Securities Arbitration Lawyers Blog

Have You Invested Your Hard-Earned Money with Broker Scott Erik Aabel?

January 31, 2017 | Silver Law Group

Have You Invested Your Hard-Earned Money with Broker Scott Erik Aabel? on silverlaw.com

Once again, Nokomis, Florida-based broker is sanctioned and fined by FINRA.

When investing with a broker, it’s important to know his or her own financial background. For instance, if you invested with Scott Aabel anytime since his early days in the securities industry with Lutheran Brotherhood Securities Corp. in 1991, you might be interested to know that he has at least four judgment/liens or financial complaints lodged against him in his personal financial life.

In addition to the personal financial disclosures on Aabel’s BrokerCheck report, there are a reported ten customer disputes requesting upwards of $600,000 lodged against the Florida broker. The Financial Industry Regulatory Authority (FINRA) report lends insight about the allegations relating to Aabel’s 25-year securities industry career.

Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired

January 31, 2017 | Silver Law Group

Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired on silverlaw.com

The Florida broker has been charged with numerous violations over the past three years

The Financial Industry Regulatory Authority (FINRA) recently suspended broker Paul McLellan Alexander, Jr. after finding that he made transactions while exercising discretion, though he didn’t have written authorization from his clients. His firm reportedly hadn’t accepted the accounts as discretionary, either. Although he didn’t admit or deny the charges, Alexander agreed to the 20-day suspension and to pay a fine of $5,000.

Over 14 years, Alexander worked for three firms, beginning with A. G. Edwards & Sons, Inc. out of St. Louis, MO. He then moved to Palm Beach Gardens, FL, where he first joined Merrill Lynch, Pierce, Fenner & Smith Inc. and then Raymond James & Associates, Inc. Currently not registered with a firm, Alexander was permitted to resign from Raymond James after admitting that he had taken time and price discretion for his clients.

FINRA Permanently Bars Jay Jules Gruenebaum

January 27, 2017 | Silver Law Group

The Zanesville, Ohio-based broker is accused of making unauthorized payments to clients and has been discharged from his member firm

In May 2016, Stifel, Nicolaus & Company, Inc. discharged broker Jay Gruenebaum from its employ alleging that he made unauthorized payments to customers. As a result of his termination, the Financial Regulatory Authority (FINRA) launched an investigation into the circumstances that caused the member firm to take such action.

During its investigation, FINRA requested that Gruenebaum appear for on-the-record testimony, a request which Gruenebuam refused. In October 2016, due to his failure to appear, Gruenebaum was permanently barred by FINRA from acting as a broker or having any association with firms that sell securities.

Dawson James Securities Broker Steven Colacurcio Suspended and Fined by FINRA

January 27, 2017 | Silver Law Group

Dawson James Securities Broker Steven Colacurcio Suspended and Fined by FINRA on silverlaw.com

The Boca Raton broker allegedly exercised discretionary power without the consent of a customer or his member firm

In August 2016, the Financial Industry Regulatory Authority (FINRA) took action against Boca Raton-based broker Steven Colacurcio. The Dawson James Securities broker was fined $5,000 and suspended for 15 business days by FINRA for allegedly exercising discretionary power in a customer’s account without obtaining prior written authorization from the customer, and without having the account accepted as a discretionary account by his employing member firm.

Previous customer disputes filed against Steven Colacurcio include allegations of breach of contract, negligence, breach of fiduciary duty, and misrepresentation. Misrepresentation occurs when a broker “intentionally or fraudulently misrepresents a material fact or omits material information related to a security,” and it can result in legal action, including the possible recovery of losses through securities arbitration.

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA

January 26, 2017 | Silver Law Group

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA on silverlaw.com

Prior to the regulatory action, Ameritas Investment discharged Silva for violating firm policy

After seven years in the securities industry, Omaha, Nebraska broker Nathan Silva has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The Financial Regulatory Authority (FINRA) report on Silva’s actions indicates that he spent his entire career with Ameritas Investment Corporation.

According to his FINRA BrokerCheck report, Silva was discharged from Ameritas Investment in November of 2014 for violating firm policy. The allegations against him from his former employer include commingling of client funds, participating in non-approved, outside business activities, and using a non-approved method of communication (texting) all of which are violations of firm policies.

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update

January 26, 2017 | Silver Law Group

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update on silverlaw.com

A former client is seeking more than $2 million in damages

In July of 2016, a customer dispute alerted the Financial Industry Regulatory Authority (FINRA) to broker Michael Siegel. What first resulted in a suspension later became a permanent ban when he didn’t respond to the agency’s request for additional information.

Over a span of three years, Siegel was alleged to have been involved in many dubious activities, including fraud, misrepresentation, and churning. All are serious charges, and churning is troublesome because it means Siegel excessively traded his clients’ investments for the express purpose of benefiting himself with extra commissions.

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA

January 26, 2017 | Silver Law Group

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA on silverlaw.com

Several customer disputes led to the sanction against the former Cetera Advisors, LLC broker

As of June of 2016, Daniel Vasquez is no longer permitted to act as a broker. He was given a lifetime suspension from the Financial Industry Regulatory Authority (FINRA) for not offering any information regarding several customer disputes.

In 1998, Vasquez began his career with Dean Witter Reynolds Inc. Over the next nine years, he worked for five other firms around the US: Paulson Investment Company, Inc. in Chicago; Brookstreet Securities Corp. in San Juan Capistrano, CA; PMB Securities Corp. out of Newport Beach, CA; SunAmerica Securities, Inc. in Phoenix; and AIG Financial Advisors, Inc. in Mission Viejo, CA.

National Securities Corporation Broker Leigh M. Garber Suspended by FINRA

January 25, 2017 | Silver Law Group

Silver Law Group is investigating New Woodstock, New York-based National Securities Corporation (CRD# 7569) Leigh M. Garber (CRD# 2768572) after FINRA fined the broker $10,000 and suspended her for three months.

According to Garber’s FINRA BrokerCheck report, in October 2016, FINRA and Garber entered into an Acceptance, Waiver & Consent (“AWC”) concerning the allegations.

Without admitting or denying the findings, Garber consented to the sanctions and certain findings. According to the AWC, Garber, as president and CEO of a Ridgeway & Conger, allowed her member firm to conduct a securities business while not maintaining sufficient net capital. According to the AWC, Garber was responsible for the firm’s net capital compliance.

Former New York Ridgeway & Conger Broker Kenley Brisard Under Investigation

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Jericho, New York Ridgeway & Conger, Inc. (CRD# 113055) Kenley Brisard (CRD# 2641960) after FINRA permanently barred the broker.

According to Brisard’s FINRA BrokerCheck report, FINRA permanently barred Brisard.

According to Brisard’s BrokerCheck report, in January 2016 Brisard was named a respondent in a FINRA complaint alleging that he sold an unregistered security. FINRA found that Brisard sold unsuitable investments at undisclosed markups of 14-33 percent using general solicitation emails that fraudulently misrepresented the product and the respondent’s role in its development.

Former Revere Securities Broker Noel Fleming Under Investigation After FINRA Bars Him

January 25, 2017 | Silver Law Group

Silver Law Group is investigating former Boston-based Revere Securities LLC (CRD# 14178) broker Noel Fleming (CRD# 2030824) after FINRA permanently barred him.

According to Fleming’s FINRA BrokerCheck report, FINRA permanently barred Fleming in July 2016 when he failed to respond to a FINRA inquiry.

Fleming’s BrokerCheck reflects that he racked up numerous tax liens and judgments totaling $150,000 between 2010 and 2014. In that same period, there were three financial disclosures that were compromises to pay the debts.