Articles Posted in Senior Investors

Barred Connecticut Financial Advisor Faces Pleads Guilty to Wire Fraud

Matthew O. Clason, a former LPL Financial broker, has pleaded guilty to wire transfer fraud related to his misappropriation of $600K from a 73-year-old Connecticut retiree. Now he could be sentenced to up to 20 years behind bars. The theft is from when Clason worked with the senior investor as a registered representative with LPL Financial and before that with Lincoln Financial Advisors. 

The Financial Industry Regulatory Authority (FINRA) barred Clason in September 2020 right after the Securities and Exchange Commission (SEC) filed parallel charges against him. The brokerage firm had fired Clason the month before, as did Integrated Wealth Concepts where he was a registered investment adviser.  

Alabama Investor Contends The Daughtry Group Owner Unsuitably Invested His Retirement Funds

Another investor has stepped forward to file a Financial Industry Regulatory Authority (FINRA) arbitration claim against Kestra Investment Services over financial losses sustained while working with the firm’s former broker, James Blake Daughtry. The latter ran a local office in Dothan, Alabama known as The Daughtry Group. FINRA barred Daughtry and Kestra fired him last year. 

The claimant, a senior investor, contends that Kestra failed to properly supervise Daughtry, whom he accuses of making fraudulent and unauthorized transactions in his account. As a result, this retiree lost $232K. He is seeking up to $500K in damages.

Unauthorized Trading and Abuse of Fiduciary Duty By Older Investor’s Grandsons 

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ruled that JP Morgan Securities (JPM) and its ex-brokers, Avi Elliot Schottenstein and Evan A. Schottenstein, must pay a senior investor $19M in her investment fraud claim over losses sustained from the unauthorized trading of complex products in her brokerage account. 

The claimant is Beverley Schottenstein of Bal Harbour, Florida, of the family that owns holding company Schottenstein Stores Corp. The two former JP Morgan registered representatives are her grandsons.

FINRA Bars Californian Financial Advisor After Older Customers Suffer Huge Losses

Cynthia Diane Cowden, a former NPB Financial Group stockbroker, has been barred by the Financial Industry Regulatory Authority (FINRA). Cowden, who also was a registered investment advisor, is based out of Lake Isabella, California where she operated under the name Cynthia Cowden Investments.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), our California senior investment fraud attorneys are investigating claims involving former customers of Cynthia Cowden. Call us at (619) 550-4847.

Rand Heckler of Rand Heckler, Inc. is Now The Subject of SEC and Criminal Fraud Charges

Former stockbroker Rand Allan Heckler of Long Island, New York, is facing US Securities and Exchange Commission (SEC) charges accusing him of investor fraud. Heckler, who was barred by the Financial Industry Regulatory Authority (FINRA) last year, is also now facing criminal charges alleging that he ran an over $1M Ponzi scam.

Over his 22 years in the securities industry,  Rand Heckler worked at 11 broker-dealers. Four of these firms were expelled by FINRA. 

Former LPL Financial Investment Advisor Was Also Was Let Go By  Integrated Wealth Concepts 

The Securities and Exchange Commission (SEC) has filed civil charges accusing former LPL Financial (LPLA) registered representative, Matthew O. Clason, of defrauding an older investor of over $300K. 

In August, Clason, who worked out of Glastonbury, Connecticut, was let go by LPL Financial. He also was fired by Integrated Wealth Concepts, where he was an investment advisor. In September, the Financial Industry Regulatory Authority (FINRA) barred Clason. 

Investment Advisor Allegedly Defrauded Senior Investors to Fund Lavish Lifestyle

The US Securities and Exchange Commission (SEC) has filed charges against Mark Joseph Boucher, a California-based investment adviser, and his firm, Strategic Wealth Advisor Group Services. 

Boucher and Strategic Wealth Advisor Group are accused of stealing $2.2M from older customers, including one who had died. Now, the regulator wants permanent injunctions, civil penalties, and disgorgement with prejudgment interest.

Barred Stockbroker Faces Criminal and SEC Charges for Senior Investor Fraud 

Frederick Stow (CRD#: 864436), a former Raymond James broker based out of Tennessee, is now the subject of criminal charges accusing him of securities fraud, identity theft, and wire fraud for allegedly stealing $943,500 from the IRAs and other accounts of two senior investors between 2015 and 2019. 

The broker-dealer fired him last year and the Financial Industry Regulatory Authority (FINRA) barred him in January. The US Securities and Exchange Commission (SEC) recently filed a parallel civil lawsuit against Stow.

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. 

Stockbroker Accused Of Improperly Borrowing From Older Customer 

If you suffered investment losses while First Western Securities broker, Kerry Dean Wills was your financial representative, contact Shepherd Smith Edwards and Kantas (SSEK Law Firm). 

Kerry Dean Wills, who is also a registered investment advisor, was recently suspended for six months by the Financial Industry Regulatory Authority (FINRA) and ordered to pay a $10K fine over allegations of elder investment fraud. 

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