Financial Firms

Merger Folds KMS Financial, Investacorp, and Securities Services Under Securities America Banner

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

Integration Instigated After Advisor Group’s Acquisition of Ladenburg Thalman

Securities America, which is a broker-dealer of the Advisor Group network, has completed integrating brokerage firms Investacorp, KMS Financial Securities, and Securities Services Network into its fold. All four were Ladenburg Thalman broker-dealers until Advisor Group acquired Ladenburg and its firms last year for $1.3B.

Triad Advisors, another former Ladenburg Thalman broker-dealer, will stay a standalone firm. The other Advisor Group broker-dealers include Woodbury Financial Services, FSC Securities, SagePoint Financial, Royal Alliance Associates, and FSC Securities Corporation.

Northstar Financial Services (Bermuda) to Liquidate After Extension Request Denied

Published on: April 15, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Investors Can Still Pursue Damages from Bankoh, Truist, and Ocean Financial Services

The Bermuda Supreme Court has turned down a request by Northstar Financial Services (Bermuda) Ltd.’s management asking for more time to pursue restructuring. Northstar had filed for Chapter 15 bankruptcy last year.

The Court’s ruling means that the company will be liquidated, with the proceeds going to creditors. Specifically, what this means for Northstar Financial Services (Bermuda) investors is that the Bermuda Supreme Court must approve such payments before they can be issued to them.

SSEK Law Firm Investigates Bankoh Investment Services Brokers Over Northstar Financial Services (Bermuda) Sales

Published on: April 12, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Bankoh Investment Services Investors May Have Lost Up to $70M in Northstar Bermuda Products

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is continuing to speak to investors who suffered losses in Northstar Financial Services (Bermuda) products that were sold to them by Bankoh Investment Services brokers. The broker-dealer is the securities arm of the Bank of Hawaii.

Our investment fraud attorneys are also investigating claims of losses in Northstar Bermuda products from investors who worked with brokers from Truist Investment Services (SunTrust Investment Services), Ocean Financial Services, and any other firms. Unfortunately, investors may have collectively lost up to $70M.

Georgia Retiree Files Non-Traded REIT Fraud Claim Against MML Investors Services

Published on: April 5, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Allegedly Unsuitable Recommendations Caused Senior Investor Loss of Savings

A Brunswick, Georgia retiree has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against broker-dealer MML Investors Services, LLC. The investor contends that a broker from the firm overconcentrated his IRA and a non-IRA account in CNL Lifestyle Properties, which is an illiquid, privately traded real estate investment trust (non-traded REIT).

This caused him to lose a large portion of his savings. Now, the investor is alleging failure to supervise, unauthorized transactions, securities fraud, broker negligence, breach of duty, breach of contract, violation of state securities laws, and other claims. He is seeking up to $100K plus interest and costs.

Ex-Ocean Financial Services Broker Maria Calcena Named In Customer’s Northstar Financial Services (Bermuda) Fraud Claim

Published on: March 24, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Customer of Florida Broker is Seeking $245K In Damages

Maria Florencia Calcena, currently an Infinex Investments broker in Palm Beach, Florida, is named in a $245K investor claim in which the customer invested in a product from Northstar Financial Services (Bermuda) Ltd.

The investor is alleging breach of fiduciary duty, negligence, and violation of Florida’s Investor Protection Act during Calcena’s time as an Ocean Financial Services registered representative.

RBC Capital Markets Broker Brian Wurdemann Named in $1M Mutual Fund Case Alleging Misrepresentations

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

New York Investment Advisor Has Several Customer Disputes on His BrokerCheck Record

Brian Wurdemann, an RBC Capital Markets registered representative, is named in a still-pending customer dispute in which the customer is seeking $1M in damages. The claimant contends that Wurdemann misrepresented three mutual funds, first while he was a UBS broker up through when he went to work at RBC Capital Markets.

This is one of several customer disputes involving Wurdemann, including one from 2004 that appears to still be pending.

Jubilado entabla reclamación de fraude por $500,000 contra Truist Investment Services por inversión en Northstar Financial Services (Islas Bermudas)

Published on: March 10, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Inversionista Latinoamericano alega Abuso y Fraude Financiero contra Ancianos

En una reclamación de arbitraje ante la Autoridad Reguladora de la Industria Financiera (FINRA) contra Truist Investment Services, Inc. (t/c/c SunTrust Investment Services, Inc.), un jubilado de América Latina reclama hasta $500 mil en daños. La reclamante sostiene que su corredora le recomendó inadecuadamente invertir dicha cantidad de dinero en Northstar Financial Services (Bermuda) Ltd. La compañía solicitó protección por quiebra el año pasado.

Truist es la unidad de corredores/agentes de bolsa de SunTrust Bank. La compañía está registrada con FINRA. Los agentes de ambas entidades promovieron fuertemente los productos de inversión y anualidades de renta fija y variable de Northstar Financial Services (Bermuda), los cuales pagaban comisiones, bonos y otros incentivos que eran mayores que los ofrecidos por los productos más típicos de SunTrust Bank.

FINRA Bars Former LPL Financial Broker Rhett Bedwell Following Ponzi Fraud Allegations

Published on: March 8, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Law Firm Is Representing Arkansas Retiree In $500K Customer Dispute

The Financial Industry Regulatory Authority (FINRA) has barred ex-LPL Financial stockbroker, Rhett Douglas Bedwell after he refused to provide key documents into the self-regulatory organization’s probe into allegations that he invested funds from a client’s IRA in a Ponzi scheme. According to LinkedIn, Bedwell, who is based in Bentonville, Arkansas, is president and a financial advisor at Homestead Wealth Management.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is representing this customer, an Arkansas retiree, in his $500K broker-dealer negligence case against the brokerage firm. If you are another investor who lost money while working with ex-LPL Financial broker Rhett Bedwell or another registered representative from that firm, contact us today to request your free, no-obligation case assessment.

Retiree Files $500K Northstar Financial Services (Bermuda) Fraud Claim Against Truist Investment Services

Published on: March 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Latin American Investor Alleges Elder Financial Fraud And Abuse

In a Financial Industry Regulatory Authority (FINRA) arbitration claim against Truist Investment Services, Inc. (aka SunTrust Investment Services, Inc.), a retiree in Latin America is seeking up to $500K in damages. The claimant contends that her broker unsuitably recommended that she invest that amount in Northstar Financial Services (Bermuda) Ltd. The company filed for bankruptcy protection last year.

Truist is SunTrust Bank’s broker-dealer unit. The firm is registered with FINRA. Both entities’ agents heavily promoted Northstar Financial Services (Bermuda)’s fixed- and variable-rate annuity and investment products, which paid commissions, bonuses and other incentives that were greater than what the more typical SunTrust bank products offered.

Ex-David Lerner Associates Broker Charles Bonilla Suspended For Alleged Unsuitable Energy Investment Recommendations

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

Former David Lerner Associate Broker May Have Sold Spirit of America Energy Fund Among Others to Customers

The Financial Industry Regulatory Authority (FINRA) has suspended Florida-based broker, Charles Bonilla, for six months. The action comes over allegations that he unsuitably recommended two energy investments to customers while he was a David Lerner Associates stockbroker without having enough knowledge about them.

Bonilla agreed to the FINRA suspension. He will pay both a $5K penalty and more than $22,400 in disgorgement plus interest. However, he is not denying or admitting to the self-regulatory organization’s (SRO’s) findings.