Broker Misconduct

Shepherd Smith Edwards and Kantas Investigates Claims Involving Ex-Pruco Broker Joseph Viet Duy Phan

Published on: December 16, 2019 | by Shepherd Smith Edwards & Kantas, LLP

Former Pruco Securities Broker Accused of Borrowing Customers’ Money

The Financial Industry Regulatory Authority (FINRA) announced that it is barring Joseph Viet Duy Phan, an ex-Pruco Securities broker, after he did not appear at a hearing in the self-regulatory organization’s (SRO) probe into why he was fired by the broker-dealer. Phan was let go by Pruco for allegedly borrowing money from two clients’ accounts without firm approval. Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) is currently looking into potential investor claims against the former Pruco broker and his firm. If you lost money while working with Phan as your registered representative, contact our broker fraud lawyers today.

Phan was a Pruco broker from 2007 into 2018. Aside from allegedly borrowing money from clients’ accounts without authorization, he is also accused of trying to deposit one client’s insurance premium check into an account that was in his name.

Shepherd Smith Edwards and Kantas Investigates Claims Involving NYPPEX Broker Laurence Allen

Published on: December 13, 2019 | by Shepherd Smith Edwards & Kantas, LLP

NYPPEX Private Equity Fund Manager Accused Of $13M Investor Fraud

Laurence G. Allen, the CEO of New York-based broker-dealer, NYPPEX Holdings LLC, is accused of defrauding investors of over $13M. New York Attorney General, Leticia James, filed a securities fraud lawsuit suing Allen, a private equity manager who is also a registered broker and a former investment advisor.

If you were one of these investors that suffered losses from working with Laurence Allen, contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today.

UBS Ordered to Pay Investor Over $150K In Puerto Rico Bonds and Closed-End Bond Fund Case

Published on: December 4, 2019 | by Shepherd Smith Edwards & Kantas, LLP

UBS Loses Another Puerto Rico Bonds & Closed-End Fund Case

More than six years after thousands of investors lost many millions of dollars from investing in Puerto Rico bonds and closed-end bond funds, UBS Puerto Rico (UBS-PR) is still being held to account for the financial losses faced by many of its clients.

This includes one claimant who was recently awarded over $150,000 in compensation plus interest, other costs, and fees in her Financial Industry Regulatory Authority (FINRA) arbitration case against the firm.

Shepherd Smith Edwards and Kantas Investigates Claims Involving Ex-Commonwealth Financial Network Broker Gerald Eaton

Published on: December 2, 2019 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Investigating Ex-Commonwealth Financial Network Broker

SSEK Law Firm is meeting with investors who suffered losses while working with former Commonwealth Financial Network broker, Gerald Allan Eaton, or another financial representative from the firm.

Eaton was recently barred by the Financial Industry Regulatory Authority (FINRA) in the wake of allegations that he fraudulently took money out of his clients’ accounts. Commonwealth fired him last month, claiming it had found that he’d engaged in “serious misconduct” that involved “fraudulently facilitated distributions” from accounts that were not for clients’ benefit and without letting them know or getting their permission.

Shepherd Smith Edwards and Kantas Investigates Claims Involving 1 Global Capital Investments

Published on: November 25, 2019 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Investigate Investment Fraud Claims Made Against 1 Global Capital

If you are someone who invested in 1 Global Capital notes at the recommendation of your broker or financial advisor, you may have grounds for filing an investment fraud claim. 1 Global is accused of operating a $322M scam and defrauding at least 3,600 investors including older investors who lost their retirement funds as a result.

Contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today so we can determine whether you have grounds for a broker fraud case to help you recover your money.

Summit Investment to Pay Investor $100K for LJM Preservation and Growth Fund

Published on: November 22, 2019 | by Shepherd Smith Edwards & Kantas, LLP

Summit Investment Management To Pay Investor $100K

A Financial Industry Regulatory Authority (FINRA) panel said that Summit Investment Management and portfolio manager, Thomas Carroll, must pay one firm client $100K for investing his money in funds from the investment manager, LJM Partners, which is no longer in operation.

The LJM Preservation and Growth Fund (LJMIX) has been named in numerous complaints since early last year when it suffered a huge plunge in value of over 80% in two days. This happened after the CBO Volatility Index experienced a spike.

Shepherd Smith Edwards and Kantas Investigates Ex-Sigma Financial Broker Frederick Randhahn For Selling $625K of Woodbridge Promissory Notes

Published on: November 21, 2019 | by Shepherd Smith Edwards & Kantas, LLP

Frederick Randhahn, a former Sigma Financial Corporation broker, is suspended by the Financial Industry Regulation Authority (FINRA) for nine months after he allegedly sold $625K of Woodbridge promissory notes to investors without the brokerage firm’s permission and approval to sell these products.

In a letter of acceptance, waiver and consent, Randhahn agreed to pay a $5K fine and disgorge the almost $32K in commissions plus interest that he made from the sales. However, he did not admit to or deny the self-regulatory authority’s (SRO) findings.

Randhahn Fired For Selling Unapproved Investments

Shepherd Smith Edwards and Kantas Investigates Investor Claims Involving Capital Financial Investments and Ex- Broker Sean Kelly

Published on: November 18, 2019 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Investigates Capital Financial Investments And Ex-Broker Sean Kelly Over Investor Claims

At the heart of recent investor claims against Capital Financial are allegations against one of its ex-brokers, Sean Kelly.

Sean Kelly was accused last year by the US Securities and Exchange Commission (SEC) of defrauding a dozen investors. These investors, including senior retirees, were defrauded of over $1M through three of his companies, including Lion’s Share and Associates, that is based out of Georgia.

Hong Kong Fines UBS Group $51M For Overcharging Clients

Published on: November 13, 2019 | by Shepherd Smith Edwards & Kantas, LLP

UBS Group Fined $51M By Hong Kong Securities Regulator

The Hong Kong Securities and Futures Commission (SFC) is ordering UBS Group AG (UBS) to pay a $51M fine for overcharging clients between 2008 and 2017. It is also ordering the Swiss banking giant to pay more than $25M in compensation to customers that were harmed.

According to the Hong Kong regulator, about 5,000 clients paid more than they should have in approximately 28,700 transactions. This happened after UBS advisors and assistants added padding to spreads involving bonds, as well as structured note trades and charging extra fees. UBS Group is accused of not disclosing to clients that they were paying these fees.

Shepherd Smith Edwards and Kantas Investigates Customer Claims Involving First Standard Financial and Brokers Philip J. Sparacino and Gabriel Block

Published on: November 7, 2019 | by Shepherd Smith Edwards & Kantas, LLP

The New Jersey Bureau of Securities has revoked the registration license of First Standard Financial Company, a broker-dealer based in Red Bank, NJ. The move comes in the wake of allegations that First Standard and its representatives engaged in improper short-term trading, causing them to illegally make over $28.7M in sales charges and commissions.

Meantime, there have reportedly been an increase in customer complaints and a “mass exodus” of First Standard representatives from the firm. The state’s securities regulator is accusing the brokerage firm of “pervasive unauthorized, unsuitable, and excessive trading” that cost customers money while “unjustly enriching First Standard and its agents.”

Our brokerage firm misconduct lawyers at Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) are investigating claims of current and former customers of First Standard Financial Company and its brokers, including former licensed agents Philip Sparacino and Gabriel Block. Please contact us today so that we can help you explore your legal options.