Securities Arbitration Lawyers Blog
$70 MILLION Recovery for Investment Fraud
$44 MILLION Recovery for Ponzi Scheme Victims
$25 MILLION Recovery Against National Brokerage Firm
$9.1 MILLION FINRA Arbitration Award Against Brokerage Firm
$7.9 MILLION Securities Arbitration Award Against Stockbroker
$1 MILLION Securities Arbitration Award for Elder Financial Fraud
Burnham Securities, Tribal Bonds, Joe Biden’s Son, and Some Other Star-Studded Connections
Burnham Securities, Inc. (CRD# 22549), the alleged placing agent for a tribal bond scheme as indicated in a recently-filed SEC complaint, has got some interesting and noteworthy connections to the complaint despite recently closing down shop.
Burnham Securities has recently come under our firm’s gaze due to not-so-great allegations of its connection to a tribal bond scheme orchestrated by notorious father-son investment scam duo Jason W. Galanis and John P. Galanis. Though Burnham has not been specifically named, several of its principals and/or owners have been, and the SEC alleged the firm was the placement agent for the tribal bond offerings.
The Galanises employed a few associates in their scam of offering tribal bonds to unwitting investors. The Galanises and their associates raised the money through an elaborate scheme and then kept the money raised.
Brookstone Securities, as well as its owner/CEO
Brookstone Securities, as well as its owner/CEO, Antony Turbeville, and one of its brokers, Christopher Kline, were reported by FINRA to have made fraudulent sales of collateralized mortgage obligation to elderly and retired investors. The firm was not only fined $1 million, it was also ordered to pay restitution of more than $1.6 million.
FINRA Suspends Rafael Moreno for Not Disclosing Outside Business Activity
In addition to his 30-day suspension, the Florida broker was also fined
In April of this year, Rafael Moreno accepted the sanctions levied against him by the Financial Industry Regulatory Authority (FINRA) for charges related to conducting outside business activity. As a result, the broker was fined and suspended.
First registered with Donaldson, Lufkin & Jenrette Securities Corporation of Jersey City, NJ, Moreno has been employed with Mora Wealth Management LLC in Miami since October of 2012.
Apostolos Nicholas Papadea Fined and Suspended by FINRA
Unauthorized trading was one of several charges
Apostolos Nicholas Papadea, who has worked in the brokerage industry since 1969, has come under scrutiny in recent years for a variety of alleged infractions, including making trades without permission from his clients. As a result, he has been fined and suspended by the Financial Industry Regulatory Authority (FINRA).
Papadea has worked for three different companies over the last 13 years, including Wachovia and Wells Fargo in Columbia, SC. Since January of this year, Papadea has been employed with Advisory Services Network in Atlanta, GA.
Broker William Hutchinson Barred by FINRA
After failing to respond to a request for information, William Hutchinson was suspended and is now barred from association
In January of 2016, the Financial Industry Regulatory Authority (FINRA) reached out to William Hutchinson to get information regarding complaints from some of his past clients. Because he did not respond, the agency suspended him. Hutchinson then had three months to request termination of that suspension, but he failed to do so and was automatically barred from association with any FINRA member.
First registered with Prudential Insurance in Newark, NJ, Hutchinson has been employed with J.P. Turner & Company in Montague, NJ, since May of 2011.
FINRA Has Filed a Complaint Against Broker Jeffrey Krupnick
The Sarasota, Florida broker is alleged to have improperly converted funds
The Financial Industry Regulatory Authority (FINRA) has filed a complaint against broker Jeffrey Krupnick, alleging that he converted a family member’s funds for personal use. The Sarasota broker has been working in the financial services industry for 15 years and had been employed by Ameriprise Financial Services in Sarasota since August of 2015.
He was also employed by Merrill Lynch, Pierce, Fenner and Smith in New York, New York from 2001 through 2004, Citigroup Global Markets in Venice, Florida from 2004 through 2008, Wells Fargo Advisors in Sarasota from 2008 through 2014, and JHS Capital Advisors in Sarasota from January through August 2015.
Former Independent Financial Group Broker Under Investigation for Allegedly Stealing Client Funds and Unsuitable Recommendations
Silver Law Group is investigating FINRA-barred broker John Vernon Heath (CRD# 2331052) for stealing client funds and recommending unsuitable investments.
Heath was employed most recently at Independent Financial Group, LLC in Bloomington, Minnesota. Independent Financial Group then discharged Heath after he admitted to wrongfully taking client funds, according to his FINRA BrokerCheck report. Shortly thereafter, FINRA permanently barred Heath from securities industry for failing to respond to FINRA’s request for information.
The State of Minnesota Department of Commerce (“MDOC”) commenced a formal criminal action against Heath on the allegations. In the MDOC complaint, the MDOC alleges that Heath stole the identity of an elderly client and used the client’s funds on various personal expenditures totaling $78,744.54.
Minnesota Broker Mark David Holt Barred by FINRA
Holt has lost his license and been permanently barred by the regulatory agency
Mark D. Holt has lost his license and can no longer act as a broker or representative in the financial services industry. According to the Financial Industry Regulatory Authority (FINRA), Holt is the subject of 11 disclosures, several customer complaints, two criminal complaints, and one regulatory sanction.
His 14-year career included work for several firms, most recently with Harbour Investments in North Oaks, Minnesota from 2007 to 2013, and before that with Geneos Wealth Management in Shoreview, Minnesota from 2005 to 2007. He was also employed by Linsco/Private Ledger Corporation in Boston, Massachusetts from 2000 through 2005 and by Securities America in Lavista, Nebraska from 1999 through 2000.
FINRA Suspends Broker Gregory Taylor
This Morgan Stanley broker in Texas has been suspended by the Financial Industry Regulatory Authority
According to the Financial Industry Regulatory Authority (FINRA), Texas broker Gregory Taylor engaged in unethical conduct with an elderly customer who was suffering from dementia and he has subsequently been suspended.
Taylor’s career in the securities industry began in 1986 when he worked for Fidelity Brokerage Services in Smithfield, Rhode Island. Since then, he has been a member of various firms, including, most recently, Morgan Stanley in Dallas, Texas. He was also associated with Citigroup Global Markets in Salinas, California, E*Trade Securities in Palo Alto, California, and Charles Schwab and Company in Phoenix, Arizona.