Articles Tagged with Disciplinary Proceeding

Accelerated Capital Group entered into a Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA). According to the Proceeding, Accelerated allegedly failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with federal securities laws and FINRA rules. “The firm failed to reasonably supervise trading activity to ensure that all securities transactions were suitable, not excessive, and properly authorized by the firm’s customers; failed to monitor mutual fund switches, exchanges and sales for suitability; failed to ensure that its registered representatives informed customers of potential breakpoints when purchasing mutual fund products; and, failed to reasonably identify or respond to red flags of broker misconduct.” These are all against securities laws.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Johnny Burris, while registered with Chase Investment Services, failed to execute a trade for his customers, a married elderly couple. The failed trade resulted in their IRS tax payment to be rejected for insufficient funds. Burris then created and sent unapproved misleading correspondence to the customers and the IRS. This is against securities rules and regulations. Burris was registered with BA Investment Services in Oakland, California from April 1997 until July 1999, Banc of America Investment Services in Boston, Massachusetts from July 1999 until October 1999, Investors Capital Corp in Sun City West, Arizona from January 2000 until December 2005, Chase Investment Services Corp in Sun City West from July 2010 until October 2012, JP Morgan Securities in Sun City West from October 2012 until December 2012, Oppenheimer & Co. in Scottsdale, Arizona from February 2013 until March 2014 and Southeast Investmnets in Charlotte, North Carolina from March 2014 until June 2015. He has three customer disputes against him. Please call our securities law firm today to find out how you might be able to sue Chase Investment Services for financial losses. The call is free with no obligation.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), John Bocchino and Rafael Jacinto were accused of engaging in a scheme to circumvent Morgan Stanley’s policies restricting trade in Venezuelan bonds. To do so, the men used fictitious nominee accounts that appropriated trades in the accounts and falsified firm documents. As a result of this, both men were able to trade approximately $190 million in Venezuelan bonds. Both men were registered representatives of Morgan Stanley in the New York City office. Both men were terminated from the firm as this was against securities rules and regulations.

John Bocchino was registered with JP Morgan Securities in New York from July 1998 until October 2000, Citigroup Global Markets in New York from February 2001 until June 2009 and Morgan Stanley in New York from June 2009 until March 2012. He is currently registered with UBS in New York and has been since April 2012. He has one customer dispute against him. Jacinto was registered with The Golden, Lender Financial Group in New York from April 1999 until July 1999, TD Waterhouse Investor Services in Omaha, Nebraska from July 1999 until November 2002, Citigroup Global Markets in New York from February 2004 until June 2009 and Morgan Stanley in New York from June 2009 until March 2012. He is currently registered with UBS in New York and has been since April 2012.

If you lost money with John Bocchino or Rafael Jacinto, please call our law offices in Chicago, Illinois today to speak to an attorney for free. We may be able to help you bring a case against Morgan Stanley in the FINRA arbitration forum to recover your investment losses. Morgan Stanley may be responsible for losses on a contingency fee basis. Call today. The call is free with no obligation.

Stoltmann Law Offices is investigating Glenn Robert King, who was accused of engaging in misconduct while associated with Royal Alliance Associates, Inc. According to a recent Disciplinary Proceeding by the Financial Industry Regulatory Authority (FINRA), King fraudulently misrepresented and omitted material facts during securities sales to seven customers, engaged in unsuitable and excessive short-term trading of long-term investment products in the accounts of four customers and exercised discretion in the accounts of four customers without written consent and firm approval. For these transgressions, he was barred from the industry. Any customer who lost money with Glenn Robert King is urged to call our Chicago-based law offices to speak to an attorney about his options of suing King’s former firm, Royal Alliance. Royal Alliance had a duty to reasonably supervise him while he was employed there, and, because the firm did not, may be responsible for client losses. 312-332-4200. The call is free.

