Month: November 2017

Florida Broker Terminated for Allegedly Using Customer Funds for His Own Personal Benefit

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According to FINRA’s Disciplinary and Other FINRA Actions Publication, Giovanni L. Acevedo (CRD No. 2508321) of Voya Financial Advisors, formerly known as ING Financial Partners, was terminated for allegedly stealing money from his clients and for providing false information to FINRA during its investigation.

FINRA alleged that Acevedo converted more than $160,000 from three (3) customers for his own personal use rather than investing the clients’ funds. Acevedo allegedly took checks from his clients, altered the payee line, and deposited them into his personal account rather than investing the funds. (See FINRA Disciplinary Proceeding No. 2014041529001)

According to FINRA’s Broker Check, Giovanni L. Acevedo is not currently licensed to act as a broker or as an investment adviser. Acevedo was registered in the securities industry for twenty years (20) with the following firm(s):

VOYA FINANCIAL ADVISORS, INC.
CRD #2882
WILTON MANORS, FL
08/2006 – 09/2014

QUESTAR CAPITAL CORPORATION
CRD #43100
FORT LAUDERDALE, FL
02/2000 – 08/2006

FIRST UNION BROKERAGE SERVICES, INC.
CRD #8112
CHARLOTTE, NC
07/1994 – 02/2000

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

New Jersey Broker Fined and Suspended by FINRA Over Recommendations of Non-Traditional Exchange Traded Funds (ETF’s)

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Daniel Grieco (CRD #1222747) was fined $7,500 and suspended by FINRA for fifteen (15) business days for allegedly recommending non-traditional exchange-traded funds (ETFs) to clients without having reasonable grounds to believe the funds were suitable for his clients.

FINRA’s findings state that the ETFs were designed to achieve their objectives over the course of a single day only, but were held for much longer periods, in some cases for more than five (5) years.  FINRA alleges that by these extended holding periods, Grieco failed to appreciate the nature of the ETFs as they were not designed to achieve their objectives for extended holding periods.  As such, FINRA further alleges that Grieco did not have reasonable grounds to believe his recommendations were suitable. (See FINRA AWC No. 2013035076201)

According to FINRA’s Broker Check, Daniel Grieco has been registered in the securities industry for thirty one (31) years.  Grieco is currently registered with the following firm:

FIRST ALLIED SECURITIES, INC.
CRD #23121
EATONTOWN, NJ
08/2010 – PRESENT

 

Grieco was previously registered with the following firms
ROYAL ALLIANCE ASSOCIATES, INC.
CRD #23131
WEST ORANGE, NJ
04/2007 – 08/2010
FIRST MONTAUK SECURITIES CORP.
CRD #13755
RED BANK, NJ
08/1997 – 04/2007
ARGENT SECURITIES, INC.
CRD #15297
ATLANTA, GA
06/1996 – 07/1997
PATTERSON TRAVIS, INC.
CRD #16540
ENGLEWOOD, CO
01/1995 – 07/1996
FINRA Expelled the Firm in 06/2003
ROBERT TODD FINANCIAL CORP.
CRD #7423
NEW YORK, NY
11/1994 – 12/1994
WESTFIELD FINANCIAL CORPORATION
CRD #8143
NEW YORK, NY
10/1994 – 11/1994
HIBBARD BROWN & CO., INC.
CRD #18246
NEW YORK, NY
06/1988 – 09/1994
FINRA Expelled this Firm in 02/1996
SHERWOOD CAPITAL, INC.
CRD #10474
02/1987 – 05/1988
FIRST JERSEY SECURITIES, INC.
CRD #6621
01/1984 – 01/1987
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options.  The Hanley Law is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

Hollywood Florida Broker Alejandro Torres Barred for Alleged Conversion of Client’s Funds

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Alejandro Ariel Torres (CRD #5631211) was barred by FINRA for converting at least $59,600 from a customer and engaging in outside business activities without seeking or obtaining his brokerage firm’s approval.

