Securities Fraud

FINRA Fines Berthel Fisher $100K Over Options Trades

Published on: May 11, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Berthel Fisher & Co Accused of Supervisory and Compliance Issues Involving a Customer

The Financial Industry Regulatory Authority (FINRA) announced that Berthel Fisher & Co. had been ordered to pay a $100K fine. This fine concerns shortcomings related to compliance involving options trades in a customer’s account. The firm is not denying or admitting to the self-regulatory organization’s (SRO) findings.

According to FINRA, in August 2015, while looking over a customer’s request for approval to trade options in his account, Berthel Fisher & Co neglected to conduct due diligence. The broker-dealer failed to ensure that this type of transaction was suitable based on the client’s investment experience.

SSEK Law Firm Investigates St. George’s Ltd. Losses For Investors

Published on: April 18, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Cetera and Other Broker-Dealers May Have Unsuitably Sold St. George’s Ltd Products to Customers

Our broker misconduct lawyers are looking into claims of losses by investors who were marketed and sold products from St. George’s, Ltd. The Bermuda-based life insurance company has been in liquidation proceedings since 2019. Its owner, Ramesh Dusoroth, is accused of defrauding investors of millions of dollars.

The joint provisional liquidators in this endeavor involving St. George’s Ltd. are John Johnston and Rachel Frisby of Deloitte, Ltd. Both of them are also involved in the liquidation proceedings of Northstar Financial Services (Bermuda), another offshore company that has been the cause of investment losses for many foreign nationals. Northstar (Bermuda) owner Greg Lindberg is now in prison, and he also likely misappropriated investors’ money.

Ex-IFS Securities Broker Steven Schisler Barred Following Unsuitable Investment Recommendations

Published on: March 21, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-IFS Securities Broker Recommended Promissory Note to Elderly Investors

The Financial Industry Regulatory Authority (FINRA) has barred ex-IFS Securities registered representative Steven Douglas Schisler beginning January 31, 2022. Schisler, who works out of the Greater Sacramento, California area, has been a financial planner and investment advisor for over 20 years. He is also the principal of Synergy Wealth Management.

The industry bar comes in the wake of allegations that Schisler unsuitably recommended a promissory note to an older married couple.

Ex-Morgan Stanley Broker Darryl Cohen, Accused of Defrauding Pro Athletes, To Be Barred by FINRA

Published on: February 10, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Fired California Financial Advisor Allegedly Bilked Pro Athletes of Millions

Darryl Matthew Cohen, a former top-producing Morgan Stanley Smith Barney registered representative of Southern California, faces a FINRA bar beginning February 16, 2022. This bar will come into effect unless he cooperates in the self-regulatory organization’s (SRO’s) probe into allegations that he improperly used customers’ money. A number of the clients who have stepped forward to complain are current and ex-professional athletes.

Morgan Stanley fired Darryl Cohen in March 2021 over allegedly engaging in undisclosed outside business activities and using an unapproved platform to communicate with clients inappropriately. He has nine customer disputes listed on BrokerCheck, with four of them still pending in which the damages sought total millions of dollars.

Customers of Morgan Stanley Broker Michael Wagner Seek Over $20M in Damages

Published on: January 13, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Atlanta Financial Advisor Accused of Using an Unsuitable Options Investment Strategy

Michael John Wagner, a longtime Morgan Stanley broker, is currently under scrutiny in the wake of recent customer disputes in which the claimants are requesting over $20M in damages.

Based out of Atlanta, Georgia, Wagner has worked in the industry for 20 years. He has been a Morgan Stanley broker since 2012. Before that, he was a Merrill Lynch stockbroker and investment advisor.

McNally Financial Services Broker Mark Kemp Has Been Named in 11 Customer Disputes

Published on: January 6, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Corpus Christi Financial Advisor is Accused of Negligence, Misrepresentations

Our Texas broker misconduct lawyers are looking into claims of losses by customers of Mark Alan Kemp, who is currently a McNally Financial Services registered representative. Mark Kemp, who has been in the industry for 30 years, has been named in nearly a dozen customer disputes, three of which are still pending.

If you are one of these investors, please contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today. We can determine whether you have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages.

Ex-Worden Capital Markets Broker Mark Kolta Has Been Named in 26 Customer Disputes

Published on: January 3, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Investors Are Seeking Six- to Seven-Figures in Damages

If you suffered investment losses while working with former Worden Capital Markets broker Mark Sam Kolta, you may want to explore your legal options with a seasoned securities law firm.

Kolta, who worked for 13 years in the industry, has 27 disclosures in his BrokerCheck record, 26 of which are customer disputes. A number of these are still pending, with some claimants requesting damages in the six and seven figures.

Ex-Parkland Securities Broker Keith Ashley, Who Is Accused of Murder, Faces FINRA Charges

Published on: December 21, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Texas Financial Advisor Allegedly Killed An Investor While Operating a Ponzi Scam

Keith Todd Ashley, who was fired by Parkland Securities in October 2020 and is charged with murder, is now also facing Financial Industry Regulatory Authority (FINRA) charges.

FINRA filed its complaint in December 2021 and is alleging that Ashley took part in undisclosed business activities, misappropriation, and engaged in private securities transactions from February through October 2020. During this entire time, Ashley was a registered representative with Parkland Securities.

Ex-Ameriprise Broker James Dunn is Accused of Unsuitability, Unauthorized Trading

Published on: December 17, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Ameriprise Financial Advisor is Named in Five Pending Customer Disputes

James William Dunn, an ex-stockbroker and investment advisor in Vienna, VA with Ameriprise Financial Services, is under scrutiny over losses suffered by customers. He is currently named in five customer disputes in which the damages sought range from six- to seven figures.

All of the Financial Industry Regulatory Authority (FINRA) arbitration claims involving Dunn were brought in 2021. The misconduct alleged was said to have occurred during this same year.

SSEK Law Firm Client of Fired J.P. Morgan Securities Broker Ed Turley Wins $4 Million FINRA Arbitration Award

Published on: December 13, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SSEK Law Firm Represented Client of Fired J.P. Morgan Securities Broker, Ed Turley, and Wins $4 Million FINRA Arbitration Award

A Financial Industry Regulatory Authority (FINRA) arbitration panel in Houston, Texas has awarded a client of Shepherd, Smith, Edwards & Kantas (SSEK Law Firm at investorlawyers.com) $4 million in compensatory damages over losses she sustained while working with ex-J.P. Morgan Securities stockbroker, Edward Turley.

Not only did this ex-San Francisco-based financial advisor unsuitably invest her in products that were too risky, but he and the firm also used a complex strategy that involved borrowing on margin without her knowledge. Tragically, the client lost millions of dollars while Ed Turley and J.P. Morgan profited significantly from her account.