Articles Tagged with Connecticut

Stoltmann Law Offices is investigating Patrick Colligan, a registered broker with Oppenheimer & Company in Stamford, Connecticut. Mr. Colligan allegedly executed detrimentally excessive bond trades, and executed unauthorized transactions, on two separate occasions. These are both against securities laws and internal firm rules. A broker must only make trades that have been authorized by his firm and by the customer, and must not make excessive trades. If he does, his brokerage firm may be liable for losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

FINRA public, online records state that Mr. Colligan was previously registered with Oppenheimer & Co. in New York, New York from July 1992 until May 1995, Merrill Lynch in New York from April 1995 until October 1999, Citigroup Global Markets in New York from October 1999 until January 2008, Morgan Stanley in Greenwich, Connecticut from December 2007 until June 2009, Morgan Stanley in Greenwich from June 2009 until May 2012 and UBS in Stamford, Connecticut from May 2012 until April 2013. He is currently registered with Oppenheimer in Stamford, and has been since March 2013. He has two customer disputes against him.

The Financial Industry Regulatory Authority (FINRA) records indicate that Kenneth Savino, a former LPL broker, was suspended from the industry for 15 days and fined $5,000. He allegedly purchased shares of a security for $100,000 without providing prior notice to his member firm and inaccurately indicated on an annual compliance questionnaire that he had not participated in any private securities transactions. He was discharged from LPL in October 2015 for allegedly entering into a loan transaction with another company, receiving shares of the company in return, with no pre-approval by the firm. He also allegedly made private securities transactions that he did not have pre-approved by the firm and introduced a client to a potential outside investment opportunity that was not approved by the firm. These are all against securities laws and internal firm rules. Selling away refers to when a financial advisor solicits investments in promissory notes or companies that are not pre-approved by his member firm. He does this in order to not have to share the commissions he earns from the sale with his member firm. The firm can be held liable for losses in this case.

According to FINRA records, Mr. Savino was previously registered with Manequity Inc. from May 1983 until December 1988, Lincoln Financial Securities Corp in Windsor Locks, Connecticut from December 1988 until July 2010 and LPL Financial in West Hartford, Connecticut from July 2010 until November 2015. He is currently registered with FSC Securities in East Hartford, Connecticut, and has been since December 2015.

According to publicly available records by the Financial Industry Regulatory Authority (FINRA), Lloyd Winkler, a New Jersey-based Securian Financial Services broker, is the subject of settled or pending customer complaints. Stoltmann Law Offices is interested in speaking to those customers who may have invested with Lloyd Winkler. We may be able to help you bring a case against Securian Financial Services for failing to properly supervise Winkler. We sue firms such as Securian Financial in the FINRA arbitration forum on a contingency fee basis, so we only make money if you recover yours. The call to us is free and with no obligation.

Winkler allegedly provided advice that triggered an inheritance tax, was accused of misrepresenting material facts related to an investment, breached fiduciary duty, breached contract, acted negligently and misrepresented material facts related to an investment, among other transgressions. He was registered with WS Griffith Securities in Hartford, Connecticut from July 2001 until June 2004 and Securian Financial Services in Parsippany, New Jersey since June 2004. He has six customer disputes against him, one of which is currently pending.

Robert Estevez, a registered investment adviser with Joseph Gunnar in New York, New York, recently entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA). The AWC alleged that Estevez recommended unsuitable steepener transactions in customer accounts. From May 2011 through September 2012, Estevez recommended the products, which are complex, structured products with returns linked to the spread between longer and shorter-term interest rates. They offer periodic coupons that are fixed for a pre-specified period. These products tend to be very illiquid, and Estevez recommended 25 short-term steepener transactions in the accounts of 19 customers, which resulted in $24,000 of customer losses. For this, he was fined $20,000 and suspended from the industry for two months.

