Articles Tagged with Corporate Securities Group

Stoltmann Law Offices is investigating Mark Beloyan, who recently had a complaint filed against him and his firm, TradeSpot Markets, by the Financial Industry Regulatory Authority (FINRA). Beloyan was the President, Chief Operating Officer, Chief Compliance Officer and owner of TradeSpots. FINRA alleged that Beloyan and another financial advisor at the firm recommended penny stocks to customers without affirming suitability. This misconduct occurred while he and the advisor were trading shares of Mondial Ventures Inc. and STW Resources Holding Corp. Allegedly, Beloyan often entered information on customer suitability forms after the customer had signed it. For these transgressions, TradeSpot agreed to pay a $10,000 fine and will not solicit or recommend the purchase of penny stock for one year. Beloyan was suspended from the securities industry in all capacities for 10 days with an additional 50 days in a principal capacity. Penny stocks are those stocks which are typically exchanged at a relatively low price, and, therefore, highly speculative and high risk because of their lack of liquidity. They are not suitable for all investors.

Beloyan was registered with Rutherford, Brown & Catherwood from February 1986 until October 1988, Escalator Securities from November 1988 until May 1990, Sunpoint Securities in Longview, Texas from May 1990 until January 1992 and Corporate Securities Group in St. Louis from January 1992 until March 1992. He is currently registered with TradeSpot in Davie, Florida, and has been since March 1992, according to his online, public FINRA BrokerCheck report. Please call our securities law offices in Chicago, Illinois today to speak to an attorney about your options of suing Mark Beloyan and TradeSpot Markets in the FINRA arbitration forum on a contingency fee basis to recover your investment losses. The call to us is free with no obligation so please call today. 312-332-4200.

Were you sold master limited partnership (MLP), Business Development Corporation (BDC), commodity-linked investments or other private equity high yield funds by Wells Fargo advisor Andrew Kevlahan? A complaint was filed that alleged that on or about May 2011, a retired couple who were customers of Kevlahan’s at Wells Fargo, were sold a securities backed loan with the firm secured by their investment account. The complaint alleged that Kevlahan did not take into account the 79-year old couple’s investment objectives, risk tolerances, age or net worth when selling them the security. The customers allegedly lost approximately 70% of their investment. A broker has a fiduciary duty to only recommend those securities that are suitable for an investor. If he does not, his firm, Wells Fargo, can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration process on a contingency fee basis to recover investment losses. We sue firms such as Wells Fargo in arbitration and we only get paid if you recover money.

MLPs are publicly traded partnerships with around 86% of the market attributed to energy and natural resource companies. There are around 130 MLPs trading on major exchanges. They typically provide high yields to investors but can be extremely risky investments that garner high commission for the broker. This is why they are recommended so often, even if they are not suitable investments. BDCs are similar securities in that they provide financing to small and mid-sized businesses, and can be very risky investments as well.

Kevlahan was registered with The Dreyfus Service Corp, David Lerner Associates, Gruntal & Co., JW Charles Securities, Corporate Securities Group, Rickel & Assoc. and Josephthal & Co. He is currently registered with Wells Fargo in Paramus, New Jersey and has been since September 2001. He has five customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Stephen Marc Biley, who entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is currently registered with Spencer Edwards. He was accused of participating in the sale of unregistered shares of four over-the-counter penny stocks on behalf of three customers between January and April 2011. He allegedly deposited and liquidated over 3.5 billion penny stock shares of four issuers, including Encounter Technologies, Strategic Management and Opportunity Corp, All-State Properties Holdings and Greene Concepts, receiving a total of over $1.6 million in proceeds. This is against securities rules and regulations. For this, Biley was fined $30,000 and suspended from associating with any FINRA member firm in any capacity for 30 days.

Biley was registered with John Hancock Mutual Life Insurance in Boston, Massachusetts from July 1993 until July 1995, John Hancock Distributors in Boston from July 1993 until July 1995, Mony Securities Corp in New York, New York from June 1995 until January 1996, Royce Investment Group in Woodbury, New York from February 1996 until October 1996, Corporate Securities Group in St. Louis, Missouri from September 1996 until November 1997 and Lumiere Securities Inc. in Denver, Colorado from November 1997 until December 1998. He is currently registered with Spencer Edwards in Centennial, Colorado and has been since January 1999.

If you invested money with Stephen Marc Biley, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney. We take cases on a contingency fee basis only, which means we do not receive money unless you recover yours. The call is free with no obligation. We sue firms such as Spencer Edwards in the FINRA arbitration process for not properly supervising their brokers. They can be held liable for your investment losses because of this.

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