Articles Tagged with broker fraud

SagePoint Financial Broker Named In Customer Disputes 

Our investor fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are looking into claims involving SagePoint Financial broker, Timothy Vanlohuizen. With 37 years in the industry, Vanlohuizen, who is based in Idaho, has been named in six customer disputes. 

Allegations Currently Made Against Timothy Vanlohuizen

Barred Broker Named In Almost 50 Customer Complaints 

Anthony Diaz, a former Pennsylvania stockbroker and investment advisor who has been the subject of dozens of customer complaints, is finally on trial for fraud. Jury selection is slated to start this week. 

Our investor lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are speaking with former investors who worked with Diaz at one of the 11 brokerage firms where he was registered including Edward Jones, Raymond James and First Allied Securities to help determine if they have grounds for a broker fraud claim. 

FINRA Orders Oppenheimer To Pay $3.8M

Oppenheimer & Co. (OPY) must pay over $3.8M in restitution to customers who may have had to pay excess sales fees for the early rollovers of their United Investment Trusts (UITs). The order comes from the Financial Industry Regulatory Authority (FINRA) and includes an $800K fine for not reasonably supervising these early UIT rollovers. 

The self-regulatory organization (SRO) contends that from 1/2011 to 12/2015 of the $6.4B of United Investment Trust transactions that Oppenheimer executed, $753.9M of these were early rollovers. 

Ex-Royal Alliance Broker Stole Money From Older Women With Disabilities

If you suffered losses while working with former Royal Alliance Associates broker, Gary Basralian, our broker fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to talk to you. 

Gary Basralian, whom the Financial Industry Regulatory Authority (FINRA) barred in 2018, is currently in prison for fraud, including bilking older women who suffered from disabilities. Recently, Royal Alliance, an Advisor Group firm, agreed to pay $250K to settle a related regulatory case brought by the New Jersey Bureau of Securities for not properly supervising Basralian. 

Centaurus Financial Broker Named In Multiple Customer Disputes 

If you suffered substantial investment losses while Centaurus Financial broker, Katherine Nishnic, was your registered representative, please contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm). We can help you determine whether you have grounds for a broker fraud case. According to her BrokerCheck record, Nishnic is already the subject of at least eight customer disputes

She has been in the industry for 25 years and a Centaurus broker for four years. Previous to that, Nishnic was registered as a broker for JP Turner and before that with GunnAllen Financial, First Allied Securities, DE Frey & Co., Merrill Lynch and Pierce Fenner and Smith.  

NYPPEX Private Equity Fund Manager Accused Of $13M Investor Fraud 

Laurence G. Allen, the CEO of New York-based broker-dealer, NYPPEX Holdings LLC, is accused of defrauding investors of over $13M. New York Attorney General, Leticia James, filed a securities fraud lawsuit suing Allen, a private equity manager who is also a registered broker and a former investment advisor. 

If you were one of these investors that suffered losses from working with Laurence Allen, contact Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. 

SSEK Investigate Lincoln Investment Planning Broker, Lester Burroughs

If Lincoln Investment Planning investment advisor and broker, Lester Burroughs, worked with you as an investor and you suffered financial losses that you suspect may be due to fraud or negligence, please contact our broker fraud lawyers at Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today. 

Burroughs, who pleaded guilty to wire fraud in the criminal case against him, is currently at the center of a parallel US Securities and Exchange Commission (SEC) complaint accusing him of defrauding retail investors. Now, the regulator is seeking a jury trial in its civil lawsuit against the Lincoln Investment Planning broker, who had been based out of Connecticut.  

SSEK Investigating Ex-Commonwealth Financial Network Broker

SSEK Law Firm is meeting with investors who suffered losses while working with former Commonwealth Financial Network broker, Gerald Allan Eaton, or another financial representative from the firm. 

Eaton was recently barred by the Financial Industry Regulatory Authority (FINRA) in the wake of allegations that he fraudulently took money out of his clients’ accounts. Commonwealth fired him last month, claiming it had found that he’d engaged in “serious misconduct” that involved “fraudulently facilitated distributions” from accounts that were not for clients’ benefit and without letting them know or getting their permission. 

Morgan Stanley Ordered To Pay Over $300K In Fines And Restitution

Secretary of the Commonwealth of Massachusetts, William Galvin, is ordering Morgan Stanley (MS) to pay a $200K fine, as well as $182K in restitution to four customers who suffered losses while working with former broker Justin E. Amaral. 

The ex-Morgan Stanley financial advisor was barred by the Financial Industry Regulatory Authority (FINRA) in 2015. 

Cetera Advisors Fraud Case Rises To $21M

Two months after suing Cetera Advisors for more than $10M for allegedly defrauding retail clients, the US Securities and Exchange Commission (SEC) has amended its complaint, adding another Cetera Financial Group firm as a defendant. The regulator is now seeking $21M.

According to the amended complaint, Cetera Advisors Network, also a registered broker-dealer and investment advisor, made over $10M in undisclosed compensation that retail advisory clients paid for in fees, mark-ups, administrative fees, and revenue sharing. 

Contact Information