Securities Arbitration Lawyers Blog

Independent Financial Group Broker Russell Leo Sadler Under Investigation After FINRA Suspends Him for a Year

January 4, 2017 | Silver Law Group

Silver Law Group is investigating Independent Financial Group, LLC (CRD# 7717) broker Russell Leo Sadler (CRD# 2600742) after FINRA suspended him for an entire year over allegations of conducting business outside of his firm.

FINRA suspended Sadler for a full year in September 2016 after the regulatory body and Sadler entered into an Acceptance, Waiver & Consent (“AWC”). According to the AWC, Sadler consented to the entry of findings that he engaged in private securities transactions without providing prior written notice to his member firm or receiving written approval from the firm.

The findings state that Sadler invested at least $200,000 in the securities of a company which had proposed to build a movie studio in Plymouth, Massachusetts.

Former Pennsylvania LPL Financial Broker Under Investigation After FINRA Permanent Bar from the Industry

January 4, 2017 | Silver Law Group

Silver Law Group is investigating former Pennsylvania-based LPL Financial LLC (CRD# 6413) broker David Garrett Shaw (CRD# 4146204) after FINRA permanently barred him.

FINRA permanently barred Shaw in August 2016 after he failed to respond to a FINRA inquiry for information. The bar permanently precludes Shaw from acting as a broker or otherwise associating with firms that sell securities to the public.

The bar follows a FINRA arbitration filing in March 2016 that is currently pending. The FINRA arbitration alleges misrepresentation and unsuitable recommendations.

FINRA has Permanently Barred LPL Financial Broker Paul Dorion

January 4, 2017 | Silver Law Group

FINRA has Permanently Barred LPL Financial Broker Paul Dorion on silverlaw.com

Churning and aggressive trading were two allegations leveled against the Vermont broker

In July of 2016, the Financial Industry Regulatory Authority (FINRA) sent a letter out to broker Paul Dorion letting him know that he was being suspended due to a number of allegations. Dorion had until October to supply FINRA with more information in order to terminate the suspension, but because he failed to do so, he is now barred permanently from conducting business with any FINRA member.

Over the course of his 32-year career, Dorion worked for three different brokerage firms. In 1983, he began with American Capital Financial Services, INC. before moving on to Nathan & Lewis Securities, INC. in New York City. In 1992, Dorion started working for LPL Financial LLC out of Killington, Vermont.

Former New York-based Meyers Associates Broker Under Investigation After FINRA Bar From the Industry

December 29, 2016 | Silver Law Group

Silver Law Group is investigating former Meyers Associates, L.P. (CRD# 34171) broker John E. Buonocore (CRD# 2337214) after FINRA permanently barred him amidst unsuitable recommendations and churning allegations. This is the second Meyers Associates broker our firm has investigated at the same New York, New York location of Meyers Associates, the third one in less than six months.

According to Buonocore’s FINRA BrokerCheck report, Buonocore entered into an Acceptance, Waiver & Consent (“AWC”) with FINRA agreeing to a permanent bar. According to the AWC, Buonocore refused to appear for on-the-record testimony as requested by FINRA in connection with an investigation into certain trading anomalies at his member firm which may have affected the accounts of one or more of Buonocore’s customers.

According to Buonocore’s FINRA BrokerCheck report, Buonocore has had four FINRA arbitrations filed against him. One FINRA arbitration alleging unsuitable recommendations settled in April 2004 for $58,000. Another FINRA arbitration alleging unsuitable recommendations and churning settled in July 2014 for $315,000.

FINRA Permanently Bars Boca Raton Broker James Ignatowich

December 29, 2016 | Silver Law Group

FINRA Permanently Bars Boca Raton Broker James Ignatowich on silverlaw.com

The Newbridge Securities Corporation broker allegedly provided false information to regulators, among other transgressions

According to the Financial Industry Regulatory Authority (FINRA), Boca Raton broker James Ignatowich is reported to have failed to comply with a Consent Order entered into January 13, 2016 with the State of New Hampshire. As part of the Consent Order, Ignatowich was expected to make payments and file a lien on his personal residence, but he failed to do so. The regulatory agency has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

In March 2015, the Newbridge Securities Corporation broker was temporarily suspended in New Hampshire for allegedly performing unlawful telemarketing and providing inaccurate and misleading information to the regulator during the investigation.

