Category: Broker Investigations

FINRA Bars Former LPL Financial and Fifth Third Cincinnati, OH Securities Broker Matthew R. Quinn for Alleged Theft from Elderly Clients

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According to FINRA, Matthew R. Quinn (CRD No. 4478751) of Cincinnati Ohio was barred from associating with any FINRA member after he allegedly withdrew funds the accounts of elderly clients and refused to testify in FINRA’s investigation into the claims.

FINRA alleged that Quinn withdrew funds from the accounts of three elderly clients. Thereafter, FINRA requested Quinn testify pursuant to FINRA Rule 8210. However, Quinn informed FINRA he would not cooperate with the investigation. Respondent’s conduct violated FlNRA Rules 8210 and 2010. (See FINRA Case No. 2013038835001)

Matthew R. Quinn was an active broker for 3 years with the following member firm(s):

FIFTH THIRD SECURITIES, INC.
CRD # 628
CINCINNATI, OH
5/2013 – 11/2013

LPL FINANCIAL, LLC
CRD # 6413
CINCINNATI, OH
7/2010 – 3/2013

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.

SEC charges Los Angeles based firm, Pacific West Capital Group, Inc., and it’s owners with Fraud Relating to the Sale of Life Settlements

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On April 8, 2015 the Securities and Exchange Commission (“SEC”) filed a complaint against Pacific West Capital Group, Inc., Andrew B. Calhoun IV, Brenda Christine Barry, Andrew B. Calhoun Jr., Eric Christopher Cannon, Michael Wayne Dotta and Caleb Austin Moody. The SEC complaint alleges that Pacific West Capital Group and its owners committed fraud in the sale “life settlement” investments. A life settlement is the sale of an existing life insurance policy to a third party for more than its cash surrender value, but less than its net death benefit.

The SEC alleged that since 2004 Pacific West and Calhoun raised approximately $100 million from life settlement investors. Furthermore, the SEC alleges that in 2012 Pacific West and Calhoun defrauded investors by using the proceeds from the sales of new life settlements to fund life settlement investments sold years earlier. However, this was not disclosed to the investors at Pacific West. The SEC complaint alleges that Pacific West and Calhoun made life settlement investments appear successful when in reality the primary reserves were used to pay premiums on the policies. As such, the SEC has alleged that Pacific West and Calhoun violated the antifraud, securities registration and broker-dealer registration provisions of the federal securities laws. (See Complaint Case No. 2:15-cv-02563 United States District Court Central District of California.)

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.

FINRA Arbitration Panel Awards Claimant $1.3 Million in Damages

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A Financial Industry Regulatory Authority (FINRA) Arbitration Panel awarded $1.3 million in damages to a Mississippi investor who filed an arbitration action over the mishandling of her investments by Lanis Dale Noble (CRD No. 858005). Lanis Dale Noble is a former broker of Stifel Nicolaus & Co Inc. The Claimant is Noble’s former daughter-in-law.

The arbitration was commenced in August 2012, and Claimant made allegations against Noble for churning; breach of fiduciary duty; failure to supervise; fraudulent inducement and concealment; vicarious liability; negligence and other causes of action. The claim involved allegations surrounding the use of margin, and the purchases of variable annuities from SunLife and ManuLife and a Friedman Billings Ramsey real estate investment trust (REIT). (See FINRA Case No. 12-02897)

According to FINRA BrokerCheck Lanis Dale Noble has five disclosures on his FINRA report. One disclosure is a criminal case and the other four are customer disputes. Noble is not currently registered with any FINRA firm.

Lanis Dale Noble was an active broker for 27 years with the following member firm(s):

STIFEL, NICOLAUS & COMPANY, INC.
CRD # 793
RIDGELAND, MS
9/2000 – 11/2013

STERNE, AGEE & LEACH, INC.
CRD # 791
BIRMINGHAM, AL
9/1995 – 9/2000

UNION PLANTERS BROKERAGE SERVICES, INC.
CRD # 27348
2/1993 – 10/1995

PRUDENTIAL SECURITIES, INC.
CRD # 7471
NEW YORK, NY
9/1991 – 1/1993

DEAN WITTER REYNOLDS, INC.
CRD # 7556
PURCHASE, NY
8/1987 – 9/1991

PRUDENTIAL-BACHE SECURITIES, INC.
CRD # 7471
12/1985 – 9/1987

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 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.

FINRA Takes Action Against Broker Brian Michael Seifert for Allegedly Forging Insurance Documents

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The Hanley Law (239) 649-0050 recently discovered that according to FINRA’s Disciplinary and Other FINRA Actions publication, Brian Michael Seifert (CRD No. 4547658) was barred from associating with any FINRA member after allegedly failing to provide FINRA with on-the-record testimony involving an investigation into allegations that he forged documents and falsified client insurance information.

FINRA alleged that while Seifert was employed with Capital Management Company he forged and/or falsified customer information. Following the accusations Seifert failed to appear for on-the-record FINRA interview in violation of FINRA rules. (See FINRA Case No. 2012033920601)

Brian Michael Seifert was an active broker for 7 years with the following member firm(s):

COUNTRY CAPITAL MANAGEMENT COMPANY
CRD # 12060
ROCHESTER, MN
3/2008 – 8/2012

LIBERTY LIFE SECURITIES, LLC
CRD # 47737
EAGAN, MN
1/2007 – 3/2008

EQUITRUST MARKETING SERVICES, LLC
CRD # 5309
WEST DES MOINES, IA
4/2003 – 2/2005

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.

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.