Articles Tagged with Cambridge Investment Research

AdobeStock_82110313-1-300x125According to Financial Planning online, former Cambridge Investment Research broker Ralph Savoie faces prison time for his role in a three-month scheme in which he allegedly used client money toward his rent, credit card bills and jewelry purchases. Mr. Savoie pleaded guilty to wire fraud and could possible forfeiture $1.05 million to clients. He promised investors that he could guarantee 11.4% return on their $50,000 investment, but never invested the money. Savoie, 70, pleaded guilty to one count of wire fraud on March 26th in Baton Rouge, LA, in federal court. He was charged by authorities in December with two counts of wire fraud and one count of identity theft. He was fired by Cambridge in August 2015 and the Financial Industry Regulatory Authority barred him from the industry in September of that same year.
According to online, FINRA records, Mr. Savoie was previously registered with The Equitable Life Assurance Society of the U.S., Paul Revere Equity Sales, FSC Securities, The Minnesota Mutual Life Insurance Company, Integrated Resources Equity Corp, Securian Financial Services, Metropolitan Life Insurance Company, MetLife Securities, Park Avenue Securities, ING Financial Partners, and Cambridge Investment Research in Metairie, Louisiana from July 2013 until September 2015. He has six customer disputes against him, three of which are pending, and one regulatory matter. Savoie was accused of selling unsuitable, illiquid, expensive private placements in a scheme, breach of contract, violations of securities laws, violations of Louisiana securities law, common law fraud, breach of fiduciary duty, gross negligence, and committing fraud, among other things. These are all against securities laws and internal firm rules, and Cambridge can be liable for losses. The firm had a duty to supervise him while he was registered there. He has been barred from the industry, permanently.

AdobeStock_112181284-1-300x200Stoltmann Law Offices continues to investigate Terry Bahgat, a former broker with Gradient Securities and Cambridge Investment Research. Allegedly, from December 2014 until September 2016, Bahgat misappropriated funds of seven different clients by obtaining access to their brokerage accounts and then transferring the money to himself or WealthCFO, a company he controlled. According to a complaint filed by the Securities and Exchange Commission (SEC), Bahgat also had his assistant pose as his clients on telephone calls with brokerage firms in order to obtain bill paying privileges. In September 2016, Bahgat fled the U.S. for Egypt. The Financial Industry Regulatory Authority (FINRA) barred him from the securities industry permanently around that time after he failed to respond to a request for information. FINRA was investigating him for making misrepresentations in the sale of variable annuities.
According to public records with FINRA, Terry Bahgat was previously registered with Mutual of Omaha Fund Management Company, USLife Equity Sales Corp, Integrated Resources Equity Corp, Southmark Financial Services, FSC Securities Corp, MML Investors Services, LPL, Pruco Securities, Securities America, Wachovia Securities, Round Hill Securities, Summit Brokerage Services, Cambridge Investment Research in Amherst, New York from October 2010 until August 2015 and Gradient Securities in Amherst from July 2015 until October 2016. He has three customer disputes against him and one civil pending complaint. He has been permanently barred from the industry.
If you or someone you know lost money in investments with Terry Bahgat, you may have options to get your money back on a contingency fee basis. We are Chicago-based attorneys who sue firms like Cambridge Investment Research and Gradient Securities in the FINRA arbitration forum. Please call us today at 312-332-4200. The call is free with no obligation. Attorneys are standing by.

Did you or someone you know lose money with former Cambridge Investment Research broker Ralph Savoie? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Mr. Savoie was charged with one count of wire fraud on December 22nd, 2017. He was previously with Cambridge Investment Research in Metairie, Louisiana. Mr. Savoie allegedly received $150,000 from investors, which he then spent on jewelry, hotels, cars, credit card bills, rent and restaurants. He falsely told his clients he would invest their money in securities and insurance and would develop industrial cooling towers. Instead, he used the money to write checks to himself and to pay back other investors. This misconduct occurred from January 2013 until March 2016. The Financial Industry Regulatory Authority (FINRA) barred him from the industry for these things. They are all against securities laws.

