Investor Lawyers Blog

Elderly Ozark Retirees Says Joseph LaTour of Latour Asset Management in Springfield Sold Them GWG L Bonds

Published on: June 16, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Couple File FINRA Arbitration Claim Against Center Street Securities Seeking Up to $500K in Damages

A Missouri couple in their 90s and 80s have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Center Street Securities and its broker Joseph Martin LaTour. The latter is an investment advisor who operates out of Springfield under the local firm Latour Asset Management.

In their FINRA arbitration case, the claimants request up to $500K in damages. They allege that Center Street Securities broker Joseph LaTour unsuitably recommended GWG Holdings L Bonds to them. This was regardless of the fact that they had sought low-risk, stable investments.

Tennessee Couple Alleges That Center Street Securities’ Morgan Hill in Knoxville Failed to Warn About GWG L Bond Risks

Published on: June 14, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Center Street Securities is Named in this Six-Figure FINRA Arbitration Case

An older couple who live in Cleveland, Tennessee has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim seeking up to $500K in damages from Center Street Securities. This comes after its registered representative Morgan Darby Hill allegedly unsuitably recommended that they invest in GWG Holdings L Bonds.

Morgan Hill is currently registered as a broker with both Center Street Securities and Arete Wealth Management in Knoxville. He is also a registered investment advisor with Center Street Advisors. However, locally Hill markets himself as the CEO of the wealth preservation and distribution firm, Hill & Hill Financial, LLC.

Japanese Customers Of Bankoh Investment Services File 7-Figure Claim Over Northstar Financial Services (Bermuda) Losses

Published on: June 13, 2022 | by Shepherd Smith Edwards & Kantas, LLP

More Claimants Accuse Broker Yoko Farias of Overconcentration In Obscure, Offshore Investment

An older couple from Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim requesting between $500K and $1M in financial recovery over losses sustained in Northstar Financial Services (Bermuda). The respondents are Bankoh Investment Services and its registered representative Yoko K. Farias in Hawaii.

The investors contend that Bankoh and Farias allegedly abused their trust by overconcentrating a considerable amount of their assets in Northstar (Bermuda), which is now defunct and in liquidation proceedings. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent these claimants in FINRA arbitration in the United States.

Fired Berthel Fisher Broker Steve Cummings’ Customers Report Investment Losses

Published on: June 10, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Alabama Financial Advisor Has Been Accused of Misrepresentations and Unsuitability

Our knowledgeable broker misconduct attorneys are investigating claims of losses by customers of ex-Berthel Fisher & Co. registered representative Steve Jeffrey Cummings. In July 2021, claimants filed a Financial Industry Regulatory Authority (FINRA) arbitration claim for $250K in damages.

The customers contend that they were sold unsuitable investments between 2010 and 2015 and that Cummings allegedly made misrepresentations to them. They believe brokerage firm Berthel Fisher failed to supervise its Alabama broker and did not conduct proper due diligence. In 2017, Berthel Fisher fired Cummings over allegations that he did not disclose tax liens in a timely fashion.

Arizona Investor Alleges That Modern Wealth Management in Tucson Unsuitably Recommended GWG L Bonds

Published on: June 9, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Centaurus Financial is Respondent in Six-Figure FINRA Arbitration Claim

A Salt Lakes, Arizona investor, has filed a FINRA arbitration claim against Centaurus Financial over losses he sustained in GWG L Bonds. Offering documents for the investment named ex-Centaurus broker Otto Ramon Bohon. Recently, Bohon has locally been affiliated with Modern Wealth Management (formerly Catalina Investments) as a registered representative.

The claimant is seeking to recover up to $500K in damages. Our GWG L Bond lawyers are representing him in FINRA arbitration.

