Articles Tagged with unauthorized trading

Former Ameriprise Financial Advisor is Named in Five Pending Customer Disputes

James William Dunn, an ex-stockbroker and investment advisor in Vienna, VA with Ameriprise Financial Services, is under scrutiny over losses suffered by customers. He is currently named in five customer disputes in which the damages sought range from six- to seven figures. 

All of the Financial Industry Regulatory Authority (FINRA) arbitration claims involving Dunn were brought in 2021. The misconduct alleged was said to have occurred during this same year. 

Ex-Mesa, Arizona Financial Advisor Has Been Named in Multiple Customer Disputes

Ex-Raymond James broker, Guilford Ward Nergard, is facing at least one still pending customer dispute in which the claimant is alleging unauthorized trading.

This is not the only time that Nergard has been accused of broker misconduct. He was suspended by the Arizona Corporation Commission Securities Department from April through June 2021 over allegations that he made discretionary trades with customers without the required authorizations. 

Capstone Financial Investment Advisor Barred By FINRA 

David John Melilli, an ex-Cambridge Investment Research stockbroker, was barred by FINRA beginning November 8th, 2021. This came in the wake of allegations that he traded in multiple clients’ accounts without written authorization. This included trading in the account of one deceased person. 

Without denying or admitting to FINRA’s findings, David Melilli consented to the sanctions and the entry of findings that he did not produce the information requested by the self-regulatory organization (SRO). The bar came after Melilli refused to cooperate. 

FINRA Bars Ex-Registered Rep, Who Wouldn’t Cooperate In Investigation 

Christopher Duke Bennett, an ex-Hilliard Lyons broker, is barred by the Financial Industry Regulatory Authority (FINRA). Bennett has been the subject of 15 numerous securities fraud customer disputes over the years. 

The bar comes after he refused to cooperate in the self-regulatory organization’s (SRO’s) probe that was opened in the wake of several people accusing him of unauthorized trading and making unsuitable investment recommendations. Bennett also is no longer a registered investment adviser.

Former National Securities Stockbroker Named in Over 12 Customer Disputes

Thomas Edison Kelly, Jr., an Aegis Capital broker, has been the subject of a number of customer complaints between 2013 and 2020, three of which are still pending. 

Prior to working for Aegis Capital in 2018, Kelly was a National Securities broker for 10 years. Before that, he was with First Republic Group from 1998 to 2008. First Republic was expelled by the Financial Industry Regulatory Authority (FINRA) in 2019. According to a 2017 Reuters report analyzing FINRA data, National Securities is one of 48 firms that hire brokers with red flags on their record.

Barred Kestra Investment Services Stockbroker Accused of Unauthorized Trading

Our investor fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are currently speaking with former customers of ex-Kestra Investment Services broker, James Blake Daughtry. He was recently barred by the Financial Industry Regulatory Authority (FINRA).

The self-regulatory organization (SRO) issued the ban after Daughtry refused to testify during its investigation into allegations that he may have engaged in transactions that were potentially “fraudulent and unauthorized” in a number of customers’ accounts. Also, in the wake of FINRA’s order, Kestra fired him this month.

SSEK Investigates Eddie Lyons Of Raymond James & Associates

Shepherd, Smith, Edwards & Kantas (“SSEK”), a law firm specializing in representing wronged investors, is looking into allegations against Eddie Lyons as noted by FINRA.  Lyons was a financial advisor registered with Raymond James & Associates, Inc. He was terminated, in part, due to allegations by his clients that he engaged in unauthorized trading of accounts.

FINRA then initiated an investigation in November 2017.  The inquiry was based on several complaints from customers.  The allegations ran the gambit of bad acts. These include, but may not be limited to, unauthorized trading. 

 

FINRA Arbitration Panel Awards Allegis Investment Advisors Client $404,482

A Financial Industry Regulatory Authority arbitration panel has awarded Mark Watson $404,482 in his unauthorized trading case against Allegis Investment Services, Allegis Investment Advisors, and ex-broker Brandon Curt Stimpson. Watson is accusing Stimpson of placing his life savings in investments that were too risky and complex and of making unauthorized trades involving index put options connected to the Russell 2000 Index even though he had told the broker that he only wanted up to 25% of his portfolio involved in these. Instead, Watson alleges, Stimpson invested way more of his money in the index put options.

In his securities arbitration case, Watson also alleged breach of fiduciary duty. Now, a FINRA panel has awarded him nearly $275K in compensatory damages, nearly $54K in interest, and other costs.

Stimpson was fired by Allegis last year for not abiding by the firm’s ethics code and policies. According to his BrokerCheck records, he has been named in eight other customer disputes.

Continue Reading ›

Contact Information