FINRA

FINRA Permanently Bars Jay Jules Gruenebaum

January 27, 2017 | Silver Law Group

The Zanesville, Ohio-based broker is accused of making unauthorized payments to clients and has been discharged from his member firm

In May 2016, Stifel, Nicolaus & Company, Inc. discharged broker Jay Gruenebaum from its employ alleging that he made unauthorized payments to customers. As a result of his termination, the Financial Regulatory Authority (FINRA) launched an investigation into the circumstances that caused the member firm to take such action.

During its investigation, FINRA requested that Gruenebaum appear for on-the-record testimony, a request which Gruenebuam refused. In October 2016, due to his failure to appear, Gruenebaum was permanently barred by FINRA from acting as a broker or having any association with firms that sell securities.

Dawson James Securities Broker Steven Colacurcio Suspended and Fined by FINRA

January 27, 2017 | Silver Law Group

Dawson James Securities Broker Steven Colacurcio Suspended and Fined by FINRA on silverlaw.com

The Boca Raton broker allegedly exercised discretionary power without the consent of a customer or his member firm

In August 2016, the Financial Industry Regulatory Authority (FINRA) took action against Boca Raton-based broker Steven Colacurcio. The Dawson James Securities broker was fined $5,000 and suspended for 15 business days by FINRA for allegedly exercising discretionary power in a customer’s account without obtaining prior written authorization from the customer, and without having the account accepted as a discretionary account by his employing member firm.

Previous customer disputes filed against Steven Colacurcio include allegations of breach of contract, negligence, breach of fiduciary duty, and misrepresentation. Misrepresentation occurs when a broker “intentionally or fraudulently misrepresents a material fact or omits material information related to a security,” and it can result in legal action, including the possible recovery of losses through securities arbitration.

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA

January 26, 2017 | Silver Law Group

Irvine, CA Broker Daniel Vasquez has been Permanently Banned by FINRA on silverlaw.com

Several customer disputes led to the sanction against the former Cetera Advisors, LLC broker

As of June of 2016, Daniel Vasquez is no longer permitted to act as a broker. He was given a lifetime suspension from the Financial Industry Regulatory Authority (FINRA) for not offering any information regarding several customer disputes.

In 1998, Vasquez began his career with Dean Witter Reynolds Inc. Over the next nine years, he worked for five other firms around the US: Paulson Investment Company, Inc. in Chicago; Brookstreet Securities Corp. in San Juan Capistrano, CA; PMB Securities Corp. out of Newport Beach, CA; SunAmerica Securities, Inc. in Phoenix; and AIG Financial Advisors, Inc. in Mission Viejo, CA.

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update

January 26, 2017 | Silver Law Group

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update on silverlaw.com

A former client is seeking more than $2 million in damages

In July of 2016, a customer dispute alerted the Financial Industry Regulatory Authority (FINRA) to broker Michael Siegel. What first resulted in a suspension later became a permanent ban when he didn’t respond to the agency’s request for additional information.

Over a span of three years, Siegel was alleged to have been involved in many dubious activities, including fraud, misrepresentation, and churning. All are serious charges, and churning is troublesome because it means Siegel excessively traded his clients’ investments for the express purpose of benefiting himself with extra commissions.

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA

January 26, 2017 | Silver Law Group

Ameritas Investment Broker Nathan Silva Permanently Barred by FINRA on silverlaw.com

Prior to the regulatory action, Ameritas Investment discharged Silva for violating firm policy

After seven years in the securities industry, Omaha, Nebraska broker Nathan Silva has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The Financial Regulatory Authority (FINRA) report on Silva’s actions indicates that he spent his entire career with Ameritas Investment Corporation.

According to his FINRA BrokerCheck report, Silva was discharged from Ameritas Investment in November of 2014 for violating firm policy. The allegations against him from his former employer include commingling of client funds, participating in non-approved, outside business activities, and using a non-approved method of communication (texting) all of which are violations of firm policies.

Did You Entrust Georgia Broker Perry De Leeuw With Your Investments or Invest in WaterBos

January 20, 2017 | Silver Law Group

Did You Entrust Georgia Broker Perry De Leeuw With Your Investments or Invest in WaterBos? on silverlaw.com

If you engaged in financial dealings with PFS Investments, Inc. broker Perry De Leeuw, you may have the right to try to recover your losses

According to the Financial Industry Regulatory Authority (FINRA), Duluth, Georgia-based broker Perry De Leeuw has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

Since 2004, De Leeuw has been employed as a broker with PFS Investments, Inc. in Duluth, Georgia, and had no complaints or disputes on his record until 2016 (other than a reported misdemeanor and probation for issuing bad checks from 1984).

Georgia Broker Clay Hoffman’s Registration Has Been Revoked – Investigation Update

January 18, 2017 | Silver Law Group

Georgia Broker Clay Hoffman’s Registration Has Been Revoked – Investigation Update on silverlaw.com

Hoffman, a former broker with SunTrust Investment Services in Waycross, Georgia had his FINRA registration revoked after being suspended

In June of 2016, Clay Hoffman was suspended by the Financial Industry Regulatory Authority (FINRA) for failing to provide information to the agency related to a number of allegations. In addition to unsuitable investment recommendations, Hoffman was accused of unauthorized trades and misrepresenting material facts.

Hoffman began work as a broker in 2001 with Edward Jones in St. Louis, and it didn’t take long before he ran into client issues. The first customer dispute came in 2006, and over the next nine years there were 13 more.

Broker Lance Slater Has Been Permanently Barred by FINRA

January 18, 2017 | Silver Law Group

Broker Lance Slater Has Been Permanently Barred by FINRA on silverlaw.com

The regulatory agency’s sanction is related to money allegedly borrowed from a client

In March of 2016, broker Lance Slater was barred by the Financial Industry Regulatory Authority (FINRA). The agency had requested that Slater get in touch to discuss allegations against him, but because he didn’t respond, he is no longer allowed to act as a broker or have any association with firms that sell securities.

The major complaint against Slater came from a former client. The client’s attorney alleged that in 2013, Slater borrowed over $200,000 from the client and was unable to pay it back. The lawyer also said that Slater traded the client’s money excessively in unsuitable investments.

Former Financial Telesis Broker Christopher Ariola Under Scrutiny by FINRA

January 18, 2017 | Silver Law Group

Former Financial Telesis Broker Christopher Ariola Under Scrutiny by FINRA on silverlaw.com

Allegations include unsuitable investing for concentrating elderly retiree investments in gold and energy stocks

Christopher Ariola has 16 years of experience in the securities industry, most recently with Financial Telesis, Inc. in Aliso Viejo, California. While Ariola is currently not registered as a broker or investment advisor, there remain four official customer disputes registered against him, according to the Financial Industry Regulatory Authority (FINRA) BrokerCheck website.

The pending customer disputes go back as far as August of 2012 and damages requested exceed $500,000.00 as a result of Ariola’s alleged actions. Some of the allegations against him include:

President and CEO Leigh Garber Suspended by FINRA

January 12, 2017 | Silver Law Group

President and CEO Leigh Garber Suspended by FINRA on silverlaw.com

It was the New Woodstock, NY executive’s second suspension in 10 months

In October, Leigh Garber received a three-month suspension from the Financial Industry Regulatory Authority (FINRA). It was the second time in 2016 that she was penalized by the agency.

An 18-year veteran of the securities industry, Garber first began with IBN Financial Services, Inc. in Liverpool, NY. She then proceeded to work for several firms in New Woodstock, NY, before starting at National Securities Corporation in November of 2015.