Articles Tagged with Charles Schwab Co

Chicago-based Stoltmann Law Offices is investigating cases where investors have suffered losses from “robo-advisors.” In recent years, the rise of robo-advisors has been dramatic. These highly automated platforms will not only recommend securities and mutual funds, but create entire portfolios online or through a do-it-yourself (DIY) phone app.

The convenience and speed of making trades on your smartphone, however, doesn’t always reduce the chance that you’ll lose money. Many of the algorithms used to push securities don’t pay close attention to personal risk tolerance and are often loaded with hidden fees. And many robo accounts may automatically funnel customers funds into cash accounts, which are a money-losing proposition when you account for inflation.

The mega-brokerage Charles Schwab, which operates one of the largest robo platforms (Intelligence Portfolios), recently disclosed that it will take a $200 million charge in the second quarter regarding the U.S. Securities and Exchange Commission’s (SEC) probe into its robo practices.

Stoltmann Law Offices is investigating Barbara D. Fife, a former employee of LPL Financial in Indianapolis, Indiana and John W. Ruggles, a former employee of City Securities, also in Indianapolis. The Financial Industry Regulatory Authority (FINRA) recently barred Fife from the brokerage industry for life, and suspended Ruggles for 14 months and fined him $5,000. Ruggles was accused of falsifying emails and trade reports. Fife was accused by a customer of never investing checks into his or her account which were made out for the purpose of investing.

According to her online FINRA BrokerCheck report, Barbara D. Fife was registered with MML Investors in Springfield, Massachusetts from May 1993 until July 1993, Essex National Securities in Napa, California from July 1993 until March 1996, First Chicago NBD Investment Services in Chicago, Illinois from March 1996 until August 1996, Independent Financial Securities Inc. from September 1996 until January 1997, NatCity Investments in Cleveland, Ohio from August 1996 until February 1997, Banc One Securities Corp in Chicago from February 1999 until April 1999, UBS Financial Services in Weehawken, New Jersey from April 1999 until July 2003, Fifth Third Securities in Cincinnati, Ohio from July 2003 until November 2005, City Securities Corp in Indianapolis, Indiana from November 2005 until July 2007 and LPL Financial in Fishers, Indiana from September 2007 until June 2014. She has five customer disputes against her. She is not licensed and has been permanently barred from the industry.

John W. Ruggles was registered with Raffensperger, Hughes & Co. in Indianapolis, Indiana from July 1993 until July 1995, NatCity Investments in Cleveland, Ohio from July 1995 until March 1997, Independent Financial Securities from January 1997 until March 1997, Charles Schwab & Co. in San Francisco, California from April 1997 until June 2005, Edward Jones in Avon, Indiana from June 2005 until March 2006, Charles Schwab in Indianapolis, Indiana from September 2006 until April 2013 and City Securities Corp in Indianapolis from May 2014 until April 2015. He has one customer dispute against him. He is not currently licensed within the industry.

Stoltmann Law Offices is investigating Al T. Doherty, a former registered representative with Multi-Financial Securities Corporation (MSFC). Doherty recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). It is alleged that Doherty borrowed $50,000 from one of his 70-year old customers. The loan was not documented and Doherty did not repay it. For this, he was suspended from the industry for four months and fined $5,000.

Al T. Doherty was registered with Baraban Securities in Los Angeles, California from June 1987 until April 1989, Golden Bay Securities from July 1989 until November 1990, Charles Schwab & Co. in San Francisco from January 1992 until February 1996, BA Investment Services in Oakland, California from July 1997 until July 1998, Merrill Lynch in Castro Valley, California from September 1998 until February 2006, Multi-Financial Securities Corp in Dublin, California from February 2006 until September 2009, White Pacific Securities in San Francisco from February 2010 until October 2010, Internet Securities in Oakland, California from October 2009 until October 2010 and Citigroup Global Markets in Orinda, California from October 2010 until September 2013. He has two customer disputes against him. He is not currently licensed within the industry, according to his FINRA BrokerCheck report.

If you invested money with Al T. Doherty, and suffered losses, his former firm, MSFC, may be responsible for your losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney about bringing a claim against MSFC. The call is free with no obligation. We sue firms in the FINRA arbitration forum to recover financial losses for investors.

Stoltmann Law Offices is investigating John Cody Miller, a City Securities broker. Miller is accused of executing discretionary transactions in the accounts of 90 customers without verbal authorization to exercise discretion in their accounts. His firm did not approve these accounts for discretionary trading. These actions occurred from May 4th through June 1st 2010. For this, he was suspended from the industry for 20 days and fined $10,000. Miller was registered with Charles Schwab & Co. in San Francisco, California from June 1998 until July 1998, Natcity Investments in Indianapolis, Indiana from July 1998 until November 2009 and PNC Investments, also in Indianapolis from November 2009 until October 2010. He is currently registered with City Securities in Indianapolis and has been since 2010. He has one customer dispute against him. If you lost money with John Cody Miller, his firm, City Securities, can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration process to recover finances. City Securities can be held liable for not properly supervising Miller during his employment there. Please call our law offices at 312-332-4200 to speak to an attorney. The call is free.

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