Articles Posted in Unsuitability

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. 

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 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. 

FINRA Bars Beverly Hills Financial Advisor Following Unsuitability Allegations

Ex-Oppenheimer and Hilltop Securities broker Dennis Phillip Ayre is barred by the Financial Industry Regulatory Authority (FINRA) beginning January 28, 2022. The Los Angeles financial advisor refused to testify in the self-regulatory organization’s (SRO’s) probe into suitability allegations.

Ayre, who most recently was a Hilltop Securities broker, worked as an Oppenheimer & Co. broker from 2014 to 2017. He has 15 disclosures on his BrokerCheck record; 14 are customer disputes. In five pending disputes, the claimants are collectively pursuing around $7.6M in damages. The remaining investor cases were settled for over $1.16M. 

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.

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. 

Sarasota, Florida Investment Advisor Still Operates Kennon Financial

David Robert Kennon, a former First Allied Securities stockbroker, has three customer disputes listed on his BrokerCheck in which the claimants have accused him of making unsuitable investment recommendations. 

Kennon, who is no longer a registered broker, remains a registered investment advisor in Sarasota, Florida where he runs Kennon Financial. Our Florida investment fraud lawyers are investigating claims of losses by customers of David Kennon. 

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. 

Fort Lauderdale, Florida Financial Advisor is Named in Six-Figure Customer Dispute

Robert Brian Wolfe, who was a Goldman Sachs broker from July 2020 to October 2021, was recently dismissed by the broker-dealer. His firing came following allegations related to client communications involving market valuations and portfolio performance, as well as his handling of customer grievances without the firm’s knowledge or approval. 

A longtime financial advisor of 21 years in Fort Lauderdale and Miami, Wolfe has been named in five customer disputes. According to sources, all of the claims that have been brought as of November 2021 are from his time as a Cetera Advisors Network broker from 2017 to 2020.  

Ex-Arkadios Capital Financial Advisor is Accused of Unsuitability & Concentration

A former broker and investment advisor, Marc Frederick Korsch, is currently named in several pending customer disputes in which, as of November 2021,  the claimants are still seeking to recover $2.8M in damages.

Korsch was an Arkadios Capital financial advisor for six months until early September 2021. The investor claims naming him appear to be from his time with other broker-dealers including:

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