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Thursday, July 02, 2015

Bringing Claims Against Roosevelt & Cross

Roosevelt & Cross, Incorporated entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), based on its reporting strategies to the Real-Time Transaction System (RTRS) from July 1 through September 30, 2013. According to the AWC, Roosevelt failed to report the correct yield to the RTRS in 23 reports of transactions in municipal securities. The firm also allegedly did not provide written notification disclosing accurate yield to customers. The firm's supervisory system did not provide for supervision to achieve compliance for the identification of persons responsible for supervision with respect to disclosure of yield on a confirmation, a statement of the supervisory steps to be taken by the identified person, a statement as to how often these steps to review yield on a confirmation and statement as to how these steps should be documented. For this, the firm was censured and fined $15,000. Please call us to find out how to sue Roosevelt & Cross at 312-332-4200. We are securities attorneys who concentrate on recovering money for investors who lost money.

Wednesday, July 01, 2015

Suing To Recover Atlas Resources Investment Losses

Investors burned in various Atlas related oil and gas partnerships are suing the brokerage firms to recover these losses through the FINRA arbitration forum. A minimum investment of $25,000 got retail investors a place in the Atlas partnerships that drill for oil and gas in Texas, Ohio, Oklahoma and Pennsylvania. Unfortunately, many retail investors "bit" on this pitch. Brokerage firms simply didn't do reasonable due diligence on these investments and often failed to disclose the true risks of these investments. Marketing material for six oil and gas private placements offered over the past 15 years by Atlas and other similar companies shows an orgy of fees and expenses. The documents show that issuers typically charged anywhere from 15% to 20% in upfront fees from investors, and pay brokers who sell the securities 10% of the total offering in sales commissions. More than half of the private placements Atlas issued over 30 years resulted in losses to the investor. In some cases, the investor broke even. The company and the brokers who recommended the investments did better than the investors in it. A recent Reuters poll of 100,000 filings with the Securities and Exchange Commission (SEC) found that between 2008 and 2015, issuers wanted to raise $5.5 trillion through private placement sales. Usually, there are no filing requirements other than the name of the issuers and the maximum goal amount. This makes fraud rampant, especially in the oil and gas industry. Hidden fees associated with private placements are also rampant and whether any oil or gas is successfully drilled has little bearing on whether or not the companies make money. Many times, investors sign contracts that state the investors may lose all of their money, but these statements are well hidden in numerous documents, that many retail investors may not clearly understand. We've been asked by investors who bought Atlas Resources related oil and gas investors why they have to sue in FINRA arbitration instead of in court to recover any losses. The reason is because brokerage firms like H. Beck and others that recommended the investment have a binding FINRA arbitration clause in its new account applications. This means investors have no choice but to sue through binding arbitration instead of court house litigation through a lawsuit. Investors who invested in the Atlas related funds below can call our securities fraud law firm in Chicago for a no cost, no review by a lawyer as to whether these losses are recoverable on a contingency fee basis. America Public #9 Ltd. Atlas America Public #10 Ltd. Atlas America Public #11-2002 Limited Partnership Atlas America Public #12-2003 Limited Partnership Atlas America Public #14-2004 L.P. Atlas America Public 14-2005(A) L.P. Atlas America Public #15-2005(A) L.P. Atlas America Public #15-2006(B) L.P. Atlas Resources Public #16-2007(A) L.P. Atlas Resources Public #17-2007(A) L.P. Atlas Resources Public #17-2008(B) L.P. Atlas Resources Public #18-2008(A) L.P. Atlas Resources Public #18-2009(B) L.P. Atlas Resources Public #18-2009(C) L.P. Atlas America Series 25-2004(A) L.P. Atlas America Series 25-2004(B) L.P. Atlas America Series 26-2005 L.P. Atlas America Series 27-2006 L.P. Atlas Resources Series 28–2010 L.P. Atlas Resources Series 30-2011 L.P. Atlas Resources Series 31-2011 L.P.

