Articles Posted in FINRA

Financial Independence President & Ex-Dallas, Texas Financial Advisor Was Barred by FINRA 

Dana Bruce Vietor, a former CFD Investment Services registered representative is under scrutiny following multiple allegations of broker misconduct that have led to customer losses. The latest still pending claims were brought by investors seeking to collectively recover more than $3M in damages.

According to his LinkedIn, Vietor is the President of Financial Independence Corp. in Dallas, Texas. He also is a manager of SRS Management, LLC. 

Glacier Point Advisors Managing Partner is Ordered to Pay Customers More Than $1.2M in Restitution 

Kevin Marshall McCallum, a former LPL Financial stockbroker and the Managing Partner of Glacier Point Advisors has been suspended by the Financial Industry Regulatory Authority (FINRA) for a year.

McCallum is ordered to pay over $1.2M, along with interest, in deferred restitution to customers. He is currently facing more than $4.8M in FINRA arbitration claims from investors for their losses. 

SEC Approves New FINRA Rule That Will Designate Some Brokerage Firms as “Restricted”

The Financial Industry Regulatory Authority (FINRA) rule 4111, which will require certain brokerage firm members with histories of broker misconduct to put aside reserve funds to pay for both future and unpaid investor claims, has now been approved by the Securities and Exchange Commission (SEC).

These broker-dealers will be deemed “restricted” based on numeric thresholds to be determined by the self-regulatory organization (SRO) that involve six conditions including disclosure events involving the firm or its registered individuals, firings, and affiliated registered individuals from broker-dealers that already have been expelled.

Recent Report to SEC Notes Four Pending Disputes Against Sigma Financial

InvestmentNews reports that according to Sigma Financial Corp.’s recent Focus Report to the Securities and Exchange Commission (SEC), the firm is contending with four pending Financial Industry Regulatory Authority (FINRA) arbitration claims from customers alleging damages of approximately $4.5M. The broker-dealer noted that it has put aside nearly $652K should these claims result in settlements or awards. 

Our broker-dealer negligence lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing clients who have suffered losses because of the negligence or fraudulent actions of a Sigma Financial broker. Call us at (800) 259-9010 today.

Claimants Had Alleged Negligence, Poor Supervision, and Other Charges 

A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded one customer and his trust $515K in their GPB private placement fraud claim against Arete Wealth Management. The Chicago-based brokerage firm also has been ordered to pay all of the claimant’s legal fees. The award is more than twice what was sought by the claimants, who had requested $225K in damages. 

This is just one of the thousands of broker-dealer negligence claims brought against the financial firms and their registered representatives that marketed and sold GPB investments to their customers. GPB Capital Holdings, which invests primarily in waste management and auto dealerships, has allegedly been running an over $1.5B Ponzi scam. 

Stockbroker Marshall Owen Isaacson Named in Four Customer Complaints Since 2019

The Financial Industry Regulatory Authority (FINRA) recently barred Marshall Owen Isaacson, an ex- Newbridge Securities stockbroker based out of Boca Raton, Florida. Isaacson is accused by customers of making unsuitable investment recommendations and committing broker negligence. With 35 years in the industry, the now ex-registered representative worked at 12 broker-dealers.

Our Florida securities fraud attorneys have been speaking to former customers of Marshall Isaacson who may have suffered significant losses. Contact our securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) online today. 

Family Trust to Receive Compensatory Damages From Broker-Dealer 

In its Financial Industry Regulatory Authority (FINRA) arbitration claim against Raymond James & Associates and former broker Paul Anthony Steffany, the Angelina J. Cuccaro Family Trusted was awarded $320K in compensatory damages. 

The claimant contends that it was the victim of broker negligence and the firm’s failure to supervise.  The former Connecticut broker was barred by the self-regulatory organization (SRO) in 2015.  

Following Bankruptcy Proceedings, Bondholders Turn to FINRA Arbitration 

Now that Frontier Communications Corp. has filed for bankruptcy protection, investors who bought the company’s bonds may be grappling with how to recover their losses. 

At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our bond fraud lawyers are here to tell you that you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim against the broker that sold you these investments. 

Breach of Fiduciary Duty Involving Retirement Fund Alleged

Stephen Fergus Curry, a longtime Kestra Advisory Services registered representative, is named in a nearly $7.8M Financial Industry Regulatory Authority (FINRA) complaint accusing him of breach of fiduciary duty over services performed related to a retirement fund. 

Curry has been with Kestra for 13 years. First, he was with Kestra Investment Services and now he’s with Kestra Advisory Services. He also is a registered investment adviser. Before he joined Kestra, Curry was a Waterstone Financial Group broker from 2006 to 2007. He also worked as an investment advisor with NFP Advisor Services from 2007 to 2016. 

FINRA Bars Former Registered Representative Following Probe Into Accusations

Bryant Edwin Caveness, an ex-Ameriprise Financial Services stockbroker, has been barred by the Financial Industry Regulatory Authority (FINRA) after he stopped cooperating in the self-regulatory organization (SRO)’s probe into his firing by the firm. 

According to his Form U5 termination letter, the broker-dealer let him go last month because he violated company policies involving “personal trade, ethics, and solicitation of exchange-traded products” resulting in stockbroker fraud and misconduct. 

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