Tag: Stock attorney

Hollywood Florida Broker Alejandro Torres Barred for Alleged Conversion of Client’s Funds

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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

 

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 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.

5 Most Common Types of Fraud Identified by FINRA

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The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Avoiding Investment Scams which described common types of fraud. Below are the 5 most common types of fraud identified by FINRA:

  1. Pyramid Schemes: Fraudsters claim that they can take a small investment and turn it into large profits in a short amount of time. However, participants make money solely by recruiting new participants and the schemes quickly fall apart when new participants are no longer available. Pyramid schemes may appear to be legitimate multi-level marketing programs.
    2. Ponzi Schemes: Fraudsters recruit new investors and use their funds to pay earlier-stage investors, instead of investing the funds as promised. This type of scam is named after Charles Ponzi, who in the 1920s tricked thousands of investors to place their funds in a price arbitrage scheme involving postage stamps. Ponzi schemes are similar to pyramid schemes with the exception that in ponzi scheme investors do not have to recruit new investors to earn a share of profits. Ponzi Schemes usually collapse when new investors cannot be attracted or when too many investors try to cash out.
    3. Pump-and-Dump: Fraudsters buy shares of a low priced stock from an unknown company and then trump up interest in the stock to increase the stock’s price. Investors are tricked into believing they are getting a good deal and create buying demand at high prices. At this point the fraudsters sell their shares at the high prices and disappear, leaving the unsuspecting investors with worthless stock. Previously, these schemes were conducted by cold callers, facsimiles or online newsletters, but now the most common medium is through spam emails or text messages.
    4. Advance Fee Fraud: The scams starts by an offer placed to buy a worthless stock for a high price, but to facilitate the deal the investor must send a fee for the service. Once the fee is sent, the investor never hears from the fraudster again.
    5. Offshore Scams: These scams include any of the above mentioned scams and may also involve Regulation S. Offshore scams can be difficult for U.S. law enforcement agencies to investigate or rectify.

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.