investors’ money so he could remodel his home.

Parker has a lengthy list of disclosures according to his FINRA BrokerCheck report. In total, Parker has 14 disclosures.

Parker didn’t start off on the right foot, with his first employing firm, North American Management, Inc., permitting him to resign a mere three years after entering the industry due to an investigation involving the sale of unregistered securities without compliance approval by the firm.

New York City-based Broker Permanently Barred by FINRA; Allegation of VGTel Sale

June 6, 2017 | Silver Law Group

Rafael Santiago (CRD# 2494647) of New York, New York firm Primary Capital, LLC (CRD# 127921) is under investigation after being barred from the securities industry in April 2016.

Santiago, according to his Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report was barred by FINRA after he failed to respond to FINRA’s request for information. Besides that misconduct disclosure on his FINRA BrokerCheck report, he has two other misconduct disclosures.

Santiago has a FINRA arbitration complaint pending where the claimant alleges $495,000 in losses. The complaint, filed in September 2015, according to the BrokerCheck report involve the notorious VGTel stock and Santiago’s involvement with VGTel promotion.

New York City Broker Melanie S. Sweet Under Investigation After FINRA Suspension

June 6, 2017 | Silver Law Group

Silver Law Group is investigating New York City-based broker Melanie S. Sweet (CRD# 2620987) after FINRA suspended her from acting as a broker in December 2016.

Sweet is employed by Hamershlag Sulzberger Borg Capital Markets, Inc. (CRD#:103460)

According to Sweet’s FINRA BrokerCheck report, FINRA suspended Sweet after she failed to respond to a FINRA request for information.

Jupiter, Florida-based Wells Fargo Broker Roberto O. Bastardo Permanently Barred by FINRA

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Jupiter, Florida-based Wells Fargo Advisors, LLC (CRD# 19616) broker Roberto O. Bastardo (CRD# 6570886) after Wells Fargo Advisors discharged him for allegedly attempting to misappropriate customer funds.

According to Bastardo’s FINRA BrokerCheck report, Wells Fargo Advisors discharged Bastardo in September 2016 for attempting to misappropriate over $185,000 from a Wells Fargo Advisors customer. The firm allegedly recovered all but $800 of the misappropriated funds, but authorities were contacted.

FINRA followed up the discharge by permanently barring Bastardo from acting as a broker or otherwise associating with firms that sell securities to the public in November 2016 after Bastardo failed to respond to a FINRA inquiry.

Former Arvest Broker Joe D. Treece Under Investigation for Allegedly Borrowing Money from a Client

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Arkansas-based Arvest Wealth Management (CRD# 42057) broker Joe D. Treece (CRD# 2925735) after FINRA and other state regulators barred him from acting as a broker.

According to Treece’s FINRA BrokerCheck, FINRA permanently barred Treece in October 2016 from acting as a broker or otherwise associating with firms that sell securities to the public after Treece failed to respond to a FINRA request for information.

FINRA then suspended him, according to his BrokerCheck report, in December 2016 after Treece failed to comply with an arbitration award or settlement agreement or failed to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Former California and Texas Broker Willard L. Golightly Under Investigation For Multiple Alleged Securities Violations

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Fresno, California- and San Antonio, Texas-based broker Willard L. Golightly (CRD# 4395250) after FINRA permanently barred him from engaging in certain activities in the securities industry.

According to Golightly’s FINRA BrokerCheck report, FINRA suspended Golightly in December 2016 after Golightly failed to comply with an arbitration award or settlement agreement or to respond to a FINRA inquiry. Including the suspension, Golightly has a litany of other disclosures on his FINRA BrokerCheck report.

In September 2015, FINRA barred Golightly for inappropriately concentrating his customers in low-priced securities and failed to respond to red flags. Golightly additionally failed to maintain and enforce his member firm’s written supervisory procedures.

Ryan E. Cox, Formerly of SunTrust Investment Services, Under Investigation For Allegedly Receiving Cash Gifts

June 6, 2017 | Silver Law Group

Silver Law Group is investigating former Georgia-based SunTrust Investment Services, Inc. (CRD# 17499) broker Ryan E. Cox (CRD# 3018153) over allegations that he accepted cash gifts from his customers.

According to Cox’s FINRA BrokerCheck report, Cox was discharged in March 2015 by his former employer, Synovus Securities, Inc. (CRD# 14023). Synovus alleged that Cox and his wife received cash payments from an unrelated client and Cox knowingly allowed the naming of a spouse as a beneficiary of the same client’s variable annuity policy without disclosure to Synovus.

FINRA followed up Cox’s discharge with a suspension of two months in December 2016. The suspension was related to Cox’s acceptance of cash gifts and Cox falsely stating that he had not received those cash gifts. FINRA also levied a $15,000 fine on Cox.