Articles Tagged with Acceptance

Recently, George K. Baum & Company entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). The company allegedly received certain reimbursements from municipal bond proceeds for expenses incurred during three municipal bond rating trips that were not reasonably related to the business purpose of the trips. It also failed to establish and maintain a supervisory system for ratings trip expenses that was reasonably designed to ensure compliance with FINRA rules. The firm allegedly did not fully review all of the relevant information regarding itineraries and agendas in connection with all of its expenses related to business trips. This occurred between February 2014 and December 2014. These are against securities rules and regulations. For this, GKB was censured and fined $35,000. You may be able to recover your investment losses with GKB on a contingency fee basis in the FINRA arbitration forum if you lost money with the firm.

You may be able to do so in the Financial Industry Regulatory Authority (FINRA) arbitration forum if you have suffered losses with Puma Capital. According to a recent Letter of Acceptance, Waiver and Consent (AWC) with FINRA, Puma Capital allegedly failed to develop and implement an anti-money laundering program that was reasonably designed to achieve and monitor compliance with the Bank Secrecy Act and implementing regulations. Specifically, the firm failed to implement policies and procedures that could be reasonably expected to detect and cause the reporting of potentially suspicious activity relating to the liquidation of millions of shares of microcap securities. These are in violation of securities laws and internal firm rules. For this, the firm was fined $70,000 and censured. If you or someone you know suffered money losses with Puma Capital, you may be able to recover them on a contingency fee basis, which means we only get paid if you recover your losses.

H. Darbie & Co. and Wolf Popper entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). The firms are accused of facilitating the deposit and liquidation of billions of shares of low-priced, microcap stocks for customers without having in place adequate procedures to assure that such liquidation transactions were scrutinized sufficiently. This occurred between March 2008 and March 2014. Wolf Popper’s conduct occurred between June 2009 and October 2010. Both firms failed to detect and investigate red flags of potentially suspicious activity in connection with stock transactions, and both firms also failed to establish and implement adequate Anti-Money Laundering programs and procedures. Darbie also facilitated the sale and distribution of securities on behalf of customers and failed to ensure that those securities were subject to exemption from registration. Both firms were censured and fined for the conduct.

Because both firms failed to do their due diligence on the sales of securities, both firms can be held liable for improper conduct and monetary losses. If you invested money with either or both firms, you may be entitled to recover your investment losses. Please call Stoltmann Law Offices at 312–332–4200 to speak with an attorney about your options of suing J.H. Darbie and Wolf Popper. We take cases on a contingency fee basis only.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Matthew Niederbaumer was accused of exercising discretion in the accounts of five customers without obtaining prior written authorization from the customers or from his member firm, Thrivent Investment Management. Niederbaumer allegedly exercised discretion in executing 10 transactions in connection with the sale and purchase of exchange-traded notes and funds in five customer accounts on January 21, 2016. This is against securities laws. For this, he was suspended for 10 business days and fined $5,000.

According to his online FINRA BrokerCheck report, Niederbaumer has been registered with Thrivent Investment Management in Huron, South Dakota since July 2002. Please call our Chicago-based securities law firm today for a free consultation with an attorney. We may be able to help you bring a claim against Thrivent Investment Management if you suffered losses with Matthew Niederbaumer. The firm had a duty to reasonably supervise him while he was registered there. Because it did not, the firm can be held liable in the FINRA arbitration forum on a contingency fee basis. 312-332-4200.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Larry Allen Stapp allegedly borrowed $200,000 from a firm customer. This is against securities rules and regulations. For this, he was fined $10,000 and suspended for six months. If you invested money with Larry Allen Stapp, you may be able to recover those losses in the FINRA arbitration forum on a contingency fee basis. Please call our Chicago-based securities law firm today to speak to an attorney about your options. The call is free with no obligation. Stapp was registered with H.D. Vest Investment Securities in Irving, Texas from January 1989 until March 1996 and LPL Financial in Midland, Texas from March 1996 until March 2016. He is not currently registered with any member firm and is not licensed within the industry.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Douglas Wayne Studer was accused of violating his firm’s policy. He was registered with Kovack Securities in Fort Lauderdale, Florida when he was accused of naming himself in his 91-year-old customer’s estate documents in order to inherit the customer’s waterfront condominium. This is against securities rules and regulations. Studer was also accused of not appearing for a FINRA on-the-record testimony and was barred from the industry because of it.