Estevez was registered with Prime Charter Ltd in New York, New York from December 1998 until June 2001, Eastbrook Capital Group in New York, New York from June 2001 until December 2008 and Investors Capital Corp in Greenwich, Connecticut from December 2008 until September 2016. He is currently registered with Joseph Gunnar in New York and has been since September 2016. He has five customer disputes against him, one of which is currently pending. Please call us today for a free consultation about recovering your investment losses with Robert Estevez and Joseph Gunnar. We take cases on a contingency fee basis only.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Kevin Blaney was accused of making misrepresentations to customers in connection with the purchase, offer or sale of fixed income securities. Blaney was the Managing Director and salesman on Jeffries’ Mortgage-Backed Securities Desk from January 2009 until December 2011. Allegedly, in connection with six transactions, Blaney either made a false statement to a customer or failed to correct a statement made to a customer by another employee that Blaney knew was false. In five instances, Blaney misrepresented to Jeffries customers either the price at which the firm acquired, or was able to acquire, bonds that the customers were interested in purchasing, or that the firm was working with a seller of bonds when the firm already owned the bonds in inventory. This is against securities rules and regulations. For this, Blaney was fined $30,000 and suspended for three months.

According to his online FINRA BrokerCheck report, Blaney was registered with Citicorp Securities in New York, New York from December 1991 until September 1994, Banc of America Securities in New York from September 1994 until March 2001, JP Morgan Securities in New York from April 2001 until April 2003, RBS Greenwich Capital in Greenwich, Connecticut from April 2003 until April 2008 and Jeffries LLC in Stamford, Connecticut from May 2008 until September 2014. He is not currently registered with any member firm and is not licensed within the industry. Please call 312-332-4200 today to speak to an attorney about your options of suing Jeffries LLC for Blaney’s transgressions. The firm may be responsible for investment losses. The call is free with no obligation.

Richard Hawkes, a former Valic Financial Advisors broker in California, is not currently licensed to act as a broker or an investment adviser. He was terminated from both Valic Financial Advisors and E*Trade Securities. Hawkes was discharged for “selling away,” which means he sold an investment product not offered or sold by his member firm. This is against securities rules and regulations and is a tactic used by brokers to make large commissions for themselves, without having to share the money with their firm. Hawkes was accused of other securities violations as well.

Richard Hawkes was registered with Equity Services in Montpelier, Vermont from November 1985 until January 2001, WS Griffith Securities in Hartford, Connecticut from February 2001 until October 2001, Morgan Stanley in Purchase, New York from October 2011 until July 2002, Royal Alliance Associates in New York from August 2002 until April 2004, Worthmark Financial Services in St. Paul, Minnesota from April 2004 until December 2004, E*Trade Securities in New York from May 2005 until November 2005 and Valic Financial Advisors in Orange, California from April 2006 until May 2016. He has one customer dispute against him and he is not licensed within the industry. Please call our Chicago-based law firm today to speak to an attorney about your options of bringing an arbitration claim against Valic Financial Advisors. We may be able to help you recover your investment losses on a contingency fee basis.

Stoltmann Law Offices is investigating Jason Medvec, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Medvec allegedly sent emails from his Merrill Lynch account to a personal account, which contained names, account numbers and telephone numbers of 50 clients. He sent the emails on January 2nd and 3rd of 2014. This is against securities rules and regulations. Another email he allegedly sent marked “vacation” also had attached files containing the names of more than 8 Merrill Lynch clients and nine of their account numbers. Medvec then resigned from Merrill Lynch and joined Edward Jones, but that firm discharged him on January 8th after reports that “the firm received notification from his previous employer that he transmitted client information to his personal email address.” For this, Medvec was fined $5,000 and suspended for 10 days from the industry.

