Author: finralawyer

HANLEY LAW INVESTIGATES DAVID OLSON EX-MORGAN STANLEY BROKER LARGO FLORIDA

According to the Financial Industry Regulatory Authority (“FINRA”) David Olson has been barred from the industry for refusing to appear for an on-the-record interview in which testimony was requested in connection with an investigation by FINRA into allegations that he was involved in an undisclosed business activity, and that he solicited a loan from a customer for that outside business activity. In December 2016, FINRA began an investigation regarding allegations that Olson was involved in an undisclosed outside business activity and that Olson solicited a loan from a Morgan Stanley customer for that outside business activity. Morgan Stanley terminated Matthew Singer’s registration on March 14, 2016 according the FINRA Letter of Acceptance, Waiver and Consent (AWC 2016052579701).

David Olson entered the securities industry in 1987. David Olson (CRD # 1700644) has been registered with the following firms:

Morgan Stanley
CRD# 149777
St. Petersburg, FL
07/30/2010 – 01/13/2017

Merrill Lynch, Pierce, Fenner & Smith, Inc.
CRD# 7691
Clearwater, FL
10/23/2009 – 08/03/2010

Banc of America Investment Services, Inc.
CRD# 16361
Belleair Bluffs, FL
09/10/2004 – 10/23/2009

UBS Financial Services, Inc.
CRD# 8174
Weehawken, NJ
01/28/1999 – 09/30/2004

Prudential Securities Inc.
CRD# 7471
New York, NY
08/25/1989 – 02/10/1999

Thomson McKinnon Securities, Inc.
CRD# 829
New York, NY
05/02/1989 – 08/25/1989

Painewebber Inc.
CRD# 8174
07/22/1987 – 05/08/1989

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts. The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The firm handles cases against the major Wall Street broker dealers, including Morgan Stanley.

Let Hanley Law work for you. Call (239)649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

HANLEY LAW INVESTIGATES MATTHEW SINGER EX-MORGAN STANLEY BROKER AVENTURA FLORIDA

According to the Financial Industry Regulatory Authority (“FINRA”) Matthew Singer has been barred from the industry for refusing to appear for an on-the-record interview in which testimony was requested in connection with an investigation by FINRA into whether or not he and others made unsuitable options recommendations to customers. Morgan Stanley terminated Matthew Singer’s registration on March 14, 2016 according the FINRA Letter of Acceptance, Waiver and Consent (AWC 2016049937901).

Matthew Singer entered the securities industry in 2006. Matthew Singer (CRD # 4972708) has been registered with the following firms:

MORGAN STANLEY (CRD#:149777)
AVENTURA, FL
07/22/2013 – 03/14/2016

FBN SECURITIES, INC. (CRD#:18315)
NEW YORK, NY
02/05/2013 – 07/08/2013

ASCENDIANT CAPITAL MARKETS, LLC (CRD#:152912)
IRVINE, CA
01/24/2013 – 02/06/2013

CAPSTONE INVESTMENTS (CRD#:41400)
NEW YORK, NY
10/18/2011 – 01/09/2013

C. L. KING & ASSOCIATES, INC. (CRD#:6183)
NEW YORK, NY
10/04/2010 – 10/14/2011

HUDSON SECURITIES,INC. (CRD#:10467)
NEW YORK, NY
06/30/2008 – 09/01/2010

KNIGHT CAPITAL MARKETS, LLC. (CRD#:38379)
JERSEY CITY, NJ
08/24/2006 – 04/10/2008

KNIGHT EQUITY MARKETS, L.P. (CRD#:38599)
JERSEY CITY, NJ
07/19/2006 – 04/10/2008

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts. The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The firm handles cases against the major Wall Street broker dealers, including Morgan Stanley.

Let Hanley Law work for you. Call (239)649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

HANLEY LAW INVESTIGATES THOMAS MEIER EX-MORGAN STANLEY BROKER MIAMI FLORIDA

According to the Financial Industry Regulatory Authority (“FINRA”) a Letter of Acceptance, Waiver and Consent (“AWC”) was issued in which Meier was barred from the industry. Meier consented to FINRA’s sanction and to FINRA’s findings that he effected approximately 1,290 unauthorized transactions, including both purchases and sales of equity securities, in eight accounts belonging to six customers. The findings stated that none of the eight accounts were discretionary accounts and Meier did not have discussions with the customers about the trades prior to the transactions and did not obtain the customers’ authorization prior to executing any of the transactions. FINRA found that Meier received approximately $265,000 in commissions for those transactions and that two of the customers realized losses of approximately $78,000.

