Author: finralawyer

FINRA Takes Action Against New York Broker Robert Durant Tucker for Falsifying the Wire Transfer of an Elderly Client’s Funds for His Own Personal Use

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Robert Durant Tucker (CRD No. 1725356) was barred from associating with any FINRA member and fined approximately $4,000.00 by FINRA for improperly approving a transfer of customer funds to his personal checking account and converting those funds.

FINRA affirms that Tucker arranged a wire request form instructing the clearing firm to wire $4,500.00 from an elderly customer’s account to his personal bank account. Pursuant to the firm’s rules, such a request must be approved by a manager. However, Tucker circumvented this rule by using a fax machine from another location to fax the wire transfer request. After the client verbally complained to the firm regarding the unauthorized transfer, the firm confronted Tucker and he made plans for a friend to repay the client. (See FINRA Case No. 2009016764901)

Robert Durant Tucker was an active broker for 18 years with the following member firm(s):

AVENIR FINANCIAL GROUP
CRD# 148490
NEW YORK, NY
12/2012 – 03/2013

ICM CAPITAL MARKETS LTD.
CRD# 103725
NEW YORK, NY
01/2010 – 11/2012

UNION FINANCIAL CORP.
CRD# 30650
NEW YORK, NY
10/2009 – 01/2010

BISHOP, ROSEN & CO., INC.
CRD# 1248
NEW YORK, NY
06/2008 – 01/2009

BRILL SECURITIES, INC.
CRD# 18565
NEW YORK, NY
12/2007 – 06/2008

PHD CAPITAL
CRD# 38785
NEW YORK, NY
10/2007 – 12/2007

PRESTIGE FINANCIAL CENTER, INC.
CRD# 30407
NEW YORK, NY
01/2007 – 09/2007
FINRA expelled the firm in 05/2011

MEYERS ASSOCIATES, L.P.
CRD# 34171
NEW YORK, NY
06/2005 – 02/2007

VFINANCE INVESTMENTS, INC
CRD# 44962
BOCA RATON, FL
02/2005 – 06/2005

POINTE CAPITAL, LLC
CRD# 112097
TAMPA, FL
05/2005 – 05/2005

GUNNALLEN FINANCIAL, INC.
CRD# 17609
TAMPA, FL
09/2002 – 03/2005

SCHNEIDER SECURITIES, INC.
CRD# 16434
DENVER, CO
09/2001 – 11/2002

INVESTPRIVATE, INC.
CRD# 103737
NEW YORK, NY
04/2001 – 08/2001

BROADBAND CAPITAL MANAGEMENT, LLC
CRD# 48001
NEW YORK, NY
01/2001 – 04/2001

FIRST REPUBLIC GROUP, LLC
CRD# 39781
NEW YORK, NY
06/2000 – 02/2001
FINRA expelled the firm in 09/2009

WHALE SECURITIES CO., L.P.
CRD# 13516
NEW YORK, NY
11/1998 – 07/2000

JWGENESIS SECURITIES, INC.
CRD# 33832
BOCA RATON, FL
10/1998 – 11/1998

NATIONAL SECURITIES CORPORATION
CRD# 7569
SEATTLE, WA
08/1998 – 09/1998

THE BOSTON GROUP
CRD# 37652
LOS ANGELES, CA
03/1997 – 07/1998

AMERICORP SECURITIES, INC.
CRD# 30405
NEW YORK, NY
12/1995 – 03/1997

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 who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a complimentary initial consultation.

FINRA Takes Action Against Massachusetts Broker Nilda Lee Vasey for Converting her Customers’ Funds for her Own Personal Use

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Nilda Lee Vasey (CRD No. 4842504) was barred from associating with any FINRA member after she converted customer funds for her own personal use.

FINRA alleged that between June 2012 and August 2013 Vasey requested that six (6) customers make their yearly financial planning fee checks or wire transfers payable to Vasey personally, which is against the firm’s policy. Vasey then electronically received, cashed or deposited the Customers’ funds totaling approximately $5,475 and used the funds for her own personal use. Respondent’s conduct violated FlNRA Rules 2150(a) and 2010. (See FINRA Case No. 2014041051801)

Nilda Lee Vasey was an active broker for 10 years with the following member firm(s):

LINCOLN FINANCIAL ADVISORS CORPORATION
CRD# 3978
WALTHAM, MA
12/2013 – 01/2015

AMERIPRISE FINANCIAL SERVICES, INC.
CRD# 6363
QUINCY, MA
01/2005 – 10/2013

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 who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.

New Hampshire seeks recovery of $3.6 M over non-traded REIT sales by LPL Financial

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According to a publication in InvestmentNews, New Hampshire securities regulators want LPL Financial to pay $3.6 million in fines and repayments to investors for allegedly unsuitable sales of real estate investments to elderly clients.

