Articles Tagged with Ameritas Investment Corp

AdobeStock_49363801-1-300x200Did you suffer losses with Thomas Lawrence, a former broker with Ameritas Investment Corp? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. They may be recoverable in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis, which means we only make money if you recover yours. Attorneys are standing by in Chicago, Illinois ready to take your call. There is no cost and no obligation associated with the call.
According to an Order Accepting Offer of Settlement with FINRA, Thomas Lawrence allegedly borrowed over $39,000 from a ninety-six year-old customer of the firm in order to help him pay his personal taxes. Lawrence allegedly drafted a promissory note stating that the loan would hold an interest rate of 5% per annum payable in 12 months. Lawrence did not repay any portion of the loan. Borrowing from customers is a violation of firm policies. For this, Lawrence was suspended from the industry for 24 months, fined $5,000 and ordered to pay restitution of $41,332.65 plus interest.
According to his online BrokerCheck report with FINRA, Mr. Lawrence was previously registered with Advantage Capital Corp in Atlanta, Georgia from May 1989 until May 1990, H.D. Vest Investment Securities in Irving, Texas from June 1990 until September 1991, Carillon Investments in Memphis, Tennessee from November 1991 until June 2006 and Ameritas Investment Corp in Chapel Hill, Tennessee from June 2006 until December 2016. He has one customer dispute against him, alleging fraudulent misrepresentations, omissions of material facts, failure to monitor accounts, unsuitable recommendations, borrowing from a customer, failure to supervise and breach of fiduciary duty and negligence, which is pending. He is currently not registered within the industry.

AdobeStock_91053286-1-300x194According to records with the Financial Industry Regulatory Authority (FINRA), on August 8, 2017, California-based Ameritas Investment Corp broker Sheik Khan was sanctioned by the Securities and Exchange Commission (SEC) and barred from the industry or otherwise associating with firms that sell securities to the public. Khan was found guilty by a jury in April 2017 of “committing securities and investment adviser fraud, by, among other things, falsely telling prospective investors that their investments in private offerings of VGTL would benefit from prospective reverse-mergers between VGTL and private companies even though no merger would ever be consummated, scheming to control and manipulate the publicly traded price of VGTL stock, scheming to induce investors to invest in private shares of VGTL through false and misleading statements, and causing her clients to invest in VGTL, including clients who had not authorized such an investment, in exchange for receiving kickback payments that were not disclosed to those clients.” She was also accused of failing in supervisory duties, breaching fiduciary duty, violating FINRA rules, making unsuitable recommendations, committing fraud, misrepresenting and omitting material facts and committing financial elder abuse. She also allegedly failed to provide written notice of three outside business activities. All of these things are against securities laws.
Khan was previously registered with Pruco Securities in Newark, New Jersey from February 1994 until June 2002 and Ameritas Investment Corp in Murrieta, California from May 2002 until December 2013. She has one customer dispute pending against her and one criminal pending charge against her. She has been barred from the industry. If you suffered losses with Ms. Khan, please call 312-332-4200 today for a no-cost, no-obligation consultation with one of our Chicago-based attorneys. We may be able to sue Ameritas on a contingency fee basis in the FINRA arbitration forum.

AdobeStock_91053286-1-300x194Yes, you can. Broker-dealers have an ironclad obligation to reasonably supervise their employees, and, if they do not, can be held responsible for money losses on a contingency fee basis. Recently, Andrew Logullo, a former Ameritas Securities broker, entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Logullo was accused of opening accounts for three investors at another broker-dealer other than Ameritas Investment Corp, without providing written notice to the firm. He also failed to disclose to Ameritas that he was the president of the consulting company. This is in violation of FINRA and securities rules. For this, Mr. Logullo was suspended from the industry for six months and fined $10,000.
According to his online FINRA BrokerCheck report, Mr. Logullo was previously registered with Southern California Securities, Merrill Lynch, NexCore Capital Inc., Salomon Grey Financial, Capital Path Securities, Integrated Trading and Investments, and Ameritas Investment Corp in Los Angeles, California from January 2015 until June 2015. He is currently not registered within the industry. Please call our Chicago-based law offices today at 312-332-4200 to speak to an attorney about the losses you may have suffered because of Andrew Logullo. We may be able to sue Ameritas on your behalf to recover those losses. The call is free with no obligation.

