Securities Arbitration Lawyers Blog

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker

February 17, 2017 | Silver Law Group

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker on silverlaw.com

Prospera Financial Services, Inc. broker failed to respond to FINRA requests for information, resulting in a permanent ban from the industry

After 22 years in the securities industry, practicing both as a broker and an investment adviser, Rhonda Matthews’ securities career is over. According to the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report on Matthews, she allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA’s request to provide information concerning the status of compliance.

Prior to her employment as a broker with Prospera Financial Services, Inc. from June 2013 to December 2015, Matthews was employed by Wells Fargo Advisors Financial Network, LLC in Austin, TX from January 2010 to June 2013. Matthews was discharged by Wells Fargo Advisors Financial Network for allegedly failing to follow firm policy regarding contacting customers prior to each trade.

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently

February 17, 2017 | Silver Law Group

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently on silverlaw.com

The broker had been accused of making unsuitable recommendations

Michael Inderlied is no longer allowed to work in any capacity as a broker that sells securities to the public. This order came down from the Financial Industry Regulatory Authority (FINRA) in September of 2016 after Inderlied failed to appear for an on-the-record testimony regarding allegations of unsuitable recommendations.

Inderlied began his career in 1991 and worked for 10 firms over a 24-year span, including and most recently:

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA

February 17, 2017 | Silver Law Group

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA on silverlaw.com

The broker is reported to have made investments to generate commissions for himself

Lucas Lichtman cannot act as a broker again until July of 2017. In October of 2016, the Financial Industry Regulatory Authority (FINRA) handed him a nine-month suspension – as well as a fine of $7,500 – due to allegations that he made unsuitable recommendations that also resulted in extra commissions.

A relatively new broker, Lichtman has only worked in New Jersey, first for Investors Capital Corp. out of Englewood Cliffs in 2008. He then joined World Equity Group, Inc. also in Englewood Cliffs; then SWS Financial Services located in Tenafly. Lichtman’s most recent firm was another Englewood Cliff outfit: Caldwell International Securities. It was there that he was accused of making unsuitable recommendations and churning.

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA

February 17, 2017 | Silver Law Group

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA on silverlaw.com

Goslin failed to disclose outside business activity from which he profited

After an investigation, the Financial Industry Regulatory Authority (FINRA) suspended broker Christopher Goslin for one month and fined him $5,000. Goslin agreed to the sanctions, though he didn’t admit to or deny the findings.

According to FINRA, Goslin conducted outside business activity related to a limited liability corporation, from which he received monetary distributions. Goslin was required to submit a notice in writing about this activity and receive approval, which he failed to do.

FINRA Fines and Suspends Robert Estevez

February 17, 2017 | Silver Law Group

FINRA Fines and Suspends Robert Estevez on silverlaw.com

The broker’s unsuitable recommendations caused clients to lose money

In September of 2016, broker Robert Estevez received a fine and suspension from the Financial Industry Regulatory Authority (FINRA). The penalties were the result of an investigation by the agency that discovered Estevez made unsuitable recommendations to his clients.

According to FINRA, Estevez recommended short-term steepeners. Steepeners are structured products with returns reliant on the spread between long- and short-term interest rates. Estevez made the recommendations as part of a short-term investment strategy, and many clients ended up buying steepeners at full price and then selling them for a loss. Overall, Estevez’s customers lost a total of about $24,000.

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

February 17, 2017 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Roberto Omar Bastardo	Wells Fargo Advisors, LLC
Bernard B. Beal	Blaylock Robert Van LLC
Bernard B. Beal	M.R. Beal & Company
Christopher John Calandrino	Joseph Stone Capital LLC
Christopher John Calandrino	Cape Securities Inc.
Munaem Choudhury	Chelsea Financial Services
Munaem Choudhury	Brookstone Securities, Inc
Donald Joseph Coleman	Citigroup Global Markets Inc.
Dawn Deshean Davenport	J.P. Morgan Securities LLC
Thomas A. Davis	Wells Fargo Advisors, LLC
John Scott Elliott	Ameriprise Financial Services, Inc.
Sherman Lee Greer	LPL Financial LLC
Sherman Lee Greer	UVest Financial Services Group, Inc.
John Francis Hart	WFG Investments, Inc.
John Francis Hart	Questar Capital Corporation
Raul Enrique Jacobs	Waddell & Reed
Raul Enrique Jacobs	T2 Asset Management, LLC
Adela Ovadia Levy
Derrick Joseph Luttrell	Merrill Lynch, Pierce, Fenner & Smith Inc.
Derrick Joseph Luttrell	Charles Schwab & Co. Inc.
Roxanna Andrea Marin	Wells Fargo Advisors, LLC
Farid Morim	J.P. Morgan Securities LLC
Farid Morim	Chase Investment Services Corp.
Ryan Edward O’Neal Jr.
Brian Thomas Perry	Ameriprise Financial Services, Inc.
Brian Thomas Perry	IDS Life Insurance Company
Francesco Anthony Scarso	First Standard Financial Company LLC
Francesco Anthony Scarso	PHX Financial, Inc.
Keith Patrick Sequeira	Royal Alliance Associates, Inc.
Keith Patrick Sequeira	Wells Fargo Advisors, LLC
Bryan Michael Snyder	J.P. Morgan Securities, LLC
Bryan Michael Snyder	Northwestern Mutual Investment Services, LLC
Melanie Sherry Sweet	Hamershlag Sulzberger Borg Capital Markets
Melanie Sherry Sweet	Southlake Capital, 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.

