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According to FINRA Disciplinary actions for January 2022, 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. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  John Boatright   Newbridge Securities Corporation
  Summit Brokerage Services, Inc.
  Keri Fazio   MML Investors Services, LLC
  Austin Fox   Cetera Investment Services LLC
  Corecap Investments, Inc.
  Melissa Gilcrease   Allstate Financial Services, LLC
  Jan Haynes   Integrity Brokerage Services, Inc.
  Centaurus Financial, Inc.
  Bethany Hewett   Fidelity Brokerage Services LLC
  Marcus Moon   NYLife Securities LLC
  Lisa Robinson   J.P. Morgan Securities LLC
  Diane Simmons   Horace Mann Investors, Inc.
  Jordan Whitacre   Arkadios Capital
  Triad Advisors, Inc.

Continue reading ›

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According to FINRA Disciplinary actions for January 2022, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  Michael Gardner   Cantor Fitzgerald & Co
  J.P. Morgan Securities LLC
  Ganesh Iyer   Morgan Stanley
  LPL Financial LLC
  Calvin Kleinmann   Wells Fargo Clearing Services, LLC
  Wells Fargo Advisors, LLC
  Christopher Pierce   Oppenheimer & Co. Inc.
  Cambridge Investment Research, Inc.
  Jared Poe   Morgan Stanley Smith Barney
  Morgan Stanley & Co Incorporated
  Yousuf Salijooki   Wordon Capital Management LLC
  Salomon Whitney Financial
  Dudley Stephens   Coastal Equities, Inc.
  Prospera Financial Services, Inc.
  Bhaskar Vyas   Interfirst Capital Corporation
  Western International Securities, Inc.

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GWG Holdings, Inc. announced that it would not make dividend payments on its L Bonds for January 15, 2022 in a form 8-K filed with the Securities and Exchange Commission (SEC). The 8-K also stated that the company’s board of directors had authorized management to retain the services of a restructuring advisor regarding “evaluating alternatives with respect to its capital structure and liquidity.” Investors holding GWG L Bonds already had concerns about their investments, which may be in significant financial trouble. The SEC is investigating the company, which in 2021 missed key SEC filing deadlines, causing NASDAQ to formally notify the firm that it was not in compliance with listing requirements. In April, 2021, the company paused sales of their L Bonds. GWG’s stock has plummeted in recent days, trading as low as $4.50 as news about GWG’s issues have been disclosed. GWG Holdings, Inc. announced that it would not make dividend payments on its L Bonds for January 15, 2022 in a form 8-K filed with the Securities and Exchange Commission (SEC).

The 8-K also stated that the company’s board of directors had authorized management to retain the services of a restructuring advisor regarding “evaluating alternatives with respect to its capital structure and liquidity.” Continue reading ›

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It was an investment strategy that was supposed to have limited ties with the market or even a single stocks position. The plan was to deliver consistent income with a minimal amount of risk. Touted as a low-risk alternative to traditional investing, the YES strategy offered an alleged safer  investment with a strong probability of successful returns. Unfortunately, that's not quite what happened. The YES Strategy Developed by four investment advisors while at Credit Suisse, the Yield Enhancement Strategy, or YES, was offered to the firm’s most affluent and experienced advisory clients. When they moved to UBS, they took this investment strategy with them.It was an investment strategy that was supposed to have limited ties with the market or even a single stocks position. The plan was to deliver consistent income with a minimal amount of risk.

Touted as a low-risk alternative to traditional investing, the YES strategy offered an alleged safer  investment with a strong probability of successful returns. Continue reading ›

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If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., or the Puerto Rico-based PB Life and Annuity Co. Ltd., you should have experienced securities attorneys presenting you. Silver Law Group is an experienced team of lawyers who represent victims of securities and investment fraud. Silver Law already represents other Northstar claimants in FINRA arbitrations, and the firm’s team continues to investigate their and other claims. Silver Law has a long track record of success in these types of cases: Silver Law is a nationally-recognized securities law firm, and we specialize in helping investors recover losses from unscrupulous brokers. Our clients range the gamut, from individual investors who have lost their retirement savings and investment consortiums to large class actions. And with offices in New York and Florida, we serve clients from around the world—with frequent work in Latin America and the Caribbean. (Para clientes de habla hispana, haga clic aquí para obtener más información.) In the decade since Silver Law first opened its doors, its lawyers have recovered tens of millions of dollars for its clients, in FINRA arbitrations and court proceedings.If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., or the Puerto Rico-based PB Life and Annuity Co. Ltd., you should have experienced securities attorneys presenting you. Silver Law Group is an experienced team of lawyers who represent victims of securities and investment fraud. Continue reading ›