In a recently filed action, the New Hampshire Bureau of Securities Regulation is seeking to recover $2.4 million from LPL Securities in buybacks and restitution for clients relating to 48 sales of non-traded real estate investment trusts (REITS) that date back to 2007. The state is also seeking a $1 million fine and reimbursement of $200,000 in investigative costs. The state alleges that the REIT sales were “unsuitable and unlawful” and that LPL failed to supervise its agents.

The case stems from an 81-year-old New Hampshire resident who bought a non-traded REIT from LPL in January 2008. The client allegedly suffered substantial investment losses on the product, which typically is illiquid and comes with high fees.

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 rights. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.

Miami Florida Broker Michael Borja Formerly of Wells Fargo Advisors Fined and Suspended by FINRA Over Wire Transfer

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Michael Vincent Borja (CRD #5451360) formerly of Wells Fargo Advisors, LLC was fined $5,000 and suspended for 45 days by FINRA for processing wire transfer requests without first obtaining verbal confirmation from the client.

FINRA’s findings allege that Borja falsely represented in the Firm’s records that he verbally confirmed the wire requests with the customer and also provided fictitious reasons for the customer’s transfer requests. As a result of such actions, FINRA alleged that Borja caused his FINRA regulated broker-dealer to maintain false books and records concerning these wire transfer requests.

According to FINRA’s Broker Check, Borja is not currently licensed to act as a broker or as an investment adviser. The suspension is in effect from February 2, 2015, through March 18, 2015. (See FINRA AWC No. 2013037029901)

Michael Vincent Borja was licensed in the securities industry for 5 years with the following firm(s):

WELLS FARGO ADVISORS, LLC
CRD #19616
MIAMI, FL
01/2012 – 05/2013

OPPENHEIMER & CO. INC.
CRD #249
MIAMI, FL
02/2009 – 01/2012

UBS INTERNATIONAL, INC.
CRD #107726
CORAL GABLES, FL
02/2008 – 02/2009

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 who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.

FINRA Takes Disciplinary Action Against Florida Based Former LPL Financial Broker Kevin Luby for Failure to Disclose Outside Business Activities with Member Firms

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Kevin Luby (CRD #4568246) was suspended for 10 months and fined $25,000 by FINRA, for failing to disclose to his member firms certain outside business activities he engaged in on behalf of an elderly firm customer.

FINRA alleged that from 2009 to 2013 Luby was a successor co-trustee of a customer’s trust and co-personal representative of her estate. Additionally, FINRA alleged that Luby also assisted this customer in the management of certain rental properties.

Luby failed to disclose the fiduciary appointments and involvement with the rental properties to one of his member firms, and failed to disclose his involvement with the rental properties to the other firm. Furthermore, FINRA affirms that Luby provided false answers on one of the firm’s compliance questionnaires and annual certifications regarding being named the beneficiary of any client’s estate or holding any fiduciary positions for a client.

According to FINRA’s Broker Check Luby is not currently licensed to act as a broker (buying or selling securities on behalf of customers) or as an investment advisor (providing advice about securities to clients). Luby’s suspension is in effect from January 20, 2015, through November 19, 2015. (See FINRA AWC No. 2013038108802)

Kevin Luby was previously registered with the following securities firms:

LPL FINANCIAL, LLC
CRD #6413
SOUTH DAYTONA, FL
03/2012 – 08/2013

STIFEL, NICOLAUS & COMPANY, INC.
CRD #793
DAYTONA BEACH, FL
08/2009 – 03/2012

UBS FINANCIAL SERVICES, INC.
CRD #8174
DAYTONA BEACH, FL
02/2007 – 08/2009

EDWARD JONES
CRD #250
ORMOND BEACH, FL
09/2002 – 02/2007

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 who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.

FINRA Fines Fidelity Brokerage Services, LLC for Overcharging Customer Accounts

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Fidelity Brokerage Services, LLC (CRD #7784) was censured and fined $350,000 by FINRA for overcharging client accounts. (See FINRA AWC No. 2012034916901)

FINRA alleged that at various times from January 2006 through September 2013, Fidelity Brokerage Services, LLC overcharged 20,663 customer accounts approximately $2.4 million. FINRA further alleged that the firm did not have reasonable supervisory systems or procedures to ensure that customers were charged accurate fees for accounts managed by third-party investment advisors. As such, this resulted in erroneous and duplicate fees charged in certain clients accounts utilizing asset-based pricing, duplicate fees in certain customer accounts managed by third-party wrap providers, and erroneous markups on certain fixed income investments.

FINRA’s findings also allege that Fidelity failed to establish an adequate supervisory system and written procedures reasonably designed to ensure that customers received accurate disclosures relating to the Asset-Based Pricing Program for accounts managed by third-party investment advisors. FINRA further alleged that Fidelity failed to monitor billing in these fee-based brokerage accounts to ensure that customers were charged in accordance with Fidelity’s disclosures.

If you feel that your investment account has been mishandled by your broker or brokerage firm, contact the Hanley Law to discuss your legal options. If you have lost money as a result of your broker’s or brokerage firm’s misconduct, you may be able to recover your investment losses. Contact Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.