AdobeStock_91053286-1-300x194Lizabeth (Beth) Gotuaco Ty, a former Park Avenue Securities broker was accused of various securities law violations by the Securities and Exchange Commission (SEC). Allegedly, Ty recommended “guaranteed” investments with Frederick Voight and Daystar Funding to a married couple from Texas who run a non-denominational church. Ty told the couple their high-yield investments would generate high rates of return that were protected and would not be subject to market volatility. The couple gave her $1,965,000 to invest. Voight and Daystar Funding were charged with running a ponzi scheme in July 2015 by the SEC. According to the SEC complaint, Voight lost $13.8 million of investor proceeds in the ponzi scheme. Ty had allegedly entered into a consulting contract with Frederick Voight to solicit investments into his business. This was an outside business activity that Park Avenue Securities should have monitored, and because the firm did not, it may be responsible for investment losses sustained with Beth Ty. Investors who may have lost money because of Ty are encouraged to call our Chicago, Illinois-based law firm at 312-332-4200 today for a free consultation with one of our attorneys.

According to her BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Ty was registered with Ameritas Investment Corp in Lincoln, Nebraska from February 2004 until April 2004, Brookstreet Securities in San Juan Capistrano, California from April 2004 until November 2004 and Park Avenue Securities in Houston, Texas from January 2006 until July 2015. She has three customer disputes against her, which are pending. She has been permanently barred from the industry.

Stoltmann Law Offices is investigating Lizabeth Ty, a broker with Park Avenue Securities in Houston, Texas. Yy has three pending customer complaints according to her online, public Financial Industry Regulatory Authority (FINRA) BrokerCheck report. FINRA filed a complaint against Ty investigating the circumstances of the sale of unregistered securities. Ty has three pending customer complaints regarding the sale of promissory notes outside of her brokerage firm. This is also referred to as “selling away,” and is a tactic used by brokers to generate large commissions for themselves, without having to share the commissions with their member firm.

Ty was registered with Ameritas Investment Corp in Lincoln, Nebraska from February 2004 until April 2004, Brookstreet Securities Corp in San Juan Capistrano, California from April 2004 until November 2004 and Park Avenue Securities in Houston, Texas from January 2006 until July 2015. She has three customer disputes against her, all of which are currently pending. She is not licensed within the industry and has FINRA has permanently barred her from acting as a broker or otherwise associating with firms that sell securities to the public.

Stoltmann Law Offices is investigating Nathan Silva, who was barred from the industry by the Financial Industry Regulatory Authority (FINRA). FINRA was investigating him for allegedly commingling customer funds and communicated with customers without approval from Ameritas. This is against securities rules and regulations. Brokerage firms such as Ameritas have a responsibility to adequately supervise all representatives who are registered through their firm. The firm must also take steps to ensure that their financial advisors follow all securities rules and regulations as well as internal firm policies. When they fail to do so, they may be held liable for investment losses sustained by customers. Please call 312-332-4200 to speak to an attorney about your options of suing Ameritas in the FINRA arbitration forum. Silva was registered with Ameritas Investment Corp in Omaha, Nebraska from September 2007 until November 2014. He has two customer disputes against him and one criminal final disposition.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Arthur Espinoza was barred from the industry. He was accused of engaging in an outside business activity away from his firm. He himself incorporated Life Solutions Inc. in or about March 2009. He operated it by himself for the purpose of buying and selling precious metals and coins as well as trading in securities. Espinoza convinced at least 10 investors, all seniors, to invest more than $325,000 with Life Solutions. Subsequently, Espinoza was not able to account for most of the money. He used the money on himself to buy a car and membership to a golf/yacht club. In July 2009, he opened a brokerage account on behalf of Life Solutions at FBS, on which he was the trader and agent. Between July 2009 and September 2015, he made 84 securities trades in this account totaling $417,505. He then transferred this money to various bank accounts, and used the money for himself. This is against securities rules and regulations.

