Articles Tagged with Chief Compliance Officer

Stoltmann Law Offices is investigating Gary E. Oliver, a former registered broker with Fortius Financial Advisors. Oliver was barred by the Securities and Exchange Commission (SEC) for allegations made in an SEC complaint against him. He was also ordered to pay disgorgement of over $138,000, a civil penalty of $125,000 and interest of $15,426. The SEC also was investigating Fortius Financial Advisors and its former Chief Compliance Officer, Jeff Bollinger. The complaint alleged that Fortius engaged in securities violations, including investing $800,000 of one of its client’s money in an illiquid, unsuitable private fund that it managed called Fortius Private Fund. Oliver allegedly misappropriated more than $137,000 from a customer. The SEC also alleged that the firm and Bollinger failed to reasonably supervise Oliver, allowing him to commit the securities violations. Fortius Financial was ordered to pay a civil penalty of $70,000 and disgorgement of $20,749, with $3,321 in interest. Bollinger was ordered to pay a civil penalty of $25,000 and disgorgement of $1,718 plus $252 in interest. Please call our Chicago-based securities law office today if you feel we may be able to help you bring a claim against Fortius on a contingency fee basis to recover investment losses.

Stoltmann Law Offices is investigating Gordon Dihle, who allegedly liquidated 4 billion shares of six penny stocks in seven customer accounts while registered with Spencer Edwards. The shares were not registered with the Securities and Exchange Commission (SEC) nor were the transactions exempt from registration. This is against securities rules and regulations. During this time, Gordon Dihle was the firm’s President, Chief Compliance Officer and AML Compliance Officer. He and the firm failed to conduct and ensure that registered representatives conducted reasonable and meaningful inquiries of the circumstances surrounding the illicit sales of six penny stocks, despite obvious indications that the sales were or could be illicit distributions of unregistered stocks. The firm also failed to have in place anti-money laundering regulations.

Dihle was registered with Variable Asset Strategies in Greenwood Village, Colorado from September 1999 until September 2006 and Spencer Edwards in Centennial, Colorado from January 2003 until November 2013. He has two customer disputes against him and is not currently registered with any firm or licensed within the industry.

Dihle and Spencer Edwards have a duty to have regulatory measures in place, and, because they did not, can be held liable for investment losses. If you invested money with Spencer Edwards, you may be able to recover those losses by calling our securities law firm at 312-332-4200. We are securities attorneys in Chicago, Illinois and sue firms such as Spencer Edwards on a contingency fee basis to recover money for investors.

Stoltmann Law Offices is investigating Michael Molinaro, a registered broker with Network 1 Financial Services in Syosset, New York. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Molinaro was accused of failing to supervise a representative, and failing to enforce a reasonable supervisory system with respect to private placements at Charles Vista LLC, where he served as President and Chief Compliance Officer. These are against securities rules and regulations.

Molinaro was registered with the following firms: GKN Securities Corp in New York, New York from April 1996 until December 1998, Ladenburg Capital Management in Bethpage, New York from December 1998 until November 2002, S.W. Bach & Co. in Port Washington, New York from December 2003 until August 2004, Maxim Group in Woodbury, New York from August 2004 until November 2006, Charles Vista in Staten Island, New York from February 2009 until February 2009, John Thomas Financial in New York, New York from December 2006 until March 2009, Charles Vista in New York from March 2009 until September 2012, E.J. Stering in New York, New York from September 2012 until June 2013 and Columbus Advisory Group in New York, New York from October 2013 until February 2014. He is currently registered with Network 1 Financial Securities in Great Neck, New York. He has two customer disputes against him.

If you invested money with Michael Molinaro, please call our securities law firm at 312-332-4200 to speak to an attorney. You may be able to bring a claim against his firm, Network 1 for failing to properly supervise him. The call is free with no obligation. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating David D. Lewis, a former Chairman, Chief Executive Officer and Chief Compliance Officer of First Washington. Lewis recently entered into an Order Accepting an Offer of Settlement with the Financial Industry Regulatory Authority (FINRA). Lewis was accused of failing to establish, maintain and enforce adequate supervisory systems and written supervisory procedures during the time he was involved with First Washington. During that period, First Washington’s customers engaged in a number of high-risk options transactions and subsequently suffered massive losses. In many cases, the customer’s positions exposed risk that was great, authorized by the firm. Lewis, as the head of the firm, failed to reasonably review the accounts and failed to verify that the customers understood and authorized the transactions when multiple options transactions were effected in the accounts. Lewis also allegedly failed to supervise the firm’s average price account and failed to supervise his registered representatives.

If you invested money with David Dixon Lewis, his former firm, First Washington, may be responsible for investment losses. Please call our Chicago-based securities law firm at 312-332-4200 for a free consultation with an attorney to discuss bringing a claim against First Washington. Mr. Lewis had a duty to reasonably supervise his registered representatives and his firm, and because he did not, First Washington can be sued in the FINRA arbitration forum to recover financial losses. We sue firms such as First Washington on a contingency fee basis only, so we only make money if you recover it.

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