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Articles Posted in Misrepresentations and Omissions

New York Stockbroker is Named in Multiple Customer Disputes

If you suffered substantial losses from investments recommended to you by Spartan Capital Securities broker Joseph Kelly, you may have grounds for filing a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. 

Kelly, who is based in New York, is the subject of three pending customer complaints seeking damages. He has been with Spartan Capital Securities since 2017 and before that from 2013 to 2016. At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our New York securities fraud attorneys would be happy to offer you a free case assessment. Contact us at (716) 261-3529 today.

Risky, Illiquid Business Development Company Was Not Suitable for Many Investors

If you are someone who invested in the Sierra Income Corporation, you may have lost money. This business development company (BDC) is a non-traded investment. 

Earlier this year, Sierra Income suffered losses after its announced merger with Medley Capital Corp. and Medley Management Inc. was terminated because of the economic uncertainty caused by COVID-19. Not long after that, the company announced that it was suspending monthly redistributions.

Investors May Have Been Subject to Unsuitable Recommendations & Misrepresentations

If you are a UBS customer whose broker persuaded you to invest in Noble Corporation, you likely have lost money. The offshore drilling company filed for Chapter 11 bankruptcy protection on July 31 in Houston, Texas. 

Noble Corp. took a huge financial hit this year as COVID-19 caused oil and gas prices to plunge in value, making oil wells below the sea too costly. However, the company’s financial woes did not stop UBS Financial Group from recommending Noble stock shares to investors all the way leading up to its bankruptcy filing.

Former Customers of Boca Raton, Florida Financial Advisor Request $700K in Damages

Two investors have filed separate Financial Industry Regulatory Authority (FINRA) arbitration claims against Noble Capital Markets registered representative, Joseph Menachem Hain, also known as Joey Hain. Based in Boca Raton, Hain is the broker-dealer’s investment banking director. He also is the co-founder of the advisory firm, Intrinsic Value Partners

Hain has worked in the industry for 14 years. Other firms where he used to be a broker include Paulson Investment Company, Aegis Capital Corp., Westpark Capital, Tejas Securities Group, Wynston Hill Capital, and Robotti & Co. 

Customer Files FINRA Arbitration Claim Against Ex-Berthel, Fischer & Co. Broker and the Firm 

Andrew Samuel Perri, the president of Pinnacle Wealth Management in Brighton, Michigan, and a former stockbroker has been named in a customer dispute, along with broker-dealer Berthel, Fischer, & Company Financial Services. 

In the Financial Industry Regulatory Authority (FINRA) arbitration case, brought in June, the claimant contends that Perri made negligent misrepresentations while selling investments that were unsuitable. The investor is accusing the brokerage firm of failing to properly supervise Perri and neglecting to conduct the proper due diligence.

Customers of Leach Claim They Suffered Six and Seven-Figure Losses 

Jeffrey Harold Leach, a Morgan Stanley broker and also of The Leach Group, which is based in Florida, has been accused by at least three investors of making unsuitable investment recommendations that cost them a significant amount of money. 

While one claim has already been settled by Morgan Stanley, two of the customer disputes, including one seeking $3M in damages, are still pending.

State Securities Regulator Claims GPB Capital Defrauded 180 Local Investors

Massachusetts Secretary of the Commonwealth, William Galvin, has filed a civil fraud lawsuit against GPB Capital Holdings accusing it of defrauding 180 local investors who purchased more than $14M of private placements in five of the GPB funds. 

The alternative asset firm, which acquires waste management operations and auto dealerships, has been accused of operating a more than $1.5B Ponzi scam.

Investors Claim UBS YES Strategy Was Mismarketed To Them: SEC Looking Into the Allegations

If you are an investor whose UBS broker recommended that you employ the UBS YES (Yield Enhancement Strategy) and you’ve since suffered significant losses, you may have grounds for an investment fraud claim. 

Unfortunately, UBS and its registered representatives may have been making unsuitable recommendations of this complex investment strategy to customers, as well as misrepresenting the risks involved. 

Citigroup Global Markets Broker Under Investigation 

Shepherd, Smith, Edwards & Kantas, a law firm specializing in representing wronged investors, is looking into securities fraud allegations against Timothy Kenska, a broker employed by Citigroup Global Markets out of Encinitas, California. Prior to that, he worked at Citicorp.  

According to his official record on the Financial Industry Regulatory Authority’s (“FINRA”) website, Kenska has seven “disclosures.”  FINRA is the regulatory body overseeing brokerage firms and registered representatives employed by them. A disclosure is an official complaint made or a claim filed against a broker/financial advisor.

Rogue Broker Convicted & Faces Decades In Prison

A jury has convicted Anthony Diaz, a barred rogue stockbroker who was fired by several brokerage firms and has been the subject of more than four dozen customer complaints, of 11 counts of wire fraud and mail fraud. Each criminal court comes with a maximum sentence of 20 years in prison. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm) have been speaking to former customers of Diaz who sustained investment losses while working with him. If you are one of these investors, contact our broker fraud attorneys today. You may have grounds for a civil claim against the brokerage firm where he was working at the time. 

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