According to his BrokerCheck report on FINRA’s website, he was registered with First Jersey Securities, Graystone Nash, Jonathan Alan & Co., FFP Securities, Nutmeg Securities, The Advisors Group, Ameritas Investment Corp and Freedom Investors Corp in Vero Beach, Florida from September 2005 until December 2014. He has two customer disputes against him. He is not licensed within the industry. If you invested money with Arthur Espinoza, please call our law firm in Chicago, Illinois to speak to an attorney for free. We may be able to help you recover your investment losses in the FINRA arbitration forum on a contingency fee basis. We do not make money unless you recover yours. The call to us is free with no obligation.

Stoltmann Law Offices is investigating Cory Bataan, who is currently registered with Aegis Capital in Melville, New York. He is the subject of customer complaints, including recommending unsuitable investments and charging excessive fees and commissions. He was terminated from his position with Aegis Capital for recommending unsuitable investments, executing unauthorized transactions, churning accounts and breaching fiduciary duty. Bataan was registered with Joseph Stevens & Co. in Brooklyn, New York from October 1996 until July 2001, Ameritas Investment Corp in New Hyde Park, New York from December 2007 until April 2008 and Empire Asset Management in New York, New York from April 2008 until August 2012. He is currently registered with Aegis Capital in Melville, New York and has been since August 2012. He has four customer disputes against him, one of which is currently pending. Please call today for a free consultation.

Stoltmann Law Offices is investigating Jack Stuart O’Brien who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). O’Brien is accused of accepting compensation for personal services he provided to a firm customer. For this he was barred from the industry. O’Brien was registered with New York Life Variable Contracts Corp, Linsco Corp, Pacific Equity Sales Company, USLife Equity Sales Corp, Travelers Equities Sales, Elder-Nelson Equities Corp, The Saxon Group, Certified Equities Corp, Chubb Securities, Canada Life of America Financial Services, Sunset Financial Services, Washington Square Securities, Intersecurities Inc., Metropolitan Life Insurance Company, MetLife Securities, Ameritas Investment Corp and Princor Financial Services in San Jose, California from January 2005 until May 2015. He has one customer dispute against him. He is not licensed within the industry and has been permanently barred by FINRA. If you lost money with Jack Stuart O’Brien, please call our securities law firm to speak with an attorney about your options.

The Arizona Corporation Commission has made allegations against Michael J. Blake, former broker with Ameritas Investment Corp. The Commission alleged that Blake solicited investors to invest in commercial real estate ventures called the Longest Drive LLC and the Longest Drive II LLC. His former firm, Ameritas, did not give him permission to do so. This is also referred to as “selling away,” and is when a broker solicits clients to purchase securities that are not regulated or approved by their current brokerage firm, resulting in high commissions for the broker. The Commission suspended him for one year in 2013, and have now barred him from holding a securities or advisory license in the state of Arizona.

Blake was registered with The Equitable Life Assurance Society of The United States in New York, New York from February 1990 until January 2000, AXA Advisors in New York, New York from February 1990 until November 1992, Carillon Investments in Scottsdale, Arizona from November 2002 until June 2006, Ameritas Investment Corp in Scottsdale, from June 2006 until April 2013 and Mid Atlantic Capital Corp in Paradise Valley, Arizona from May 2013 until October 2013. He has four customer disputes against him, one of which is currently pending. He is no longer licensed within the industry.

Blake’s former firm, Ameritas, can be sued to recover investment losses because of their failure to reasonably supervise him while he was employed there. Please call Stoltmann Law Offices at 312-332-4200 to speak with an attorney about recovering your losses. The call is free with no obligation.

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