Investor Lawyers Blog

J.P. Morgan Fined $200M by SEC & CFTC Over Messaging and Communications Violations

Published on: December 22, 2021 | by Shepherd Smith Edwards & Kantas, LLP

J.P. Morgan Securities Will Pay $125M to the Commission

J.P. Morgan has arrived at two settlements over recordkeeping and communication violations. These violations included using unapproved channels, such as WhatsApp and personal texts messages. One settlement is with the US Securities and Exchange Commission (SEC) and the other with the Commodity Futures Trading Commission (CFTC). The firm has admitted to the violations.

The settlement with the SEC is with J.P. Morgan brokerage firm subsidiary, J.P. Morgan Securities, LLC for failures by the company and its employees to maintain and preserve written communications. In addition, the broker-dealer will pay a $125M penalty and enhance its compliance policies and procedures to resolve the issue.

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.

Two Wells Fargo Broker-Dealers to Pay $3.1M in FINRA’s UIT Investigation

Published on: December 20, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Supervisory Failures Allegedly Resulted in Unsuitable Trades and Rollovers

Wells Fargo Clearing Services and Wells Fargo Advisors have arrived at a settlement with the Financial Industry Regulatory Authority (FINRA).

The two broker-dealers will pay $3.1M for purportedly not setting up and maintaining a supervisory system that complied with the self-regulatory organization’s (SRO’s) rules involving early unit investment trust (UIT) rollover trading. FINRA’s action is its final one in its targeted probe into the sale of UITs.

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 Investigates Losses Involving NorthStar Real Estate Investment Trust (Now N1 Liquidating Trust)

Published on: December 16, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Investors Who Weren’t Advised to Exit Before Merger Have Suffered Losses

If you are an investor who sustained losses in NorthStar Real Estate Investment Trust (REIT), now called N1 Liquidating Trust, you may want to explore your legal options to find out whether your financial advisor gave you improper advice or failed to apprise you of all of the risks involving your investment.

Our non-traded REIT investment lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are speaking to NorthStar REIT investors to determine whether they have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim against their broker and/or broker-dealer.

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.

Former Morgan Stanley Broker Jesus Rodriguez Is Barred by FINRA

Published on: December 7, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-El Paso Financial Advisor Allegedly Took Over $61K From Client Credit Line

On November 29, 2021, the Financial Industry Regulatory Authority (FINRA) barred Jesus Rodriguez. The former Texas broker was accused of taking over $61K from a client credit line for his own use. The sanction came after he refused to cooperate in the self-regulatory organization’s (SRO’s) investigation. Rodriguez is also named in several customer disputes.

Our broker misconduct attorneys are speaking with former customers of ex-Morgan Stanley financial advisor Jesus Rodriguez that have suffered investment losses. We can help you determine whether you have grounds for a FINRA arbitration claim.

Retiree Files 7-Figure Northstar Financial Services (Bermuda) Claim Against Cetera

Published on: December 6, 2021 | by Shepherd Smith Edwards & Kantas, LLP

A Claimant is Requesting Up to $5M in Damages For Northstar (Bermuda) Losses

An older investor has filed a FINRA arbitration claim over losses she sustained in Northstar Financial Services (Bermuda) while working with Cetera Investment Services, LLC. The claimant is a retiree and a foreign national who had an account at a US bank. It was the bank that introduced her to the Cetera financial advisor.

Seeking to keep her assets safe, she entrusted the recommendations of her Cetera Investment Services broker, who then proceeded to unsuitably recommend Northstar Financial Services (Bermuda), essentially overconcentrating 100% of her account with this offshore entity.

Customers Accuse Ex-Cetera Broker Robert Wolfe of Unsuitability and Omissions

Published on: December 6, 2021 | by Shepherd Smith Edwards & Kantas, LLP

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.

MML Investors Services Broker Daniel Lauletta Named in $1M Customer Dispute

Published on: December 2, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ohio Financial Advisor is Accused of Negligence and Unsuitability

Daniel James Lauletta, an MML Investors Services stockbroker and investment advisor, is currently named in three pending customer disputes, including one in which the claimant is requesting $1M in damages. The Broadview, Ohio financial advisor has worked in the industry for 25 years.

Our broker misconduct attorneys are looking into further claims of losses by current and former customers of Daniel Lauletta. Please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) so that we can help you determine whether you have grounds for a FINRA arbitration case to recover damages.