Registered Individuals Suspended by FINRA in February 2017 for Failure to Comply with FINRA Rules

February 17, 2017 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Michael Allen Becking	Wells Fargo Advisors, LLC
	Chase Investment Services Corp.
Vladimir Belyaev	Avenir Financial Group
	Coastal Equities, Inc.
Alina Brindusescu	U.S. Bancorp Investments, Inc.
	HSBC Securities (USA) Inc.
Scott Louis Capone	Morgan Stanley Smith Barney
	WM Financial Services, Inc.
Mckyle Clyburn	GunnAllen Financial, Inc.
	Maximum Financial Investment Group, Inc.
Ronald Scott Cole	UBS Financial Services Inc.
	Morgan Stanley Smith Barney
Willard Lee Golightly	Kelly Compton Investments LLC
	SCF Securities, Inc.
Gerard Chandler Gremillion	Profinancial, Inc.
	Chad Gremillion
Ross H. Mandell	Sky Capital LLC
	Granta Capital Group LLC
Dan Moss Jr.	Morgan Stanley Smith Barney
	UBS Financial Services Inc.
Manoj Pataudi Mudgal	Morgan Stanley
	Chase Investment Services Corp.
Richard James Murphy	Tullett Prebon Financial Services LLC
	Citation Financial Group, LP
Drew Anthony Romeo	Morgan Stanely
	UBS Financial Services Inc.
Rob Salinger	U.S. Bancorp Investments, Inc.
	Merrill Lynch, Pierce, Fenner and Smith Inc.
Michael David Schwartz	Merrill Lynch, Pierce, Fenner and Smith Inc.
	Barclays Capital Inc.
Leonard Gregory Stover	Cetera Advisors LLC
	Ameriprise Financial Services, Inc.
Joe Don Treece	Arvest Wealth Management
	Raymond James & Associates, Inc.
Christopher Robert Vanstelle	Steelpoint Securities, LLC
	WBB Securities, LLC
Stephen Arnold Vaughan	Ameriprise Financial Services, Inc.
	Ameriprise Advisor Services, Inc.
Richard Diego Vega	Raymond James & Associates, Inc.
	Morgan Stanley Smith Barney

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 for Failure to Comply with FINRA Rules in February 2017

February 17, 2017 | Silver Law Group

According to FINRA Disciplinary actions for February 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
Troy Christopher Baldridge	Capital Securities Management, Inc.
Troy Christopher Baldridge	Anderson & Strudwick, Inc.
Shawn Aaron Bedford	Edward Jones
William Joseph Broccio	Meyers Associates, LP
William Joseph Broccio	Blackbook Capital, LLC
Michael James Coolican IV	LPL Financial LLC
Michael James Coolican IV	Edward Jones
Brian Michael Gamard	Spartan Capital Securities, LLC
Brian Michael Gamard	John Thomas Financial
Brian Marc Kennison	U.S. Bancorp Investments, Inc.
Brian Marc Kennison	Financial West Group
Jonathan H. Lowell
Sekou Mansur McClendon	Equinox Securities, Inc.
Sekou Mansur McClendon	Cape Securities, Inc.
Neil David Pecker	Coastal Equities, Inc.
Neil David Pecker	Vision Financial Partners, LLC
Patrick Lee Perales	Wells Fargo Advisors, LLC
Jean Paul Pierre
Bryan Daniel Quigley	MetLife Securities Inc.
Bryan Daniel Quigley	New England Securities
Kimberly Charisse Rice	Fidelity Brokerage Services LLC
Jon Brett Schmidhammer	Stifel, Nicolaus & Company
Jon Brett Schmidhammer	Merrill Lynch, Pierce, Fenner & Smith Inc.
Jay Steven Sutherland	Ameriprise Financial Services, Inc.
Jay Steven Sutherland	Wells Fargo Advisors, LLC
Patrick Justin White, Sr.	Laidlaw & Company (UK) Ltd.
Patrick Justin White, Sr.	Blackbook Capital 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.

Arizona LPL Financial Broker Dominic T. DeBruin Under Investigation After FINRA Bar

February 10, 2017 | Silver Law Group

Silver Law Group is investigating former Arizona-based LPL Financial LLC (CRD# 6413) broker Dominic T. DeBruin (CRD# 2788196) after FINRA permanently barred the broker.

According to DeBruin’s FINRA BrokerCheck report, FINRA permanently barred DeBruin from acting as a broker or otherwise associating with firms that sell securities to the public.

According to the FINRA BrokerCheck report, DeBruin, without admitting or denying the findings, consented to FINRA entry of findings that he refused to provide information and documents and to appear for on-the-record testimony as requested by FINRA.

Failure to Comply with FINRA Request Terminates Broker Lance Shaw’s Securities Industry Career – Follow Up

February 3, 2017 | Silver Law Group

Failure to Comply with FINRA Request Terminates Broker Lance Shaw’s Securities Industry Career – Follow Up on silverlaw.com

His former firm, LPL Financial, is facing serious accusations

In November, we chronicled the history of Lance Shaw and why FINRA barred him from ever working as a broker again. Over the course of his 15-year career, he was involved in eight customer disputes, with the majority of them related to unauthorized trading.

One of those disputes occurred while Shaw was working for LPL Financial, LLC, and it involved allegations of unsuitable investments and excessive trading of a client’s retirement account. The damages granted totaled $175,000.