Articles Posted in Broker Misconduct

Barred Kestra Stockbroker Accused of Unauthorized Trading

Our broker misconduct lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are currently speaking with former customers of ex-Kestra Investment Services broker James Blake Daughtry. He was recently barred by the Financial Industry Regulatory Authority (FINRA). The self-regulatory organization (SRO) issued the ban after Daughtry refused to testify during its investigation into allegations that he may have engaged in transactions that were potentially “fraudulent and unauthorized” in a number of customers’ accounts. Also, in the wake of FINRA’s order, Kestra fired him this month.

Daughtry consented to FINRA’s bar but without denying or admitting to the SRO’s findings. His BrokerCheck record notes that he worked 20 years in the industry. He is both an ex-broker and a former investment adviser. Aside from five years with Kestra, Daughtry has previously been a registered stockbroker with Ameriprise Financial Services (AMP), Securities America, Stern Agee Financial Services, Wachovia Securities, Southtrust Securities, and Liberty Securities.

Investment Losses During Recent Market Crisis May Be Recoverable 

Investors throughout the United States are grappling with financial investment losses as markets continue to remain volatile in the wake of Coronavirus (COVID-19). The recent oil price drops, the rise in unemployment as businesses are forced to shutter and lay off employees, and a flailing economy has done nothing to assuage growing concerns.

Already, Shepherd Smith Edwards and Kantas (SSEK Law Firm) has spoken to a number of these investors to see how we might help. 

Ex-Commonwealth Capital Broker Was Accused Of Misusing Investors’ Money 

If you or someone you know lost money while working with former Commonwealth Capital broker, Kimberly Springsteen-Abbott, please contact our stockbroker fraud lawyers at Shepherd Smith Edwards and Kantas so we can determine whether you have grounds for a claim. 

In 2013, Springsteen-Abbott was accused by the Financial Industry Regulatory Authority (FINRA) of misusing about $345K of investor funds to pay for her own expenses. These included home renovations, meals, travel, and other items. 

Ex-Broker and First Allied Securities Accused in $1M Investor Fraud Case

Masood Husain Azad, a former Texas-based broker, is now the subject of an over $1M investor fraud claim. Also known as Mike Azad, he was fired by First Allied Securities in 2017. Now, First Allied Securities is a respondent in this Financial Industry Regulatory Authority (FINRA) arbitration case, which was brought by a customer.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our broker fraud lawyers are offering a free, no obligation case assessment to former customers of Masood Azad who suffered investment losses that they suspect may be due to fraud or negligence. Contact SSEK Law Firm today.

Fired Merrill Lynch Broker Barred By FINRA Indefinitely 

If you were an investor who sustained losses while working with Ma Rosa Linan Abrego, contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. Our brokerage firm misconduct lawyers work with clients who have suffered financial losses due to the negligent, fraudulent or other wrongful actions of their financial representatives. 

Ma Rosa Linan Abrego, based out of McAllen, Texas, was terminated by Merrill Lynch and recently barred indefinitely by the Financial Industry Regulatory Authority (FINRA) from working as a financial advisor/stockbroker. 

Suspended Broker Accused of Making Unsuitable Recommendations to Retiree

If you sustained investment losses while working with ex-Berthel Fisher broker Mason Gann, contact our stockbroker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) today. Gann, who is not a registered broker at this time, is serving a three-month suspension imposed by the Financial Industry Regulatory Authority (FINRA). The self-regulatory organization (SRO) found that he made unsuitable recommendations in the account of an elderly retiree.

According to the self-regulatory organization (SRO), between 8/2015 and 1/2018, Gann recommended that this investor employ a high-risk options trading strategy. This retiree, who was in his 70’s at the time, not only had “modest retirement savings” and “limited income,” but he was also an inexperienced investor. FINRA contends that Gann did not have reasonable grounds for making such recommendations to this particular customer.

Fired Cetera Advisors Broker Accused Of Unauthorized Securities Sales

Our stockbroker fraud attorneys are speaking to former clients of former Cetera Advisors LLC broker, Roger Lee Owens that sustained substantial investment losses while working with him. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today to schedule your free, no-obligation case consultation. 

Cetera Advisors fired Roger Owens last year for allegedly taking part in unapproved private securities transactions. A few months later, the Financial Industry Regulatory Authority (FINRA) suspended Owens for a year, through August 2020, for the same reasons. 

In a recent award, a Financial Industry Regulatory Authority (FINRA) arbitration panel has decided that Merrill Lynch must pay a former professional baseball player and his wife $1.7 million in compensatory damages, plus $88,758 in costs, for losses they sustained from investing in Puerto Rico bonds and closed-end bond funds. The retired MLB player is Angel Pagan and his wife is Windy Pagan, a former Ms. Puerto Rico. Angel was an outfielder for the NY Mets, the Chicago Cubs, and the San Francisco Giants before retiring to live on the island.

The couple invested $3.3M in the Puerto Rico bonds at the recommendation of their Merrill Lynch broker, Alex Jose Gierbolini (Gierbolini), who previously worked at UBS Financial Services of Puerto Rico (UBS). UBS has been the subject of thousands of investor claims for losses sustained when the Puerto Rico bonds and closed-end bond funds plunged in value beginning in 2013. It was while Gierbolini was a UBS financial representative that he sold to the Pagans the majority of their bonds.

Gierbolini continued to work with the couple when he moved to Merrill Lynch in 2012. They contend that Merrill Lynch and Gierbolini disregarded red flags indicating that the Puerto Rico bonds were headed downward. This left the Pagans’ portfolio overexposed.

Barred Broker Named In Almost 50 Customer Complaints 

Anthony Diaz, a former Pennsylvania stockbroker and investment advisor who has been the subject of dozens of customer complaints, is finally on trial for fraud. Jury selection is slated to start this week. 

Our investor lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are speaking with former investors who worked with Diaz at one of the 11 brokerage firms where he was registered including Edward Jones, Raymond James and First Allied Securities to help determine if they have grounds for a broker fraud claim. 

National Planning Ordered to pay $2.6M to Older Investor

A Financial Industry Regulatory Authority (FINRA) panel is ordering National Planning Corp. to pay a customer, who is in her eighties, $2.6M after her former stockbroker, William August Glaser, sold her unsuitable investments. The investments including fraudulent promissory notes and non-traded REITs (real estate investment trusts). $1M of the award is for punitive damages.

William Glaser, who was fired by National Planning and barred by FINRA in 2017, is currently in prison for wire fraud.

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