FINRA

New Jersey Broker Glenn King Barred by FINRA

September 19, 2016 | Silver Law Group

New Jersey Broker Glenn King Barred by FINRA on silverlaw.com

Allegations against King include making fraudulent misrepresentations to clients

Glenn King, a former broker based in New Jersey, has been barred from acting as a broker by the Financial Industry Regulatory Authority (FINRA) for misconduct. A veteran in the securities industry with a career that dates back to 1992, King has received 19 customer complaints and is the subject of several investigations and two financial disclosures.

According to FINRA, King allegedly made fraudulent misrepresentations and neglected to provide the required prospectus to clients in association with Unit Investment Trusts (UITs) while employed by Royal Alliance Associates, a national financial advisory firm. The FINRA report states that King made his elderly clients believe that he would use their investment funds to purchase safe, no-risk bonds and that he would not charge commissions for these transactions. However, investigations show that he purchased 44 UITs that caused his clients to lose tens of thousands of dollars while he made $38,000 in commissions. These FINRA allegations and an internal review by his member firm caused King to be terminated from Royal Alliance Associates in June of 2011.

What to Expect from FINRA Dispute Resolution

August 29, 2016 | Silver Law Group

What to Expect from FINRA Dispute Resolution on silverlaw.com

FINRA dispute resolution resolves disputes between customers and stockholders or Wall Street involved in fraudulent or negligent broker activity

If you’re an investor and have a dispute with a securities firm or broker that can’t be settled through a mutual agreement or outside settlement, the case may be arbitrated or mediated in FINRA’s dispute resolution forum.

Will FINRA hear my case?

How FINRA’s Handling the Problem of Unpaid Securities Arbitration Awards

August 25, 2016 | Silver Law Group

How FINRA’s Handling the Problem of Unpaid Securities Arbitration Awards on silverlaw.com

Millions of dollars in awards go unpaid by defunct brokerage firms, boiler rooms, and unscrupulous brokers—what is FINRA doing to address this growing issue?

A recent report from the Public Investors Arbitration Bar Association (PIABA) says that 75 awards (approximately one third of all money awarded to clients in FINRA arbitration) during the year 2013 went unpaid.

Unlike many other types of business, brokers and financial advisors are not required to carry insurance, meaning there isn’t another source of assets to pay client awards if the firm’s assets dry up. While most large firms pay arbitration awards as quickly as possible in order to maintain their reputation and avoid further legal action, many smaller firms can’t or don’t pay many of their awards.

Duluth Broker Kenneth Kolquist Permanently Barred by FINRA

August 22, 2016 | Silver Law Group

Duluth Broker Kenneth Kolquist Permanently Barred by FINRA on silverlaw.com

Cetera financial advisor allegedly engaged in gross negligence, breach of fiduciary duty, fraudulent non-discolsure, fraud, and more

Kenneth Kolquist began his career in the financial services industry in 2006 in Duluth, Minnesota. Since his first position with A Plus Financial Group, he has worked for various firms including Securities America, Financial Network, and most recently for Cetera Advisors Networks, where he worked from 2009 to 2015.

While employed by Cetera, Kolquist was accused of:

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA

August 19, 2016 | Silver Law Group

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA on silverlaw.com

Ralph Savoie refused to respond to requests for information from the FINRA.

After 40 years in the financial services industry, Ralph Savoie has been permanently barred by the FINRA. His most recent place of employment was as a broker for the firm Cambridge Investment Research in Metairie, Louisiana where he worked from 2013 to 2015. He also worked for ING Financial Partners in Baton Rouge from March 2007 to July 2013.

FINRA barred Savoie as a result of his refusal to respond to requests for information pertaining to an investigation. He is being investigated for misappropriating funds of $665,000 from one client and for outside business activity without approval. He has also been accused of fraud for selling a client a life insurance policy that was priced well beyond the client’s means.

