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Articles Posted in Broker Fraud

FINRA Suspends Waco, Texas Broker For 18 Months

Two investors have filed Financial Industry Regulatory Authority (FINRA) arbitration complaints against Michael Allen Kamperman, who was most recently a former HD Vest Investment Services registered representative. Both customers are accusing him of making unsuitable and excessive trades on their behalf. Kamperman, who is based out of Texas, was suspended by FINRA last year. 

Our Texas stockbroker fraud lawyers are currently investigating customer claims involving Michael Kamperman. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today.

Texas Brothers Sue Financial Services Company for $1.5M

After turning down a settlement that would have reimbursed them 60 cents for every dollar, brothers Jim and Ken Karger are suing Monex Grupo Financiero for the $1.5M they lost in an alleged decades-long Ponzi scam. This alleged scam not only defrauded them but also other expatriates living in the town of San Miguel de Allende resulting in a loss of up to $40M.

Mexico Daily News, which conducted an investigation into the allegations last year, found that the money was stolen from 150 Monex accounts held by expatriates, including retirees. 

Following Bankruptcy Proceedings, Bondholders Turn to FINRA Arbitration 

Now that Frontier Communications Corp. has filed for bankruptcy protection, investors who bought the company’s bonds may be grappling with how to recover their losses. 

At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our bond fraud lawyers are here to tell you that you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim against the broker that sold you these investments. 

Franklin Square Energy and Power Fund’s Board Suspends Repurchase Program

If you are someone who invested in Franklin Square Energy and Power Fund (FSEP), you have likely experienced losses. The non-traded business development company’s (BDC) board recently announced that it was suspending its repurchase program and its share price has once again plunged. 

While FSEP has pointed to COVID-19, the resulting turbulence, and oil prices sinking as reasons for its current woes, investors may have reason to pursue broker fraud and negligence claims if their broker-dealer unsuitably recommended this investment or failed to apprise them of the risks involved.

Investment Advisor Allegedly Defrauded Senior Investors to Fund Lavish Lifestyle

The US Securities and Exchange Commission (SEC) has filed charges against Mark Joseph Boucher, a California-based investment adviser, and his firm, Strategic Wealth Advisor Group Services. 

Boucher and Strategic Wealth Advisor Group are accused of stealing $2.2M from older customers, including one who had died. Now, the regulator wants permanent injunctions, civil penalties, and disgorgement with prejudgment interest.

Barish Earned Over $400K in Commissions from Excessive Trading Strategy

The US Securities and Exchange Commission (SEC) has filed civil charges against Ross Adam Barish, a Joseph Stone Capital registered representative. The regulator contends that Barish engaged in an unsuitable in-and-out trading strategy in customers’ accounts without doing the necessary due diligence to make sure that this approach could at least deliver them minimal profits. 

Instead, 16 retail investors collectively lost more than $800K while the Joseph Stone Capital broker earned more than $400K in commissions. Now, the SEC is seeking penalties, disgorgement with prejudgment interest, and injunctive relief.

The Latest Customer Claim Accuses Investment Advisor of Excessive Trading 

Once again, an investor is blaming former Morgan Stanley stockbroker, Michael Frank Paesano, for their investment losses. These latest allegations involve excessive trading. 

Although Paesano is no longer a registered broker, he is still a registered investment advisor and he may be affiliated with Axiom Investment Management. During Paesano’s 26 years in the industry, there have been more than twenty customer complaints brought against him. While four of these cases were denied, all of the other resolved claims have led to significant settlements, including one for $1.2M.

Pending Customer Complaints Seek $250K and $1M, Respectively

If you or someone you love lost money while working with stockbroker Walter Roland Valenzuela, our investor attorneys want to speak with you. 

Valenzuela, who became a Kestra Investment Services broker this year, has been the subject of 10 customer complaints during his 27 years in the industry. The latest claim, brought in June, alleges elder abuse, misrepresentation, excessive trading, and unsuitable investment recommendations. The customer is seeking $250K in damages. 

Legal Recourse for Denver, Colorado Investors Who’ve Suffered Contract Violations

If you are an investor whose broker or brokerage firm breached your agreement, causing you financial losses, you may have grounds for filing a Financial Industry Regulatory Authority (FINRA) arbitration claim for damages. 

At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our Denver breach of contract attorneys represent investors throughout the city and the state in their cases against broker-dealers and their registered representatives.

Breach of Fiduciary Duty Involving Retirement Fund Alleged

Stephen Fergus Curry, a longtime Kestra Advisory Services registered representative, is named in a nearly $7.8M Financial Industry Regulatory Authority (FINRA) complaint accusing him of breach of fiduciary duty over services performed related to a retirement fund. 

Curry has been with Kestra for 13 years. First, he was with Kestra Investment Services and now he’s with Kestra Advisory Services. He also is a registered investment adviser. Before he joined Kestra, Curry was a Waterstone Financial Group broker from 2006 to 2007. He also worked as an investment advisor with NFP Advisor Services from 2007 to 2016. 

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