Securities Arbitration Lawyers Blog

SEC Accuses Chris Brogdon of Securities Fraud Involving Multiple Different Entities

January 6, 2016 | Silver Law Group

The SEC alleges that Christopher Brogdon fraudulently raised $190 million from investors in 54 conduit municipal bond and private placement offerings, through entities associated with Brogdon. These entities potentially include the following offerings:

Bleckley-Cochran Development Authority First Mortgage Healthcare Facility Revenue Bonds 2013ABC/Bleckley-Bryant
Crisp-Dooly JT Development Authority First Mortgage Healthcare Facility Revenue Bonds 2013ABC/ Pine Hill

FINRA Releases Focus for 2016; Emphasis on Securities Firms’ Culture, Supervision, and Liquidity

January 5, 2016 | Silver Law Group

On January 5, 2016, the Financial Industry Regulatory Authority (FINRA) released its 2016 Regulatory Examination Priorities letter highlighting three broad issues affecting investors and their rights: culture, conflicts of interest and ethics; supervision, risk management and controls; and liquidity. The letter also emphasizes sales practice, financial and operational controls, market integrity, and the significant role each of these plays in the way a securities firm conducts its business.

The overarching themes cited by FINRA are as follow:

Culture, Conflicts of Interest and Ethics – FINRA will formalize its assessment of firm culture to better understand how it impacts compliance and risk management and complete the review begun in 2015 regarding incentives and conflicts of interest in connection with firms’ retail brokerage business. FINRA will specifically assess five indicators of a firm’s culture:

FINRA Suspends Registered Individuals for Violations of FINRA Rules in December 2015

December 23, 2015 | Silver Law Group

According to FINRA Disciplinary actions for December 2015, 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
Adam Douglas Carrol	The Leaders Group, Inc.
Adam Douglas Carrol	Metlife Securities Inc.
Dennis Fitzgerald Davis	J.P. Morgan Securities, LLC
Dennis Fitzgerald Davis	Chase Investment Services Corp.
Stevaun I. Davis
Theodore Garrity	Feltl & Company
Theodore Garrity	Morgan Stanley & Co. Incorporated
Andy Edgar Hernandez	J.P. Morgan Securities, LLC
Andy Edgar Hernandez	Chase Investment Services Corp.
Geneero Tyrone Jackson	Pruco Securities, LLC
Geneero Tyrone Jackson	J.P. Morgan Securities, LLC
Tony Sang Jung	MML Distributors, LLC
Tony Sang Jung	MML Investors Services, LLC
Andreas Stavros Kentrotas	Morgan Stanley
Andreas Stavros Kentrotas	Citigroup Global Markets Inc.
Jay Max Mabry	Park Ave Securities
Jay Max Mabry	Regal Investment Advisors LLC
Brett James McCullough	Hancock Investment Services, Inc.
Brett James McCullough	Multi-Financial Securities Corporation
Joseph Anthony Mele
Mary Pearl Reed	Wells Fargo Advisors, LLC
Mary Pearl Reed	Morgan Stanley DW Inc.
Marguerite A. Sanders	J.P. Morgan Securities, LLC
Marguerite A. Sanders	Chase Investment Services Corp.
Eugene Theodore Smietana	LPL Financial LLC
Eugene Theodore Smietana	Prudential Securities Inc.
Jacqueline Lee Vadala	Craig Scott Capital, LLC
Jacqueline Lee Vadala	Rockwell Global Capital, LLC
Edward Francis Vincent	LPL Financial LLC
Edward Francis Vincent	UBS Financial Services, Inc.
Kenneth Robert Wooden	Edward Jones
Kenneth Robert Wooden	Chase Investment Services Corp.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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 Revokes Individuals Licenses for Failing to Comply with FINRA Rules in December 2015

December 23, 2015 | Silver Law Group

According to FINRA Disciplinary actions for December 2015, the following individuals were revoked from FINRA for failing to pay fines and/or costs pursuant to FINRA rules:

NAME	FORMER EMPLOYERS
Richard Dwayne Blair	Wealth Solutions, Inc.
Richard Dwayne Blair	IMS Securities, Inc.
Eul Hyung Choi	SH Investment & Securities
Eul Hyung Choi	Hanmi Asset Securities, Inc.
Gary Mark Giblen	R.F. Lafferty & Co., Inc.
Gary Mark Giblen	Petersen Investments, Inc.
Clavin Burchard Grigsby	Securities Capital Brokerage, Inc.
Clavin Burchard Grigsby	Grigsby & Associates, Inc.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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.

