Securities Arbitration Lawyers Blog

Martin Knapp, Formerly a Broker with Syndicated Capital, Barred from Industry by FINRA

September 9, 2015 | Silver Law Group

A former broker with Syndicated Capital in Great Neck, New York, Martin Knapp, was permanently barred by FINRA. This action occurred because Knapp failed to respond to a FINRA request for information in which he was suspended in April 2015. Because Knapp did not request termination of his suspension within three months, he was automatically barred from association with any FINRA member in any capacity.

Knapp was with Syndicated Capital from March, 2010 when he entered the securities industry.

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.

Dalyne Shinneman Barred from Practice after 23 Years in Securities Industry

September 9, 2015 | Silver Law Group

Appealed suspension, but did not cooperate with FINRA investigation

According to the FINRA website, Dalyne L. Shinneman has been barred from the securities industries following a career riddled with disclosures and disputes.

A broker since 1989, Shinneman was most recently employed by Ridgeway & Conger, Inc., before facing suspension in July 2014. FINRA officially barred her in November 2014 after she allegedly requested termination of her suspension but failed to cooperate with further measures in the investigation.

Broker Sylvester King, Jr. Resigns from Wells Fargo Advisors, LLC Concurrent with FINRA Suspension

September 8, 2015 | Silver Law Group

King allegedly concealed loans from the firm, among other violations

Fort Lauderdale-based broker Sylvester King, Jr. found himself in hot water with FINRA in April 2015, according to the BrokerCheck website. So much so that he resigned from his most recent employer, Wells Fargo Advisors, LLC the same day he filed his Acceptance, Waiver and Consent (AWC) letter with FINRA.

According to the AWC letter, while employed by Morgan Stanley in 2009 and lasting through 2012 when employed by Wells Fargo, King allegedly violated FINRA rules in a number of ways. First, he allegedly helped another broker conceal almost $400,000 in loans to three firm customers, and made a $25,000 loan to a customer without his firm’s permission. He was also allegedly involved in an undisclosed private securities transaction that involved eight firm customers investing more than $3 million. Then, on two separate questionnaires, he allegedly provided false information to Morgan Stanley regarding participating in private securities transactions.

Spartan Securities Broker Scott Reynolds Fined by FINRA

September 8, 2015 | Silver Law Group

Miami, Florida based broker Scott Reynolds was fined by FINRA for allegedly failing to report an outside brokerage account to his member firm, Spartan Securities, violating FINRA rules. Reynolds was censured fined $10,000 for this violation.

Reynolds has been employed by Spartan Securities since 2005. Prior to working at Spartan, he was with Empire Financial Group, Park Financial Group and Advantage Trading Group.

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.

Scott Matthews Barred From FINRA Due to Failure to Disclose Leads

September 8, 2015 | Silver Law Group

Customer disputes led to his discharge from last employer

According to the FINRA BrokerCheck website, Scott Frederick Matthews, a financial adviser for 22 years, led a relatively quiet career before a string of several customer disputes in the past two years.

Prior to June 2013, Matthews had been involved in just two customer disputes, one of which was denied and the other closed without action. But in the last week of that month, everything got a bit messier.

SEC Announces Citigroup Affiliates to Pay $180 Million in Hedge Fund Fraud Settlement

September 7, 2015 | Silver Law Group

Affiliates allegedly defrauded traditional bond investors

Following allegations and an investigation by the Securities and Exchange Commission (SEC), two Citigroup affiliates have agreed to pay nearly $180 million to settle charges that they defrauded investors in two hedge funds. The firms are accused of claiming the hedge funds in question were safe, low-risk and appropriate for traditional bond investors, when in fact, the funds were in dire condition.

According to the SEC press release, Citigroup Global Markets Inc. (CGMI) and Citigroup Alternative Investments LLC (CAI) neither admitted to nor denied the SEC’s charges, but agreed to bear all costs of distributing the $180 million in settlement funds to harmed investors.

1st Discount Brokerage, Inc., Mark Miller, Alan Miller Censured and Fined by FINRA

September 4, 2015 | Silver Law Group

Failed to follow Securities Act requirements

Lake Worth, Florida-based 1st Discount Brokerage, Inc along with Naples, Florida-based Alan Miller and Overland Park, Kansas-based Mark Miller are all players in a FINRA disciplinary action, according to the June 2015 FINRA Disciplinary Action Report.

Both Alan Miller and Mark Miller consented to the sanctions and entry of the findings, without admitting or denying the findings, that their firm did not follow appropriate Securities Act requirements when executing sales of large blocks of low-priced securities frequently referred to as penny stocks.

FINRA Levies $250,000 Fine Against LPL Financial

September 4, 2015 | Silver Law Group

FINRA also orders cease and desist after failure to abide by Massachusetts state regulation on senior financial designations

FINRA fined LPL Financial LLC a total of $250,000 on July 10 after allegations that the firm failed to establish or enforce supervisory procedures that complied with Massachusetts’ regulations. The regulations in question went into effect in 2007 and concern the use of “senior-specific” titles in the securities industry.

The regulation in question states that a broker may only use a title suggesting that he or she is specially trained to work with investors aged 65 or older if the broker has legitimate accreditation recognized by the Secretary of the Commonwealth of Massachusetts.

John Thornes Barred by SEC After Conversion Allegations

September 3, 2015 | Silver Law Group

Alleged conversions include two trusts – one that helped provide Alzheimer’s care and another used to provide scholarships

On August 8, following a 21-year career in the securities industry, John Thomas Thornes has been permanently barred from practicing as a broker by the US Securities and Exchange Commission according to a report published by FINRA.

Thornes was suspended in May for allegedly failing to comply with a prior settlement agreement or award, as well as failure to respond to a FINRA request, according to a FINRA disclosure on Thornes’ broker report.

Morgan Stanley broker Peter H. Kim Barred for Allegedly Taking Client Funds for Personal Use

September 3, 2015 | Silver Law Group

Kim is permanently barred by FINRA

FINRA Rule 2010 provides that “[a] member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade,” and broker Peter Kim was found in violation of it, according to a recent FINRA disciplinary action.

In fact, according to the report, Kim’s acts, practices and conduct constituted such violation of the rule that FINRA permanently barred Kim from acting as a broker or otherwise associating with firms that sell securities to the public.