unsuitable investment recommendations Tag Archives

O.N. Equity Sales Fined $1.3M Over Broker’s Unsuitable Investing Strategy

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

Ohio National Financial Services Broker-Dealer Accused of Failing to Properly Supervise

The Financial Industry Regulatory Authority (FINRA) announced that brokerage firm O.N. Equity Sales Co., an Ohio National Financial Services brokerage firm, must pay a $1.3M penalty for not adequately supervising a former broker who is accused of recommending an unsuitable investment strategy to customers.

The strategy involved whole life insurance policies and variable annuities (VAs). The former O.N. Equity Sales broker is no longer with the firm. He arrived at a separate settlement with the self-regulatory organization (SRO).

Investment Recommendations Don’t Always Equate To a Customer’s Best Interests

Published on: February 1, 2021 | by Shepherd Smith Edwards & Kantas, LLP

SEC’s Regulation BI May Not Be Protecting Investors The Way They Think

It has been nearly seven months since the SEC’s Regulation Best Interest (BI), a rule mandating that brokers NOT market themselves as financial advisors unless they actually are dually registered to be one, went into effect. The aim of this distinction is to let investors know whether they are working with someone who is bound to act in their best interests or not.

While brokers are supposed only to recommend financial products to customers that are suitable for them, this recommendation can also be based on what product will earn them the highest commission. This potential conflict of interest can be financially disadvantageous to an investor.

Spartan Capital Securities Broker Joseph Kelly Is Accused of Making Unsuitable Investment Recommendations

Published on: November 24, 2020 | by Shepherd Smith Edwards & Kantas, LLP

New York Stockbroker is Named in Multiple Customer Disputes

If you suffered substantial losses from investments recommended to you by Spartan Capital Securities broker Joseph Kelly, you may have grounds for filing a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses.

Kelly, who is based in New York, is the subject of three pending customer complaints seeking damages. He has been with Spartan Capital Securities since 2017 and before that from 2013 to 2016. At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our New York securities fraud attorneys would be happy to offer you a free case assessment. Contact us at (716) 261-3529 today.

Multiple Investors Accuse Prime Capital Investment Advisors and Ex-Capital Securities Broker Luke Johnson of Unsuitable Investment Recommendations

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

Scottsdale, Arizona Investment Advisor Was Fired By Broker-Dealer Coastal Securities

Luke Michael Johnson, currently Managing Director for Prime Capital Investment Advisors in Paradise Valley in the Scottsdale area, is named in over a dozen pending disputes by investors seeking damages for losses they allegedly suffered while working with him. Johnson was also the president of Legend Capital Group and a former Capital Securities broker where he worked for seven years.

There are 19 disclosures on his BrokerCheck record. The majority of these are investor claims, with a number of them requesting damages that are in the six- or seven-figures.

FINRA Bars Ex-Newbridge Securities Broker Marshall Isaacson Following Unsuitability Claims

Published on: September 23, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Stockbroker Marshall Owen Isaacson Named in Four Customer Complaints Since 2019

The Financial Industry Regulatory Authority (FINRA) recently barred Marshall Owen Isaacson, an ex- Newbridge Securities stockbroker based out of Boca Raton, Florida. Isaacson is accused by customers of making unsuitable investment recommendations and committing broker negligence. With 35 years in the industry, the now ex-registered representative worked at 12 broker-dealers.

Our Florida securities fraud attorneys have been speaking to former customers of Marshall Isaacson who may have suffered significant losses. Contact our securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) online today.

More Customers File Unsuitability Claims Against ex-HD Vest Investment Services Broker Michael Kamperman

Published on: September 22, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Suspends Waco, Texas Broker For 18 Months

Two investors have filed Financial Industry Regulatory Authority (FINRA) arbitration complaints against Michael Allen Kamperman, who was most recently a former HD Vest Investment Services registered representative. Both customers are accusing him of making unsuitable and excessive trades on their behalf. Kamperman, who is based out of Texas, was suspended by FINRA last year.

Our Texas stockbroker fraud lawyers are currently investigating customer claims involving Michael Kamperman. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today.