Securities Arbitration Lawyers Blog

FINRA Suspends Registered Individuals in October 2016 for Violations of FINRA Rules

November 4, 2016 | Silver Law Group

According to FINRA Disciplinary actions for October 2016, 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
Maricela Alvarez	JP Morgan Securities LLC
Rushton Leigh Ardrey III	Newport Coast Securities, Inc.
Rushton Leigh Ardrey III	White, Weld & Co. Securities, LLC
Michael Benjany	National Securities Corporation
Michael Benjany	JP Morgan Securities LLC
Kristen Denys Bartley	Morgan Stanley
Kristen Denys Bartley	Touchstone Securities, Inc.
Dawn Bennett	Western International Securities, Inc.
Dawn Bennett	Royal Alliance Associates, Inc.
Terry Stephen Carraher	LSA Securities, Inc.
Terry Stephen Carraher	Allstate Financial Services, LLC
Christopher Jeffrey Daniel	Merrill Lynch, Pierce, Fenner & Smith Inc.
Christopher Jeffrey Daniel	Charles Schwab & Co., Inc.
Paul Edward Dorion	LPL Financial LLC
Paul Edward Dorion	Nathan & Lewis Securities, Inc.
John Ezmat	AXA Advisors, LLC
Noel Flemming	Revere Securities LLC
Noel Flemming	Jesup & Lamont Securities Corp
Yohandy Gonzalez	JP Morgan Securities LLC
Yohandy Gonzalez	AXA Advisors, LLC
Stephen Duncan Grant	Security Research Associates, Inc.
Stephen Duncan Grant	Legend Merchant Group, Inc.
James Walter Ignatowich	Newbridge Securities Corporation
James Walter Ignatowich	Investors Capital Corp.
EvaJean Marie Jackson	Equinox Securities, Inc.
Oded Joseph Jacobwitz	Securities America, Inc.
Oded Joseph Jacobwitz	JP Morgan Securities LLC
Russell A. Kellock	Charles Schwab & Co., Inc.
Dana Liesl McMillin	Jackson National Life Distributors LLC
Christopher A. Parris	The Lucian Group
Christopher A. Parris	Nationwide Securities, Inc.
Myrna Margarita Perez	Morgan Stanley
Myrna Margarita Perez	Lehman Brothers Inc.
Raymond John Pirrello Jr.	Garden State Securities, Inc.
Raymond John Pirrello Jr.	The Concord Equity Group, LLC
Robinson Rodriguez	JP Morgan Securities LLC
David Aaron Seigerman	Janney Montgomery Scott LLC
David Aaron Seigerman	Morgan Stanley
Michael Alan Siegel	National Securities Corporation
Michael Alan Siegel	Concorde Investment Services, LLC
Stewart Field Smith	Center Street Securities, Inc.
Stewart Field Smith	Questar Capital Corporation
Frank Rowlin Underhill Jr.	Underhill Securities Corp.
Frank Rowlin Underhill Jr.	DRF Business and Financial Services, LLC
William Upchurch Jr.	PFS Investments Inc.
William Upchurch Jr.	Primerica Financial Services
Travis Michael Vandermale	Farmers Financial Solutions, LLC
William Christopher Wade	Prudential Investment Management Services LLC
William Christopher Wade	USAA Financial Advisors, Inc.
Cindy Ah Ran Yi
Julie Marie Ziolkowski	Fidelity Brokerage Services 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.

FINRA Bars Registered Individuals in October 2016 for Violations of FINRA Rules

November 4, 2016 | Silver Law Group

According to FINRA Disciplinary actions for Oct 2016, 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
Kamran Azim	The Huntington Investment Company
Mohamed Baksh	PFS Investments Inc.
Mohamed Baksh	Primerica Financial Services
David F. Bouchard
Alina Brindusescu	US Bancorp Investments, Inc.
Alina Brindusescu	HSBC Securities (USA) Inc.
James Lee Carpenter	Sagepoint Financial, Inc.
James Lee Carpenter	Next Financial Group, Inc.
Donna Chen	Sunbelt Securities, Inc.
Donna Chen	Ameriprise Financial Services, Inc.
Marcus Joseph Debaise	Wells Fargo Advisors, LLC
Marcus Joseph Debaise	Prudential Securities Inc
Robert Philip DePalo	McBarron Capital LLC
Robert Philip DePalo	Arjent Ltd.
Phillip David Donnan	AXA Advisors, LLC
Kristen Mae Fitzhugh	PNC Investments
Kristen Mae Fitzhugh	AXA Advisors, LLC
Yitzhok Alexander Fox	Ditto Trade, Inc.
Yitzhok Alexander Fox	A.B Watley Direct, Inc.
Yosef Yehuda Fox	Ditto Trade, Inc.
Yosef Yehuda Fox	Web Street Securities, Inc.
Russell Lee Goldstein	Morgan Stanley
Russell Lee Goldstein	Wells Fargo Advisors, LLC
Israel Guzman	Unionbanc Investments Services, LLC
Israel Guzman	JP Morgan Securities LLC
Bingyi Hu	National Securities Corporation
Bingyi Hu	VFinance Investments, Inc.
Philip Joseph Johnson	Wells Fargo Advisors, LLC
David Richard Kerr III	A&F Financial Securities, Inc.
Kenneth Joseph Kolquist	Cetera Advisor Networks LLC
Kenneth Joseph Kolquist	Securities America, Inc.
Kestina Mantar	Goldman Sachs & Co.
Pedro Juan Marrero Astacio IV	Wells Fargo Advisors, LLC
Pedro Juan Marrero Astacio IV	JP Morgan Securities LLC
Valon Mehmeti	JP Morgan Securities LLC
Mercedes Molina
Robert Isaac Newell	Merrill Lynch, Pierce, Fenner & Smith Inc.
Robert Isaac Newell	Edward Jones
Christopher A. Parris	The Lucian Group
Christopher A. Parris	Nationwide Securities Inc.
Barbara Joann Peters	JP Morgan Securities LLC
Mikhail M. Rasner	Northwestern Mutual Investment Services, LLC
Rennie M. Roach	PFS Investments Inc.
Rennie M. Roach	Primerica Financial Services
Warren Marc Rockmacher	Investacorp, Inc.
Warren Marc Rockmacher	Chase Investment Services Corp.
Lance R. Shaw	International Assets Advisory, LLC
Lance R. Shaw	LPL Financial LLC
Michael Ronald Smith	UBS Financial Services Inc.
Michael Ronald Smith	Morgan Stanley Smith Barney
James Tao	Sunbelt Securities, Inc.
James Tao	Merrill Lynch, Pierce, Fenner & Smith Inc.
Larry Steven Werbel	Concorde Investment Services, LLC
Larry Steven Werbel	Summit Brokerage Services, Inc.

