Investor Lawyers Blog

Retiree Files 7-Figure Northstar Financial Services (Bermuda) Claim Against Cetera

Published on: December 6, 2021 | by Shepherd Smith Edwards & Kantas, LLP

A Claimant is Requesting Up to $5M in Damages For Northstar (Bermuda) Losses

An older investor has filed a FINRA arbitration claim over losses she sustained in Northstar Financial Services (Bermuda) while working with Cetera Investment Services, LLC. The claimant is a retiree and a foreign national who had an account at a US bank. It was the bank that introduced her to the Cetera financial advisor.

Seeking to keep her assets safe, she entrusted the recommendations of her Cetera Investment Services broker, who then proceeded to unsuitably recommend Northstar Financial Services (Bermuda), essentially overconcentrating 100% of her account with this offshore entity.

Customers Accuse Ex-Cetera Broker Robert Wolfe of Unsuitability and Omissions

Published on: December 6, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Fort Lauderdale, Florida Financial Advisor is Named in Six-Figure Customer Dispute

Robert Brian Wolfe, who was a Goldman Sachs broker from July 2020 to October 2021, was recently dismissed by the broker-dealer. His firing came following allegations related to client communications involving market valuations and portfolio performance, as well as his handling of customer grievances without the firm’s knowledge or approval.

A longtime financial advisor of 21 years in Fort Lauderdale and Miami, Wolfe has been named in five customer disputes. According to sources, all of the claims that have been brought as of November 2021 are from his time as a Cetera Advisors Network broker from 2017 to 2020.

MML Investors Services Broker Daniel Lauletta Named in $1M Customer Dispute

Published on: December 2, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ohio Financial Advisor is Accused of Negligence and Unsuitability

Daniel James Lauletta, an MML Investors Services stockbroker and investment advisor, is currently named in three pending customer disputes, including one in which the claimant is requesting $1M in damages. The Broadview, Ohio financial advisor has worked in the industry for 25 years.

Our broker misconduct attorneys are looking into further claims of losses by current and former customers of Daniel Lauletta. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) so that we can help you determine whether you have grounds for a FINRA arbitration case to recover damages.

Fired Edward Jones Broker Ronald Molo Accused of Defrauding Senior Customers

Published on: November 30, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Joliet, Illinois Financial Advisor Faces Criminal Charges For Wire Fraud

Ronald Terrence Molo, a former Edward Jones broker, is accused of misappropriating customers’ funds and costing at least three older clients $778,000 in investment losses. He was suspended by the Financial Industry Regulatory Authority (FINRA) beginning October 25, 2021, after he failed to respond to the self-regulatory organization’s request for more information.

On November 23, 2021, the Securities and Exchange Commission (SEC) filed civil charges against Molo, and the United States Attorney’s Office for the Northern District of Illinois filed criminal charges against him for wire fraud.

Ex-Raymond James Broker Guilford Nergard Is Accused of Making Unauthorized Trades

Published on: November 29, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Mesa, Arizona Financial Advisor Has Been Named in Multiple Customer Disputes

Ex-Raymond James broker, Guilford Ward Nergard, is facing at least one still pending customer dispute in which the claimant is alleging unauthorized trading.

This is not the only time that Nergard has been accused of broker misconduct. He was suspended by the Arizona Corporation Commission Securities Department from April through June 2021 over allegations that he made discretionary trades with customers without the required authorizations.

Investor Pursues $500K GPB Capital Claim Against TD Ameritrade

Published on: November 26, 2021 | by Shepherd Smith Edwards & Kantas, LLP

GPB Private Placements Were Sold Through Brokerage Firm’s AdvisorDirect® Service

An investor recently filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against broker-dealer TD Ameritrade over losses sustained in GPB investments. The private placements from GPB Capital Holdings were recommended by an investment advisor via the TD Ameritrade AdvisorDirect® Referral Program.

GPB Capital Holdings LLC is accused of operating an over $1.7B Ponzi scam that defrauded over 17,000 investors. The claimant is seeking $500K in damages.

GPB Capital Holdings Concludes Sale of Prime Automotive Group

Published on: November 23, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Beleaguered Alternative Asset Firm Also Reaches $30M Settlement With Former Prime CEO

New York-based GPB Capital Holdings, LLC has finalized its sale of its Prime Automotive Group to Group 1 Automotive. The purchase includes all of Prime Auto’s assets, including over two dozen car dealerships and three collision centers.

The $880M sale of Prime Automotive Group was announced in September 2021. This comes months after a regulatory filing in May 2021 when GPB Capital stated that it doubted the former’s survival. In August 2021, the alternative asset firm spoke about selling dealerships to generate operational liquidity.

SSEK Law Firm Continues to Investigate Brokers Who Sold Hospitality Investors Trust

Published on: November 22, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Non-Traded REIT Causes Investor Losses of Up To Over 95%

Our non-traded real estate investment trust (non-traded REIT) lawyers are continuing to look into claims of losses by investors whose financial advisors marketed and sold shares in Hospitality Investors Trust (HIT REIT). This investment was previously named American Realty Capital Hospitality Trust (ARC Hospitality). Unfortunately, some may have lost up to 95% of their investment.

Please call Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) at (800) 259-9010 and ask to schedule your free, no-obligation case assessment with one of our seasoned investment fraud lawyers.

Customers of Ex-Arkadios Capital Broker Marc Korsch Claim $2.8M in Damages

Published on: November 18, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Arkadios Capital Financial Advisor is Accused of Unsuitability & Concentration

A former broker and investment advisor, Marc Frederick Korsch, is currently named in several pending customer disputes in which, as of November 2021, the claimants are still seeking to recover $2.8M in damages.

Korsch was an Arkadios Capital financial advisor for six months until early September 2021. The investor claims naming him appear to be from his time with other broker-dealers including:

Aegis Capital To Pay $2.75M For Churning in FINRA Case

Published on: November 17, 2021 | by Shepherd Smith Edwards & Kantas, LLP

68 Customers To Receive Restitution From NY-Based Broker-Dealer, Aegis Capital

The Financial Industry Regulatory Authority (FINRA) has sanctioned Aegis Capital, which will pay about $2.8M for the excessive and unsuitable trading that allegedly took place in dozens of customers’ accounts.

Of this amount, $1.7M in restitution will go to 68 customers who were potentially harmed. The remaining $1.1M is a fine the broker-dealer will pay for related supervisory violations involving Aegis brokers Roberto Birardi and Joseph Giordano.