Mr. Savoie was previously registered with The Equitable Life Assurance Society of the United States, Paul Revere Equity Sales, FSC Securities, The Minnesota Mutual Life Insurance Company, Integrated Resources Equity Corp, Securian Financial Services, Metropolitan Life Insurance Company, MetLife Securities, Park Avenue Securities, ING Financial Partners and Cambridge Investment Research in Metairie, Louisiana from July 2013 until September 2015. He has five customer disputes against him, two of which are currently pending. They allege fraud, highly speculative private placements, unsuitable, expensive and illiquid investment sales, violations of securities laws, breach of contract, violations of Louisiana securities laws, breach of fiduciary duty, gross negligence, and investments in unregistered securities, all of which are against securities rules and regulations. He has been permanently barred from the industry, according to his public records with FINRA. A broker must take into account a customer’s net worth, investment objectives, investment sophistication and risk tolerance, and age among other factors, before recommending or selling a security. If he does not, his brokerage firm may be liable for losses.

 

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Scott Goldman allegedly recommended an investment strategy to an elderly customer that was unsuitable. The investment was concentrated in risky, leveraged precious metal products between November 2009 and August 2010. This is against securities laws. For this he was fined $10,000 and suspended for 20 calendar days. A broker must only recommend securities that are suitable for investors. If he does not, his brokerage firm can be liable for losses. He must take into account a client’s age, net worth, and investment savvy, among other factors. Please call us today to speak to an attorney for free about how you may be able to recover your losses with Scott Goldman and H. Beck. We are based in Chicago, Illinois.

Goldman was registered with AMEV Investors, PW Securities, Mutual Service Corp, Oak Brook Securities, FFP Securities, Waterstone Financial, LPL and H. Beck in Arlington Heights, Illinois from January 2010 until May 2016. He is currently registered with Cambridge Investment Research in Arlington Heights and has been since May 2016. He has six customer disputes against him.

Did you lose money with Raymond Harrison, a broker with Cambridge Investment Research? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Allegedly, Mr. Harrison recommended and sold direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), equipment leasing funds, such as LEAF and ICON, and other alternative investments. In October 2016, a customer filed a complaint alleging unsuitable investments for investment experience and risk tolerance, lack of adequate due diligence in regard to investments, a lack of supervision and the omission of material information. The damages claimed are $603,000 and the claim is currently pending. Investments like DPPs and REITs tend to be risky and illiquid products that are not suitable for all investors. A broker must take into account a customer’s age, net worth and investment objectives before recommending or selling products. If he does not, his brokerage firm can be liable for losses for not reasonably supervising him. Call us today at 312-332-4200 to speak to an attorney about how you may be able to bring a claim against Cambridge Investment Research for losses.

Harrison was registered with Capital Analysts, Main Street Management, London Pacific Securities, American United Life Insurance Company, AUL Equity Sales and ProEquities. He is currently registered with Cambridge Investment Research in Roseville, California and has been since August 2014. He has six customer disputes against him, one of which is currently pending, according to his online FINRA BrokerCheck report.

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), Robert M. Lyons, a former registered broker with Cambridge Investment Research, was accused of executing 14 unsuitable mutual fund switches in three customer accounts. Allegedly from January 2011 until December 2013, Lyons made the mutual fund switches in three customer accounts, switching customer assets from shares in one fund family to shares in a different fund family. He recommended that his customers purchase Class A shares that were only advantageous if the customers held them on a long-term basis. These are typically held for several years or longer. Lyons held the shares for less than 12 months, and did not have a reasonable basis to recommend the shares, nor to liquidate him. The customers were made to pay fees for these transactions and Lyons made commissions because of the transactions. For this, Lyons was fined $5,000 and suspended for 15 business days. A broker must have a reasonable basis to recommend and/or sell a security to a customer, and must take into account a customer’s age, net worth, investment savvy and investment objectives. If he does not, his firm may be responsible for investment losses.