Studer was registered with Prime Capital Services in Port Richey, Florida from August 2001 until August 2006, H&R Block Financial Advisors in New Port Richey, Florida from July 2006 until September 2007, VSR Financial Services in Apollo Beach, Florida from September 2007 until March 2009, Prime Capital Services in Tampa, Florida from March 2009 until November 2013, National Securities Corp in Aventura, Florida from November 2013 until November 2015 and Kovack Securities in Fort Lauderdale from October 2015 until July 2016. He has two customer disputes against him. He is not licensed and has been barred from the industry, according to his online FINRA BrokerCheck report.

If you suffered losses with Douglas Studer, you may be able to recover them by bringing a claim against his former firm, Kovack Securities, in the FINRA arbitration process. We take cases on a contingency fee basis only, which means we do not make money unless your recover your losses. The call to us is free, so please call our Chicago-based law offices today to speak to a securities attorney. There is no obligation. 312-332-4200.

Robert Estevez, a registered investment adviser with Joseph Gunnar in New York, New York, recently entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA). The AWC alleged that Estevez recommended unsuitable steepener transactions in customer accounts. From May 2011 through September 2012, Estevez recommended the products, which are complex, structured products with returns linked to the spread between longer and shorter-term interest rates. They offer periodic coupons that are fixed for a pre-specified period. These products tend to be very illiquid, and Estevez recommended 25 short-term steepener transactions in the accounts of 19 customers, which resulted in $24,000 of customer losses. For this, he was fined $20,000 and suspended from the industry for two months.

Estevez was registered with Prime Charter Ltd in New York, New York from December 1998 until June 2001, Eastbrook Capital Group in New York, New York from June 2001 until December 2008 and Investors Capital Corp in Greenwich, Connecticut from December 2008 until September 2016. He is currently registered with Joseph Gunnar in New York and has been since September 2016. He has five customer disputes against him, one of which is currently pending. Please call us today for a free consultation about recovering your investment losses with Robert Estevez and Joseph Gunnar. We take cases on a contingency fee basis only.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Altwerger was accused of making 10 electronic fund transfers from his personal bank account to his personal brokerage account knowing that he had insufficient funds to cover the transfers. This is against securities rules and regulations, and Altwerger was terminated from his brokerage firm, Morgan Stanley, because of it. FINRA suspended him for three months and fined him $5,000. Altwereger was registered with Pruco Securities in Troy, Michigan from May 2008 until December 2009 and Morgan Stanley in Troy from January 2010 until January 2016. He is currently registered with Waddell & Reed in Birmingham, Michigan and has been since January 2016.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Russell Sadler was fined $25,000 and suspended from the industry for 12 months. According to his AWC, Sadler, while registered with LPL, purchased securities issued by a company that proposed to build a movie studio in Plymouth, Massachusetts. Several of his customers also purchased the securities. Sadler did not provide LPL with written notice about these private securities transactions, and he did not receive approval from the firm. This is against securities rules and regulations. If you lost money through an investment with Russell Sadler, you may be able to sue LPL Financial in the FINRA arbitration forum to recover those losses on a contingency fee basis. The call to our securities law firm in Chicago, Illinois is free and there is no obligation.

Sadler was registered with HD Vest Investment Services in Irving, Texas from May 1995 until October 1999, First Dunbar Securities Corp in East Berlin, Connecticut from October 1999 until July 2001, LPL Financial in Plymouth, Massachusetts from July 2001 until February 2013 and Cambridge Investment Research in Plymouth from February 2013 until September 2014. He is currently registered with Independent Financial Group in Plymouth and has been since August 2014. In September 2015, there was an investigation against him.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), SG Americas Securities was censured and fined $20,000 for violations of equity trade reporting. FINRA alleged that between May 1, 2014 through August 31, 2014, the firm failed to submit 1,862 last sales reports of transactions in designated securities. This is against securities rules and regulations. If you invested money with SG Americas Securities, please call our securities law offices in Chicago to speak to an attorney about your options of suing the firm in the FINRA arbitration forum on a contingency fee basis. The call is free with no obligation.

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