Securities Arbitration Lawyers Blog

What is the Statute of Limitations on Securities Fraud?

August 17, 2016 | Silver Law Group

What is the Statute of Limitations on Securities Fraud? on silverlaw.com

How much time do you have to take legal action against a fraudulent broker? It depends…

If you’ve only recently realized that you were defrauded by your broker or financial advisor, or have been waiting until obtaining the proper evidence to take legal action against them, it’s essential to know the statute of limitations on security fraud. The amount of time you have to make a case against the investment professional who has defrauded is two to five years under federal law, but there are some circumstances that determine when your clock actually starts ticking.

What federal law says

7 Telltale Signs of Broker Fraud

August 17, 2016 | Silver Law Group

7 Telltale Signs of Broker Fraud on silverlaw.com

How do I know if my stockbroker has defrauded me?

Stockbrokers and financial advisors have a legal duty to put your financial well-being before their own when they make decisions about your investments. However, some financial professionals aren’t willing to wait until you make money to increase their profits.

According to the Federal Trade Commission, 30.2 million people are defrauded each year for losses that total close to $3 billion. While a significant amount of this is the result of broker fraud, surveys indicate that only 20 to 50 percent of fraud is ever reported.

Winston Turner Facing Allegations of Variable Annuity Fraud

August 16, 2016 | Silver Law Group

Winston Turner Facing Allegations of Variable Annuity Fraud on silverlaw.com

FINRA initiates investigation into Sarasota broker after multiple customer complaints

Winston Wade Turner, a broker who was most recently registered with Pruco Securities in Sarasota, Florida, is being investigated after FINRA filed a complaint against Turner in regard to numerous customer disputes, including attempting to defraud customers by convincing them to exchange their existing variable annuities and other securities while hiding these exchanges from his firm. His actions caused his clients to incur excessive surrender charges and five of his clients lost approximately $151,000.

According to FINRA, Turner falsified information in relation to the variable annuity transactions and he evaded his firm’s supervisory review process by lying to them about the source of funds in variable annuity purchases. He is also accused of deceptive conduct because he used his personal email addresses as the email address of his customers so that he would receive account notifications instead of his customers. Additionally, he submitted documents bearing forged customer signatures.

Connecticut Broker Matthew Woodard Permanently Barred by FINRA

August 16, 2016 | Silver Law Group

Connecticut Broker Matthew Woodard Permanently Barred by FINRA on silverlaw.com

With just three years in the securities industry, Woodard faced allegations of misconduct

Silver Law Group is investigating the misconduct of Matthew Charles Woodard, a broker from Farmington, Connecticut. An inquiry from FINRA was initiated when Woodard was accused of converting funds from a deceased customer’s account. When asked to cooperate with the investigation, he refused to provide documentation and information and was subsequently permanently barred by FINRA.

Employed for just three short years in the financial services industry, Woodard, worked for Metlife Securities, LPL Financial, Proequities, Inc. and most recently with First Allied Securities from February 2015 to October 2015.

Meyers Associates Broker Matthew Siliato Under Investigation for Pending Suitability and Breach of Fiduciary Duty Claims

August 16, 2016 | Silver Law Group

Silver Law Group is investigating Meyers Associates broker Matthew A. Siliato (CRD# 5062153) for recent allegations that he recommended clients unsuitable investments.

Siliato’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report indicates that the broker has nine misconduct disclosures.

Siliato’s most recent complaint was filed on June 23, 2016. The customer dispute alleges unsuitable recommendations and damages in the amount of $250,000. The complaint is currently pending.

Bahram Mirhashemi Facing Allegations of Elder Financial Fraud

August 15, 2016 | Silver Law Group

Bahram Mirhashemi Facing Allegations of Elder Financial Fraud on silverlaw.com

Serious allegations lead to termination at Accelerated Capital Group and permanent bar from FINRA

Silver Law Group is investigating allegations against broker Bahram Mirhashemi for unauthorized trades, unsuitable mutual find switching, churning of customer accounts, fraud, elder financial fraud, and several other serious violations.

Mirhashemi has worked in the financial services industry for 18 years and was employed by several firms during that time period. His most recent position was with Accelerated Capital Group in Irvine, California from September of 2012 through January of 2016.

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry

August 15, 2016 | Silver Law Group

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry on silverlaw.com

Wayne Anthony Schultz has been permanently barred from the securities industry.

Silver Law Group is investigating allegations against Wayne Anthony Schultz in relation to notes that he issued to an elderly customer. FINRA brought enforcement action against Schultz after he continually refused to provide the documentation and information they requested in relation to the customer dispute.

Schultz’s employment history dates back to 1992 and includes working for Cadaret, Grant and Company in Syracuse, New York; Your Money Matters Brokerage Services in Somerset, New Jersey; TFS Securities in Annandale, New Jersey; Sterne Agee Financial Services in Branchburg, New Jersey; and most recently for Adirondack Trading Group, also in Branchburg, New Jersey.

FINRA Suspends Christopher Kelly from Securities Industry for Four Months

August 12, 2016 | Silver Law Group

FINRA Suspends Christopher Kelly from Securities Industry for Four Months on silverlaw.com

Jupiter, FL broker allegedly borrowed money from customers without disclosing the arrangement or seeking an exception to his member firm’s rule that prohibits it

After 17 years in the securities industry, Christopher Kelly, a broker in Jupiter, Florida, has been suspended for four months by the FINRA. Silver Law is investigating the allegations against Kelly, who was most recently employed by LPL Financial in Jupiter, Florida from 2005 to 2014. He was also a registered representative for Banc of America Investment Services; Merrill Lynch, Pierce, Fenner and Smith; and Prudential Securities.

FINRA alleges that Kelly borrowed $150,000 from customers, an action that is in violation of his member firm’s borrowing policy. It is also alleged that he did not disclose this borrowing arrangement with his firm or seek an exception to the rule that prohibits this arrangement. Kelly was terminated from LPL Financial soon after these allegations were made.

New York Broker John Labarca Permanently Barred from the Securities Industry

August 12, 2016 | Silver Law Group

New York Broker John Labarca Permanently Barred from the Securities Industry on silverlaw.com

24-year career ends amid allegations of breach of fiduciary duty and negligence

Allegations made against John Labarca, a broker that was formerly employed by National Securities Corporation in New Jersey, include executing unauthorized transactions, breach of fiduciary duty and acting negligently.

FINRA requested that he provide information and documentation in connection with their investigation of the allegations made against him, but Labarca refused to respond or cooperate with the request. As a result, he was permanently barred from the industry.

Allegations of Sales Practice Violations Cloud Broker Kenneth Dlouhy ‘s Record

August 11, 2016 | Silver Law Group

Allegations of Sales Practice Violations Cloud Broker Kenneth Dlouhy ‘s Record on silverlaw.com

FINRA permanently bars Capstone Research Inc. broker from associating with any member firm.

After 22 years in the financial services industry, New Jersey-based broker Kenneth Dlouhy is no longer eligible to associate in any capacity with any FINRA member firm. This permanent suspension comes as a result of Dlouhy’s failure to respond to a FINRA request for information during an investigation.

A closer look at Dlouhy’s BrokerCheck record shows numerous customer disputes dating back to 1998, with the most recent dispute filed in late 2015. Included in many of the disputes are allegations against Dlouhy that include unsuitability, unauthorized trading, misrepresentation, churning, negligence, breach of fiduciary duty, breach of contract and violations of state securities laws. Damage amounts requested against Dlouhy throughout his career exceed $2.2M.