Articles Posted in Securities Fraud

Denver, Colorado Financial Advisor Has 21 Disclosures on BrokerCheck 

If you suffered losses while working with Western International Securities registered investment advisor Peter Benedict Steege, our Denver, Colorado broker misconduct lawyers want to speak with you. Steege, who has been with this firm for 19 years, has 21 disclosures listed on BrokerCheck. Most of them are customer disputes. However, Steege was also named in a former criminal case  (now dismissed) that alleged petty theft and a few regulatory disputes. 

Our Denver broker negligence lawyers represent investors throughout the state and the rest of the US in their Financial Industry Regulatory Authority (FINRA) arbitration claims over losses they sustained due to the wrongful or careless actions of their financial advisors. In Colorado, call SSEK Law Firm at (720) 439-2827.  You can also reach us nationwide at (800) 259-9010.

South Carolina Financial Advisor Named in Five Pending Customer Disputes

Cetera Advisors Network registered representative, Ronald Franklin Metcalf, Jr, is named in five pending customer disputes in which the claimants are seeking more than $6.5M in financial recovery. 

All of them accuse Metcalf of failing to supervise other registered representatives while he was a Voya Financial Advisors broker. Two of those Financial Industry Regulatory Authority (FINRA) arbitration cases resulted in huge settlements, including one for $3.5M.  

Pennsylvania Financial Advisor is Accused of Making Unsuitable Recommendations 

Austin Richard Dutton, Jr., an American Trust Investment Services stockbroker, is currently the subject of a Financial Industry Regulatory Authority (FINRA) arbitration case. The self-regulatory organization (SRO) has made a preliminary determination to recommend disciplinary action against him. The Doylestown, PA financial advisor is accused of violating FINRA Rules 2111,  2010, and 4511.  

FINRA announced its preliminary determination involving Dutton in March 2021. FINRA Rule 2111 has to do with suitability and requires broker-dealers and their registered representatives to only make recommendations that are suitable for each customer.  Rule 2010 mandates that members abide by high standards of commercial honor and fair and equitable principles of trade. Rule 4511 requires FINRA members to make records and books and preserve them for at least six years. 

Ex-New York Financial Advisor Was Barred by FINRA in 2014

Nearly seven years after he was barred by the Financial Industry Regulatory Authority and fired by Ameriprise Financial Services, ex-New York broker Ted Wayne Cadwallader continues to be accused of making unsuitable investment recommendations that caused them significant losses. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is investigating these claims. If you suffered losses while working with ex-stockbroker Ted Cadwallader, contact SSEK Law Firm today at (800) 259-9010. You can also speak with our New York unsuitability investment attorneys at  (716) 261-3529.

Determinación Similar Hecha en Procedimientos de Liquidación de Old Mutual (Islas Bermudas)

 El juez presidente de Islas Bermudas, Narinder Hargun y los Liquidadores Provisionales Conjuntos (LPCs) están de acuerdo en que sean nombrados representantes para toda clase de acreedores en los procedimientos de liquidación tanto para Northstar Financial Services (Bermuda) Ltd. como para Omnia, Ltd. La Corte Suprema de Islas Bermudas también proveyó dirección a los LPCs, luego que estos últimos determinaran que asuntos relacionados con la evaluación de la segregación de activos entre diferentes tipos de inversionistas podían impactar cuánto podrían recuperar todos ellos. Los inversionistas han estado esperando por esta notificación de septiembre para obtener respuestas en cuanto a qué, si algo, pudiera recuperarse. Claramente, no hay respuestas, y la próxima vista no puede celebrase hasta después del 21 de octubre, pero con toda probabilidad no se celebrará hasta el año próximo.

Northstar Financial Services (Bermuda) y Old Mutual (Bermuda) fueron adquiridas por Global Bankers Insurance Group, la cual es propiedad de Greg Lindberg. Este billonario americano está cumpliendo más de siete años en prisión por conspiración para cometer fraude electrónico en servicios honestos y soborno. Mientras tanto, los inversionistas de ambas entidades de las Islas Bermudas están actualmente luchando para recuperar sus pérdidas.

Vanderbilt Financial Advisor Accused of Using “Worst” Sales Tactics to Sell GPB Investments 

If you suffered financial losses while working with Vanderbilt Financial registered representative Jeffrey Lewis Gitterman, you may have grounds for pursuing damages through Financial Industry Regulatory Authority (FINRA) arbitration. 

The Edison, New Jersey broker is currently named in two pending customer disputes. He also was accused in an InvestmentNews article of being one of the brokers to employ the “worst tactics” when selling GPB private placements to customers while he was a Triad Advisors financial advisor. 

American Trust Investment Services Broker Accused of Recommending Unsuitable Investments to Investors 

David Richard Geake, an Indiana-based broker and investment advisor with American Trust Investment Services, is currently facing three customer disputes in which the claimants are accusing him of making unsuitable investment recommendations. Geake, who has been in the industry for 22 years, has 12 disclosures on his BrokerCheck, including other customer disputes. 

If you are an investor who has suffered losses while working with American Trust Investment Services broker David Geake, contact our Financial Industry Regulatory Authority (FINRA) arbitration attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Sanctuary Wealth Ordered To Pay Over $370K in Restitution to ETF Customers

Independent broker-dealer Sanctuary Wealth, formerly David A. Noyes & Co., has been censured by the Financial Industry Regulatory Authority (FINRA). It must now pay a $160K fine and over $370K in restitution for its failure to supervise certain financial products, including leveraged and inverse exchange-traded funds (ETFs), and its brokers’ external activities.

According to the self-regulatory organization (SRO), going as far back as 2014 through the end of 2018 the brokerage firm failed to address in a “reasonable” manner the “unique features and risks” involving selling inverse and leveraged ETFs, which Sanctuary was required to do according to FINRA’s Rule 2111 regarding suitability. 

Former Tucson, Arizona Financial Advisor Has Two Pending Complaints on Record

If you suffered losses while working with ex-Morgan Stanley registered representative Francisco Javier Valenzuela, you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. Valenzuela, who is also a former registered investment advisor, has seven disclosures on his BrokerCheck record, including two pending disputes. 

Our broker negligence attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are looking into customer claims of investment losses they experienced while working with Francisco Valenzuela or any other Morgan Stanley registered representative. If you are one of these investors, call (800) 259-9010 today.

Old Mutual Investor Seeks Up To $500K in Damages

An investor from Mexico has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against J.P. Morgan Securities over the losses she suffered in Old Mutual (Bermuda). The off-shore entity is owned by Greg Lindberg’s Global Bankers, which also owns Northstar Financial Services (Bermuda). 

The latter is already the subject of many FINRA arbitration claims against the broker-dealers and their registered representatives that unsuitably recommended products from that off-shore entity to its customers.

Contact Information