FINRA’s findings also state that Meier exercised discretion in five accounts belonging to four separate customers. According to FINRA, none of the customers gave Meier written authorization to exercise discretion in their accounts, and the firm had not accepted any of the accounts as discretionary. FINRA’s findings also allege that Meier made inaccurate statements on annual compliance questionnaires that he did not have any accounts in which business was transacted on a discretionary basis. (FINRA Case #2016049628301)

In a Uniform Termination Notice for Securities Registration (“Form U5”) dated April 5, 2016, Morgan Stanley reported that Meier had resigned effective March 15, 2016 while “under internal review for potential issues involving his trade activity, including possible use of discretion.” Between April 5, 2016 and October, 2017, Morgan Stanley filed 21 amended Forms U5 for Meier disclosing 14 customer complaints, including two arbitration claims. To date, the Morgan Stanley has settled 13 of these claims and paid the customers a total of approximately $2.5 million.

Thomas Meier (CRD # 1146044) has been registered with the following firms:

Morgan Stanley
CRD # 149777
Miami, FL
06/01/2009 – 04/05/2016

Citigroup Global Markets, Inc.
CRD # 7059
Miami, FL
10/28/1992 – -6/01/2009

Prudential Securities Inc.
CRD# 7471
New York, NY
08/25/1989 – 11/03/1992

FSC Securities Corp.
CRD# 8323
06/21/1983 – 12/05/1989

Thomson McKinnon Securities, Inc.
CRD# 829
New York, NY
03/18/1989 – 08/25/1989

Amerifirst Securities Corp.
CRD#10711
12/10/1985 – 02/25/1989

Merrill Lynch, Pierce, Fenner & Smith, Inc.
CRD# 7691
04/18/1984 – 08/05/1985

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts. The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The firm handles cases against the major Wall Street broker dealers, including Morgan Stanley.

Let Hanley Law work for you. Call (239)649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

Hanley Law Investigates Michael Ralby Ex-Morgan Stanley Broker Boca Raton Florida

According to the Financial Industry Regulatory Authority (“FINRA”) Michael Ralby has been barred from the industry for refusing to appear for an on-the-record interview in which testimony was requested in connection with an investigation by FINRA into whether Ralby had accepted loans from a customer. Morgan Stanley terminated Michael Ralby’s registration on January 11, 2018 according the FINRA Letter of Acceptance, Waiver and Consent (AWC 2017053976201).

Michael Ralby entered the securities industry in 1984 when he became registered as a General Securities Representative. Michael Ralby (CRD # 1301072) has been registered with the following firms:

Morgan Stanley
CRD # 149777
Boca Raton, FL
07/01/2013 – 01/11/2018

Oppenheimer & Co. Inc.
CRD # 249
Boca Raton, FL
03/20/2009 – 07/15/2013

Stanford Group Company
CRD# 39285
Boca Raton, FL
03/15/2005-03/16/2009

FSC Securities Corp.
CRD# 7461
Atlanta, GA
01/07/2002 – 04/06/2005

First Union Securities Financial Network, Inc.
CRD# 11025
St. Louis, MO
09/22/1998 – 12/31/2001

JWGenesis Securities, Inc.
CRD# 33832
Boca Raton
07/01/1999 – 01/02/2001

D.E. Frey & Co.
CRD# 23595
Denver, CO
09/28/1995 – 08/31/1998

Smith Barney Inc.
CRD# 7059
New York, NY
05/31/1990 – 10/06/1995

First Miami Securities, Inc.
CRD# 7793
Boca Raton, FL
12/19/1984 – 06/06/1990

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts. The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The firm handles cases against the major Wall Street broker dealers, including Morgan Stanley.