FINRA  alleged the customer, a 64-year-old widow, gave Torres a check for $75,000 for the purported purpose of partnering with Torres in a start-up venture known as Towers Investments, LLC, in which both the customer and Torres owned fifty percent.  FINRA alleged that Torres did not use at least $59,600 of the funds given by the customer for business related purposes, but rather used the funds to pay for his personal expenses.  FINRA further alleged that Torres concealed his misconduct by having the bank statements sent to him personally, rather than the customer.

FINRA further alleges that Torres failed to respond to FINRA’s requests for documents, information, and testimony. (See FINRA AWC No. 2014041282601)

According to FINRA’s Broker Check, Alejandro Torres has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.  Torres was registered in the securities industry for five (5) years with the following firm(s):

GLOBAL STRATEGIC INVESTMENTS, LLC

CRD #117028

MIAMI, FL

01/2014 – 07/2014

 

WELLS FARGO ADVISORS, LLC

CRD #19616

HOLLYWOOD, FL

01/2013 – 01/2014

 

BB&T INVESTMENT SERVICES, INC.

CRD #33856

AVENTURA, FL

02/2010 – 01/2013

 

STATETRUST INVESTMENTS INC.

CRD #104651

MIAMI, FL

11/2009 – 02/2010

 

EDWARD JONES

CRD #250

DAVIE, FL

03/2009 – 11/2009

 

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options.  The Hanley Law is dedicated to helping investors nationwide.  If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses.  Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

SEC warns of “Red Flags” when Making Investment Decisions

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The Securities and Exchange Commission recently issued an Investor Alert to help older Americans identify signs that what is offered as an investment may actually be a fraud. The SEC’s Office of Investor Education and Advocacy warned that older Americans are often targets of investment fraud, and advised that there are five (5) “red flags” seniors should look out for when making investment decisions:

  1. Promises of High Returns with Little or No Risk. A classic warning sign of investment fraud is the promise of a high rate of return, with little or no risk. The SEC advised that every investment carries some degree of risk, and the potential for greater returns generally comes with greater risk. The SEC warns investors to avoid putting money into “can’t miss” investment opportunities or those promising “guaranteed returns.”
  2. Unregistered Persons. The SEC advises investors to check whether the person offering to sell you an investment is registered or licensed, even if you know him or her personally. Unregisterd/unlicensed persons who sell securities commit many of the securities frauds that target older investors. It is free to research the background of the individuals and firms selling you investments, including their registration/license status and disciplinary history. There are several way you can research the individuals selling you investments:
  • Search the SEC’s Investment Adviser Public Disclosure (IAPD) online database.
    • Search the Financial Industry Regulatory Authority (FINRA)’s BrokerCheck online database.
    • Contact your state securities regulator.
    • Contact the SEC’s Office of Investor Education and Advocacy directly at (800) 732-0330 to help research the person and firm selling you the investment.
  1. Red Flags in the Financial Professional’s Background. The SEC advises investors to be aware of potential red flags in their advisor’s or broker’s background, including: (1) employment at firms that have been expelled from the securities industry; (2) personal bankruptcy; (3) termination; (4) being subject to internal review by an employer; (5) a high number of customer complaints; (6) failed industry qualification examinations; (7) federal tax liens; and (8) repeatedly moving firms. Investors can search the records of the SEC, FINRA, and state securities regulators to identify red flags.
  2. Pressure to Buy Quickly. The SEC warns that if an investment professional attempts to pressures you into making an investment decision quickly, you should walk away as you could potentially be at risk for becoming a victim of investment fraud. The SEC cautions investors that no reputable investment professional should push you to make an immediate decision about an investment, or tell you that you’ve got to “act now.”
  3. Free Meals. The SEC further warns investors to be cautious of “free lunch” seminars. The ultimate goal of investment professionals in offering free meal investment seminars is typically to attract new clients and to sell investment products. The SEC advises investors that even if the free meal does not come with a high-pressured sales pitch, investors should expect the “hard sell” during later contacts from the investment advisor or broker selling the investment.

