Articles Tagged with Arizona

Former Ameritas Investment Corporation broker Daniel Kittner, out of Mesa, Arizona, recently resigned from his firm. He was “permitted to resign” from his position at Ameritas “during the firm’s investigation into a customer’s verbal complaint.” In December 2016, a customer alleged that Kittner, while employed at Edward Jones, did not properly advise him with respect to unsuitable investments in mutual funds, stocks, certificates of deposit and variable annuity products. This is against securities laws, and internal firm rules. Ameritas can be held liable for investment losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum because the firm did not reasonably supervise Mr. Kittner while he was employed there.

According to FINRA records, Mr. Kittner was previously registered with Edward Jones in Prescott Valley, Arizona from May 2001 until March 2006, Wells Fargo in Mesa, Arizona from March 2006 until December 2011 and Ameritas Investment Corp in Mesa from December 2011 until November 2017. He has one customer dispute against him. He is not currently registered as a broker.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Johnny Burris, while registered with Chase Investment Services, failed to execute a trade for his customers, a married elderly couple. The failed trade resulted in their IRS tax payment to be rejected for insufficient funds. Burris then created and sent unapproved misleading correspondence to the customers and the IRS. This is against securities rules and regulations. Burris was registered with BA Investment Services in Oakland, California from April 1997 until July 1999, Banc of America Investment Services in Boston, Massachusetts from July 1999 until October 1999, Investors Capital Corp in Sun City West, Arizona from January 2000 until December 2005, Chase Investment Services Corp in Sun City West from July 2010 until October 2012, JP Morgan Securities in Sun City West from October 2012 until December 2012, Oppenheimer & Co. in Scottsdale, Arizona from February 2013 until March 2014 and Southeast Investmnets in Charlotte, North Carolina from March 2014 until June 2015. He has three customer disputes against him. Please call our securities law firm today to find out how you might be able to sue Chase Investment Services for financial losses. The call is free with no obligation.

Eduardo Diaz, a former registered broker with Next Financial Group in Ocean Springs, Mississippi, was barred from the industry by the Securities and Exchange Commission (SEC). Diaz allegedly defrauded investors, telling them that he would invest money on their behalf, but instead, used it for personal expenses. Diaz pleaded guilty to one count of mail fraud in March 2016 related to these allegations. Diaz was sentenced to 70 months in prison, and ordered to pay restitution of $641,000 and a $15,000 fine. If you or someone you know suffered investment losses at the hands of Eduardo Diaz, please call our Chicago-based securities law office to speak to an attorney about how we may be able to help you bring a claim against his former firm, Next Financial Group. The firm may be liable for investment losses. 312-332-4200.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Diaz was registered with American Express Financial Advisors in Minneapolis, Minnesota from February 1987 until July 1993, Sunamerica Securities in Phoenix, Arizona from June 1993 until October 2005, AIG Financial Advisors in Biloxi, Mississippi from October 2005 until December 2008, Next Financial Group in Biloxi from December 2008 until November 2012 and Kovack Securities in Ft. Lauderdale, Florida from December 2012 until January 2013. He has two customer disputes against him and one criminal disposition. He is not licensed within the industry and both FINRA and the SEC have permanently barred him from the industry.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert B. Silva, a former registered representative with Arete Wealth Management, allegedly engaged in outside business activity while registered there. Silva as the owner and sole officer and director of Premier Standard Equities Inc. Between January and February 2015, Silva, acting through Premier, demanded payment for forensic analysis he conducted, prior to joining Arete, of an individual’s investment portfolio held at another FINRA member and pension plan assets, with the expectation of receiving compensation in the amount of $10,000. For this he was suspended for 20 business days and fined $5,000.

Silva was registered with First Allied Securities in Pasadena, California from January 2007 until March 2009, Western International Securities in Pasadena from March 2009 until August 2012, GBS Financial Corp in Pasadena from July 2012 until December 2013, Arete Wealth Management in Chicago, Illinois from December 2013 until March 2015, MS Howells & Co. in Scottsdale, Arizona from April 2015 until April 2015 and Newport Coast Securities in New York, New York from October 2015 until November 2015. He has one customer dispute against him and is not licensed within the industry. Please call our Chicago-based law offices today to speak to an attorney about your options of recovering financial losses.