Let Hanley Law work for you. Call (239)649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

Hanley Law Investigates Maryland Broker Frederick David Holloway’s Variable Annuity Sales Practices

FINRA is investigating Frederick David Holloway based on allegations that he replaced lower-cost variable annuities with higher-cost variable annuities without ensuring the new annuities were suitable or in their clients’ best interests. Specifically, FINRA alleged that Mr. Holloway, whose firm is based in Easton, Maryland recommended that customers exchange one deferred variable annuity contract for another without having a reasonable basis for his recommendations. As a result, FINRA has instituted disciplinary proceedings against Frederick David Holloway, the owner of Holloway & Associates Inc., to disgorge alleged ill-gotten gains from recommendations he made to clients to exchange their variable annuities.

FINRA alleged that Mr. Holloway persuaded clients to make 43 transactions in which they exchanged lower-cost variable annuities for high-cost variable annuities “without making adequate efforts to ensure that the proposed exchanges were suitable for, and in the best interests of, his customers” during the time-period of January 2013 to June 2016. According to FINRA, Holloway, who was the sole registered representative in his office, derived 70% of his income from variable annuity sales. FINRA also charged that between January 2010 to September 2016, Holloway falsified or inappropriately changed variable annuity transaction paperwork. FINRA alleged that Holloway had clients sign uncompleted paperwork, which he and his assistant filled in later and/or photocopied for use in other transactions. FINRA also charged Holloway with forging or directing his assistant to forge client initials to make changes to documents. FINRA further alleged that Holloway directed his assistant to impersonate clients and employees of an insurance company in telephone conversations regarding variable annuity transactions.

According to FINRA’s Broker Check, Frederick Holloway was registered with the securities industry for 44 years, and was registered with the following firms:

Holloway & Associates, Inc.
Easton, MD
CRD #10349
08/1980-Present

Investors Diversified Services, Inc.
CRD # 6320
09/1973-08/1980

IDS Marketing Corporation
CRD #6363
09/1973-08/1980

IDS Life Insurance Company
CRD #6321
09/1973-08/1980

Cardell and Associates, Inc.
CRD #7700
12/1980-04/1982

Integrated Resources Equity Corp.
CRD #6403
11/1985-11/1989

Royal Alliance Associates, Inc.
CRD #23131
11/1989-5/1999

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts. The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The firm handles cases against the major Wall Street broker dealers, including cases of annuity fraud.

Let Hanley Law work for you. Call (239) 649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

Hanley Law Investigates Thomas Meier Ex Morgan Stanley Rep Barred by FINRA

According to the Financial Industry Regulatory Authority (“FINRA”) former Morgan Stanley rep Thomas Alan Meier (CRD 1146044) has been barred from the industry for unauthorized trading in his customers’ accounts. FINRA found that Meier effected approximately 1,290 unauthorized transactions in eight accounts belonging to six customers, including three married couples.   Meier did not have authority to trade according to his discretion in any of the at issue customer accounts. The unauthorized transactions entered by Meier were both buys and sales of equity securities.

Meier earned approximately $265,000 in commissions for the unauthorized transactions. Meier did not speak with his customers about the trades prior to conducting the transactions and he did not obtain the customers’ authorization prior to executing any of the transactions. As of February 29, 2016, four of the at issue customers suffered unrealized losses of approximately $1.4 million in their accounts. During the period 2014 through 2015, one of the customers realized a loss of approximately $120,000 and another realized a net loss of approximately $520,000. To date, Morgan Stanley has paid a total of approximately $2.5 million to customers in connection with complaints about Meier.

According to FINRA, Meier resigned from Morgan Stanley in March 2016 while Morgan Stanley was reviewing his trading activity.  Meier entered the securities industry in 1984.  Meier has been registered with the following firms:

Morgan Stanley
CRD 149777
Miami, FL
06/2009 – 4/2016

Citigroup Global Markets, Inc.
CRD 7059
Miami, FL
10/1992 – 06/2009

Prudential Securities Inc.
CRD 7471
New York, NY
8/1989 – 11/1992

FAIC Securities, Inc.
CRD 8323
6/1983 – 12/1989

Thomas McKinnon Securities, Inc.
CRD 829
New York, NY
3/1989 – 8/1989

Amerifirst Securities Corporation
CRD 10711
12/1985 – 2/1989

Merrill Lynch, Pierce, Fenner & Smith Inc.
CRD 7691
4/1984 – 8/1985

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts.  The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  The firm handles cases against the major Wall Street broker dealers, including Morgan Stanley.

