FINRA

Former LPL Financial Broker Mark Tauzin Suspended and Fined by FINRA

February 22, 2017 | Silver Law Group

Former LPL Financial Broker Mark Tauzin Suspended and Fined by FINRA on silverlaw.com

Tauzin’s alleged actions are some of the latest in a long history of violations by LPL advisors

Mark Tauzin won’t be able to work as a broker again until July of this year. In November of 2016, the Financial Industry Regulatory Authority (FINRA) suspended him eight months for what they called a “pattern of unsuitable short-term trading of front-loaded Unit Investment Trusts (UITs).” In addition to the suspension, Tauzin was ordered to pay fines that totaled over $225,000.

FINRA found that there was no reasonable basis for Tauzin to believe that these investments were suitable for his clients. In addition, he is reported to have maintained blank forms with customer signatures that allowed him to manipulate transactions.

FINRA Fines and Suspends Robert Estevez

February 17, 2017 | Silver Law Group

FINRA Fines and Suspends Robert Estevez on silverlaw.com

The broker’s unsuitable recommendations caused clients to lose money

In September of 2016, broker Robert Estevez received a fine and suspension from the Financial Industry Regulatory Authority (FINRA). The penalties were the result of an investigation by the agency that discovered Estevez made unsuitable recommendations to his clients.

According to FINRA, Estevez recommended short-term steepeners. Steepeners are structured products with returns reliant on the spread between long- and short-term interest rates. Estevez made the recommendations as part of a short-term investment strategy, and many clients ended up buying steepeners at full price and then selling them for a loss. Overall, Estevez’s customers lost a total of about $24,000.

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA

February 17, 2017 | Silver Law Group

Tampa Broker Christopher Goslin Hit with a Fine and Suspension from FINRA on silverlaw.com

Goslin failed to disclose outside business activity from which he profited

After an investigation, the Financial Industry Regulatory Authority (FINRA) suspended broker Christopher Goslin for one month and fined him $5,000. Goslin agreed to the sanctions, though he didn’t admit to or deny the findings.

According to FINRA, Goslin conducted outside business activity related to a limited liability corporation, from which he received monetary distributions. Goslin was required to submit a notice in writing about this activity and receive approval, which he failed to do.

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA

February 17, 2017 | Silver Law Group

New Jersey Broker Lucas Lichtman Fined and Suspended by FINRA on silverlaw.com

The broker is reported to have made investments to generate commissions for himself

Lucas Lichtman cannot act as a broker again until July of 2017. In October of 2016, the Financial Industry Regulatory Authority (FINRA) handed him a nine-month suspension – as well as a fine of $7,500 – due to allegations that he made unsuitable recommendations that also resulted in extra commissions.

A relatively new broker, Lichtman has only worked in New Jersey, first for Investors Capital Corp. out of Englewood Cliffs in 2008. He then joined World Equity Group, Inc. also in Englewood Cliffs; then SWS Financial Services located in Tenafly. Lichtman’s most recent firm was another Englewood Cliff outfit: Caldwell International Securities. It was there that he was accused of making unsuitable recommendations and churning.

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently

February 17, 2017 | Silver Law Group

Michael Inderlied Refuses to Testify for FINRA, is Barred Permanently on silverlaw.com

The broker had been accused of making unsuitable recommendations

Michael Inderlied is no longer allowed to work in any capacity as a broker that sells securities to the public. This order came down from the Financial Industry Regulatory Authority (FINRA) in September of 2016 after Inderlied failed to appear for an on-the-record testimony regarding allegations of unsuitable recommendations.

Inderlied began his career in 1991 and worked for 10 firms over a 24-year span, including and most recently:

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker

February 17, 2017 | Silver Law Group

Rhonda Janeen Matthews Is No Longer Permitted to Act as a Broker on silverlaw.com

Prospera Financial Services, Inc. broker failed to respond to FINRA requests for information, resulting in a permanent ban from the industry

After 22 years in the securities industry, practicing both as a broker and an investment adviser, Rhonda Matthews’ securities career is over. According to the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report on Matthews, she allegedly failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to FINRA’s request to provide information concerning the status of compliance.

