Month: March 2018

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

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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

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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

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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.