Articles Posted in Financial Firms

Claimant Says He Was Never Apprised of the Risks Involved in GWG ‘Junk’ L Bonds

A retired Missouri worker has filed a six-figure Financial Industry Regulatory Authority (FINRA) arbitration claim against Titan Securities and its broker, Rodger Sprouse, over losses sustained in GWG L Bonds. The claimant, who is on disability and was forced to stop working after an injury, is an inexperienced investor. 

The claimant contends that Titan Securities and Sprouse allegedly unsuitably recommended these illiquid, speculative junk bonds without fully informing him about the risks. Sprouse is also the owner of Sprouse Financial in Lee’s Summit. 

Ex-UBS Financial Services Broker Robert Turner Investigated For Stealing Clients’ Money

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is looking into claims of losses involving former UBS Financial Services broker Robert Earl Turner. Although no longer a registered broker or investment advisor, Turner worked in the industry for 31 years. He spent 25 years at UBS until October 2021. He is accused of stealing money from customers in a scam that allegedly lasted for over two decades. 

In late 2021, Turner and his wife joined Stifel, Nicolaus, & Co. She is still with that firm, although Robert left after just several months in early 2022. While at UBS Financial Services, they reportedly oversaw $900M in customer assets and made about $3M in yearly revenue.

Japanese Couple Files FINRA Arbitration Case for Up to $500K in Damages

Two older investors from Japan have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Bankoh Investment Services and its broker Yoko K. Farias in Honolulu, Hawaii, over Northstar Financial Services (Bermuda) losses. This offshore entity is now in liquidation proceedings. 

Yoko Farias is also with the firm Pacific Century Investment Services. She has been named by other investors who worked with Bankoh as their registered representative of record that unsuitably recommended and sold Northstar (Bermuda) products to them.

Independent Broker-Dealer Had Partnered With Emerson Equity to Sell Risky Junk Bonds

Our experienced GWG Holdings L Bonds attorneys represent another investor in Financial Industry Regulatory Authority (FINRA) arbitration against Centaurus Financial. The claimant is a Houston retiree who entrusted his assets to the firm. Now, he is seeking up to six figures in damages.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent investors who a broker-dealer may have unsuitably sold GWG Holding L Bonds. Now that GWG Holdings, Inc. has filed for Chapter 11 Bankruptcy, L Bondholders are scrambling to recoup their losses from these high-yield bonds that may not be worth much, if anything at all, at this point.

Ex-Centaurus Financial Broker May Have Unsuitably Sold Risky Junk Bonds to Elderly Investors 

Our GWG Holdings L Bond lawyers are looking into claims of L Bond losses by former customers of Mark John Williams, an ex-Centaurus Financial broker. Williams is currently a Kingswood Capital Partners stockbroker and Financial Gravity Family Office Services investment advisor out of Carmel By The Sea, California. 

Several of his former customers, including elderly investors and retirees, have complained that he allegedly recommended and sold them GWG L Bonds. These high-yield bonds were too risky, illiquid, and speculative for these investors from the beginning. These contentions appear to be from when he was registered with Centaurus Financial and after with Forta Financial Group. 

Cetera Investment Services Broker Chang Vung Named in Six-Figure Non-Traded REIT Claim

A self-employed New York investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Cetera Investment Services and its broker Chang Jen Vung. The claimant sustained losses in non-traded real estate investment trusts. 

The claimant is pursuing up to $500K in damages and contends that Vung used their shared cultural affinity when recommending that he concentrate his portfolio on high commission, illiquid products. These products included Healthcare Trust Inc., Griffin Realty Trust, and Northstar Healthcare Income

Elderly Couple is Seeking Up to $500K Plus Interest and Costs Against Centaurus Financial 

Two older investors, both retired and on disability, have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against brokerage firm Centaurus Financial over losses they sustained from purchasing GWG L Bonds

GWG Holdings, Inc., a Dallas-based alternative asset firm, filed for Chapter 11 bankruptcy in April 2022. Now, this Texas couple is among the many thousands who have been left holding these high-risk, illiquid junk bonds that may not be worth much at all at this point.

Los Angeles-Based Financial Advisor Allegedly Targeted Customers of Iranian Heritage

In an earlier GWG L Bond blog post, our securities attorneys reported we were looking into whether customers of Emerson Equity broker Tony Barouti had suffered losses in these high-yield bonds. In March 2022, investors filed two investor claims seeking $1.37M in damages.

Brokerage firm Emerson Equity is the managing broker-dealer for the GWG issuer of $1.6B of L bonds, backed by life settlements. On April 20, 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection. The move came just two months after the Texas-based alternative asset firm defaulted on $13.6B in bond payments and interest it owed L Bond investors. 

Berthel Fisher & Co Accused of Supervisory and Compliance Issues Involving a Customer 

The Financial Industry Regulatory Authority (FINRA) announced that Berthel Fisher & Co. had been ordered to pay a $100K fine. This fine concerns shortcomings related to compliance involving options trades in a customer’s account. The firm is not denying or admitting to the self-regulatory organization’s (SRO) findings. 

According to FINRA, in August 2015, while looking over a customer’s request for approval to trade options in his account, Berthel Fisher & Co neglected to conduct due diligence. The broker-dealer failed to ensure that this type of transaction was suitable based on the client’s investment experience. 

Calton & Associates Financial Advisor Accused of Unsuitability and Misrepresentations 

Paul William Murphy, currently a Calton & Associates registered representative, is named in two pending customer disputes where the claimants are seeking over $589K. These latest allegations appear to stem from when Murphy was a Newport Coast Asset Management and a Newport Coast Securities broker. Newport Coast was expelled by the Financial Industry Regulatory Authority (FINRA) in 2018. 

Our Florida broker misconduct lawyers investigate claims of losses by investors who have worked with Paul Murphy as their financial advisor. In Florida, call Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) at (813) 560-2992. You can also reach us nationwide at (800) 259-9010 today.

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