Prior to her employment as a broker with Prospera Financial Services, Inc. from June 2013 to December 2015, Matthews was employed by Wells Fargo Advisors Financial Network, LLC in Austin, TX from January 2010 to June 2013. Matthews was discharged by Wells Fargo Advisors Financial Network for allegedly failing to follow firm policy regarding contacting customers prior to each trade.

Clouded by Allegations, FELTL & Company Broker Lance Ziesemer is Permanently Barred by FINRA

February 17, 2017 | Silver Law Group

Clouded by Allegations, FELTL & Company Broker Lance Ziesemer is Permanently Barred by FINRA on silverlaw.com

Ziesemer’s 22-year career ends with numerous customer disputes and damages requested against him of almost $2M

Wayzata, MN broker Lance Ziesemer began facing customer complaints in May 2007 when the first registered complaint against him showed up on his BrokerCheck report. Ziesemer had just started his employment with FELTL & Company when a customer lodged a complaint alleging unauthorized trading, unsuitability, and inappropriate margin use during the time period of February 1998 and April 2000. In this case, the requested damages equaled just over $102,000.

In November 2008, it is reported that Ziesemer settled away with two customers in an attempt to prevent them from filing a claim, resulting in a Financial Regulatory Authority (FINRA) action against the broker requiring a 20-day suspension and $5,000 Civil and Administrative Penalty/Fine.

Failure to Comply with FINRA Request Terminates Broker Lance Shaw’s Securities Industry Career – Follow Up

February 3, 2017 | Silver Law Group

Failure to Comply with FINRA Request Terminates Broker Lance Shaw’s Securities Industry Career – Follow Up on silverlaw.com

His former firm, LPL Financial, is facing serious accusations

In November, we chronicled the history of Lance Shaw and why FINRA barred him from ever working as a broker again. Over the course of his 15-year career, he was involved in eight customer disputes, with the majority of them related to unauthorized trading.

One of those disputes occurred while Shaw was working for LPL Financial, LLC, and it involved allegations of unsuitable investments and excessive trading of a client’s retirement account. The damages granted totaled $175,000.

Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired

January 31, 2017 | Silver Law Group

Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired on silverlaw.com

The Florida broker has been charged with numerous violations over the past three years

The Financial Industry Regulatory Authority (FINRA) recently suspended broker Paul McLellan Alexander, Jr. after finding that he made transactions while exercising discretion, though he didn’t have written authorization from his clients. His firm reportedly hadn’t accepted the accounts as discretionary, either. Although he didn’t admit or deny the charges, Alexander agreed to the 20-day suspension and to pay a fine of $5,000.

Over 14 years, Alexander worked for three firms, beginning with A. G. Edwards & Sons, Inc. out of St. Louis, MO. He then moved to Palm Beach Gardens, FL, where he first joined Merrill Lynch, Pierce, Fenner & Smith Inc. and then Raymond James & Associates, Inc. Currently not registered with a firm, Alexander was permitted to resign from Raymond James after admitting that he had taken time and price discretion for his clients.

Have You Invested Your Hard-Earned Money with Broker Scott Erik Aabel?

January 31, 2017 | Silver Law Group

Have You Invested Your Hard-Earned Money with Broker Scott Erik Aabel? on silverlaw.com

Once again, Nokomis, Florida-based broker is sanctioned and fined by FINRA.

When investing with a broker, it’s important to know his or her own financial background. For instance, if you invested with Scott Aabel anytime since his early days in the securities industry with Lutheran Brotherhood Securities Corp. in 1991, you might be interested to know that he has at least four judgment/liens or financial complaints lodged against him in his personal financial life.

In addition to the personal financial disclosures on Aabel’s BrokerCheck report, there are a reported ten customer disputes requesting upwards of $600,000 lodged against the Florida broker. The Financial Industry Regulatory Authority (FINRA) report lends insight about the allegations relating to Aabel’s 25-year securities industry career.