Tag: FINRA attorney

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.

Former J.P. Morgan Broker Barred by FINRA for Allegedly Forging Clients’ Signatures

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Sam Marshall Stull (CRD No. 5268858), a former Texas and Florida broker, was barred by FINRA for allegedly forging the signatures of clients on member firm documents.

FINRA alleged that Stull forged clients’ signatures on documents including beneficiary information sheets, investment switch letters, and account profile confirmations. FINRA further alleged that Stull failed to provide documents and information requested by FINRA, relating to an investigation into the forgery. (See FINRA AWC No. 2014042589601)

According to FINRA’s Broker Check Sam Marshall Stull was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Stull was registered in the securities industry for seven (7) years with the following firm(s):

TD AMERITRADE, INC.
CRD #7870
FORT WORTH, TX
09/2014 – 10/2014

J.P. MORGAN SECURITIES, LLC
CRD #79
BOYNTON BEACH, FL
08/2013 – 08/2014

TD AMERITRADE, INC.
FT. LAUDERDALE, FL
CRD #7870
09/2010 – 07/2013

FIDELITY BROKERAGE SERVICES, LLC
CRD #7784
WESTLAKE, TX
11/2007 – 06/2007

M & W FINANCIAL, INC.
CRD #131743
SOUTHLAKE, TX
02/2007 – 06/2007

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 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.

Miami Broker Raymond Sardina Suspended by FINRA for Borrowing Money from Client

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According to FINRA’s Disciplinary and Other Actions publication, broker Raymond Sardina (CRD No. 3068885) of Raymond James and Associates, Inc. was suspended by FINRA for allegedly borrowing money from a client.

FINRA alleged that Sardina borrowed $10,000 from a customer of his member firm without notifying the firm he had received the loan or obtaining approval to do so. FINRA also alleged that Sardina falsely represented on the Firm’s annual questionnaire that he had not received any loans from Firm customers.

FINRA rules and policies prohibit registered persons from borrowing from or lending to any customer of his or her member firm employer.

The suspension was in effect from April 20, 2015 through May 19, 2015. (See FINRA AWC. No. 2013038581401)

According to FINRA’s Broker Check Raymond Sardina has been registered in the securities industry for fourteen (14) years and is currently registered with:

RAYMOND JAMES & ASSOCIATES, INC.
CRD #705
CORAL GABLES, FL

Raymond Sardina was previously registered with:

MORGAN STANLEY DW INC.
CRD #7556
MIAMI, FL
09/2000 – 03/2007

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

Former Huntington Bank Broker of Columbus Ohio Barred by FINRA for Misappropriation of Client Funds

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According to FINRA’s Disciplinary and Other FINRA Actions publication, Bryan A. Carnahan (CRD No. 3103811), a former broker with Huntington Bank in Hilliard, Ohio, was barred by FINRA for misappropriation of funds from a Huntington customer.

FINRA alleged that between September 2013 and March 2015, Carnahan converted approximately $169,500 from one of his customers by causing fund transfers to be made on five occasions from the customer’s brokerage account to her bank account at the Firm’s affiliated bank. FINRA further alleged that Carnahan then had his client withdraw funds from her bank account and get cashier’s checks for supposed investments. FINRA alleged that after Carnahan took possession of the cashier’s checks, he fraudulently caused them to be re-issued in the form of multiple cashier’s checks (totaling approximately $169.500) that were payable to his own accounts and to the accounts of at least 13 of his other customers who had suffered investment losses. (See FINRA AWC No. 2015044908301)

According to FINRA’s Broker Check, Bryan A. Carnahan was permanently barred by FINRA from acting as a broker or otherwise associating with firms that sell securities to the public. Carnahan was registered in the securities industry for sixteen (16) years with the following firm(s):

THE HUNTINGTON INVESTMENT COMPANY
CRD #16986
COLUMBUS, OH
02/1999 – 03/2015

JOHN HANCOCK DISTRIBUTORS, INC.
CRD #486
BOSTON, MA
08/1998 – 12/1998

If you have suffered financial 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 represents investors nationwide and is dedicated to helping investors who have been victims of securities fraud. If you have been a victim of securities fraud, you may be entitled to recover your investment losses. Contact the Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.

Former Financial Advisor, Matthew Katke, Pleaded Guilty

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According to the Department of Justice, Matthew Katke (CRD No. 4679645) pleaded guilty to conspiracy to commit securities fraud in Hartford, CT Federal Court for his alleged participation in a multimillion dollar securities fraud scheme. Katke was registered with RBS Securities, Inc. (RBS Securities), during the time of the DOJ’s investigation. Katke was associated with Nomura Securities International, Inc. from August 2013 until April 2015.

The Department of Justice alleged that between April 2008 and August 2013 Katke was a managing director at RBS Securities in Stamford, Connecticut. Katke and other members of RBS’s Asset Backed Products division traded fixed income investment securities in residential mortgage-backed securities (RMBS) and collateralized loan obligations (CLOs) through RBS trading floor. Katke admitted in his guilty plea that he and others conspired to increase RBS’s profits on CLO bond trades at the expense of their own customers by, among other things, making misrepresentations to induce customers to pay inflated prices and telling customers to accept deflated prices for CLO bonds. Furthermore, Katke misrepresented the CLO seller’s asking price to the buyer and kept the difference between the price paid by the buyer and the price paid to the seller for RBS. In another device used by Katke he misrepresented to the CLO buyer that bonds held in RBS’s inventory were being offered for sale by a fictitious third-party seller invented by Katke, which allowed Katke to charge extra commission. The Department of Justice’s investigation found several fraudulent transactions that cost at least 20 victims millions of dollars.

Matthew Katke was an active broker for 11 years with the following member firm(s):

NOMURA SECURITIES INTERNATIONAL, INC.
CRD # 4297
NEW YORK, NY
8/2013 – 4/2015

RBS SECURITIES, INC.
CRD # 11707
STAMFORD, CT
7/2008 – 6/2013

BEAR, STEARNS & CO.
CRD # 79
NEW YORK, NY
8/2003 – 7/2008

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 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.

Identifying Risk Factors that Make Investors Susceptible to Fraud

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The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Avoiding Investment Scams which described risk factors that make investors susceptible to investment fraud and provides tips to avoid being scammed.

FINRA has identified the 5 following risk factors for investors falling prey to fraudsters:

  1. Owning high-risk investments.
    2. Relying on friends, family, co-workers for advice.
    3. Being open to new investment information.
    4. Failing to check the background of an investment or investment professional.
    5. Inability to spot persuasion tactics used by fraudsters.

FINRA urges investors to ask questions about investments and investment professionals by doing the following:

  1. Perform a Background Search on the Investment Professional: Ask if the investment professional is licensed to sell you the investment and confirm which regulator issued their license. Additionally, ask if and when their license has ever been revoked or suspended. A legitimate securities salesperson must be properly licensed, and his or her firm must be registered with FINRA, the SEC or a state securities regulator—depending on the type of business the firm conducts. An insurance agent must be licensed by the state insurance commissioner where he or she does business. To verify the investment professional’s response use FINRA BrockerCheck, contact National Association of Insurance Commissioners or contact North American Securities Administrators Association.
  2. Check Out Investments: Ask whether the investment is registered and, if so, with which regulator. Usually companies register their securities before they can sell shares to the public. You can find out whether a product is registered with the SEC by using the EDGAR database. Additionally, you can also use FINRA’s ScamMeter to determine whether an investment might be a scam.

If you and have suffered investment losses, please contact the Hanley Law to explore 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 able to recover your financial losses. Contact us today toll free at (239) 649-0050 for a free initial consultation.