Ameriprise Subsidiary RiverSource Fined $5M For Allegedly Improperly Switching Customers’ Variable Exchanges To Earn Commissions

Published on: June 8, 2022 | by Shepherd Smith Edwards & Kantas, LLP

RiverSource Distributors Accused of Targeting Retail Ameriprise Financial Customers With VA Sales

The US Securities and Exchange Commission (SEC) is ordering Ameriprise’s subsidiary brokerage firm, RiverSource Distributors, to pay a $5M fine for alleged violations involving variable annuities (VAs). The regulator contends that several RiverSource employees came up with a sales strategy that caused holders of these products to switch annuities. This purportedly resulted in enhanced sales commissions and boosted VA sales revenues for the firm.

The SEC said that RiverSource Distributors sold the VA exchanges to retail customers through Ameriprise Financial Services. It charged RiverSource with “improper switching or replacing variable annuities.” The case is the SEC’s first-ever enforcement proceeding under the Investment Company Act of 1940’s Section 11.

Ex-Spartan Capital Securities Broker Marc Reda Is Barred Following Unsuitability and Churning Allegations

Published on: June 3, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Former Spartan Capital Securities Broker Accused of Unauthorized Trading

The Financial Industry Regulatory Authority (FINRA) has barred ex-Spartan Capital Securities registered representative Marc Augustus Reda. The broker is accused of excessively trading in the accounts of clients. During his 22 years in the industry, Reda worked at 15 brokerage firms. He has at least 20 disclosures on his BrokerCheck record that go as far back as 2000.

Our New York securities attorneys offer free, no-obligation case consultations to current and former customers of Marc Reda who suffered severe investment losses. If you would like to explore your legal options, contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Cetera Investment Services Named in Chinese Couple’s 7-Figure Beechwood Bermuda Claim

Published on: June 2, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Cetera Investment Services Broker Xinxin Lu May Have Overconcentrated Couple’s Account in Obscure, Offshore Investment

Our seasoned securities lawyers have filed a Financial Industry Regulatory Authority (FINRA) arbitration case against Cetera Investment Services on behalf of two Chinese investors. These investors seek up to $5M in damages for losses they sustained in Beechwood Bermuda. The claimants, an older couple who have health issues, worked with former Cetera broker Xinxin Lu (also known as Stella Lu).

Beechwood Bermuda (formerly known as PB Life) is a division of Northstar Financial Services (Bermuda). Both are offshore entities that are now defunct and were owned by billionaire Greg Lindberg. He is now in prison for bribery and wire fraud.

GWG Managing Broker-Dealer Emerson Equity Reports Possible Financial Woes

Published on: May 30, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Emerson Equity’s Audited Financial Statement With the SEC Reports Problems Involving Unnamed Offering

Emerson Equity disclosed problems involving an unnamed offering in its yearly audited financial statement with the US Securities and Exchange Commission (SEC). This unnamed offering could potentially cause financial harm to the brokerage firm. The full-service broker-dealer, which works with high net worth individual investors and institutional clients, is the lead seller and underwriter of the L Bonds issued by GWG Holdings, Inc.

In April 2022, GWG Holdings, which sold $1.6B of L Bonds to investors, announced filing for Chapter 11 bankruptcy protection. Emerson Equity is the lead seller of these high-yield bonds. It partnered with more than 140 regional brokerage firms to sell these life settlement-backed bonds to customers.

Customer of Morgan Stanley Broker Thomas Bonds Files $5M Unsuitability Case

Published on: May 27, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Morgan Stanley Broker Thomas Bonds Has Three Investor Claims That Resulted in Settlements

Our broker misconduct attorneys are investigating claims of losses involving current and former customers of Morgan Stanley broker Thomas Craig Bonds. According to his BrokerCheck record, the Kirkland, WA financial advisor has one pending customer dispute. In the investor’s FINRA arbitration claim, the claimant seeks $5M in damages and alleges unsuitability related to how the broker managed their account from April 2015 to September 2021.

Unsuitability generally alleges that actions were taken by the financial advisor that were not a suitable fit for the investor given several factors, including: