Customers Were Allegedly Unsuitably Sold Complex Exchange-Traded Products UBS Financial Services (UBS) has agreed to a censure and will pay an $8M fine in the Securities and Exchange Commission’s (SEC) civil case accusing the brokerage firm of failing to properly supervise its brokers. UBS financial advisors sold complex exchange-traded products…
Texas-Based Brokerage Firm Accused of Overconcentration & Supervisory Failures NEXT Financial Group has arrived at a $750K settlement with the Financial Industry Regulatory Authority (FINRA) to resolve claims that the Texas-based broker-dealer overconcentrated customer accounts in Puerto Rico municipal bonds and did not have the kind of supervisory system that…
Ex-Middleboro, Massachusetts LPL Financial Advisor Could Be Sentenced to 20 Years in Prison Paul Richard McGonigle, a former LPL Financial broker, has been arrested for allegedly stealing clients’ retirement assets, including older investors. He is charged with aggravated identity theft, mail fraud, and multiple counts of wire fraud. McGonigle could…
Investors’ Best Recourse For Financial Recovery is to Work With Experienced FINRA Attorneys Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) continues to zealously go after the brokerage firms whose registered representatives unsuitably recommended and sold Northstar Financial Services (Bermuda) products to their customers. Already, we’ve filed several…
Charles Schwab Should Have Known RIAs Were Promoting the Fund Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is looking into losses suffered by Vida Longevity Fund, LP investors. Many investors were recommended this open-ended hedge fund by Creative Planning, Pin Oak Investment Advisors, or other registered investment…
SEC Said Firm Didn’t Implement Proper Safeguards To Prevent Misappropriation The Securities and Exchange Commission (SEC) has fined Securities America Advisors $1.75M for allegedly not doing enough to protect customers from having their money stolen by a former registered representative who misappropriated $8M from at least 15 client accounts. Hector…
Old Mutual Investor Seeks Up To $500K in Damages An investor from Mexico has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against J.P. Morgan Securities over the losses she suffered in Old Mutual (Bermuda). The off-shore entity is owned by Greg Lindberg’s Global Bankers, which also owns Northstar…
Family of Senior Investor Pursues Up to $500K in Damages on His Behalf The family of a Connecticut widower has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against David Lerner Associates after the older investor suffered a six-figure loss in Energy 11 and Energy Resources 12, which are…
Northstar (Bermuda) Investor is Seeking Up to $500K in Damages An investor in Nagoya, Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against Bancwest Investment Services after she suffered six-figure losses in Northstar Financial Services (Bermuda). The claimant, who is an inexperienced investor, was referred to her…
SRO Was Investigating Trading Activity in Customers’ Accounts The Financial Industry Regulatory Authority (FINRA) has barred Salvatore Pizzimenti from the industry. The ex-Worden Capital Management broker was under investigation for trades made in customers’ accounts. The industry bar came after Pizzimenti refused to give testimony in the self-regulatory organization’s (SRO’s)…