Let Hanley Law work for you. Call (239) 649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

Hanley Law Investigates Mark Kaplan Ex Morgan Stanley Broker Barred by FINRA

According to the Financial Industry Regulatory Authority (“FINRA”) Mark Kaplan (CRD# 1978048) has been barred from the industry.  Broker Mark Kaplan was accused by FINRA of causing $723,000 in trading losses in a 93 year old client’s account while generating almost the same amount of commissions and fees for himself and his brokerage firm, Vanderbilt Securities. The 93 year old client was a retired clothing salesman who suffered from dementia.  FINRA stated that the elderly client’s Social Security payments were his only source of income.  According to FINRA, during the time that Mr. Kaplan acted as the client’s broker, the customer had a decline in his mental health and was diagnosed with dementia.

According to the FINRA Acceptance Waiver and Consent, Kaplan “engaged in churning and unsuitable excessive trading in the brokerage accounts of a senior customer”.  Over the four (4) year time period that Mr. Kaplan served as the client’s broker, he churned the client’s account by making more than 3,500 trades in the client’s account according to FINRA.  FINRA found that this level of trading was excessive and unsuitable for the client given his investment profile, including his age, risk tolerance, and income needs. The trades resulted in about $723,000 in trading losses and $735,000 in commissions for Mr. Kaplan and Vanderbilt.  FINRA found that Mr. Kaplan exercised de facto control over the client’s account and omitted to advise the elderly client of the extent of his losses or the aggregate amount he paid in sales charges and commissions.

Mark Kaplan has a seven (7) customer complaints which resulted in settlements ranging from $11,500 to $500,000. According to FINRA’s Broker Check, Mark Kaplan was registered with the securities industry for 29 years, and was registered with the following firm:

Vanderbilt Securities, LLC
CRD # 5953
Woodbury, NY

Morgan Stanley Smith Barney
CRD # 149777
New York, NY

Citigroup Global Markets, Inc.
CRD# 7059
New York, NY

Morgan Stanley DW, Inc.
CRD# 7556
Purchase, NY

CIBC Oppenheimer Corp.
CRD# 630
New York, NY

Lehman Brothers, Inc.
CRD# 7506
New York, NY

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts.  The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  The firm handles cases against the major Wall Street broker dealers, including Vanderbilt Securities, LLC.

Let Hanley Law work for you. Call (239) 649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

 

 

Hanley Law Investigates Jermaine D. Joseph Former PFS Investments Rep Barred by FINRA

According to the Financial Industry Regulatory Authority (“FINRA”) Jermaine Doral Joseph (CRD# 6056737) has been barred from the industry.  Jermaine Joseph consented to a sanction and to the entry of findings that he circumvented PFS Investments’ procedures by failing to disclose fiduciary and beneficiary appointments. FINRA found that Joseph served as a personal representative in two wills executed by his customer and, served as a representative payee for a non-customer with the Social Security Administration.

FINRA’s findings also stated that Joseph comingled the customer’s funds when he deposited a $30,000 check from the customer for an investment into his personal checking account which contained his funds. Commingling customer funds with personal funds violated FINRA Rule 2010. FINRA’s findings also state that Joseph made false statements to PFS Investments. Allegedly Joseph denied serving as the customer’s executor or personal representative while being questioned about his relationship with the customer. Joseph also said that he had not spent any funds from the $30,000 check his client gave him. FINRA determined that these statements were false because the customer listed Joseph as personal representative in her will and he had spent $2,000 of the customer’s money.

According to FINRA’s Broker Check, Jermaine Joseph was registered with the securities industry for 4 years, and was registered with the following firm:

PFS Investments, Inc.
CRD # 10111
Hialeah Gardens, FL

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts.  The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  The firm handles cases against the major Wall Street broker dealers, including PFS Investments, Inc.

