David Strnad, a longtime broker, has been suspended by the Financial Industry Regulatory Authority (FINRA) for 18 months. According to his BrokerCheck record, in 2016, the daughter of a client accused Strnad of churning in her father’s account while he was a registered Morgan Stanley representative. Following the allegations, FINRA…
Former Securities America Broker Is Accused of Unsuitable and Unauthorized Trades Michael Bastardi, an ex-Securities America broker, is barred by the Financial Industry Regulatory Authority (FINRA) after he failed to give the regulator the information it requested for an investigation into his alleged conduct. Bastardi was a registered representative with…
Michael L. Cohen, the ex-head of Och-Ziff Capital Management Group in Europe, has pleaded guilty to one criminal count of lying to authorities. The guilty plea comes a year after he was accused of defrauding a client, a biomedical research charity, of millions of dollars. Although prosecutors have not identified…
The US Securities and Exchange Commission (SEC) has filed fraud charges against David Sims and Mario Procopio accusing them of running a $1.4M prime bank scam that defrauded 13 investors. ALC Holdings, LLC, Sims Equities, Inc., and El Cether-elyown, which are companies that they control, are also defendants in the…
In a Securities and Exchange Commission (SEC) whistleblower case that resulted in a company probe and two successful enforcement actions, the regulator has awarded $4.5M to the individual who stepped forward to provide the key information. This person is the 62nd one to receive an SEC whistleblower award since the…
In March 2019, Newbridge Securities Corporation (“Newbridge”) filed its Form X-17A-5, commonly called a firm’s Focus Report, with the Securities & Exchange Commission (“SEC”). The Focus Report showed that in 2018, Newbridge had almost $33 million in revenues, yet reported only about $108,000 in net profits. The accounting firm that…
Shepherd, Smith, Edwards & Kantas Investigating Firms Selling Harvest Volatility Management Strategies’ Collateral Yield Enhancement Strategy The law firm of Shepherd, Smith, Edwards & Kantas (“SSEK Law Firm”) is investigating several firms that have been selling Harvest Volatility Management Strategies as a safe way for customers to earn extra…
On May 17, 2019, the Financial Industry Regulatory Authority (“FINRA”) issued a permanent bar against former Pennsylvania LPL Financial representative Philip John Nalesnik. According to FINRA’s BrokerCheck records, Nalesnik was in the securities industry for roughly 17 years, from 2002 until he was kicked out in 2019. Nalesnik previously worked…
A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded $519,000 to Stephen and Brenda Balock in their investor fraud claim against Morgan Stanley (MS). The couple contends that that one of the firm’s brokers, Tim J. Prouty, placed their funds in investments that were complex and inappropriate for them,…
The US Securities and Exchange Commission (SEC) has filed civil charges against Charles Nilosek for acting as an unregistered broker and illegally selling Woodbridge securities to retail investors. The regulator said that Nilosek, who is based in Massachusetts, was one of the top revenue earners when it came to selling…