King was registered with Thomas James Associates, Dean Witter Reynolds, Citigroup Global Markets, Royal Alliance Associates in Lakewood, New Jersey from January 2005 until June 2011, Saxony Securities, Garden State Securities and Buckman, Buckman & Reid. He is not currently registered with any firm and has been permanently barred from the industry. He has 21 customer disputes against him, three of which are currently pending.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Dion R. Padilla effected an unauthorized purchase of a variable annuity for a firm customer and concealed this information from the customer for over nine months through repeated misrepresentations that he had not invested the customer’s funds into a variable annuity. According to the Disciplinary Proceeding, Padilla was told by a customer couple that they did not want any of their funds invested in a variable annuity due to the high fees associated with them, and because they desired liquidity in their portfolio. Padilla then proceeded to put a significant amount of money into a variable annuity investment, and subsequently told the couple that the investment was not. This was false. The net commission Padilla earned for this transaction was approximately $42,000. Once the customer realized the investment was a variable annuity, he was told by Padilla that he would be charged a surrender fee of $62,000 to exit the product.

According to his FINRA BrokerCheck online report, Padilla was registered with Merrill Lynch in New York, New York from August 2001 until March 2002, Valic Financial in Houston, Texas from August 2002 until March 2003, UBS Financial in Weehawken, New Jersey from December 2002 until August 2003 and Securities America in Lavista, Nebraska from October 2003 until March 2008. He is currently registered with NEXT Financial Group in San Antonio, Texas and has been since February 2006. He has two customer disputes against him, one of which is currently pending. Please call us today if you would like to file an arbitration claim against Padilla’s firm, NEXT Financial Group in the FINRA arbitration forum. We may be able to help you recover your financial losses.

According to a Disciplinary Proceeding by the Financial Industry Regulatory Authority (FINRA) on June 10th, Richard Gomez made unsuitable recommendations and sold investments away from his firm. For this, Gomez was permanently barred from associating in any capacity with any FINRA member firm. Allegedly, Gomez sold nearly half a million dollars of two worthless securities away from his firm, Legend Securities. He sold the securities to seven customers by misrepresenting and omitting material facts about both investments. The first security was Praetorian Global Fund, a fraudulent private investment headed by John Mattera. Mattera, a former chiropractor with a criminal record, (including theft convictions for securities-related crimes), had a penny stock bar against him as well as multiple judgments and liens. Praetorian claimed that it owned hundreds of millions of dollars in pre-initial public offering (IPO) stock of companies such as Facebook, Groupon and Zynga Inc. $394,000 of the bogus stocks were sold to investors.

Another stock, US Coal Corporation (US Coal) was a small, private company in Appalachia that was supposed to go public in the “near future.” Gomez was recruited to sell the stock by a “fund manager” who told him he had acquired the shares from retirees who needed cash quickly and could not wait for the IPO. The fund manager was actually one of the founders of the company. A total of $105,000 was invested, and the company filed for bankruptcy in 2014.

According to Gomez’s FINRA BrokerCheck report, he was registered with the following firms: Hunter Scott Financial, Hallmark Investments, Garden State Securities, Brookstreet Securites, Meyers Associates, World Equity Group, Clark Dodge & Co., Brill Securities, Vision, U.S. Financial Investments, Legend Securities in New York, New York from June 2011 until December 2011, Caldwell International Securities, PHD Capital, Rockwell Global Capital, Woodstock Financial Group and Avenir Financial Group. He has two customer disputes against him, one of which is currently pending and two judgment/liens. He is not currently licensed within the industry and has been permanently barred.

Stoltmann Law Offices is investigating J. Randall Gladden, who recently entered into a Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA). He is accused of selling away, which is when a broker offers and/or sells a security that is not offered by his member firm. In Gladden’s case, he was registered with Securities Equity Group as a broker and allegedly conceived of and participated in the sales of securities for the Church Development Fund, LLC. The fund was used to make loans to churches, primarily for refinancing their existing real estate loans. From May 2011 until September 2013, Gladden solicited seven investors to invest more than $2.1 million in the fund through their securities purchases. For the sale of these securities, Gladden received an “operator fee.” If you invested money with J. Randall Gladden, you may be able to recover your investment losses by calling our law offices in Chicago. His firm, Securities Equity Group, may be responsible for your losses because they had a duty to reasonably supervise Gladden while he was employed with them.

Gladden was registered with Securities America Inc. in Lavista, Nebraska from August 1995 until May 1997 and Securities Service Network in Knoxville, Tennessee from May 1997 until February 2002. He is currently registered with Securities Equity Group in El Cajon, California and has been since April 2002. He has two customer disputes against him, according to his online public FINRA BrokerCheck report.

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