Complaint Against Stephen Joseph Kipp

Stoltmann Law Offices is investigating Stephen Joesph Kipp and his firm, National Planning Coporation (NPC). The Financial Industry Regulatory Authority (FINRA) received a complaint regarding Kipp's handling of one of his customer accounts. NPC contacted a registered representative about his review and approval of the customer's account and transactions. NPC received a written response from the customer stating that he had not reviewed the customer's new account form nor the order memoranda relating to the customer's transactions. The investigation into it revealed that Julie Ann Pritchard had put the signatures on the customer's account. The complaint also indicated that Kipp authorized Pritchard to sign his name, who signed it to at least 160 separate documents that were intended to become business records of the firm. Pritchard was Kipp's administrative assistant at the NPC. By signing the 160 documents, they became inaccurate for reporting purposes. For this, Stephen Joseph Kipp was suspended for 20 days from any FINRA member firm in any capacity and fined $8,000. NPC can be sued to recover financial losses. Please call us to find out how at 312-332-4200. Our attorneys take cases on a contingency fee basis and we concentrate on recovering investment losses for investors.

Stoltmann Law Offices Investigating James M. Ham and First Independent Financial Services

James M. Ham was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) for allegations that he solicited a customer to invest $170,000 in an undisclosed outside business activity. He also allegedly made transactions in a customer account 280 times without proper authorization from the customer. This was in October 2014 and he was fined $5,000 and suspended from the industry for 60 days. FINRA then barred him after he failed to pay the fine.

Ham was registered with Smith Barney, Harris Upham & Co. in New York, New York from September 1988 until January 1992, Rauscher Pierce Refsnes in Dallas, Texas from January 1992 until January 1997, Everen Securities in St. Louis, Missouri from January 1997 until June 1999, CIBC World Markets Corp in New York, New York from June 1999 until April 2002, Butler Freeman Tally Financial Group in Bedford, Texas from April 2002 until November 2005 and First Independent Financial Services in Dallas, Texas from March 2006 until October 2014. He has two customer disputes against him. He is not currently licensed with any firm and has been permanently barred from the industry. If you invested money with James M. Ham, you may be able to recover that money by calling our securities law office at 312-332-4200. We sue firms such as First Independent Financial Services for not reasonably supervising their registered representatives. The call is free.

Bringing Claims Against Goldman Sachs

The Financial Industry Regulatory Authority (FINRA) fined Goldman Sachs $20,000 on October 22, 2013, when the firm entered into a Letter of Acceptance, Waiver and Consent (AWC). On March 15th, 2013, the firm was fined $39,000, which included a fine of $37,000 for violations of a FINRA rule. On June 10, 2011, FINRA fined Goldman Sachs $27,500 for late reporting techniques, and on March 16, 2010, they were fined $40,000 for violations of FINRA rules. Goldman Sachs did not adhere to rules with the Trade Reporting and Compliance Engine (TRACE) reporting requirements. This caused Goldman Sachs' records to be inaccurate. Goldman Sachs failed to report to TRACE within the fifteen minute time period allotted. The firm's supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations and the rules of FINRA. Furthermore, the firm's written supervision materials were not up to industry standards. If you would like to sue Goldman Sachs for investment losses, you may do so in the FINRA arbitration process for their failure to adhere to FINRA rules. Please call us at 312-332-4200 to speak to an attorney about your options.

Fraud Charges Filed Against Two Financial Advisors

Todd Schoenberger, a former financial advisor with USAA Investment Management Company in San Antonio, Texas, was recently barred from the securities industry for allegedly soliciting clients to invest in promissory notes issued by LandColt Capital, an unregistered advisory firm. He allegedly promised that the notes would be repaid by a private fund launched by him at a later time. He used $67,000 of the $130,000 he secured for personal use. Before being registered with USAA, Schoenberger was registered with Merrill Lynch, Legg Mason Wood Walker, Rydex Distributors, Annuitynet Insurance Agency and Investors Security Company. He has two customer disputes against him. The Securities and Exchange Commission (SEC) permanently barred him from acting as a broker or investment adviser, or associating with firms that sell securities or provide investment advice to the public because of the charges against him.

