Stoltmann Law Offices is investigating Robin Bruce Davidson, former LPL Financial/Western International Securities Broker. Davidson is being investigated for selling unsuitable investments, including non-traded real estate investment trusts (REITs). He was suspended by the Financial Industry Regulatory Authority (FINRA) and fined $10,000. Davidson worked for H.D. Vest Investment Securities, Inc. from 1989 until 1994, LPL Financial Corporation from 1994 until 2008 and Western International Securities, Inc. from 2008 until 2011. He has had eight customer disputes against him, including two that are pending. He is not currently registered with any brokerage firm. If you invested money with Robin Bruce Davidson, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.
Thursday, December 18, 2014
Two brokerage units of Wells Fargo & Co. must pay a joint $1.5 million fine for failing to comply with anti-money laundering regulations by not verifying 220,000 new accounts during a nine-year period, per the Financial Industry Regulatory Authority (FINRA) on Thursday. The lapses occurred at Wells Fargo Advisors and Wells Fargo Advisors Financial Network between 2003 and 2012. A computer system at Wells Fargo, had a design flaw that caused failures in identifying some new accounts and the problem affected more than three percent of the 6.9 million customer accounts the two units had opened during the nine-year period. If you invested money with Wells Fargo, you may be entitled to recover your investment losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney.
Christopher I. Miller entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he posted messages on an internet message board concerning three publicly-traded securities that were unbalanced, promissory, misleading and/or lacked reasonable basis. From June 2011 to November 2012, Miller posted 120 messages to a Yahoo Finance message board containing opinions about various stocks. He promoted three stocks: Prospect Global Resources (PGRX), Vale SA (VALE), GMX Resources (GMXR). Miller owned positions in these stocks and at times misstated the extent of his holdings in his posts. None of these were approved by UBS Financial Services, his member firm. The posts were misleading, unbalanced and promissory. Miller was fined $15,000 and suspended from the securities industry for 11 months. He is required to prequalify as a General Securities Representative by passing the Series 7 exam following his suspension. If you invested with Christopher I. Miller, or his member firm, UBS Financial Services, you may be entitled to recover some of your investment losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you recover your investment losses.
Wednesday, December 17, 2014
The Financial Industry Regulatory Authority (FINRA) fined Merrill Lynch $1.9 million for unfair pricing over the year time period related to the purchase of distressed securities. Merrill Lynch's global banking and markets credit trading desk bought senior notes of Motors Liquidation Co., formerly General Motors Corp., at 5.3% below the market price in more than 700 retail customer transactions. The regulator ordered Merrill Lynch to pay more than $540,000 in restitution plus interest. FINRA claimed Merrill Lynch did not have an adequate supervisory system to review fair pricing and ordered the bank to provide three reports over the next 18 months regarding its effectiveness. If you invested money with Merrill Lynch, you may be able to recover some of your investment losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you.
Wedbush Securities and the firm's president lost their appeal of a Financial Industry Regulatory Authority (FINRA) enforcement decision imposing more than $300,000 in fines and a month-long suspension for their top executive for failing in reporting duties. FINRA found the firm and Edward Wedbush liable for failure in its accurate and timely reporting of customer complaints, employment registration of registered representatives and statistical files. They were also found to have failed in their supervision of reports. The firm was fined $300,000 and Wedbush, $50,000. He was suspended of supervisory duties for 31 days. According to FINRA, the firm failed in its accurate and timely filing of U4 and U5 forms for its advisors and was liable for more than 100 reporting violations. They had five alleged violations involving client complaints. The firm conceded the complaint as not timely reported. The alleged misconduct occurred from January 2005 to July 2010. If you invested money with Wedbush Securities, you may be entitled to recover some of your investment losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you recover your investment losses.