In December 2015, FINRA Bars Individuals for Failure to Comply with FINRA Rules

December 23, 2015 | Silver Law Group

According to FINRA Disciplinary actions for December 2015, 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
David Michael Burke	Shearson Financial Services, LLC
David Michael Burke	Sunbelt Securities, Inc.
Michael Joseph Cassano	Metlife Securities, Inc.
Eduardo Jhonattan Chacon Melgarejo	J.P. Morgan Securities, LLC
Johnnie L. Christopher, Jr.	J.P. Morgan Securities, LLC
Johnnie L. Christopher, Jr.	Chase Investment Services Corp.
Ina E. Collazo	J.P. Morgan Securities, LLC
Ina E. Collazo	Chase Investment Services Corp.
Stephen Anthony Dalla Torre	PNC Investments
Stephen Anthony Dalla Torre	Wachovia Securities, LLC
Andrea Lynn Fayette
Ricardo Francois	Caldwell International Securities
Ricardo Francois	PHD Capital
Sean Thomas Lopez	J.P. Morgan Securities, LLC
Albert Manzo	J.P. Morgan Securities, LLC
Andrew Marzec	Newbridge Securities Corporation
Andrew Marzec	Global Arena Capital Corp
Richard Allen McGuire	Newport Coast Securities, Inc.
Richard Allen McGuire	Financial West Group
Frederick Eugene Monroe, Jr.	Voya Financial advisors, Inc.
Frederick Eugene Monroe, Jr.	ING Financial Partners
Paul Anthony Posillico	Aegis Capital Corp.
Paul Anthony Posillico	Obsidian Financial Group, LLC
Jessica Claire Sampel
Grace W. Smith	TIAA-CREF Individual & Institutional Services, LLC
Grace W. Smith	Wells Fargo Advisors, LLC
James Coleman Starks	Caldwell International Securities
James Coleman Starks	PHD Capital
Alfred Talens, Jr.	LPL Financial LLC
Alfred Talens, Jr.	New England Securities
Victor Tarkang	Metlife Securities, Inc.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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.

Why South Florida is a Target for Ponzi Schemers

December 20, 2015 | Silver Law Group

Why South Florida is a Target for Ponzi Schemers on silverlaw.com

Learn what to look for to avoid being swindled by a Ponzi scheme in South Florida

A Ponzi scheme is a type of investment fraud that is directed by a single individual who creates an entire scheme that hinges on new investment funding being used to pay existing investors. As long as new investors are plentiful, the scheme can work and the orchestrator can benefit financially for years. Ponzi schemers generally urge investors to promote the investors preying on whole communities, religious institutions and similarly situated people.

Some of the most elaborate and successful Ponzi schemes have spanned decades (Bernie Madoff was engaged in fraudulent activities for at least 20 years). But once new investors dry up, the investment scheme quickly collapses and numerous investors lose large sums of money.

Oxford City Football Club Named in $6.6M Stock Investment Fraud Case

December 18, 2015 | Silver Law Group

Oxford City Football Club Named in $6.6M Stock Investment Fraud Case on silverlaw.com

Deceptive boiler room tactics lead to trade suspension, resignation of CEO

The SEC suspended trading for the Oxford City Football Club amid allegations of fraud and conspiracy to commit fraud by their CEO, Thomas Guerriero. The SEC contends that Guerriero used pressure tactics and led thousands of inexperienced investors to put money into the Oxford City Football Club, under the false impression that the company they were investing in was a robust, diverse group of successful and popular sports teams, real estate holdings and academic institutions. The investment strategies employed were deceptive and significantly misrepresented the company’s assets.

Some of the deceptive tactics used by Mr. Guerriero included developing a script that was communicated to Investors by consultants who were charged with selling Oxford City Football Club Stock. The investors were told that shares could be purchased at a significantly reduced rate, but they were not told that the share price was inflated or that Guerriero was operating a boiler room.

Former LPL Broker Thomas Hindes Barred by FINRA

December 14, 2015 | Silver Law Group

Broker Thomas Hindes, formerly of LPL Financial, was permanently barred by FINRA for failing to respond to a request by FINRA for information during the course of an investigation. Hindes also has a pending complaint while at LPL for allegedly misrepresenting a variable annuity.

Hindes was registered at LPL Financial from August 2004 until April 2014. Prior to working at LPL, Hindes was a broker with Edward Jones.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide 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.

The Psychology of a Ponzi Schemer

December 13, 2015 | Silver Law Group

The Psychology of a Ponzi Schemer on silverlaw.com

How can one person take advantage of so many? And is it possible to identify one before you hand over your money?

You hear about Ponzi schemes on the news and wonder how so many people could fall for such and old trick. But behind each Ponzi scheme is always a villain, a person who has orchestrated the entire scam who literally holds all of the power in his/her hands. What goes on in their minds? And how do they take advantage of so many people?

Here are some characteristics that link the psychology of many Ponzi schemers:

Cross-selling: Taking Advantage of Customer Loyalty or Good Business Practice?

December 13, 2015 | Silver Law Group

Cross-selling: Taking Advantage of Customer Loyalty or Good Business Practice? on silverlaw.com

Scott Silver speaks to Investment News about the need to monitor a high-pressure industry practice that leaves some financially vulnerable

The practice of cross-selling on Wall Street is under growing scrutiny, especially in the banking and investment world. Cross-selling is suggesting or selling multiple, related products or services from the same financial enterprise to a potential customer. For example, a customer may already have a sizable investment with a large bank and be approached by a customer service representative about making a different and new type of investment with the company, or may be asked to purchase insurance or invest in a retirement plan. In these scenarios, the bank may use its existing positive relationship with a customer to help persuade them to increase their existing investment.

Banks and investment companies maintain that this is a highly effective and fair marketing strategy and that the consumer is being made aware of products and programs that apply to them, and that these connections are often made because of the strong and lasting relationship developed with the customer.