Category: Broker Investigations

Former Alabama Advisor, Keith Rogers, Barred by FINRA After Allegations of Theft

Posted by finralawyer on November 14, 2017 with 0 Comment

According to FINRA’s Disciplinary and Other FINRA Actions publication and the State of Alabama, Keith Michael Rogers (CRD No. 4987615), a former Alabama Financial Advisor, was the subject of a Cease and Desist Order based on allegations that Rogers engaged in selling away, the sale of unregistered securities, unauthorized fund transfers and conversion. (See Administrative Order No. CD-2014-0016) FINRA further alleged that Rogers misappropriated funds by improperly diverting funds from the bank accounts of certain customers to an account he controlled. (See FINRA AWC No. 2014041532601)

According to FINRA’s Broker Check, Keith Michael Rogers has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Rogers was registered in the securities industry for seven (7) years, and was registered with the following firm(s):

G.L.S & ASSOCIATES, INC.
CRD #47502
HUNTSVILLE, AL
01/2006 – 01/2013

G.L.S. & ASSOCIATES, INC.
CRD #47502
HUNTSVILLE, AL
01/2006 – 01/2006

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.

Arizona Broker Attempts to “Inherit” $1.8 Million Trust Account from Customer with Alzheimer’s

Posted by finralawyer on November 14, 2017 with 0 Comment

According to FINRA’s Disciplinary and Other FINRA Actions publication, FINRA filed a complaint against John A. Waszolek (CRD #800403) for allegedly taking advantage of his client who suffered from Alzheimer’s disease, dementia, and memory loss. From the period of 2008 through 2009 Waszolek was registered with FINRA first through UBS Financial Services, Inc. and later through Morgan Stanley Smith Barney. While registered with UBS in 2009, Waszolek allegedly took advantage of his client by having her assign him as beneficiary to her trust, even though at the time, she was unable to protect herself from exploitation. Indeed, FINRA alleged that in December 2008, an estate planning attorney informed Waszolek that she would not amend the client’s trust to make Waszolek a beneficiary because a psychologist had concluded that the client lacked sufficient testamentary capacity.

FINRA alleged that despite this knowledge, Waszolek (through a separate attorney) procured an appointment as successor trustee and residual beneficiary of the client’s trust account. Waszolek allegedly further violated his member firm’s written procedures by failing to disclose that he had been appointed as a beneficiary to a customer’s trust account, successor trustee of the client’s trust, or that he had received a healthcare power of attorney over the client. (See FINRA Disciplinary Proceeding No. 2012031181001)

According to FINRA’s Broker Check, John A. Waszolek has been registered in the securities industry for thirty nine (39) years. Waszolek is currently registered with the following firm:

RAYMOND JAMES & ASSOCIATES, INC.
CRD #705
SCOTTSDALE, AZ
02/2012 – PRESENT

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

MORGAN STANLEY SMITH BARNEY
CRD #149777
SCOTTSDALE, AZ
06/2009 – 01/2012

MORGAN STANLEY & CO. INCORPORATED
CRD #8209
SCOTTSDALE, AZ
03/2009 – 06/2009

UBS FINANCIAL SERVICES INC.
CRD #8174
SCOTTSDALE, AZ
09/1979 – 01/1980

PAINE, WEBBER, JACKSON & CURTIS INCORPORATED
CRD #640
10/1979 – 01/1980

SECURITY FIRST FINANCIAL, INC.
CRD #6695
10/1978 – 10/1979

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
CRD #572
10/1974 – 06/1977

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

Posted by finralawyer on November 14, 2017 with 0 Comment

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

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

Posted by finralawyer on November 14, 2017 with 0 Comment

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

Posted by finralawyer on November 14, 2017 with 0 Comment

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

Federal Class Action Lawsuit Against Raymond James & Associates, Inc. alleging unreasonable and unauthorized “Processing Fee” charges in Passport Accounts

Posted by finralawyer on November 14, 2017 with 0 Comment

The law firms Richman Greer, P.A., of Miami, Hanley Law of Naples and Blum Law Group of Fort Lauderdale have filed a federal class action lawsuit against Raymond James & Associates, Inc. (“Raymond James”), alleging that Raymond James charged an unauthorized and unreasonable “Processing Fee” when it executes trades for customers through the customers’ Passport account. The class action lawsuit is styled Jyll Brink v. Raymond James & Associates, Inc., and is pending in the United States District Court for the Southern District of Florida before U.S. District Judge William P. Dimitrouleas, Case No. 1:15-cv-60334.

The lawsuit was filed on February 17, 2015 on behalf of former and current customers of Raymond James nationwide who executed a Passport Client Agreement (“Passport Agreement”) and owned a Passport account, and from whom Raymond James deducted, retained and/or charged a per transaction Processing Fee (sometimes referred to as “Misc. Fee” on trade confirmations) to execute trades.

The 18-page lawsuit alleges that Raymond James breached its contract with customers, and breached its duty and the standard of care expected of similar professionals in the community under similar circumstances by charging an unreasonable and unauthorized “Processing Fee” that bore no reasonable relationship to its direct and actual costs incurred by Raymond James in executing and clearing customers’ transactions.

For more information, former or current customers of Raymond James who owned or own a Passport account and who were charged a Processing Fee (sometimes referred to as “Misc. Fee” on trade confirmations) may email sara_hanley@placeandhanley.com or call 239-455-1242 and ask for Sara Hanley.

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

Posted by finralawyer on November 14, 2017 with 0 Comment

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

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

Posted by finralawyer on November 14, 2017 with 0 Comment

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

New York Broker Barred by FINRA

Posted by finralawyer on November 14, 2017 with 0 Comment

According to FINRA’s Disciplinary and Other FINRA Actions publication, Raymond Thomas Clark (CRD No. 3120696), a Buffalo New York broker, was barred by FINRA for failing to appear and provide investigative testimony requested by FINRA. FINRA’s request for testimony was related to FINRA’s investigation into allegations that Clark executed excessive and/or unauthorized trades in customer accounts, exercised discretion without authority in customer accounts, and accepted trade instructions from an individual who was not authorized to exercise trading authority in a customer account. As part of the investigation, FINRA staff requested Clark provide testimony on several occasions. (See FINRA Disciplinary Proceeding No. 2014040349001)

According to FINRA’s Broker Check, Raymond Thomas Clark is permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Clark was registered in the securities industry for fifteen (15) years, and was previously registered with the following firm(s):

DYNASTY CAPITAL PARTNERS, INC.
CRD #122806
BUFFALO, NY
08/2010 – 08/2014

FIRST MIDWEST SECURITIES, INC.
CRD #21786
BUFFALO, NY
05/2009 – 08/2010

PAULSON INVESTMENT COMPANY, INC.
CRD #5670
BUFFALO, NY
12/2008 – 05/2009

J.P. TURNER & COMPANY, LLC
CRD #43177
BUFFALO, NY
06/2007 – 01/2009

BATHGATE CAPITAL PARTNERS LLC
CRD #38923
BUFFALO, NY
11/2005 – 07/2007

J.P. TURNER & COMPANY, LLC
CRD #43177
ATLANTA, GA
03/2002 – 11/2005

GLOBAL CAPITAL SECURITIES CORPORATION
CRD #16184
ENGLEWOOD, CO
01/2001 – 03/2002

GLOBAL CAPITAL MARKETS, LLC
CRD #16191
MELVILLE, NY
09/1998 – 01/2001

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

Posted by finralawyer on November 14, 2017 with 0 Comment

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