Articles Posted in Securities Fraud

Customers of Lion Street Financial Broker Richard Baer Suffered Over $1.8m in Investment Losses 

Lion Street Financial stockbroker, Richard Evan Baer, who is also a registered investment advisor with both React Investment Solutions, LLC and Legacy Capital California, has been named by investors in two pending complaints seeking $1.8M in damages for investment losses they suffered. Three other customer disputes have resulted in settlements.

Our California securities law firm is looking into other claims of losses by customers of Richard Baer. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyer.com) today to request your free, no-obligation consultation at (619) 550-4847

Denver Financial Advisor Mark Barrand Named in Pending Customer Disputes 

Mark Allen Barrand, an Ameriprise Financial broker based in Denver, has nine customer claims on his BrokerCheck record. The most recent one, brought in February 2021, was from his time as a Cetera Advisors registered representative. 

Barrand has worked 14 years in the industry, and he is also an investment adviser. Other firms where he used to be registered include Legacy Advisor Services and Legacy Financial Services.

New Jersey Financial Advisor’s Victims Included Older Investors Who Spoke Spanish

Ramon Arturo Herrera, a former Wells Fargo (WFC) registered representative, is sentenced to 27 months in prison and three years of supervised release. The former New Jersey financial advisor pleaded guilty to wire fraud for bilking approximately 40 clients of $450K.

Herrera worked five years in the industry. The entire time, he was a Wells Fargo broker until 2018. That is the same year that Financial Industry Regulatory Authority (FINRA) barred him from the industry.  The following year, Herrera was expelled by the New Jersey Bureau of Securities. 

Ohio National Financial Services Broker-Dealer Accused of Failing to Properly Supervise 

The Financial Industry Regulatory Authority (FINRA) announced that brokerage firm O.N. Equity Sales Co., an Ohio National Financial Services brokerage firm, must pay a $1.3M penalty for not adequately supervising a former broker who is accused of recommending an unsuitable investment strategy to customers. 

The strategy involved whole life insurance policies and variable annuities (VAs). The former O.N. Equity Sales broker is no longer with the firm. He arrived at a separate settlement with the self-regulatory organization (SRO). 

Big Banks Anticipate Losses in the Billions 

Last week, Archegos Capital Management, the $10 billion hedge fund founded by Bill Hwang, was forced to liquidate over $30 billion in equities including millions of shares in ViacomCBS, media company Discovery, and a number of Chinese tech companies. 

The move came after Archegos, which had borrowed on margin while using derivatives, was met with demands by banks to post greater collateral so as to minimize losses. 

Settlement in FINRA Case Involves Repaying Nearly $44K to Affected Customers 

The Financial Industry Regulatory Authority (FINRA) has ordered Triad Advisors to pay a $150K fine for not adequately supervising both short-term trades involving Class A shares of mutual funds and variable annuity exchanges. The self-regulatory organization (SRO) also accused the Atlanta-headquartered broker-dealer of not making timely disclosures involving customer complaints and arbitration.

Triad Advisors, which is an Advisor Group network brokerage firm, consented to repay clients that were affected nearly $44k as part of its settlement for this case. It is not, however, denying or admitting to FINRA’s findings.

Wallingford, Connecticut Investment Advisor Named in Four Pending FINRA Arbitration Cases 

If you suffered investment losses while working with Woodbury Financial Services broker, Robert Scott Ginsberg, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com). The Woodbury Financial investment advisor, who is based in Wallingford, Connecticut, is named in four pending customer disputes. 

He has been in the securities industry for 12 years. Prior to working for Woodbury Financial Services in 2016, where he is also a registered investment advisor, Ginsberg was a registered representative for Investors Capital Corp. and Investors Capital Advisory. 

SEC’s Regulation BI May Not Be Protecting Investors The Way They Think 

It has been nearly seven months since the SEC’s Regulation Best Interest (BI), a rule mandating that brokers NOT market themselves as financial advisors unless they actually are dually registered to be one, went into effect. The aim of this distinction is to let investors know whether they are working with someone who is bound to act in their best interests or not.  

While brokers are supposed only to recommend financial products to customers that are suitable for them, this recommendation can also be based on what product will earn them the highest commission. This potential conflict of interest can be financially disadvantageous to an investor.

FINRA Suspends Cincinnati, Ohio Financial Advisor  

The Financial Industry Regulatory Authority (FINRA) has suspended former Ameriprise (AMP) stockbroker, Angel W. Bardeche, for nine months over allegations that she engaged in unsuitable mutual fund switches over a two-year period that earned her $450K in commissions. 

The self-regulatory organization (SRO) also contends that the ex-Ameriprise Financial broker made 109 trades in eight non-discretionary customer accounts without authorization. Bardeche will pay a $10K fine and $5K in disgorgement.

California Stockbroker Accused Of Unsuitability & Misrepresentations

David Omori Bibo, a Western International Securities, Inc. registered representative is named in two pending customer disputes collectively seeking $1.8M in damages. The San Jose broker has been part of the industry for 25 years. He has seven disclosures on his BrokerCheck record.

Our California securities fraud lawyers are looking into investor claims involving Western International Securities broker, David Bibo, or any other registered representative from the firm. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today so that we can help you determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration case to recover your losses.

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