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

Broker Tricia Willis Barred for Allegedly Misappropriating Client’s Funds and Forging Signatures

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According to FINRA’s Disciplinary and Other FINRA Actions publication, former Connecticut broker Tricia Denise Willis aka Tricia Denis Liparelli (CRD No.5703572) was barred by FINRA for allegedly converting a client’s funds from a home equity line of credit (HELOC) that the customer maintained at People’s Bank, and for signing the client’s name on withdrawal slips without authorization.

FINRA alleged that Willis withdrew $2,500 from the customer’s HELOC by preparing four (4) withdrawal slips, signing the customer’s name on the slips, and processing them at Willis’ own teller window at the Bank. FINRA alleged that Willis withdrew an additional $17,400 from the client’s HELOC by preparing twenty eight (28) additional withdrawal slips without authorization, and used those funds for her own personal use and benefit. (See FINRA AWC No. 20130392989)

According to FINRA’s Broker Check, Tricia Denise Willis has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Willis was registered in the securities industry for three (3) years, and was registered with the following firm(s):

PEOPLE’S SECURITIES, INC.
CRD #13704
WILLIMANTIC, CT
01/2010 – 12/2013

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

Former J.P. Morgan Securities Broker Barred by FINRA for Conversion of Client Funds for Personal Use

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Louis James Deeley (CRD No. 583067) of California was barred by FINRA for allegedly converting $24,014 from the bank account of a customer for his own personal benefit.

FINRA alleged that between June 2014 and November 2014, Deeley submitted withdrawal slips to a bank teller containing a signature of which appeared to be that of the client. Deeley provided the teller with instructions to allocate part of the withdrawal amount indicated on the slip to a cashier’s check and the remainder to him in cash. FINRA further alleged that Deeley then deposited the cashier’s check into the customer’s brokerage account, but retained the cash for himself. (See FINRA AWC No. 20140437239)

According to FINRA’s Broker Check, Louis James Deeley has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Deeley was registered in the securities industry for four (4) years and was registered with the following firm(s):

J.P MORGAN SECURITIES, LLC
CRD #79
SANTA ROSA, CA
10/2012 – 12/2014

CHASE INVESTMENT SERVICES CORP.
CRD #25574
SANTA ROSA, CA
08/2010 – 10/2012

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

Former Barclays Capital New York Broker Barred by FINRA Over Allegations of Concealing Trading Losses

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Chia-Ming Hu (CRD #5368992) was barred by FINRA for failure to provide on-the-record testimony requested by FINRA involving an investigation into allegations that Hu and another Barclays representative took certain actions to conceal trading losses.

According to FINRA’s Broker Check, Chia-Ming Hu has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Hu was registered in the securities industry for six (6) years with the following firm:

BARCLAYS CAPITAL INC.
CRD #19714
NEW YORK, NY
11/2008 – 12/2014

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

Broker Joel Blum of New York Fined by FINRA

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Joel Eziekel Blum (CRD No. 4905379), a New York Ameriprise Financial Services’ broker, was fined $10,000 and suspended for twenty (20) days for allegedly exercising discretion without written authorization in three (3) client accounts.

FINRA alleged that Blum executed a total of eight (8) discretionary transactions in the accounts of three (3) customers without written authorization to do so. FINRA further alleged that Blum mismarked two (2) order tickets in connection with these transactions indicating that the trades were unsolicited when, in fact, the trades were solicited.

Joel Blum’s suspension was in effect from April 6, 2015, through April 25, 2015. (See FINRA AWC No. 2014040186601)

According to FINRA’s Broker Check, Joel Eziekel Blum has been registered in the securities industry for ten (10) years. Blum is currently registered with the following firm:

AMERIPRISE FINANCIAL SERVICES, INC.
CRD #6363
GOSHEN, NY
02/2014 – present

Blum was previously registered with the following firm(s):

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
CRD #7691
MIDDLETOWN, NY
05/2008 – 02/2014

CITIGROUP GLOBAL MARKETS INC.
CRD #7059
GOSHEN, NY
03/2005 – 05/2008

If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors nationwide. If you have lost money as a result of your broker’s recommendations, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.