Medvec was registered with Park Avenue Securities in Springfield, Massachusetts from July 2005 until April 2006, OneAmerica Securities in Middletown, Connecticut from April 2006 until March 2007, MetLife Investors Distribution Company in Bloomfield, Connecticut from July 2007 until September 2008, Hartford Equity Sales in West Hartford, Connecticut from October 2008 until September 2009, Morgan Stanley in Hartford from January 2010 until April 2011, Merrill Lynch in Hartford from April 2011 until January 2014 and Edward Jones in Glastonbury, Connecticut from January 2014 until January 2014. He is not currently registered with any member firm and not licensed within the industry, according to his FINRA BrokerCheck report. Please call us if you invested money with Jason Medvec. We may be able to help recover your losses. The call is free with no obligation.

Stoltmann Law Offices is investigating Richard J. Rubin and his former firm, Northwestern Mutual Investment Services. Rubin entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to his AWC, Rubin was accused of engaging in real estate outside business activities, and was also accused of soliciting a customer to invest in a $15,000 real estate deal in Tampa, Florida. This is commonly referred to as “selling away” and is when a broker sells an investment that is not held or offered by his brokerage firm. It is against securities rules and regulations and is used to generate large commissions for the broker. For this, Rubin was fined $5,000 and suspended for 15 days.

Rubin was registered with Chimera Securities in New York, New York from March 2011 until November 2011, Northwestern Mutual Investment Services in Westport, Connecticut from March 2012 until September 2013 and MML Investors Services in Stamford, Connecticut from October 2013 until November 2013. He has two customer disputes against him. He is not licensed within the industry.

Stoltmann Law Offices is investigating Michael McDonald, a broker with Aegis Capital in Maitland, Florida. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he has been the subject of at least five customer complaints that included churning and excessive trading, unsuitable investment recommendations, unauthorized trading, breach of fiduciary duty and fraud, among other things. He was accused of recommending a private placement called Xyience Inc. to a customer which caused the customer $450,000 in damages. This is commonly referred to as “selling away” and is when a broker recommends a security that is not held or offered by his brokerage firm. Selling away is against securities rules and regulations.

McDonald was registered with Chatfield Dean & Co. in Greenwood Village, Colorado from February 1993 until May 1993, Ole Discount Corp in Detroit, Michigan from May 1993 until November 1995, Empire Financial Group in Longwood, Florida from December 1995 until February 1996, Southern Financial Group in Columbia, South Carolina from March 1996 until March 2002, Advest Inc. in Hartford, Connecticut from March 2002 until December 2005 and JHS Capital Advisors in Tampa, Florida from November 2005 until February 2011. He is currently registered with Aegis Capital in Maitland, Florida and has been since February 2011.

Stoltmann Law Offices is investigating Marcus J. Debaise, a former registered representative with Wells Fargo Advisors in Glastonbury, Connecticut. Debaise is accused of overconcentrating and failing to diversify the portfolio of retirees in a variety of risky, equity oil investments such as Niko Resources, Compton Petroleum, ATP Oil and Gas Corporation, and China Medical Express, among others. He also is accused of making unauthorized trades in customer accounts, failing to diversify accounts, and failing to execute loss management related to sales in equity positions which carried unsuitable risk resulting in decline in value, among other transgressions. Brokers such as Debaise have a duty to recommend securities to customers based on their net worth, age, investment sophistication and portfolio objectives, and if they do not, their firms can be held responsible for losses incurred in those securities because they had a duty to reasonably supervise them while they are employed there.

Mr. Debaise was registered with Legg Mason Wood Walker Inc. in Baltimore, Maryland from November 1993 until June 2000, Prudential Securities Inc. in New York, New York from June 2000 until July 2003 and Wells Fargo Advisors in Glastonbury, Connecticut from July 2003 until April 2015. He has 17 customer disputes against him, 12 of which are currently pending. He is not currently licensed within the industry.

If you or someone you know invested and lost money with Marcus Debaise, please call our securities law firm in Chicago at 312-332-4200 to speak to one of our attorneys. The call is free. We can help you bring a claim against his former firm, Wells Fargo, for investment losses you may have suffered. They may be liable for them. We take cases on a contingency fee only, which means we do not make money unless you recover for yourself.See video below for more information.

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