The Financial Industry Regulatory Authority (FINRA) brought enforcement actions against five individuals in South Florida. Javier Tellez was fined $5,000 and agreed to a three month suspension from working in the securities industry in response to allegations that he failed to report anti-money laundering red flags related to 30 accounts between January 2010 and June 2012 while working at Capital Guardian LLC in North Carolina. Tellez operated accounts that were all held or beneficially owned by Venezuelan entities. One of the accounts saw $1.44 million in money movements in a short period of time which amounted to 180 percent of the account holder's net worth. Another saw $4.6 million in total money movements. Fort Lauderdale resident Gregory Langsett settled with FINRA to allegations that he participated in at least one private securities transaction by soliciting an elderly customer at the end of 2013. He was registered with PlanMember Securities Corporation, a retirement investment firm at the end of 2013. Matthew Anthony Luciano settled with FINRA and agreed to pay $5,000 in fines for allegedly operating a limited liability company outside of New York, called Meyers Associates LP. Luciano operated NYAIX, an investment-related company that offered consulting services for hedge fund managers. He was also suspended from doing business in the industry for 20 days. He is currently registered with Meyers Associates LP. Fernando Alberto Morgan settled with FINRA regarding allegations that he willfully failed to amend paperwork disclosing six federal tax liens. Morgan is currently registered with Allstate Financial Services LLC. He was fined $5,000 and suspended for three months. Derek Brice Radzikowski will pay $18,000 in fines in response to allegations that he conducted a mortgage relief business through multiple entities while working with other firms without providing notice. He was associated with Lakeland Brookstone Securities Inc. as a general securities representative and principal between September 2009 and June 2012 and with New York-based National Securities Corporation between July 2012 and October 2012 when he was terminated. He allegedly received compensation from the mortgage relief business without properly disclosing his activities to Brookstone or National. If you invested money with any of the representatives listed, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you recover your investment losses.
The Securities and Exchange Commission (SEC) has launched a review on mutual fund companies that offer clients investments in mutual funds. Specifically, funds that trade in leveraged loans or risky loans of all types that are purchased as investments, which have become popular since the 2008 financial crisis, with investors seek higher-yielding loan products. These loans can sometimes take weeks to unwind, delaying redemption requests Are such investment vehicles too illiquid for average mutual fund investors? Many of these retail investors need their money sooner than can be delivered. Also, during financially turbulent times, these funds can be delayed even longer from liquidating. The SEC's position is that leveraged-loan funds need to have clear disclosures so investors know exactly what they are investing in. The regulator wants to make them more explicit.
Anti-competitive pricing by airlines and debates the fairness of rising airline prices in the face of plummeting fuel costs. The entire video can be viewed at the link below.
Citigroup is under fire by the Financial Industry Regulatory Authority (FINRA), for failing to deliver paperwork on purchases of exchange-traded funds (ETFs). In 2010, the bank failed to send prospectuses on 160 ETFs bought by clients. Citigroup also failed to deliver prospectuses on more than 1.5 million ETF purchases from 2009 through 2011. The New York Stock Exchange (NYSE) sanctioned Citigroup for a similar failure in 2007 for not having proper procedures in place to supervise the process. In FINRA arbitration hearings, brokerage firms often use the receipt of a prospectus as a fefeuse to the burned investors statement of claim. Citigroup has also come under fire in the last month for being among some 10 Wall Street firms for failing to shield analysts from being pressured to promise favorable research to win roles in an initial public offering (IPO). If you invested money with Citigroup. please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney about recovering the losses.
Paul A. Ligor, who worked as a broker at Ajax Investment Advisors, has been barred from the investment industry by the Securities and Exchange Commission (SEC). He is not permitted to associate with any broker, dealer, investment adviser, municipal securities dealer, municipal adviser, transfer agent or national statistical rating organization. The Maine broker was also ordered to pay a civil fine of $1,000. Ligor executed and managed executed trades in self-directed brokerage accounts on behalf of at least eight clients, while not appropriately licensed. If you invested money with Paul A. Ligor, you may be able to recover your investment money. Please call our securities law firm at 312-332-4200 to speak to an attorney to find out how we may be able to help you.