Investor Lawyers Blog

Brokers Who Sold Vida Longevity Fund Investments May Have Made Misrepresentations and Omissions

Published on: October 12, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investors Lose Money After VLF Hedge Fund Loses Value

If you are someone who has suffered significant losses from investing in the Vida Longevity Fund, LP (VLF), you may have a reason for pursuing an investment fraud case against the broker or financial advisor that sold you this investment.

Unfortunately, this open-ended hedge fund, which is a Delaware limited partnership that invests primarily in longevity-contingent assets, including senior life settlements, has experienced a substantial decline in value. The market turbulence created by COVID-19 earlier this year didn’t help.

Former Benjamin & Jerrold Broker Rand Heckler Faces Elder Financial Fraud and Ponzi Scam Allegations

Published on: October 9, 2020 | by Shepherd Smith Edwards & Kantas, LLP

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.

Widow Blames David Lerner Associates, Broker Gary Isler For Retirement Losses

Published on: October 7, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Retiree Alleges Overconcentration in Spirit of America Energy Fund

David Lerner Associates and its registered representative, Gary Walter Isler, are once again the subject of a Financial Industry Regulatory Authority (FINRA) arbitration claim. The claimant, an elderly widow, is accusing them of causing her to suffer significant retirement losses by unsuitably overconcentrating her portfolio in the Spirit of America Energy Fund.

This is not the first customer dispute naming Isler, who has been a David Lerner Associates stockbroker for almost 30 years.

SEC Says Fired LPL Financial Broker Stole $300K From 73-Year Old Retiree

Published on: October 6, 2020 | by Shepherd Smith Edwards & Kantas, LLP

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.

Barred Securities America Broker Jaime Westenbarger Faces Securities Fraud Allegations

Published on: October 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Michigan Stockbroker Was Fired By Securities America

Jaime Michael Westenbarger, a former Securities America registered representative in Michigan, is currently named in three pending customer complaints accusing him of negligence and stockbroker fraud. Westenbarger, who was fired by the broker-dealer last year, has been barred by the Financial Industry Regulatory Authority (FINRA).

He worked 16 years in the securities industry. Our securities fraud lawyers at SSEK Law Firm are offering free case consultations to former customers of Jaime Westenbarger who’ve suffered significant investment losses. You may have grounds for a FINRA arbitration claim to recover damages.

Investor Filed $150K GPB Private Placement Case Naming Capital Wealth Management Advisor Lee Duckworth

Published on: October 2, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Three Pending FINRA Arbitration Claims Accuse Triad Advisors Broker of Unsuitability

Lee Duckworth, the CEO of investment advisory firm Capital Wealth Management and a Triad Advisors stockbroker, was recently named in three Financial Industry Regulatory Authority (FINRA) arbitration claims accusing him of making unsuitable investment recommendations to customers.

At least one of the disputes involves private placements from GPB Capital Holdings, an alternative asset firm accused of running a more than $1.5B Ponzi scam. Duckworth is a West Warwick, Rhode Island broker and investment advisor.

FINRA Suspends Fired First Southern Securities Broker Jaime Sanchez Rivera

Published on: September 30, 2020 | by Shepherd Smith Edwards & Kantas, LLP

New Customer Dispute Seeks $250K in Damages

Ex-Puerto Rico stockbroker, Jaime Isaac Sanchez Rivera, was recently fired by First Southern Securities. The termination came in the wake of allegations that he didn’t notify the broker-dealer about a customer complaint right away, as well as accusations of copying and modifying documents without permission. Sanchez Rivera also was recently named in a $250K customer complaint.

In June, the Financial Industry Regulatory Authority’s (FINRA) indefinite suspension of Sanchez Rivera went into effect. The suspended stockbroker also is a former registered investment advisor, most recently with SB Advisory and FSAM, LLC.

Investors Seek $455K In Damages Involving National Asset Management Adviser Willard Pugh

Published on: September 29, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Boca Raton Stockbroker Recently Named in Two FINRA Arbitration Complaints

Willard Louis Pugh, a National Asset Management financial advisor in Florida, is currently under scrutiny in the wake of customer allegations alleging unsuitable investment recommendations. Pugh, who has been in the securities industry for 32 years, is also a National Securities Corporation broker. He was recently named in two customer disputes filed in Financial Industry Regulatory Authority (FINRA) arbitration.

The first investor claim, brought in June, seeks $300K in damages. William Pugh’s BrokerCheck record doesn’t specify what type of investment is involved. The second customer case, filed in July, names the United Development Funding V real estate investment trust (UDF V REIT). The claimant is seeking $155K.

Ex-Kalos Capital Broker Curtis Whipple Accused of Unsuitability & Misrepresentation Involving UDF IV

Published on: September 28, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Latest FINRA Arbitration Claim Allege REIT Losses

A number of investors recently filed a customer complaint against former Kalos Capital broker, Curtis Leroy Whipple, who was with the firm out of Plymouth, Michigan until this year. He faces allegations of unsuitability, misrepresentations, and lack of due diligence related to the claimants’ United Development Funding IV (UDF IV) losses.

UDF IV is a real estate investment trust (REIT) that mostly invests in secured loans for acquiring and developing land into single-family home lots, as well as to construct homes and model homes. UDF IV and the other UDF non-traded REITs have been accused in recent years of being part of a $1B Ponzi scam. United Development Funding is based out of Dallas, Texas.

Florida Retiree Loses Money in GPB Private Placements & REITs While Under Supervision Of CFG Capital Management Advisor Mark Cline

Published on: September 25, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investor’s FINRA Arbitration Claim Seeks Damages of Up to $100K in GPB Private Placements and Other Securities

A Florida retiree has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against the brokerage firm, National Securities Corp.

The claimant contends that agents of National Securities Corp overconcentrated his account in real estate investment trusts (REITs), privately traded securities, and private placements. This included a large position in GPB Capital Holdings, which is accused of operating an over $1.7B Ponzi scam.