Hundreds of Broker-Dealers May Have Sold Up to $2B of High-Yield Junk Bonds InvestmentNews reports that according to an industry insider, GWG Holdings may have issued up to $2B of high-yield junk bonds in recent years. While Emerson Equity is the managing broker-dealer for the GWG Issuer, there may have…
Massachusetts’ Securities Regulator Says Fidelity Brokerage Services “Rubber Stamped” Options Trading Applications William Galvin, head of the Massachusetts Securities Division, has filed an administrative complaint against Fidelity Brokerage Services. The firm has been accused of not making a good enough attempt to vet investors’ applications before allowing them to engage…
Ex-UBS Financial Services Advisor Faces SEC and Criminal Charges German Nino, a former UBS Financial Services (UBS) broker and investment advisor, is accused of stealing $5.8M from a customer. Nino, who left the broker-dealer in 2020, is now facing related civil charges brought by the US Securities and Exchange Commission…
HIT REIT Investors Continue to Report Investment Losses It is January 2022 and Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) continues to offer free, no-obligation case consultations to investors who suffered losses in Hospitality Investors Trust. The non-traded real estate investment trust (non-traded REIT), also known as…
A former customer of Scott Reed, an ex-Wells Fargo Clearing Services broker, has filed a FINRA arbitration claim. The investor claims Reed made them invest more than $2M in unapproved investments. This resulted in the broker making hundreds of thousands of dollars in undisclosed commissions. FINRA barred Scott Reed in…
Florida Financial Advisor Sold Tuscan Gardens Growth and Income Fund Securities Did you lose money while working with Delta Securities Company registered representative, Sean Donovan Casterline? If so, you may have grounds for pursuing damages. The longtime Florida financial advisor was suspended by FINRA in December 2021. In FINRA’s action,…
Boca Raton Insurance & Financial Services Firm Accused of Ponzi Scam Many senior investors say that Seeman Holtz failed to pay out millions of dollars upon the maturity of their investments. These investors contend that they had expected to make an interest of up to 8% yearly and garner fixed…
UBS Financial Services is Also a Defendant in New Class Action Lawsuit If you are a UBS Financial Services customer who invested in the firm’s Yield Enhancement Strategy (UBS YES) at the recommendation of New York financial advisor, William Montgomery Cerf, you are not alone. According to BrokerCheck, William Cerf…
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…
FINRA Said Triad Brokers Unsuitably Recommended LJM Preservation and Growth Fund In December 2021, the Financial Industry Regulatory Authority (FINRA) censured and fined Triad Advisors $195K for allegedly failing to supervise its registered representatives that unsuitably recommended the LJM Preservation and Growth Fund (LJM) to customers. The self-regulatory organization (SRO)…