Articles Tagged with Fidelity Brokerage Services

According to public BrokerCheck records with the Financial Industry Regulatory Authority (FINRA), New York, New York-based Axiom Capital Management broker Jennifer Ling has customer disputes against her. Ms. Ling has been accused of acting negligently, misrepresenting and omitting material facts, breaching her fiduciary duty, breaching contract, committing fraud and misrepresenting material facts in connection to promissory notes issued by Aequitas Commercial Finance. These are all against securities laws and internal firm rules. If you suffered losses with Ms. Ling you may be able to recover them by bringing a claim against Axiom on a contingency fee basis in the FINRA arbitration forum.

According to FINRA, Ms. Ling was previously registered with Charles Schwab & Co. in San Francisco, California from February 2000 until April 2005, Fidelity Brokerage Services in Sunnyvale, California from June 2005 until April 2011 and Axiom Capital Management in New York, New York from May 2015 until July 2017. She has two customer complaints against her, one of which is currently pending, and one criminal final disposition. She is not currently registered as a broker within the industry.

Stoltmann Law Offices is investigating Rene Estrada and her firm, Fidelity Brokerage Services. She has worked for Fideilty since December 2012. Before that, she was a broker for J.P. Morgan Investment Services and Chase Investment Services, Corp. She has also worked for Western International Securities, Financial West Group and WM Financial Services, Inc. If you invested money with Rene Estrada or any of her former firms, you may be able to recover some of your losses. Please call our Chicago-based securities law firm at 312–332–4200 to speak to an attorney.

According to the Financial Industry Regulatory Authority (FINRA), there have been customer complaints filed against Peter Klaass, a registered representative with Allegis Investment Advisors in South Jordan, Utah. The allegations concern unsuitable trading involving options. Klaass was accused of failing to meet the standard of care as a supervisor, and, because of this, a client suffered losses of $400,000. He was also accused of recommending a trading strategy without regard to the client’s age, investment experience and risk tolerance. This is against securities rules and regulations, as a broker is obliged to make only suitable recommendations for his customers. The broker must take into account the client’s age, net worth, investment savvy and investment objectives before recommending or selling a security. He must also base his recommendation the investment’s properties including its benefits, risks, tax consequences and other relevant factors. If he does not, his brokerage firm or former brokerage firm may be responsible for investment losses.

Klaass was formerly registered with Fidelity Brokerage Services in Smithfield, Rhode Island from December 1993 until October 1994, WMA Securities in Duluth, Georgia from October 1994 until July 1995, CUNA Brokerage Services in Waverly, Iowa from July 1995 until July 2002, Edward Jones in St. Louis, Missouri from July 2002 until February 2003, Financial Network Investment Corp in Idaho Falls, Idaho from February 2003 until July 2007, LPL Financial in Idaho Falls from September 2007 until May 2011 and Signator Financial Services in Idaho Falls from April 2011 until June 2014. He is currently registered with Allegis Investment Services in South Jordan, Utah, and has been since May 2014. He has six customer disputes against him, four of which are currently pending.

You may be able to bring litigation claims against Allegis Investment Services in the FINRA arbitration forum in order to recover financial losses you may have suffered with Peter Klaass. The call to our Chicago-based law offices is free with no obligation. Please call today as time is of the essence. Attorneys are standing by to discuss your options of suing his firm on a contingency fee basis, which means we do not get paid unless you recover money.

The Financial Industry Regulatory Authority (FINRA) announced today that it fined Fidelity Brokerage Services $500,000 and ordered the firm to pay $530,000 in restitution for failing to detect or prevent the theft of more than $1 million from nine of its customers, eight of whom were senior citizens. A woman, Lisa Lewis, posed as a Fidelity broker in order to obtain her victim’s personal information and subsequently stole customer assets through numerous transfers and debit-card transactions. FINRA found the Lewis operated a conversion scheme from August 2006 until May 2013. Lewis allegedly targeted former customers from another brokerage firm from which she had been fired. She told the investors that she was a Fidelity broker and established joint accounts with her victims in which she was listed as an owner. She opened more than 50 separate accounts and converted assets from many of these accounts to her own and used the money for herself. Lewis pleaded guilty to wire fraud and was sentenced to 15 years in prison. She was also ordered to pay her victims more than $2 million in restitution.

FINRA found that Fidelity failed to detect or follow-up on various “red flags” related to Lewis’ scheme. FINRA also found that inadequate supervisory systems and procedures contributed to the failure to detect and prevent Lewis’ fraudulent activities. Fidelity failed to adequately review and investigate many of the reports concerning Lewis. If you invested money with Lisa Lewis, please contact our securities law firm in Chicago to speak with one of our attorneys. The call is free with no obligation. You may be able to bring a claim against Fidelity for supervisory failures.

Massachusetts securities division has charged Fidelity Brokerage Services with knowingly allowing unregistered individuals to act as investment advisors for Fidelity customers. Allegedly, Fidelity allowed more than a dozen unregistered individuals to use trading authorizations for more than 300 accounts, despite internal concerns that the individuals should be registered as investment advisors. The firm was also aware that fees were being deducted from the customers and given to the unregistered advisors. This is referred to as “willful ignorance” and puts Fidelity customers at risk. If you invested with Fidelity, please call our securities law firm to speak to an attorney. We may be able to help you recover your investment losses. The call is free with no obligation.

Stoltmann Law Offices is investigating Lee Dana Weiss, a registered investment adviser and owner of Family Endowment Partners LP. Weiss is accused of encouraging investors to invest more than $40 million in illiquid securities issued by several related companies without disclosing the fact that he had an ownership interest in the parent company of those entities. He also received payments from the entities. According to a complaint by the Securities and Exchange Commission (SEC), between 2010 and 2012, Weiss advised 11 Family Endowment Partners clients to invest more than $40 million in a French company that designed methods to reduce the harmful effects of tobacco smoking. Weiss received more than $600,000 in payments for himself.

Weiss was registered with Merill Lynch in New York, New York from October 1992 until November 2003, Fidelity Brokerage Services in Boston, Massachusetts from January 2004 until September 2007, FEP Investments in Boston from January 2009 until March 2009, and Stillpoint Capital in Tampa, Florida from March 2011 until August 2015. He is currently registered with MIP Global, Inc. in San Juan, Puerto Rico and has been since January 2014. He has 7 customer disputes against him, four of which are currently pending. If you invested money with Lee Dana Weiss, please call our securities law firm at 312-332-4200 for a free consultation with an attorney. There is no obligation. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating Miguel Valdez, a former broker with Fidelity Brokerage Services. Valdez was accused of selling fraudulent products, misrepresenting material facts related to an investment, and generating excessive commissions. Valdez was registered with Chase Securities of Texas in Houston, Texas from December 1998 until March 1999, Chase Investment Services in Houston from March 1999 until September 2006, Stanford Group Company in Houston from September 2006 until March 2009 and Northwestern Mutual Investment Services in Houston from December 2009 until June 2010. He is currently registered with Fidelity Brokerage Services in The Woodlands, Texas and has been since September 2010. Valdez has four customer disputes against him, two of which are pending. If you invested money with Miguel Valdez, please call our securities law firm based in Chicago at 312-332-4200 to speak with an attorney. The call is free with no obligation. We take cases on a contingency fee basis. We do not get paid unless you recover money. Valdez’s firm, Fidelity Brokerage Services, can be held liable for investment losses because of their inability to supervise him.

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