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Understandably, investors who have lost money in the bankruptcy of Northstar Financial Services (Bermuda) Ltd. have many questions to ask. Many, of course, are specific to their investment accounts, and to answer those, a phone call or email with counsel may be better. But we can address a few common questions our clients have been asking, to help Northstar investors better understand the issues they’re facing. Can I get my money back? Unfortunately, it’s unlikely that you will receive all of your investment, but you may be able to recover some losses as a creditor. Also, if warranted, you may recover money from your broker-dealer if they are liable for breach of fiduciary duties or other claims arising out of their promotion of Northstar investment products. If I go after my broker, does that mean giving up my Northstar claim? No, these are separate proceedings, and one doesn’t impact the other.Understandably, investors who have lost money in the bankruptcy of Northstar Financial Services (Bermuda) Ltd. have many questions to ask. Many, of course, are specific to their investment accounts, and to answer those, a phone call or email with counsel may be better. But we can address a few common questions our clients have been asking, to help Northstar investors better understand the issues they’re facing. Continue reading ›

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If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd. bankruptcy, there are ways to recover your investments. You probably will not recoup everything, but some recovery is possible from the liquidation. Silver Law Group already represents many investors in securities arbitration claims against the selling stockbrokers. First, you can fill a creditor claim in Northstar’s bankruptcy proceedings. But there are specified classes of creditors and strict requirements in terms of their eligibility for compensation. Next, you can sue Northstar and its former owner Greg Lindberg. However, your case can’t go forward while Northstar and other Lindberg-owned entities are still in bankruptcy proceedings. By the time a bankruptcy stay is lifted, any money you’d hope to win in a lawsuit may be gone.If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd. bankruptcy, there are ways to recover your investments. You probably will not recoup everything, but some recovery is possible from the liquidation. Silver Law Group already represents many investors in securities arbitration claims against the selling stockbrokers. Continue reading ›

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With Northstar Financial Services (Bermuda) Ltd. in bankruptcy liquidation, and its former owner Greg Lindberg in prison, everyone with a Northstar investment account must be asking some version of these questions: Who is responsible for this? Is there anyone who can be made to pay back some of my losses? The short answer is: Yes, there is someone who you can probably hold accountable—your broker or investment agent. Of course, Northstar (and Lindberg) has the primary responsibility for your losses, so you can—and should—file a creditor claim with the bankruptcy court. But hundreds, if not thousands, of other creditors are vying for compensation. And the amount Northstar owes everyone vastly outnumbers its assets. (Last year, Northstar owed $260 million but only had $8 million in assets.) Therefore, if you recover anything from the bankruptcy proceeding, you’ll probably be getting just pennies on the dollar.With Northstar Financial Services (Bermuda) Ltd. in bankruptcy liquidation, and its former owner Greg Lindberg in prison, everyone with a Northstar investment account must be asking some version of these questions: Who is responsible for this? Is there anyone who can be made to pay back some of my losses? Continue reading ›

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NorthstarNorthstar Financial Services (Bermuda) Ltd. is one of the dozens of firms in the US and abroad owned by businessman Greg E. Lindberg, now facing bankruptcy and other litigation. And investors are scrambling to recover their lost investments. Current estimates are that 1,773 Northstar account holders have potential claims totaling $426,825,594. Lindberg bought Northstar in 2018. Even then, Northstar, a Bermuda investment firm founded in the 1990s, was said to be on financially shaky ground, offering investment products much less secure than they were marketed to be. But just months after the acquisition, allegations began to surface that Lindberg was using the assets of his companies like Northstar—insurance and investment companies—to keep his other business interests afloat. Lindberg had allegedly taken $2 billion from his U.S. insurance companies to cover investments (and debts) of the other companies—while untold amounts went to his personal gain. Financial Services (Bermuda) Ltd. is one of the dozens of firms in the US and abroad owned by businessman Greg E. Lindberg, now facing bankruptcy and other litigation. And investors are scrambling to recover their lost investments. Current estimates are that 1,773 Northstar account holders have potential claims totaling $426,825,594. Continue reading ›

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While allegations of Activation’s discriminatory and harassing culture have been in the news lately, it is of course far from being the only company scandalized by such reports. Let’s take a look at how some other companies have been impacted by similar allegations…. Wynn Resorts Gambling industry tycoon Steve Wynn lost his job, running the company that bore his name, after the Wall Street Journal broke the news that he had a long history of sexual misconduct allegations. They now face a class-action lawsuit for securities fraud for having made material misrepresentations to investors regarding the allegations. In addition to the lawsuits, the company has had to pay millions in penalties to state gaming agencies. Signet Jewelers After an explosive expose in the Washington Post and elsewhere revealed a pattern of gross sexual harassment and other malfeasance at Signet Jewelers, the parent company of shopping mall stores such as Zales and Kay Jewelers, the CEO—who was alleged to be directly participating in the malfeasance—left the firm. The board was reconfigured to achieve gender parity, and the company had to agree to a $240 million settlement of a related shareholders’ derivative lawsuit.While allegations of Activision’s discriminatory and harassing culture have been in the news lately, it is of course far from being the only company scandalized by such reports. Let’s take a look at how some other companies have been impacted by similar allegations…. Continue reading ›

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