Articles Tagged with Financial Services

Yesterday, the Securities and Exchange Commission (SEC) brought sanctions against a former Goldman Sachs Group Inc. employee who obtained Federal Reserve secrets. Rohit Bansal had been barred from the industry for seven months when the sanctions were brought against him. The SEC stated that he is also barred from participating in any offerings of penny stocks, including acting as a promoter, consultant or agent. The SEC accused him of obtaining confidential supervisory documents from a contact inside the Federal Reserve Bank of New York and using them to get ahead in his career. He pleaded guilty to one count of a misdemeanor offense of misappropriating government property in Manhattan federal district court. He was sentenced to two years of probation and 300 hours of community service in March and was fined $5,000. The New York State Department of Financial Services fined Goldman Sachs $50 million last year for failing to supervise Mr. Bansal and others. Goldman also accepted a three-year ban on new regulatory consulting work involving the department and admitted to a lapse in oversight of its employees.

Stoltmann Law Offices is investigating James Noto, a registered representative with Summit Brokerage Services. Noto was the subject of a regulatory event and seven customer disputes. He was fined by Florida’s Department of Financial Services in 2013 after allegedly engaging in the insurance business without proper licensing. If you have lost money with Noto, please call our offices in Chicago at 312-332-4200 to speak to an attorney. The call is free with no obligation.

Noto was registered with Cigna Securities in Radnor, Pennsylvania from September 1982 until April 1993, Merrill Lynch in New York, New York from March 1993 until January 1998, Vanguard Capital in Del Mar, California from January 1998 until September 1998 and Raymond James in St. Petersburg, Florida from October 1998 until February 2005. He is currently registered with Summit Brokerage Services in Trinity, Florida and has been since March 2005. He has seven customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Sara Ng, a former broker with Financial West Group in Oak Brook, Illinois. According to her Financial Industry Regulatory Authority (FINRA) online, public BrokerCheck report, she was registered with IDS Life Insurance Company in Minneapolis, Minnesota from February 1996 until July 1997, American Express Financial Advisors in Minneapolis from February 1996 until July 1997, Dean Witter Reynolds Inc. in Purchase, New York from July 1997 until November 1999, Gruntal & Co. in New York, New York from October 1999 until December 2000, Wachovia Securities in St. Louis, Missouri from December 2000 until November 2002, Berthel, Fisher & Co. Financial Services in Oakbrook, Illinois from November 2002 until March 2014 and Financial West Group in Oak Brook from February 2014 until November 2015. She is currently registered with Axiom Capital Management in Oak Brook and has been since October 2015. She has two customer disputes against her. It is possible that Ng has invested large sums of money for investors in products such as real estate investment trusts (REITs) and oil and gas products. Please call us today if you or someone you know was recommended investments by Ng in Magnum Hunter. We may be able to help you recover your losses in Magnum Hunter investments suffered with Sara Ng. The call to us is free with no obligation. For more information please see video below.

Stoltmann Law Offices is investigating Morissa Rivo, a former registered representative with Signator Investors in Boca Raton, Florida, who was recently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). FINRA investigated Rivo after she was terminated from Signator Investors. At the time, she was also under investigation by the Florida Department of Financial Services in 2015. Brokerage firms such as Signator Investors have a duty to adequately supervise all representatives registered with their firm. The firm must also ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. If it does not, the firm may be liable for investment losses sustained by customers of the firm. Please call our securities law firm in Chicago to speak to one of our attorneys about your options. The call is free with no obligation and we take cases on a contingency fee basis only, which means we do not make money unless you recover it.

Rivo was registered with Metropolitan Life Insurance Co in Staten Island, New York from June 2006 until July 2007, MetLife Securities in Staten Island from June 2006 until November 2013 and Signator Investors in Boca Raton, Florida from February 2014 until May 2015. She has three customer disputes against her, one of which is currently pending. She is not licensed within the industry and has been permanently barred.

Stoltmann Law Offices is investigating Robyn Lee, a former registered representative with Independent Financial Group. Ms. Lee is not currently licensed to act as a broker or investment advisor. Ms. Lee was accused of misrepresenting and omitting material facts, breaching fiduciary duty and recommending unsuitable tenant-in-common (TIC) investments, among other transgressions. TICs are the co-owners of an undivided interest in real property. TICs each own a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property. TIC investments can be risky ones. A broker’s duty is to only recommend investments that are suitable for her clients. She must take into account their age, net worth, portfolio, investment sophistication and investment objectives. If she does not, her firm can be held liable for investment losses, because they have a duty to reasonably supervise her while she is employed there.

Robyn Lee was registered with McClurg Capital Corporation in San Rafael, California from April 1997 until December 1998, Capital Brokerage Corporation in Richmond, Virginia from March 1997 until October 1999, Passport Securities in Burlingame, California from October 1999 until March 2000, Securities America in Lavista, Nebraska from March 2000 until March 2002, EPlanning Securities in Roseville, California from March 2002 until January 2004, Berthel, Fisher & Co. Financial Services in Burlingame from January 2004 until May 2007 and Independent Financial Grop in San Mateo, California from May 2007 until June 2015. She has 11 customer disputes against her, two of which are currently pending. She is not licensed within the industry.

If you or someone you know invested and lost money with Robyn Lee, you may be able to sue her former firm, Independent, for financial losses. Please call our securities law firm to find out how we can help you bring a claim against them. The call is free with no obligation.

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.

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