Claimants are Older South American Investors Who Suffered Six-Figure Loss Two investors have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Truist Investment Services, Inc., which is the broker-dealer unit of SunTrust Investment Services. The claimants, who are related, are seeking up to $500K plus interest and costs…
SEC Approves New FINRA Rule That Will Designate Some Brokerage Firms as “Restricted” The Financial Industry Regulatory Authority (FINRA) rule 4111, which will require certain brokerage firm members with histories of broker misconduct to put aside reserve funds to pay for both future and unpaid investor claims, has now been…
Federal Prosecutors Interviewed Alternative Asset Firm’s Former Auditor Six months after the Justice Department filed criminal charges against ex-GPB Capital Holdings executives for operating an over $1.8B Ponzi scam that defrauded more than 17,000 investors, prosecutors have submitted a court filing disclosing that federal officials have interviewed Alan Materazo of…
COVID Relief Loans Involved Undisclosed Business Outside Their Brokerage Firms According to InvestmentNews, ex-J.P. Morgan Securities broker Gloria Willis, former Merrill Lynch stockbroker Evelyn Batista, and ex-Wells Fargo financial advisor Kenric Sexton have either been barred or suspended from the securities industry. These Financial Industry Regulatory Authority (FINRA) sanctions were…
Barred Stockbroker is Accused of Running Ponzi Scam That Defrauded Elderly Investors Felix S. Chu, a former NYLIFE Securities registered representative, is currently facing at least two customer disputes in which the claimants are seeking $5,230,000 in damages. Chu was barred by the Financial Industry Regulatory Authority (FINRA) last year.…
Benefit Street Partners Realty Trust Investors May Be Looking At More Losses If you are an investor whose broker unsuitably recommended Benefit Street Partners Realty Trust, you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover damages. On July 26, this publicly registered non-traded real…
Ex-Worden Capital Management Broker’s Customer is Seeking Over $200K in Damages Joseph Paul Todaro, currently an SW Financial registered representative, is named in a customer dispute in which the claimant is reporting investment losses from excessive trading, failure to follow instructions, and poor services. The investor is seeking over $200K. …
American Trust Investment Services Broker Accused of Recommending Unsuitable Investments to Investors David Richard Geake, an Indiana-based broker and investment advisor with American Trust Investment Services, is currently facing three customer disputes in which the claimants are accusing him of making unsuitable investment recommendations. Geake, who has been in the…
Broker Alan Douglass Unsuitably Overconcentrated Investor’s Funds in Non-Publicly Traded Products An investor based in Lutz, Florida has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Securities America. This investor suffered losses in real estate investment trusts (REITs) and other non-publicly traded investments. The claimant, who is a…
Older Couple’s Broker Overconcentrated More Than $2.2M of Their Funds in Now Defunct Investment An older retired couple from South America is pursuing a Financial Industry Regulatory Authority (FINRA) arbitration claim against Raymond James & Associates, Inc. after they suffered a seven-figure loss in Northstar Financial Services (Bermuda). Now, the…