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Ex-New York Financial Advisor Was Barred by FINRA in 2014

Nearly seven years after he was barred by the Financial Industry Regulatory Authority and fired by Ameriprise Financial Services, ex-New York broker Ted Wayne Cadwallader continues to be accused of making unsuitable investment recommendations that caused them significant losses. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is investigating these claims. If you suffered losses while working with ex-stockbroker Ted Cadwallader, contact SSEK Law Firm today at (800) 259-9010. You can also speak with our New York unsuitability investment attorneys at  (716) 261-3529.

Similar Determination Made in Wind Up Proceedings for Old Mutual (Bermuda) 

Bermuda’s Chief Justice Narinder Hargun and Joint Provisional Liquidators (JPLs) are in agreement that representatives will be appointed for every creditor class in the liquidation proceedings for both Northstar Financial Services (Bermuda), Ltd. and Omnia, Ltd., which was formerly Old Mutual (Bermuda)

The Supreme Court of Bermuda also provided direction to the JPLs, after the latter determined that issues related to the assessment of asset segregation among the different kinds of investors could impact how much they all stood to recover. 

Determinación Similar Hecha en Procedimientos de Liquidación de Old Mutual (Islas Bermudas)

 El juez presidente de Islas Bermudas, Narinder Hargun y los Liquidadores Provisionales Conjuntos (LPCs) están de acuerdo en que sean nombrados representantes para toda clase de acreedores en los procedimientos de liquidación tanto para Northstar Financial Services (Bermuda) Ltd. como para Omnia, Ltd. La Corte Suprema de Islas Bermudas también proveyó dirección a los LPCs, luego que estos últimos determinaran que asuntos relacionados con la evaluación de la segregación de activos entre diferentes tipos de inversionistas podían impactar cuánto podrían recuperar todos ellos. Los inversionistas han estado esperando por esta notificación de septiembre para obtener respuestas en cuanto a qué, si algo, pudiera recuperarse. Claramente, no hay respuestas, y la próxima vista no puede celebrase hasta después del 21 de octubre, pero con toda probabilidad no se celebrará hasta el año próximo.

Northstar Financial Services (Bermuda) y Old Mutual (Bermuda) fueron adquiridas por Global Bankers Insurance Group, la cual es propiedad de Greg Lindberg. Este billonario americano está cumpliendo más de siete años en prisión por conspiración para cometer fraude electrónico en servicios honestos y soborno. Mientras tanto, los inversionistas de ambas entidades de las Islas Bermudas están actualmente luchando para recuperar sus pérdidas.

Civil Lawsuit is Latest Legal Trouble For Convicted Businessman, Greg Lindberg

Greg Lindberg, the owner of Northstar Financial Services (Bermuda), is the defendant in a lawsuit in which the plaintiff is demanding that he pay $524M to honor an agreement between two insurers. These insurers are PB Life and Annuity Company and Universal  Life Insurance Company (ULICO), which is a Puerto Rico entity. 

This is the latest legal woe to hit Lindberg, who is serving time in prison for wire fraud, bribery, and conspiracy to commit honest services fraud. The Durham, North Carolina resident is the founder of Eli Global, LLC and Global Bankers Insurance Group, which acquired:

Ex-Broker Mike Shustek is Accused of Fraudulently Enriching Himself and the Company

Michael Vincent Shustek, an ex-MVP American Securities stockbroker and the CEO of a number of real estate investment trusts (REITs) is facing SEC charges. The ex-broker is being accused of enriching himself and The Parking REIT since 2012. 

He purportedly did this by causing financial harm to Vestin Realty Mortgage I and Vestin Realty Mortgage II, two of the real estate investment trusts that he founded. The Commission contends that Shustek took $29M from the two Vestin REITs to become involved in a number of “money-losing transactions” that involved reselling the same several buildings repeatedly. 

Northstar Bermuda Hearing Will Take Place in San Francisco, California

Two claimants from Tokyo, Japan are pursuing up to $500K in damages from UnionBanc Investment Services, LLC. The investors, who are related, contend that their UnionBanc broker overconcentrated all of their assets in Northstar Financial Services (Bermuda) and caused them significant six-figure investment losses.

Our investor fraud attorneys are representing these Japanese investors in their FINRA arbitration claim. A panel of three arbitrators will hear their case in San Francisco, California. 

FINRA Barred New York Financial Advisor Following Unsuitability & Churning Allegations

If you have suffered investment losses while working with ex-Worden Capital Management broker Christ Elias Baltas, you may be able to pursue damages by filing a Financial Industry Regulatory Authority (FINRA) arbitration claim. 

Baltas, who was based out of Melville, New York, is currently named in two pending customer disputes in which the claimants are seeking more than $614K in damage. FINRA barred him in 2020.  

Customers of San Francisco Financial Advisor Seek More Than $62 Million in Damages 

Our broker misconduct attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are continuing to investigate claims of losses involving ex-J.P. Morgan Securities stockbroker, Edward L. Turley. 

Although Turley’s BrokerCheck record notes that he is still registered with the brokerage firm, reports indicate that the San Francisco-based financial advisor is no longer with J.P. Morgan. AdvisorHub reports that according to sources, he either left the broker-dealer or was fired.

Penalties of Over $8M Imposed on Stable Road Acquisition Company and Others 

The Securities and Exchange Commission (SEC) filed fraud charges against special purpose acquisition company (SPAC) Stable Road Acquisition Company and its CEO Brian Kabot. The company’s sponsor SRC-NI, proposed merger target Momentus Inc., and the latter’s ex-CEO Mikhail Kokorich are also facing charges. 

The regulator is accusing them of making misleading claims to investors about the target’s technology and national security risks involving Kokorich. While the Commission’s lawsuit against Kokorich will continue to move forward, the other parties reached settlements with the regulator. This included paying $8M in penalties.

$400K UBS YES FINRA Arbitration Awarded to Investors in Baltimore, Maryland  

In one of the first in-person arbitration in the last 18 months, a Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded two investors $405K in their UBS Yield Enhancement Strategy claim against UBS Financial (UBS).  

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represented these UBS YES strategy investors in their FINRA arbitration case, which was heard in Baltimore, Maryland. 

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