FINRA Arbitration Ruling Grants Largest UBS YES Award to Date A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded a deceased investor’s family trusts $1.857M in their securities case against UBS Financial. The broker-dealer had involved the late Irving Siegel’s QTIP Trust and generation-skipping transfer trust in its UBS…
Joint Provisional Liquidators & Deloitte Updates Credit Holders and Policyholders On February 23, 2022, Rachelle Frisby, the Deloitte Financial Advisory head in Bermuda and the British Virgin Islands, sent a letter to creditors and policyholders updating them about the liquidation proceedings involving Northstar Financial Services (Bermuda) and Omnia, Ltd. (formerly…
Ex-NY Worden Capital Broker Barred After Allegedly Charging $1.6M in Commissions The Financial Industry Regulatory Authority (FINRA) has barred ex-Worden Capital Management and former SW Financial registered representative, William Nicholas Athas. This bar comes in the wake of allegations that he engaged in excessive trading in customer accounts. According to…
Brokers Allegedly Involved Were Also Harvest Group Wealth Management Investment Advisers Massachusetts Secretary of the Commonwealth William Galvin has filed a complaint against Purshe Kaplan Sterling Investments (PKS Investments), accusing the broker-dealer of failing to supervise its financial advisors. These advisors who were dually registered through another financial firm allegedly…
California Retiree Was Unsuitably Recommended Illiquid, Risky Investments An elderly Los Angeles investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against FSC Securities Corporation over investment losses suffered. He was unsuitably recommended certain high-risk investments, including Northstar Healthcare Income REIT (also known as Northstar Healthcare REIT) and…
Former MSC-BD Broker Robert Fehrman Made Unsuitable GPB Private Placement Recommendations A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded a widow $221K in compensatory damages, legal fees, and costs against brokerage firm MSC-BD, LLC over losses she sustained in GPB private placements. GPB Capital Holdings is accused of…
Firm Owes Millions to Investors of GWG High-Yield L Bonds Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is looking into claims of losses by customers who purchased GWG L Bonds at the recommendation of Emerson Equity broker Tony Barouti. Unfortunately, it appears that Barouti, who is…
Texas-Based Alternative Asset Firm Sends Letter About Failed Payments on Valentine’s Day On February 14, 2022, GWG Holdings (GWGH) sent a letter to shareholders letting them know that it defaulted on the $3.25M in principal payments plus $10.35M in interest payments owed to L Bond investors. The Texas-based alternative asset…
Japanese Investor is Requesting Up to $500K in Damages Another investor in Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Bankoh Investment Services over her Northstar Financial Services (Bermuda) losses. This time, the claimant is a small business owner who lives in Tokyo but who had…
16 FINRA Arbitration Claims Have Been Brought Against Broker James Dunn In December 2021, Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) published a blog post announcing that we are investigating claims of investor losses involving ex-Ameriprise Financial Services broker James William Dunn. At the time, according to…