Broker Fraud

Customers Seeking $1.8M Over Investments Recommended By Western International Securities’ David Bibo

Published on: January 26, 2021 | by Shepherd Smith Edwards & Kantas, LLP

California Stockbroker Accused Of Unsuitability & Misrepresentations

David Omori Bibo, a Western International Securities, Inc. registered representative is named in two pending customer disputes collectively seeking $1.8M in damages. The San Jose broker has been part of the industry for 25 years. He has seven disclosures on his BrokerCheck record.

Our California securities fraud lawyers are looking into investor claims involving Western International Securities broker, David Bibo, or any other registered representative from the firm. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today so that we can help you determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration case to recover your losses.

Crown Capital Securities Broker Lanny Howarter Is Named in $600K Unsuitability Claim

Published on: January 25, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Crown Capital Securities Broker Has Four Customer Disputes On Record

Lanny Ray Howarter, a Crown Capital Securities registered representative, is named in a more than $624K Financial Industry Regulatory Authority (FINRA) arbitration claim accusing him of unsuitability, negligence, breach of fiduciary duty, omissions, and negligence involving alternative investment products. This latest customer dispute was brought in November 2020.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), our San Diego broker fraud attorneys are looking into claims involving Lanny Howarter and other Crown Capital Securities registered representatives who may have sold investments to customers even when they were unsuitable for their portfolios and risk tolerance levels.

David Lerner Associates Broker Rafael Klein May Have Unsuitably Recommended Energy 11 To Investors

Published on: January 21, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Pending Customer Disputes Involving David Lerner Associates Broker Rafael Klein Seek $300K in Damages

Rafael Scott Klein, a David Lerner Associates broker and Spirit of America Management Corp. investment advisor, may have unsuitably sold investments in Energy 11, LP to customers. Energy 11 is a non-traded limited partnership set up to acquire and develop natural gas and oil properties in the United States. It was marketed and sold through David Lerner Associates but is no longer available to new investors.

According to BrokerCheck, Rafael Klein, who has been a David Lerner Associates registered representative for 15 years, is currently the subject of two pending customer disputes.

FINRA Orders Worden Capital Management to Pay Over $1.5M For Brokers’ Churning

Published on: January 19, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Worden Capital Management’s Settlement Includes $1.2M in Customer Restitution

In December 2020, Worden Capital Management, a New York-based broker-dealer, arrived at an over $1.5M settlement with the Financial Industry Regulatory Authority (FINRA) over excessive trades made by the firm’s registered representatives.

The self-regulatory organization (SRO) contends that from January 2015 to October 2019, the New York brokerage firm did not have the kind of supervisory system in place that would have allowed it to “achieve compliance” with rules having to do with churning and excessive trading.

SunTrust Brokers May Have Unsuitably Recommended Northstar Financial Services (Bermuda) to Investors

Published on: January 14, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Customers Claim That Northstar Financial Services Products Were Touted As Low Risk & Safe

If you are an investor who suffered losses while investing in Northstar Financial Services products that were recommended to you by a SunTrust Investment Services stockbroker, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm investorlawyers.com) today so that we can help you explore your legal options.

Unfortunately, there are financial advisors who may have marketed Northstar Financial Services’ investments as stable, safe, low risk, and liquid – like a CD or a money market account – even when that has proven to be far from the case. Now, Northstar Financial Services is in bankruptcy and undergoing liquidation proceedings. It is very likely that investors have lost most of, if not their entire, investment.

Utah Retirees Files $500K Investor Fraud Claim Over GPB & REIT Losses After Working With Triad Advisors & Broker Michael Payne

Published on: January 11, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Triad Advisors and its Ex-Florida-Based Broker Placed Claimants Funds In Too Risky GPB Capital & REIT Investments

Two Utah retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Triad Advisors, Inc. over losses they suffered from investing in GPB private placements and privately traded real estate investment trusts (REITs), including American Realty Capital Trust. Now they are seeking up to $500K in damages.

The couple worked with former Triad Advisors broker Michael Payne, who is now a broker with Proequities, Inc. in Longwood, Florida. He also is a financial representative with Payne Financial Group in Winter Springs, Florida.

Ex-Merrill Lynch Broker Gets Eight Years in Prison For Investor Fraud

Published on: January 3, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Kentucky-Based Merrill Lynch Broker Gets Eight Years in Prison

Christopher Lee Hibbard, a former stockbroker for Merrill Lynch and Pierce, Fenner & Smith is sentenced to eight years in prison. The ex-Kentucky stockbroker pleaded guilty to investment fraud and multiple counts of wire fraud earlier this year.

Hibbard, who worked 18 years in the industry, has 14 disclosures on his BrokerCheck record, including several pending customer disputes. All of them, including the regulator and criminal cases, were filed over the last two years.

Municipalities’ Inability to Pay Bond Interest Places Investors in a Precarious Position

Published on: December 14, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Seeking Greater Yield and Safety, Muni Bond Customers Encounter Defaults

Despite the fact that the coronavirus has taken a toll on city and state finances, this isn’t stopping investors from buying municipal debt in a bid for greater yield and more safety than the markets can provide at this time. Unfortunately, because many municipalities don’t have the money to pay interest on the bonds, these muni bonds are defaulting. This is bad news for investors.

If you suffered losses from the municipal bonds that your broker recommended to you, you may have grounds for an investor claim to recover your losses. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents municipal bond fraud investors nationwide. We can help you explore your legal options.

New York Yankees’ Aroldis Chapman Files $3M Investment Fraud Claim Against Pro Management Resources

Published on: November 30, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Florida-Based Financial Management Company Employee Allegedly Stole Money

Albertín Aroldis Chapman de la Cruz, the star relief pitcher for the New York Yankees, has filed an investment fraud lawsuit against Pro Management Resources and several individuals. The financial management and tax planning company reportedly has also been serving as Chapman’s business manager for almost a decade. Now, the MLB pitcher is accusing the company of stealing $3M.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent investors in Florida that have suffered investment losses due to broker and financial fraud or negligence. Contact us at (813) 560-2992 or by using our online contact form so that we can help you explore your legal options.

Frontier Communications to Sell $2.8B of Junk Bonds as Part of Bankruptcy Exit

Published on: November 27, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investors Who Were Sold Telecommunication Company’s Bonds Grapple with Losses

In its second sale in two months, Frontier Communications Corp. wants to sell $2.8B in junk bonds to help pay for its exit from bankruptcy.

According to sources that spoke with Bloomberg, this includes new $1.8B first-lien bonds at an about 5.25% yield and another $1B of second-lien notes at a 7 – 7.25% yield. The new bonds, along with an increase to an existing term loan, are meant to allow Frontier to pay back debt it owes that will mature in 2024 and 2026.