Robert Lyons, according to his FINRA online BrokerCheck profile, was registered with The Robinson-Humphrey Company, Walnut Street Securities, Buckhead Financial Corp., Capital Research Corp., Allen C. Ewing & Co. and Cambridge Investment Research in Augusta, Georgia from December 2001 until October 2014. He is not currently registered with any member firm. Please call us today to speak to an attorney about your options of suing Cambridge for your investment losses on a contingency fee basis in the FINRA arbitration forum.

Stoltmann Law Offices is investigating David Gray, a former investment adviser with Cambridge Investment Research. Gray was accused of stealing money from an elderly customer, and he recently pled guilty to theft from an at-risk victim (which means either an elderly or disabled victim.) After he was investigated by the Securities and Exchange Commission (SEC) Gray was sentenced to eight years in prison and ordered to pay restitution of $263,418. If you or someone you know lost money with David Gray, please call our securities law offices in Chicago to speak to an attorney about your options. You may be able to sue Cambridge in the Financial Industry Regulatory Authority (FINRA) forum for not reasonably supervising Gray and allowing him to make transgressions against his customers. We sue firms such as Cambridge on a contingency fee basis in order to recover losses. Please call today. The call is free with no obligation. 312-332-4200.

Gray was registered with The Stuart-James Company, Inernational Securities Group, Sprung and Wise Securities, R A F Financial Corp, Dean Witter Reynolds, Hanifen, Imhoff Securities Corp, Jesup & Lamont, BC Christopher Securities, Neidiger, Tucker, Bruner Inc., Barringer Ryan Vance, Equity Services, BMA Financial, Nathan & Lewis Securities, Cambridge Investment Research in Greenwood Village, Colorado from September 1999 until August 2013 and Ridgeway & Conger. He is not currently registered with any firm. He has one customer dispute against him and one criminal disposition. He is not licensed within the industry and the SEC barred him from acting as a broker and investment adviser, or otherwise associating with firms that sell securities or provide investment advice to the public.

Did you lose money with financial advisor Thomas Skypeck in Scarborough, Maine? The Securities and Exchange Commission (SEC) recently barred Skypeck from the securities industry after he pled guilty to theft and violations of the Maine Uniform Securities Act in October 2015. Allegedly, he failed to disclose his relationship with a precious metals dealer when he was registered with O.N. Equity Sales Company. It was also alleged that he stole coins worth $1,000 from a client and that between March 2009 and January 2013, he excessively traded or churned the account of an inexperienced investor. Churning is against securities rules and regulations and is a tactic used by brokers to generate large commissions and fees for themselves. Their brokerage firms have a duty to reasonably supervise them, and, if they do not, can be sued for investment losses.

Skypeck was registered with Merrill Lynch, Prudential, Gruntal & Co., Winslow Investment Co., Robert Thomas Securities, Guardian Investor Services, Royal Alliance Associates, Walnut Street Securities, Sammons Securities, Woodbury, Cambridge Investment Research, The O.N. Equity Sales Company in Saco, Maine from July 2010 until April 2013 and Brokers International Financial Services. He has one criminal disposition against him.

Stoltmann Law Offices is investigating Jacob T. Turner, a former registered representative with Securities America. Turner is no longer registered or associated with a Financial Industry Regulatory Authority (FINRA) member firm. He recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA. According to his AWC, Turner allegedly recommended and effected 39 short-term Unit Investment Trust (UIT) transactions. UITs are typically intended for longer-term investments, but Turner only held them for 143 days. Because of the transactions, his customers incurred additional sales charges and suffered losses of $10,635.78. For this, Turner was fined $5,000, suspended from the industry for three months and was ordered to pay restitution to the customers in the amount of $10,635.78, plus interest.

According to his online BrokerCheck report, Turner was registered with A.G. Edwards & Sons in St. Louis, Missouri, from March 2004 until April 2005, Merrill Lynch in Charlottesville, Virginia from April 2005 until October 2007, Wells Fargo Advisors in Charlottesville from September 2007 until June 2010, Cambridge Investment Research in Charlottesville from June 2010 until April 2013, Securities America in Charlottesville from March 2013 until April 2013 and International Assets Advisory in Orlando, Florida from May 2013 until June 2014. He has two customer disputes against him and he is not licensed within the industry.

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