According to a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Brent W. Burgesser, a former Wells Fargo adviser, was accused of effecting 83 unsuitable mutual fund switches in the accounts of three customers. The mutual fund switching resulted in more than $63,700 in customer losses, while Burgesser generated $109,600 in commissions for himself and the firm during the time period of January 2009 until May 2012. The securities rule states that a registered representative must “have reasonable grounds for believing that the recommendation is suitable for such customer upon the basis of the facts, if any, disclosed by such customer as to his other security holdings and as to his financial situation and needs.” A pattern of mutual fund switching is unsuitable and a violation of the securities rule. For his transgressions, Burgesser was suspended from the industry for sixty calendar days and was fined $5,000.

Burgesser was registered with Painewebber Inc. in Weehawken, New Jersey from May 2000 until January 2001, Merrill Lynch in New York, New York from December 2000 until April 2004, Morgan Stanley in Purchase, New York from June 2003 until November 2005, Merrill Lynch in Plano, Texas from November 2005 until November 2008, Wells Fargo in Plano, Texas from October 2008 until July 2012 and LPL Financial in Chandler, Arizona from July 2012 until December 2015. He is currently registered with International Assets Advisory LLC in Orlando, Florida and has been since November 2015. If you invested money with Brent W. Burgesser, please call our securities law offices to speak to an attorney. The call is free. We may be able to help you bring a claim against his former firm, Wells Fargo, for failing to supervise him while he was employed there. We take cases on a contingency fee basis only.

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The Financial Industry Regulatory Authority (FINRA), last week, barred David Joseph Escarcega for allegedly making 12 unsuitable recommendations regarding debt instruments known as debentures linked to the secondary market for life insurance policies. He also allegedly made misleading statements to seven customers. FINRA also fined him $52,270, which was the amount he made in commissions on the sales. He sold debentures issued by CWG Holdings Inc. between March 2012 and January 2013. CWG buys life insurance policies. Most of them sold were put into individual retirement accounts (IRAs). Debentures tend to be high-risk securities which are not suitable for everyone, especially senior clients. A broker must take into account a client’s net worth, age and investment objectives when recommending or selling a security. If he does not, his firm can be liable for investment losses. Escarcega was registered with MML Investors, Pruco Securities, Mony Securities, Lincoln Financial, Chase Investment Services and Center Street Securities in Phoenix, Arizona since March 2010. He has two customer disputes against him.

Stoltmann Law Offices is investigating Angela Strauss, a registered representative with JCC Advisors in Pasadena, California. Strauss is accused of failing to perform adequate due diligence in connection to an investment in tenant-in-common interests (TICs). TICs are co-owners of an undivided interest in real property. TICs each own a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property. TICs can be risky investments, and a broker’s duty is to take into account the client’s age, net worth, investment objectives and risk tolerance before recommending a security. If the broker does not, her brokerage firm can be held liable for investment losses, if she is not properly supervised by her member firm.

Strauss was registered with Empire Securities Corp in El Segundo, California from March 2006 until May 2006, Evergreen Realty Securities in Pasadena, California from June 2006 until October 2006, AFA Financial Group in Calabasas, California from August 2007 until April 2010, Dimirak Securities Corporation in Vista, California from November 2010 until April 2011 and ARI Financial Services in Scottsdale, Arizona from April 2013 until December 2013. She is currently registered with JCC Advisors in Pasadena, California and has been since September 2015.