Let Hanley Law work for you. Call (239) 649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

Hanley Law Investigates Jeffrey Palish Ex-Wells Fargo Rep Barred for Stealing from Elderly

According to the Financial Industry Regulatory Authority (“FINRA”) Jeffrey Palish has been barred from the industry for receiving more than $180,000 from an elderly client “with no intent or ability to repay” her. Wells Fargo terminated Mr. Palish’s registration in November 2017 according the FINRA Letter of Acceptance, Waiver and Consent (AWC 2917056152891).

It has been reported that Mr. Palish, who was a resident of Woodcliff Lake, N.J., was arrested by detectives from the Bergen County’s prosecutor’s office. The prosecutor’s office allegedly received information in November that Mr. Parish was believed to have stolen at least $600,000 from elderly clients over four years, and that he had not made payments on a $100,000 loan he received from two clients.  According to FINRA, starting in or around 2015, while registered with Wells Fargo, Palish received money from an elderly Wells customer for his personal use and he accepted the money with no intent or ability to repay the customer.  Over approximately three years, Palish allegedly received more than $180,000 from the client.  As a result, FINRA found that Palish converted customer funds, in violation of FINRA Rules 2150 and 2010.

Palish entered the securities industry in 1986 when he became registered as a General Securities Representative.  Mr. Palish began his securities career in 1986 at McLaughlin, Piven, Vogel Securities and moved to UBS PaineWebber in 1993.  He joined Morgan Stanley in 2002 and Wells Fargo in 2010. Wells Fargo terminated Palish’s registration in November 2017 because Wells Fargo learned that Palish had accepted money from an elderly customer and that he had made misstatements to the firm regarding those transactions.

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts.  The firm is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  The firm handles cases against the major Wall Street broker dealers, including Wells Fargo.

Let Hanley Law work for you. Call (239) 649-0050 or contact the firm through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.

Hanley Law Investigates Pennsylvania broker Austin Dutton Formerly Registered with Newbridge Securities and Associated with Bridge Valley Financial Services

According to FINRA’s Brokercheck, Austin Dutton was registered with Newbridge Securities from August 2007 to August 2017.  In July 2017, the Pennsylvania Department of Banking and Securities fined Austin Dutton $200,000 for dishonest or unethical practices in the securities business.   Furthermore, in July 2017 the state of Pennsylvania fined Newbridge Securities $499,000 for failing to supervise a broker with sales of structured products to clients within the state.

According to Investment News, Mr. Dutton was well known in the Philadelphia area as a leading seller of REITs managed by American Realty Capital.  American Realty Capital is a real estate investment company controlled by Nicholas Schorsch.  Hanley Law is investigating whether clients may have also bought REITs sponsored by United Development Funding.  United Development Funding had its offices raided by the FBI two years ago after a hedge fund alleged it was operating like a Ponzi scheme.  Austin Dutton was affiliated with Bridge Valley Financial Services.

Dutton entered the securities industry in 1996.  He was registered with seven firms, including Newbridge Securities Corporation which he joined in August 2007.  According to FINRA’s Brokercheck, Austin Dutton was registered with the securities industry for 21 years, and was registered with the following firm(s):

Sandlapper Securities, LLC
CRD# 137906
Greenville, SC
09/2017-Present

Center Street Securities, Inc.
CRD# 26898
Nashville, TN
07/2017- Present

Newbridge Securities Corporation
CRD# 104065
Furlong, PA
08/2007-07/2017

Boenning & Scattergood, Inc.
CRD# 100
Langhorne, PA
01/2002-08/2007

Ferris, Baker Watts Incorporated
CRD# 285
Baltimore, MD
06/2000-01/2002

A.G. Edwards & Sons, Inc.
CRD# 4
St. Louis, MO
12/1997-07/2000

Prudential Securities Incorporated
CRD# 7471
New York, NY
06/1996-11/1997

HANLEY LAW

Hanley law represents individual investors nationwide with significant losses in their portfolios, retirement plans or investment accounts.  Hanley Law is dedicated to assisting investors to recover losses suffered by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent.  Hanley Law represents clients nationwide in cases against the major Wall Street broker dealers, including Newbridge Securities Corporation.

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact Hanley Law to discuss your legal options. Contact Hanley Law at (239)649-0050 or contact us through our Website to arrange a free confidential consultation with an attorney to discuss your experiences with your stock broker which resulted in investment losses.