Michael Thomas, another financial advisor was charged with misrepresenting his achievements to investors and clients. He told the clients he was named as a "Top 25 Rising Business Star" by Fortune magazine, when the award does not actually exist. If you would like to sue Todd Schoenberger or Michael Thomas, or USAA Investment Management Company, you may do so by calling us at 312-332-4200. We are securities attorneys who help investors recover financial losses.

Suing Broker Adamson Wright for Mismarked Options Trades

Stoltmann Law Offices is investigating Adamson Wright for 249 mismarked order tickets he allegedly effected as being "unsolicited" when the trades were actually solicited. This occurred between May 2010 and February 2011. Also, Wright allegedly used unauthorized discretionary trading and made unsuitable investment recommendations. Two clients alleged an unsuitable purchase of China Agritech. Wright was working at Ameriprise Financial at the time of the alleged inquiries. He worked for Smith Barney Inc. in New York from September 1995 until July 1998, UBS Financial Services in Greensboro, North Carolina from July 1998 until January 2010, and Ameriprise Financial in High Point, North Carolina from January 2010 until June 2011. He is currently registered with Intercarolina Financial Services in Greensboro, North Carolina and has been since August 2011. He has five customer disputes against him. Ameriprise Financial can be sued for their inability to supervise Wright while he worked for them. Please call us at 312-332-4200 to speak to an attorney. We are securities attorneys who focus on recovering money for retail investors.

Sanctions Against Broker Michael Gates

Michael Gates was recently sanctioned by the Financial Industry Regulatory Authority (FINRA). According to his BrokerCheck report online, from January 2011 until October 2011, he allegedly effected 22 transactions for two firm customers without written authorization from the customers or approval from the firm. This is against FINRA rules because Gates was not approved by his firm to exercise discretion in customer accounts.

Michael Gates was registered with Sentra Securities Corporation, WM Financial Services, Cal Fed Investments, and Wells Fargo Advisors in Huntington Beach, California. He is currently registered with Morgan Stanley in Newport Beach, California, and has been since March 2012. He has two customer disputes against him. Wells Fargo, Gates' former firm, can be sued to recover financial losses if you invested with them or Michael Gates. They had a duty to reasonably supervise him while he was employed there. Please call us at 312-332-4200 to speak to an attorney. We sue firms such as Wells Fargo in the FINRA arbitration forum.

Recovering Losses with JHS Capital Advisors and Mark Weindling

Stoltmann Law Offices is investigating Mark Weindling, a barred broker who was formerly with JHS Capital Advisors. Weindling was accused of failing to respond to a Financial Industry Regulatory Authority (FINRA) request to provide information and documents regarding an investigation of him. Weindling allegedly effected transactions in the account of a deceased customer and was aware of journal requests containing the forged signature of the same customer.

Weindling was registered with the following companies: Boettcher & Company, Dain Bosworth Inc., Piper Jaffray Inc., Elba Securities, Birchtree Financial Services, Gunnallen Financial, Paulson Investment Company, and JHS Capital Advisors in Denver, Colorado from April 2012 until May 2014. He is not licensed and has been permanently barred from the industry. If you would like to find out how to hold JHS Capital Advisors liable for Weindling's transgressions, please call us at 312-332-4200 to speak to an attorney about your options. They can be held responsible for investment losses because the firm was supposed to supervise him while he was employed there.

Did you Lose Money in Cabot TIC Investments?

Stoltmann Law Offices is investigating Carlton P. Cabot and Timothy J. Kroll, who are the principals in Cabot tenants-in-common (TIC) investments. The two men were arrested recently for misappropriating more than $17 million of investor money. TICs are individuals who each own a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property. These investments tend to be risky and are not suitable for all investors. Cabot and Kroll allegedly provided false financial reports and other information to investors in Cabot Investment Properties. The men used the money for personal use, such as for expensive cars, rental apartments and school tuition. They also used the funds to fund another TIC investment. They did not disclose the risks associated with these investments, nor did they perform adequate due diligence on them. If you invested money in Cabot TIC Investments, we ask you to please call us at 312-332-4200 to speak to an attorney. We may be able to help you recover your financial losses with them.