Broker Dawn Bennett Has Suspension Lifted by FINRA

December 29, 2016 | Silver Law Group

Broker Dawn Bennett Has Suspension Lifted by FINRA on silverlaw.com

Though she is not currently licensed, she was last employed as a broker with Western International Securities in Washington, DC

In August of 2016, Dawn Bennett was contacted by the Financial Industry Regulatory Authority (FINRA) with a request for information regarding an “investigation involving potentially serious violations.” Because Bennett didn’t respond, the agency suspended her. Although the suspension was lifted a short time later, the investigation continues.

Most recently, Bennett worked for Western International Securities in Washington, DC from October 2009 to December 2015. Prior to that Bennett has worked for a number of firms, including Royal Alliance Associates in Washington, DC, Legg Mason Wood Walker in Baltimore, and Citigroup Global Markets in New York City.

Michael Siegel Suspended and then Permanently Barred by FINRA

December 29, 2016 | Silver Law Group

Michael Siegel Suspended and then Permanently Barred by FINRA on silverlaw.com

The New Jersey broker faces an assortment of serious allegations

Michael Siegel is no longer allowed to have anything to do with any member firms of the Financial Industry Regulatory Authority (FINRA). First suspended in July of 2016, Siegel was later permanently barred by FINRA for failing to respond to the agency’s request for information.

Beginning with Broadway Financial Investment Securities Corp. in 1989, over the next three decades, Siegel was registered with firms in St. Louis, San Diego, and New York City. Primarily, though, he conducted business out of New Jersey, last working for National Securities Corporation in Edison in May of 2016.

Former Raymond James Broker Subject to $4.8 Million Customer Complaint Following Termination

December 29, 2016 | Silver Law Group

Silver Law Group is investigating former Raymond James & Associates, Inc. (CRD# 705) broker John Nelson Crook (CRD# 2715424) after a customer filed a FINRA arbitration alleging $4.8 million in damages.

According to Crook’s FINRA BrokerCheck report, Crook’s customer filed a FINRA arbitration against Crook alleging churning/excessive trading and commissions; unauthorized trading; unsuitability; breach of fiduciary duty; fraud/intentional misrepresentation and omission; negligence/gross negligence; breach of contract; and violations of Georgia Blue Sky Law. The FINRA arbitration alleges damages in the amount of $4.8 million.

Prior to the filing of the FINRA arbitration, Crook was discharged by Raymond James due to “loss of confidence” in Crook. According to Crook’s BrokerCheck report, Crook was terminated because he did not respond candidly to a supervisory review of Crook’s trading activity in a customer’s account and did not provide plausible explanations for said trading activity.

Former Florida-based Center Street Securities Broker Satya Shaw Under Investigation After Florida Opens an Investigation

December 29, 2016 | Silver Law Group

Silver Law Group is investigating Wesley Chapel, Florida-based Center Street Securities, Inc. (CRD# 26898) broker Satya Brata Shaw (CRD# 1229175) after the Florida Office of Financial Regulation opened an investigation into the broker. Our firm is interested in speaking with you if you have worked with Shaw.

In November 2016, the Florida Office of Financial Regulation initiated an investigation into Shaw for violations of state, federal and industry rules and regulations, according to Shaw’s FINRA BrokerCheck report.

The investigation follows a string of settlements between other state regulatory bodies between 2009 and 2016. In total, Shaw has been fined or sanctioned by six different states in a total of seven regulatory actions, according to his BrokerCheck report.

Boston Broker Noel Fleming is Permanently Barred by FINRA

December 28, 2016 | Silver Law Group

Boston Broker Noel Fleming is Permanently Barred by FINRA on silverlaw.com

The Revere Securities LLC broker’s 26-year securities career is over

After 26 years in the securities industry, Noel Fleming has been permanently barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or otherwise associating with firms that sell securities to the public.

In December 2015, a customer dispute was recorded on Fleming’s FINRA BrokerCheck report that included allegations of unsuitable investments, violation of Michigan Securities Act, violation of FINRA conduct rules, breach of fiduciary duty/constructive fraud, negligence, negligent supervision and churning, which is excessive trading for the purpose of generating commissions.