Investor Lawyers Blog

Utah Retirees Files $500K Investor Fraud Claim Over GPB & REIT Losses After Working With Triad Advisors & Broker Michael Payne

Published on: January 11, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Triad Advisors and its Ex-Florida-Based Broker Placed Claimants Funds In Too Risky GPB Capital & REIT Investments

Two Utah retirees have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Triad Advisors, Inc. over losses they suffered from investing in GPB private placements and privately traded real estate investment trusts (REITs), including American Realty Capital Trust. Now they are seeking up to $500K in damages.

The couple worked with former Triad Advisors broker Michael Payne, who is now a broker with Proequities, Inc. in Longwood, Florida. He also is a financial representative with Payne Financial Group in Winter Springs, Florida.

Crown Capital Securities Broker Kenneth Barroga Under Scrutiny For Possibly Selling GPB Private Placements

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

Watsonville, CA Financial Advisor is Also Barroga & Associates President

If you are an investor who has suffered significant losses while working with Crown Capital Securities broker, Kenneth James Barroga, our California securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) want to talk to you.

Barroga, who also is the head of Barroga & Associates out of Watsonville, CA, may have sold GPB private placements to customers. He is both a registered stockbroker and investment advisor.

Transamerica To Pay $8.8M Over Unsuitable Mutual Fund, 529 Plans, and Variable Annuity Sales

Published on: January 5, 2021 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Settlement Includes Restitution to More than 2,400 Customers

In an agreement reached with the Financial Industry Regulatory Authority (FINRA), Transamerica Financial Advisors consented to pay $8.8M over the unsuitable sales of mutual funds, variable annuities (VAs) and 529 savings plans to customers.

$4.4M of this is a fine and $4.4M is restitution to about 2,400 customers who were financially harmed. The firm settled with FINRA but without denying or admitting to its findings.

SEC Sanctions Voya Financial Advisors $23M Over Conflicts That Cost Customers

Published on: January 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Broker-Dealer’s RIA Accused of Violating Fiduciary Duty

The US Securities and Exchange Commission (SEC) and Voya Financial Advisors have arrived at a $22.9M settlement, including $13.9M in restitution and interest to customers that were harmed. Voya Financial Advisors is an independent brokerage firm that is run as both a broker-dealer and a registered investment advisor (RIA).

As a brokerage firm, Voya Financial Advisors charges commissions. As an RIA, it charges fees. The regulator contends that conflicts at Voya’s registered investment advisor arm caused the firm to violate and breach its fiduciary obligation to advisory clients. Voya’s RIA oversees nearly $16B in assets for customers.

Ex-Merrill Lynch Broker Gets Eight Years in Prison For Investor Fraud

Published on: January 3, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Kentucky-Based Merrill Lynch Broker Gets Eight Years in Prison

Christopher Lee Hibbard, a former stockbroker for Merrill Lynch and Pierce, Fenner & Smith is sentenced to eight years in prison. The ex-Kentucky stockbroker pleaded guilty to investment fraud and multiple counts of wire fraud earlier this year.

Hibbard, who worked 18 years in the industry, has 14 disclosures on his BrokerCheck record, including several pending customer disputes. All of them, including the regulator and criminal cases, were filed over the last two years.

Customers Blame Ex-Wells Fargo Broker Clearing Services Herbert Weith For Variable Annuity Losses

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

New FINRA Arbitration Claim Seeks $260K in Damages

Former Wells Fargo Clearing Services (WRET) broker Herbert Lee Weith IV is named in yet another customer dispute in which the claimant is seeking damages for losses involving variable annuities. Weith, who was a Wells Fargo broker from 2012 to 2019 in Naples, Florida, became a registered investment advisor for Equitable Advisors, LLC, in Columbia, Maryland from January to October of 2020.

Our Florida broker fraud attorneys have been looking into complaints by ex-Wells Fargo customers of Weith who suffered serious investment losses that may have been caused by unsuitable investment recommendations. Contact our attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Ex- NPB Financial Broker Cynthia Cowden Allegedly Recommended Investments That Were Too Risky For Senior Investors

Published on: December 21, 2020 | by Shepherd Smith Edwards & Kantas, LLP

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.

RBC Capital Markets Broker Joseph Chu Accused of Overconcentrating Customers’ Accounts in Oil and Gas Investments

Published on: December 18, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Connecticut Investment Advisor is Also Part of RBC Team Chu, Philipps, and Associates

Joseph Ijong Chu, an RBC Capital Markets stockbroker, has been named in a number of customer disputes this year. Chu is also a registered investment advisor with the broker-dealer. He is part of the RBC team known as Chu, Phillips, and Associates, which offers products and services through City National Bank in Stamford, Connecticut.

Chu’s customers are blaming him for the investment losses they suffered when he allegedly overconcentrated their accounts in risky oil and gas investments that were unsuitable for them.

Broker Tamber Proctor Accused of Unsuitably Recommending FS Energy & Power Fund and the Northstar REIT

Published on: December 16, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Ex-LPL Broker Marketed Non-Traded Investments To Mississippi Retiree

A retired investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against LPL Financial and its former broker, Tamber King Proctor, seeking up to $100K in damages.

The claimant contends that LPL Financial and Proctor should have never recommended that he invest in the business development company (BDC), FS Energy & Power Fund (FSEP), and the Northstar Healthcare Real Estate Investment Trust (REIT).

Texas Retiree Files GPB Capital Fraud Claim Against Calton & Associates

Published on: December 15, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Senior Investor Seeks up to $500K in Damages For Loss of Savings

A retiree from Texas has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against brokerage firm Calton & Associates over losses he suffered in GPB Capital Holdings private placements and other non-publicly traded products. This investor is seeking up to $500K in damages. Arbitrators in Dallas, Texas will hear his case.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), our Dallas securities fraud attorneys are representing this claimant in his fight to recover his losses.