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South Carolina Financial Advisor Named in Five Pending Customer Disputes

Cetera Advisors Network registered representative, Ronald Franklin Metcalf, Jr, is named in five pending customer disputes in which the claimants are seeking more than $6.5M in financial recovery. 

All of them accuse Metcalf of failing to supervise other registered representatives while he was a Voya Financial Advisors broker. Two of those Financial Industry Regulatory Authority (FINRA) arbitration cases resulted in huge settlements, including one for $3.5M.  

Raymond James Broker Made Unsuitable Recommendation That Led To Northstar Financial Bermuda Losses

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) will be filing yet another Financial Industry Regulatory Authority (FINRA) arbitration claim against a brokerage firm for unsuitably recommending Northstar Financial Services (Bermuda) products to a customer. 

This time, the broker-dealer that we are pursuing for damages is Raymond James Financial Services. One of the firm’s financial advisors unsuitably marketed and sold this off-shore entity’s annuities through the United Nations Federal Credit Union (UNFCU).

Financial Independence President & Ex-Dallas, Texas Financial Advisor Was Barred by FINRA 

Dana Bruce Vietor, a former CFD Investment Services registered representative is under scrutiny following multiple allegations of broker misconduct that have led to customer losses. The latest still pending claims were brought by investors seeking to collectively recover more than $3M in damages.

According to his LinkedIn, Vietor is the President of Financial Independence Corp. in Dallas, Texas. He also is a manager of SRS Management, LLC. 

Pennsylvania Financial Advisor is Accused of Making Unsuitable Recommendations 

Austin Richard Dutton, Jr., an American Trust Investment Services stockbroker, is currently the subject of a Financial Industry Regulatory Authority (FINRA) arbitration case. The self-regulatory organization (SRO) has made a preliminary determination to recommend disciplinary action against him. The Doylestown, PA financial advisor is accused of violating FINRA Rules 2111,  2010, and 4511.  

FINRA announced its preliminary determination involving Dutton in March 2021. FINRA Rule 2111 has to do with suitability and requires broker-dealers and their registered representatives to only make recommendations that are suitable for each customer.  Rule 2010 mandates that members abide by high standards of commercial honor and fair and equitable principles of trade. Rule 4511 requires FINRA members to make records and books and preserve them for at least six years. 

GPB Sells Remaining Prime Automotive Group Dealerships to Group 1 Automotive

According to a regulatory filing submitted on September 13th, 2021, the private equity firm is selling all of its Prime Automotive car dealerships to Group 1 Automotive Inc. for $880M. The sale includes GPB Automotive Portfolio’s remaining 30 stores and three collision repair shops. 

GPB Auto is one of the alternative asset firm’s largest funds, and it has been selling car dealerships since at least 2018 when it owned 52 of them. It is one of the largest GPB funds and has reported huge losses. 

Ex-New York Financial Advisor Was Barred by FINRA in 2014

Nearly seven years after he was barred by the Financial Industry Regulatory Authority and fired by Ameriprise Financial Services, ex-New York broker Ted Wayne Cadwallader continues to be accused of making unsuitable investment recommendations that caused them significant losses. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is investigating these claims. If you suffered losses while working with ex-stockbroker Ted Cadwallader, contact SSEK Law Firm today at (800) 259-9010. You can also speak with our New York unsuitability investment attorneys at  (716) 261-3529.

Similar Determination Made in Wind Up Proceedings for Old Mutual (Bermuda) 

Bermuda’s Chief Justice Narinder Hargun and Joint Provisional Liquidators (JPLs) are in agreement that representatives will be appointed for every creditor class in the liquidation proceedings for both Northstar Financial Services (Bermuda), Ltd. and Omnia, Ltd., which was formerly Old Mutual (Bermuda)

The Supreme Court of Bermuda also provided direction to the JPLs, after the latter determined that issues related to the assessment of asset segregation among the different kinds of investors could impact how much they all stood to recover. 

Determinación Similar Hecha en Procedimientos de Liquidación de Old Mutual (Islas Bermudas)

 El juez presidente de Islas Bermudas, Narinder Hargun y los Liquidadores Provisionales Conjuntos (LPCs) están de acuerdo en que sean nombrados representantes para toda clase de acreedores en los procedimientos de liquidación tanto para Northstar Financial Services (Bermuda) Ltd. como para Omnia, Ltd. La Corte Suprema de Islas Bermudas también proveyó dirección a los LPCs, luego que estos últimos determinaran que asuntos relacionados con la evaluación de la segregación de activos entre diferentes tipos de inversionistas podían impactar cuánto podrían recuperar todos ellos. Los inversionistas han estado esperando por esta notificación de septiembre para obtener respuestas en cuanto a qué, si algo, pudiera recuperarse. Claramente, no hay respuestas, y la próxima vista no puede celebrase hasta después del 21 de octubre, pero con toda probabilidad no se celebrará hasta el año próximo.

Northstar Financial Services (Bermuda) y Old Mutual (Bermuda) fueron adquiridas por Global Bankers Insurance Group, la cual es propiedad de Greg Lindberg. Este billonario americano está cumpliendo más de siete años en prisión por conspiración para cometer fraude electrónico en servicios honestos y soborno. Mientras tanto, los inversionistas de ambas entidades de las Islas Bermudas están actualmente luchando para recuperar sus pérdidas.

Civil Lawsuit is Latest Legal Trouble For Convicted Businessman, Greg Lindberg

Greg Lindberg, the owner of Northstar Financial Services (Bermuda), is the defendant in a lawsuit in which the plaintiff is demanding that he pay $524M to honor an agreement between two insurers. These insurers are PB Life and Annuity Company, and Universal  Life Insurance Company (ULICO), which is a Puerto Rico entity. 

This is the latest legal woe to hit Lindberg, who is serving time in prison for wire fraud, bribery, and conspiracy to commit honest services fraud. The Durham, North Carolina resident is the founder of Eli Global, LLC and Global Bankers Insurance Group, which acquired:

Ex-Broker Mike Shustek is Accused of Fraudulently Enriching Himself and the Company

Michael Vincent Shustek, an ex-MVP American Securities stockbroker and the CEO of a number of real estate investment trusts (REITs) is facing SEC charges. The ex-broker is being accused of enriching himself and The Parking REIT since 2012. 

He purportedly did this by causing financial harm to Vestin Realty Mortgage I and Vestin Realty Mortgage II, two of the real estate investment trusts that he founded. The Commission contends that Shustek took $29M from the two Vestin REITs to become involved in a number of “money-losing transactions” that involved reselling the same several buildings repeatedly. 

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