Articles Posted in Financial Firms

Claimant Alleges Unsuitable Offshore Investment Led to Significant Losses 

An investor who lives in Trinidad and Tobago has filed an arbitration claim against Truist Investment Services over losses he sustained in Northstar Financial Services (Bermuda). The claimant seeks up to six figures in damages. His broker allegedly advised him to invest in this risky, offshore-like annuity product. These recommendations happened despite the claimant stating he was seeking safety and security for his family’s assets. 

Our Northstar (Bermuda) investment attorneys represent this investor in FINRA arbitration against Truist Investment Services. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents many other claimants against Truist, a SunTrust Investment Services, Inc. broker-dealer subsidiary. 

Customers of Barred Centaurus Financial Broker Are Requesting Over $7.4M in Damages

Marc Frederick Korsch, the CEO of NAV Advisors in Sarasota and a former Centaurus Financial registered representative, is reportedly involved in a GWG Holdings L Bond case. A Centaurus Financial investor filed this case. Although not a respondent in the Financial Industry Regulatory Authority (FINRA) arbitration claim, Korsch allegedly unsuitably recommended this risky life settlement-backed bond to the customer. 

GWG Holdings, Inc. filed for Chapter 11 bankruptcy protection in April 2022. It sold $1.6B of L Bonds to investors through more than 140 regional brokerage firms and financial advisors. These firms earned high commissions from the transactions. Visit GWG Holdings, Inc. and GWG Holdings L Bonds for more information.

SEC Alleges Western International Securities and Its California Financial Advisors Committed Due Diligence Failures 

The US Securities and Exchange Commission (SEC) has filed civil charges against Western International Securities and several of its registered representatives. The firm and its advisors allegedly violated Regulation Best Interest standards when they sold about $13.3M of GWG L Bonds to investors between July 2020 and April 2021. 

The regulator contends that the broker-dealer neglected to conduct adequate due diligence when recommending and selling these unrated and speculative junk bonds. In February 2022, GWG Holdings, Inc. defaulted on $13.6M of payments and interest it owes L Bond investors. The Dallas-based alternative asset firm filed for bankruptcy protection in April 2022. 

Did The Firm Misrepresent Environmental, Social, and Governance Qualifications in Marketing Materials? 

According to The Wall Street Journal, sources say that The US Securities and Exchange Commission (SEC) is investigating Goldman Sachs Group Inc. The investigation includes  certain funds that utilize environmental, social, and governance (ESG) criteria. ESG investing considers these three factors when assessing an investment’s overall impact and financial returns. 

Goldman Sachs’s mutual fund business oversees at least four funds with ESG or clean energy in their names. The SEC is reportedly examining these investments in terms of their environmental, social, and governance criteria and metrics that marketing materials tout them to have.  

Infinex Broker Roberto Leslie Accused of Unsuitably Recommending Offshore Entity 

Two investors from Mexico City who worked with Infinex financial advisor Roberto Francisco Leslie have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Infinex Investments. Related to their investment losses in Northstar Financial Services (Bermuda). Alleging unsuitability, concentration, and other broker misconduct, they seek up to $500K for their losses. 

Our Northstar Financial Services (Bermuda) investment attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent these claimants in FINRA arbitration against Infinex. The hearing will take place in Houston, Texas.  

Investors’ Allegations Against Centaurus Financial Broker Include Unsuitability, Misrepresentations, and Concentration 

Our experienced Texas broker misconduct attorneys are looking into claims of losses involving current and former customers of William Charles Burks, also known as Bill Burks II, in Flower Mound. Bill Burks is a Centaurus Financial broker who has been named in several customer disputes, most of which are settled or still pending.

Customer Disputes Involving Centaurus Financial Broker Bill Burks II

Couple File FINRA Arbitration Claim Against Center Street Securities Seeking Up to $500K in Damages

A Missouri couple in their 90s and 80s have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Center Street Securities and its broker Joseph Martin LaTour. The latter is an investment advisor who operates out of Springfield under the local firm Latour Asset Management.

In their FINRA arbitration case, the claimants request up to $500K in damages. They allege that Center Street Securities broker Joseph LaTour unsuitably recommended GWG Holdings L Bonds to them. This was regardless of the fact that they had sought low-risk, stable investments. 

Center Street Securities is Named in this Six-Figure FINRA Arbitration Case

An older couple who live in Cleveland, Tennessee has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim seeking up to $500K in damages from Center Street Securities. This comes after its registered representative Morgan Darby Hill allegedly unsuitably recommended that they invest in GWG Holdings L Bonds. 

Morgan Hill is currently registered as a broker with both Center Street Securities and Arete Wealth Management in Knoxville. He is also a registered investment advisor with Center Street Advisors. However, locally Hill markets himself as the CEO of the wealth preservation and distribution firm, Hill & Hill Financial, LLC.

More Claimants Accuse Broker Yoko Farias of Overconcentration In Obscure, Offshore Investment

An older couple from Japan has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim requesting between $500K and $1M in financial recovery over losses sustained in Northstar Financial Services (Bermuda). The respondents are Bankoh Investment Services and its registered representative Yoko K. Farias in Hawaii. 

The investors contend that Bankoh and Farias allegedly abused their trust by overconcentrating a considerable amount of their assets in Northstar (Bermuda), which is now defunct and in liquidation proceedings. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent these claimants in FINRA arbitration in the United States.

Ex-Alabama Financial Advisor Has Been Accused of Misrepresentations and Unsuitability

Our knowledgeable broker misconduct attorneys are investigating claims of losses by customers of ex-Berthel Fisher & Co. registered representative Steve Jeffrey Cummings. In July 2021, claimants filed a Financial Industry Regulatory Authority (FINRA) arbitration claim for $250K in damages. 

The customers contend that they were sold unsuitable investments between 2010 and 2015 and that Cummings allegedly made misrepresentations to them. They believe brokerage firm Berthel Fisher failed to supervise its Alabama broker and did not conduct proper due diligence. In 2017, Berthel Fisher fired Cummings over allegations that he did not disclose tax liens in a timely fashion. 

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