Securities Arbitration Lawyers Blog

Minnesota Broker John Heath Allegedly Steals Funds from a Client’s Annuity

August 26, 2016 | Silver Law Group

Minnesota Broker John Heath Allegedly Steals Funds from a Client’s Annuity on silverlaw.com

FINRA issues permanent bar from securities industry after failing to respond to the allegations and two counts of theft while employed at Independent Financial Group

As of July 2016, Minnesota broker John Vernon Health has been barred by FINRA. His history in the financial services industry dates back to 1993 when he was employed by Gardener Financial Services in Minneapolis. He was also employed by Royal Alliance Associates in New York from April 1993 to July 2001 and by QA3 Financial Group in Minnesota from July 2001 to February 2011.

During his most recent position at Independent Financial Group, Heath was suspended by the FINRA for failing to respond to requests for information regarding a complaint from a client for allegedly stealing funds from an annuity. Because he failed to provide the requested information and request a termination of his suspension, Heath was subsequently permanently barred by FINRA and was terminated by Independent Financial Group in March 2016.

Silver Law Group Files FINRA Arbitration Claim Involving Churning Against Two National Broker/Dealers and Financial Advisor Curtis Milakovich

August 26, 2016 | Silver Law Group

The Silver Law Group has filed an arbitration claim before FINRA on behalf of two Florida teachers alleging, among other things, that financial advisor Curtis Milakovich (CRD# 5471527) churned their accounts while two national broker/dealers turned a blind eye.

The claim also alleges that the two national broker/dealers did not follow adequate policies and procedures to address the misconduct and failed to follow up on the red flags that would have alerted them to the misconduct being perpetrated on the clients who lost significant portions of their retirement savings. At times, Milakovich operated as Aspire Wealth Management.

Excessive trading or “churning,” as it is known in the industry, is the act of a broker who excessively and needlessly engages in trading in a client’s account primarily to generate commissions for the broker on each trade without regard for the client’s financial well-being. Churning is an illegal and unethical practice that violates SEC rules and securities laws.

Former Miami, Florida-based Broker Under Investigation for Unsuitable Recommendations

August 26, 2016 | Silver Law Group

Former Dakota Securities International (“Dakota”) broker Christopher R. Mcnamee (CRD# 4271195) is under investigation for recommending unsuitable investments to his customers.

The Financial Industry Regulatory Authority (“FINRA”) arbitration complaint, according to Mcnamee’s FINRA BrokerCheck report, alleges damages in the amount of $1 million. Aside from unsuitable recommendations, the FINRA arbitration complaint alleges the use of excessive margin.

Mcnamee has an additional BrokerCheck report disclosure alleging unsuitable investment recommendations as well. The dispute was settled in March 2015 for $50,000.

How FINRA’s Handling the Problem of Unpaid Securities Arbitration Awards

August 25, 2016 | Silver Law Group

How FINRA’s Handling the Problem of Unpaid Securities Arbitration Awards on silverlaw.com

Millions of dollars in awards go unpaid by defunct brokerage firms, boiler rooms, and unscrupulous brokers—what is FINRA doing to address this growing issue?

A recent report from the Public Investors Arbitration Bar Association (PIABA) says that 75 awards (approximately one third of all money awarded to clients in FINRA arbitration) during the year 2013 went unpaid.

Unlike many other types of business, brokers and financial advisors are not required to carry insurance, meaning there isn’t another source of assets to pay client awards if the firm’s assets dry up. While most large firms pay arbitration awards as quickly as possible in order to maintain their reputation and avoid further legal action, many smaller firms can’t or don’t pay many of their awards.

FINRA’s New Rule Requires Member Firms’ Websites to Link to BrokerCheck Reports

August 24, 2016 | Silver Law Group

FINRA’s New Rule Requires Member Firms’ Websites to Link to BrokerCheck Reports on silverlaw.com

Financial regulatory authority making it even easier for investors to access broker and firm histories

As of June 6th, 2016, FINRA member firms are required to place a link on their website to their BrokerCheck reports. This gives potential clients and investors more information than ever before about the brokers and firms they’re thinking of investing with.

What is BrokerCheck?

How to Prepare for a FINRA Hearing

August 23, 2016 | Silver Law Group

How to Prepare for a FINRA Hearing on silverlaw.com

If you want to succeed, you may want an excellent attorney, the right paperwork, and, perhaps most importantly, a clear goal in mind for what you want out of FINRA’s dispute resolution process.

Whether you’ve decided to file a FINRA arbitration claim or a request for mediation, adequate preparation is essential to if you want to give yourself the best chance of being awarded the funds you’ve lost through broker fraud or other FINRA sales practice violations.

Preparing for an arbitration hearing

Duluth Broker Kenneth Kolquist Permanently Barred by FINRA

August 22, 2016 | Silver Law Group

Duluth Broker Kenneth Kolquist Permanently Barred by FINRA on silverlaw.com

Cetera financial advisor allegedly engaged in gross negligence, breach of fiduciary duty, fraudulent non-discolsure, fraud, and more

Kenneth Kolquist began his career in the financial services industry in 2006 in Duluth, Minnesota. Since his first position with A Plus Financial Group, he has worked for various firms including Securities America, Financial Network, and most recently for Cetera Advisors Networks, where he worked from 2009 to 2015.

While employed by Cetera, Kolquist was accused of:

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA

August 19, 2016 | Silver Law Group

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA on silverlaw.com

Ralph Savoie refused to respond to requests for information from the FINRA.

After 40 years in the financial services industry, Ralph Savoie has been permanently barred by the FINRA. His most recent place of employment was as a broker for the firm Cambridge Investment Research in Metairie, Louisiana where he worked from 2013 to 2015. He also worked for ING Financial Partners in Baton Rouge from March 2007 to July 2013.

FINRA barred Savoie as a result of his refusal to respond to requests for information pertaining to an investigation. He is being investigated for misappropriating funds of $665,000 from one client and for outside business activity without approval. He has also been accused of fraud for selling a client a life insurance policy that was priced well beyond the client’s means.

My Financial Advisor is Giving Me the Runaround on My Investments, What Are My Rights?

August 18, 2016 | Silver Law Group

My Financial Advisor is Giving Me the Runaround on My Investments, What Are My Rights? on silverlaw.com

Misconduct is an unfortunate reality of the securities industry, but knowing your rights is imperative to taking swift action when a dispute arises

When it comes to working with financial advisors, it’s essential to know your rights. Many financial advisors do not have the best interests of their clients at heart and are willing to take unethical and illegal actions in order to increase their profits.

Even if your financial advisor is well intentioned, they may be unknowingly violating your rights by not fully informing you of the potential risks of your investments or they may be placing you in investments grossly unsuitable for your financial goals.

5 Signs You Should Contact Your Securities Arbitration Attorney

August 18, 2016 | Silver Law Group

5 Signs You Should Contact Your Securities Arbitration Attorney on silverlaw.com

You think your financial advisor has committed investment fraud, when should you lawyer up?

A securities arbitration attorney can be an essential asset if you have questions about what a financial advisor is doing with your money, have been under-informed or misinformed about your investments, or are facing an upcoming hearing with the Financial Investment Regulatory Authority (FINRA) about your investments. Here are five signs you should contact your securities arbitration attorney today:

1. You want a FINRA hearing