Articles Tagged with FINRA arbitration

Shepherd, Smith, Edwards, and Kantas Has Been Fighting For Investors for Over 30 Years

If you are an investor looking to pursue financial recovery for your investment losses caused by unsuitable investment recommendations, misrepresentations and omissions, unauthorized trading, or other grounds, there is a very good chance that you signed an agreement with your broker-dealer in which you both consented to resolve any disputes through the Financial Industry Regulatory Authority (FINRA) arbitration process. You may not have realized this at the time, but with that agreement, you essentially gave up your right to sue your brokerage firm and their financial advisor in court.

This is where Shepherd, Smith, Edwards, and Kantas’ securities lawyers (investorlawyers.com) can help. Our skilled FINRA lawyers have been fighting for investors for years and this includes representing our clients before panels of arbitrators all over the United States. 

Claimants File FINRA Arbitration Claim Against Centaurus Financial 

A Florida couple who suffered losses in GWG Holdings L bonds has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Centaurus Financial. In the claim, they are seeking up to six figures in damages for their losses. The investors are retirees and worked with Centaurus broker Donna Maria Seymour, who presents herself as part of IngramFinancial Group in Winter Haven, FL. 

The claimants say that they made it clear from the start that they needed to make conservative investments because they were no longer working, had a family history of health issues, and wanted to preserve their finances to support themselves. Instead, Seymour allegedly recommended that they invest in L Bonds, which are risky, speculative, and illiquid. 

Texas Retiree Files Six-Figure FINRA Arbitration Claim Over Her Investment Losses 

An Austin, TX investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Western International Securities, Inc. The investor sustained losses in GWG Holdings L Bonds and the following non-traded real estate investment trusts (non-traded REITs):

  • Griffin Realty Trust Class E

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. 

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 San Francisco Financial Advisor Costs Investors Over $62 million

Our FINRA arbitration lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are continuing to investigate investors’ claims of losses sustained while working with ex-J.P. Morgan Securities LLC broker, Edward Lawrence Turley

Already, SSEK Law Firm has filed a number of FINRA arbitration cases on behalf of customers requesting damages from Turley’s former broker-dealer. To date, investors who worked with Turley have filed FINRA claims alleging more than $62 million in losses. 

GPB Sells Remaining Prime Automotive Group Dealerships to Group 1 Automotive

According to a regulatory filing submitted on September 13th, 2021, the private equity firm is selling all of its Prime Automotive car dealerships to Group 1 Automotive Inc. for $880M. The sale includes GPB Automotive Portfolio’s remaining 30 stores and three collision repair shops. 

GPB Auto is one of the alternative asset firm’s largest funds, and it has been selling car dealerships since at least 2018 when it owned 52 of them. It is one of the largest GPB funds and has reported huge losses. 

Glacier Point Advisors Managing Partner is Ordered to Pay Customers More Than $1.2M in Restitution 

Kevin Marshall McCallum, a former LPL Financial stockbroker and the Managing Partner of Glacier Point Advisors has been suspended by the Financial Industry Regulatory Authority (FINRA) for a year.

McCallum is ordered to pay over $1.2M, along with interest, in deferred restitution to customers. He is currently facing more than $4.8M in FINRA arbitration claims from investors for their losses. 

Recent Report to SEC Notes Four Pending Disputes Against Sigma Financial

InvestmentNews reports that according to Sigma Financial Corp.’s recent Focus Report to the Securities and Exchange Commission (SEC), the firm is contending with four pending Financial Industry Regulatory Authority (FINRA) arbitration claims from customers alleging damages of approximately $4.5M. The broker-dealer noted that it has put aside nearly $652K should these claims result in settlements or awards. 

Our broker-dealer negligence lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing clients who have suffered losses because of the negligence or fraudulent actions of a Sigma Financial broker. Call us at (800) 259-9010 today.

Coastal Equities Has Been The Subject of $3M in Investor Arbitration Claims

Coastal Equities, a mid-sized broker-dealer, recently arrived at a settlement with the Financial Industry Regulatory Authority (FINRA) in which it agreed to give $280K in restitution to several customers. The firm is accused of failing to reasonably supervise one of its registered representatives, who recommended trades that were allegedly excessive and unsuitable. Those who were harmed were retirees and senior investors.

It was just last year that Coastal Equities said in its filing with the US Securities and Exchange Commission (SEC) that investors had submitted $3M in arbitration claims against the firm. 

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