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.

Former Clearwater, Florida Broker Under Investigation after FINRA Suspension for Unsuitable Recommendations

November 3, 2016 | Silver Law Group

Silver Law Group is investigating former Clearwater, Florida broker Dennis M. Merritt (CRD# 1748115) after FINRA suspended him for four months and his employing firm terminated him for alleged unsuitable recommendations among other things.

In March 2016, FINRA and Merritt entered into an order accepting offer of settlement (the “Order”). The Order accepted the punishment without admitting or denying the allegations in the Complaint.

The Complaint alleged that Merritt invested a total of $115,000 in a speculative investment without providing written notice to his member firm prior to participating in the private securities transactions.

Former Boca Raton, Florida-based Raymond James Broker Under Investigation for Discretionary Trading in Non-Discretionary Account

November 3, 2016 | Silver Law Group

Silver Law Group is investigating former Boca Raton, Florida-based Raymond James broker Gregory E. Barr (CRD# 1312703) after being discharged by two different firms in less than three years.

Barr was most recently employed by Raymond James & Associates (CRD# 705), but most of his trouble involves his prior firm, Deutsche Bank Securities Inc. (CRD# 2525).

In May 2014, Deutsche Bank discharged Barr after the he allegedly admitted exercising discretion in non-discretionary accounts.

In August 2016, FINRA filed a formal complaint against a broker

October 8, 2016 | Silver Law Group

In August 2016, FINRA filed a formal complaint against a broker, Hank Mark Werner of Northport, NY, for churning the account of his customer, a 77-year-old blind widow, and for excessive and unsuitable trading on her account. His actions, which allegedly span a three-year period, resulted in his receiving more than $243,000 in commission, which caused his client a net loss of approximately $184,000.

In July 2016, Prudential Annuities Distributors

October 8, 2016 | Silver Law Group

In July 2016, Prudential Annuities Distributors were fined nearly one million dollars for failing to “detect and prevent a scheme” that resulted in the theft of approximately $1.3 million dollars from an 89-year-old’s variable annuity account.

FINRA filed a cease and desist order in the spring of 2015 against Avenir Financial Group

October 8, 2016 | Silver Law Group

FINRA filed a cease and desist order in the spring of 2015 against Avenir Financial Group, CEO Michael Clements, and registered representative Karim Ibrahim for fraud against elderly investors. In addition, another registered representative, Cesar Rodriguez, was barred from the securities industry for fraud and for improperly using $77,000 of investor funds for personal expenses. Among the list of complaints: the allegedly defrauding of $250,000 from a 92-year-old investor.

From December 2012 to August 2014, Jeffrey C

October 8, 2016 | Silver Law Group

From December 2012 to August 2014, Jeffrey C. McClure allegedly wrote 36 checks to himself from an elderly customer’s bank account. FINRA reports that the checks totaled nearly $89,000, which McClure deposited in his own account so that he could pay his own rent. FINRA permanently barred the broker.

Two brokers, Fernando L

October 8, 2016 | Silver Law Group

Two brokers, Fernando L. Arevalo and Jimmy E. Caballero, were permanently barred from the securities industry by FINRA in 2013, for allegedly stealing $300,000 from an elderly widow with diminished mental capacity.

As the sole distributor of a Real Estate Investment Fund

October 8, 2016 | Silver Law Group

As the sole distributor of a Real Estate Investment Fund, David Lerner Associates allegedly solicited thousands of customers without determining if it was suitable for investors. In addition, FINRA states the firm targeted “unsophisticated investors” and the elderly. In 2012, FINRA ordered the firm to pay $12 million in restitution to affected customers who purchased shares.