Stoltmann Law Offices is investigating Robert Turpin, a former registered representative with Source Capital Group. Turpin is accused of engaging in outside business activities, also commonly referred to as “selling away.” This is when a broker solicits and/or sells an investment that is not held or offered by his member firm. It is used exclusively to garner large commissions for the broker. Turpin is accused of selling the following products: Tartesso West Multi Family LLC, Tartesso West Commercial Mixed Us, LLC, Tartesso West High Density Reidential II, Tampa Bay Investors LLC, Tampa Bay Investors II, LLC, Tampa Bay Investors III, LLC, Alliance Equity Investors, Alliance Equity Investors Colorado LLC, and New Alliance Opportunity Investors LLC.

Robert Turpin was registered with Stiteler Investments from September 1982 until August 1985, First Financial Equity Corp in Scottsdale, Arizona from August 1985 until October 1991, M.F. Diessner Securities Corp in Phoenix, Arizona from January 1992 until July 1992, FSC Securities Corp in Atlanta, Georgia from July 1992 until February 1997, Uinta Investments in Gilbert, Arizona from March 1997 until August 1997, Desert Star Capital in Phoenix from July 1997 until August 2001, and Source Capital Group in Scottsdale from February 2010 until September 2015. He is not licensed within the industry. If you invested money with Turpin or one of the aforementioned investments, please call our securities law offices in Chicago to speak to an attorney for free. You may be able to sue his firm, Source Capital Group, for failing to reasonably supervise him. They can be held liable for investment losses.

Stoltmann Law Offices is investigating Gerald Fasanella, a broker with Cetera Advisors in Melbourne, Florida. Fasanella has been accused of breaching contract, breaching fiduciary duty, omitting material facts, recommending unsuitable investments in a variable annuity and real estate investment trust (REIT) and mutual fund and executing unsuitable options trades, and committing fraud, among other things. These are all against securities rules and regulations.

Fasanella was registered with Merill Lynch from March 1978 until September 1978, Merrill Lynch in New York from September 1978 until February 1990, Anchor Management Group in Melbourne, Florida from February 1993 until May 1996, SunAmerica Securities in Phoenix, Arizona from May 1996 until October 2000, AIG Financial Advisors in Melbourne from October 2005 until August 2006, Mutual Service Corporation in Melbourne from August 2006 until September 2009, LPL Financial in Melbourne from September 2009 until September 2009 and Next Financial Group in Melbourne from September 2009 until January 2014. He is currently registered with Cetera Advisors in Melbourne and has been since January 2014. He has six customer disputes against him, according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report.

If you invested money with Gerald Fasanella, please call our securities law firm at 312-332-4200 to speak to an attorney. The call is free with no obligation. We take cases on a contingency fee basis and we may be able to help you bring a claim against his firm, Cetera Advisors because they may be liable for your investment losses.

Stoltmann Law Offices is investigating John Schooler and his firm, First Financial Equity Corporation. According to Schooler’s Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he allegedly made unsuitable investment recommendations, was negligent, made misrepresentations, breached fiduciary duty, committed fraud and violated blue sky statutes in many states. He also allegedly made private placement transactions in direct participation programs and limited partnerships with included investments in oil and gas ventures and non-traded real estate investment trusts (REITs). Private placement transactions are commonly referred to as “selling away” and is when a broker sells a security that is not sold or offered by his member firm. This is to garner large commissions for the broker and is against securities rules and regulations. Brokers have a duty to take into account the client’s age, net worth, portfolio, and investment objectives when making recommendations and many oil and gas and REIT securities are risky and not suitable for all clients.

John Schooler was registered with Montano Securities Corporation in Orange, California from July 1993 until January 1994, WFP Securities in San Diego, California from January 1994 until July 2011, JRL Capital Corp in Newport Beach, California from June 2011 until July 2011 and WFP Securities in San Diego from July 2011 until July 2011. He is currently registered with First Financial Equity Corp in Scottsdale, Arizona and has been since July 2011. He has 25 customer disputes against him, one of which is currently pending.

If you suffered losses with John Schooler, you may be able to recover your investment losses by calling our Chicago-based securities law firm at 312-332-4200 and speaking to an attorney. We may be able to help you bring a claim against his firm, First Financial, for not reasonably supervising him. They may be liable for your losses. The call is free with no obligation. Please call as soon as possible because time is of the essence.

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