Atlanta Financial Advisor Accused of Using an Unsuitable Options Investment Strategy Michael John Wagner, a longtime Morgan Stanley broker, is currently under scrutiny in the wake of recent customer disputes in which the claimants are requesting over $20M in damages. Based out of Atlanta, Georgia, Wagner has worked in the…
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…
Sanctuary Wealth Ordered To Pay Over $370K in Restitution to ETF Customers Independent broker-dealer Sanctuary Wealth, formerly David A. Noyes & Co., has been censured by the Financial Industry Regulatory Authority (FINRA). It must now pay a $160K fine and over $370K in restitution for its failure to supervise certain…
Settlement in FINRA Case Involves Repaying Nearly $44K to Affected Customers The Financial Industry Regulatory Authority (FINRA) has ordered Triad Advisors to pay a $150K fine for not adequately supervising both short-term trades involving Class A shares of mutual funds and variable annuity exchanges. The self-regulatory organization (SRO) also accused…
FINRA Settlement Includes Restitution to More than 2,400 Customers In an agreement reached with the Financial Industry Regulatory Authority (FINRA), Transamerica Financial Advisors consented to pay $8.8M over the unsuitable sales of mutual funds, variable annuities (VAs) and 529 savings plans to customers. $4.4M of this is a fine and…
Coastal Equities Has Been The Subject of $3M in Investor Arbitration Claims Coastal Equities, a mid-sized broker-dealer, recently arrived at a settlement with the Financial Industry Regulatory Authority (FINRA) in which it agreed to give $280K in restitution to several customers. The firm is accused of failing to reasonably supervise…
Senior Investor’s Loses Retirement Funds Because of Unsuitable Investment An Arkansas retiree has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against LPL Financial for losses he suffered because of the unsuitable recommendation of Rhett Douglas Bedwell, one of the broker-dealer’s former registered representatives. Bedwell, who is no longer…
Morgan Stanley Settlement Includes FINRA Fine and Investor Restitution According to the Financial Industry Regulatory Authority (FINRA), Morgan Stanley Wealth Management has consented to pay a $175K fine and more than $774K in restitution for allegedly failing to supervise its former broker Kevin Gunnip. The Texas-based financial representative is accused…
Colorado Investment Firm Fined $200K For Investing Unqualified Buyers Into Unsuitable Investments The US Securities and Exchange Commission (SEC) has ordered First Western Capital Management Co. to pay a $200K fine over allegations that, over a 7-year period, it invested over $666M of clients’ funds into securities that they didn’t…
Galvin’s Office Files Civil Lawsuit Alleging Overconcentration, Unsuitable Investments William Galvin, the Secretary of the Commonwealth of Massachusetts, has filed civil charges against former NEXT Financial Group broker, Charles Chester Kulch. The state is accusing him of selling real estate investment trusts (REITs) and variable annuities (VA) to customers for…