Meyers Associates Broker Matthew Siliato Under Investigation for Pending Suitability and Breach of Fiduciary Duty Claims

August 16, 2016 | Silver Law Group

Silver Law Group is investigating Meyers Associates broker Matthew A. Siliato (CRD# 5062153) for recent allegations that he recommended clients unsuitable investments.

Siliato’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report indicates that the broker has nine misconduct disclosures.

Siliato’s most recent complaint was filed on June 23, 2016. The customer dispute alleges unsuitable recommendations and damages in the amount of $250,000. The complaint is currently pending.

Connecticut Broker Matthew Woodard Permanently Barred by FINRA

August 16, 2016 | Silver Law Group

Connecticut Broker Matthew Woodard Permanently Barred by FINRA on silverlaw.com

With just three years in the securities industry, Woodard faced allegations of misconduct

Silver Law Group is investigating the misconduct of Matthew Charles Woodard, a broker from Farmington, Connecticut. An inquiry from FINRA was initiated when Woodard was accused of converting funds from a deceased customer’s account. When asked to cooperate with the investigation, he refused to provide documentation and information and was subsequently permanently barred by FINRA.

Employed for just three short years in the financial services industry, Woodard, worked for Metlife Securities, LPL Financial, Proequities, Inc. and most recently with First Allied Securities from February 2015 to October 2015.

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry

August 15, 2016 | Silver Law Group

FINRA Permanently Bars Wayne Anthony Schultz from the Securities Industry on silverlaw.com

Wayne Anthony Schultz has been permanently barred from the securities industry.

Silver Law Group is investigating allegations against Wayne Anthony Schultz in relation to notes that he issued to an elderly customer. FINRA brought enforcement action against Schultz after he continually refused to provide the documentation and information they requested in relation to the customer dispute.

Schultz’s employment history dates back to 1992 and includes working for Cadaret, Grant and Company in Syracuse, New York; Your Money Matters Brokerage Services in Somerset, New Jersey; TFS Securities in Annandale, New Jersey; Sterne Agee Financial Services in Branchburg, New Jersey; and most recently for Adirondack Trading Group, also in Branchburg, New Jersey.

FINRA Suspends Christopher Kelly from Securities Industry for Four Months

August 12, 2016 | Silver Law Group

FINRA Suspends Christopher Kelly from Securities Industry for Four Months on silverlaw.com

Jupiter, FL broker allegedly borrowed money from customers without disclosing the arrangement or seeking an exception to his member firm’s rule that prohibits it

After 17 years in the securities industry, Christopher Kelly, a broker in Jupiter, Florida, has been suspended for four months by the FINRA. Silver Law is investigating the allegations against Kelly, who was most recently employed by LPL Financial in Jupiter, Florida from 2005 to 2014. He was also a registered representative for Banc of America Investment Services; Merrill Lynch, Pierce, Fenner and Smith; and Prudential Securities.

FINRA alleges that Kelly borrowed $150,000 from customers, an action that is in violation of his member firm’s borrowing policy. It is also alleged that he did not disclose this borrowing arrangement with his firm or seek an exception to the rule that prohibits this arrangement. Kelly was terminated from LPL Financial soon after these allegations were made.

Georgia Broker Clay Hoffman Suspended by FINRA

August 11, 2016 | Silver Law Group

Georgia Broker Clay Hoffman Suspended by FINRA on silverlaw.com

Allegations include unauthorized trading, misrepresentation and unsuitable investment recommedations

Clay Hoffman, who has been working in the financial services industry since 2001, has seven customer complaints against him, four pending complaints, several disputes, and was been terminated by Suntrust Investment Services after the firm conducted a review of his client account transactions. Hoffman was employed with SunTrust from 2007 to 2013. His employment history also includes working for Merrill Lynch in Ponte Vedra Beach, Florida and for Edward Jones in both Tifton, Georgia and St. Louis, Missouri.

According to FINRA, Hoffman is accused of: