Articles Tagged with Financial West Group

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.

AdobeStock_1800313-1-300x204Kelly Clayton Althar, a former broker from California, was barred from the industry by the Financial Industry Regulatory Authority (FINRA). He allegedly made unsuitable recommendations and engaged in excessive trading in accounts held by an elderly client. FINRA found that he engaged in high-volume trading to generate commissions and over-concentrated his client’s accounts in risky securities, despite the fact that the client wanted low-risk investments and was close to retirement. Althar then used a trading strategy that all but wiped out the bulk of the client’s net worth and retirement savings. He also allegedly excessively traded her accounts. A broker has an ironclad obligation to only recommend and sell those securities that are suitable for his clients by taking into account their age, net worth, investment objectives and investment sophistication. If he does not, his brokerage firm may be held liable for losses on a contingency fee basis in the FINRA arbitration process. Please call our Chicago-based securities law firm today to find out how you may be able to recover your investment losses with a no-cost, no-obligation consultation with one of our attorneys today.
According to his online FINRA BrokerCheck public record, Althar was registered with Pruco Securities in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services Co. in Wellesley Hills, Massachusetts from October 1996 until May 1997, ML Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition. He has been barred from the industry. 312-332-4200.

Stoltmann Law Offices is investigating Kelly Althar who allegedly engaged in excessive trading (churning) in two accounts held by an elderly customer. Althar also allegedly made unsuitable recommendations. He was also charged with one count of grand theft. This is against securities rules and regulations. Churning accounts is a particularly egregious action done by a broker to generate large commissions for himself. Althar’s former firm, Financial West Group, can be sued in the Financial Industry Regulatory Authority (FINRA) forum on a contingency fee basis for investment losses. Please call our Chicago-based law firm today at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation.

According to his online FINRA BrokerCheck report, Althar was registered with Pruco Securities in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services in Wellesley Hills, Massachusetts from October 1996 until May 1997, M.L. Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition.

According to a recent Disciplinary Proceeding by the Financial Industry Regulatory Authority (FINRA), Kelly Clayton Althar allegedly engaged in excessive trading in two accounts held by an elderly customer. He also allegedly made unsuitable recommendations and overconcentrated the customer’s account in risky securities, despite the fact that the client wanted only low-risk investments. Eventually, Althar depleted most of the customer’s net worth and retirement savings. At one point, Althar made trades that caused significant losses for the customer, but resulted in $3,000 worth of commissions for himself. These are all against securities rules and regulations. Excessive trading, or churning, is a particularly egregious transgression, and is a tactic used by brokers to generate large commissions for themselves.

Althar was registered with Pruco Securities Corp in Newark, New Jersey from November 1995 until March 1996, Sun Investment Services Company in Wellesley Hills, Massachusetts from October 1996 until May 1997, M.L. Stern & Co. in San Francisco, California from May 2007 until December 2008, Southwest Securities in San Francisco from December 2008 until April 2011, Financial West Group in San Francisco from April 2011 until December 2015 and Paulson Investment Company in Novato, California from December 2015 until May 2016. He has two customer disputes against him and one criminal final disposition.

Please call our Chicago-based securities law firm today if you suffered losses with Mr. Althar. We may be able to help you bring legal recourse against his former firm for not properly supervising him while he was employed there. The firm may be liable for investment losses. To find out how to sue his former brokerage firm in the FINRA arbitration forum on a contingency fee basis, please call 312-332-4200 today. The call is free with no obligation.

Stoltmann Law Offices is investigating Joshua Mosshart, a former broker with LPL Financial in Westlake Village, California. He has been permanently barred from the industry by the Financial Industry Regulatory Authority (FINRA). Allegedly, Mosshart was sanctioned by FINRA in 2014 for allegedly referring investors, including firm clients, to an outside business activity, for which he received fees. He was also accused of participating in the “wrongful” sale of Enviro Board Corp bonds, breaching fiduciary duty, breaching contract, acting negligently, failing to supervise and violating state and federal statutes, among other things. These are all against securities rules and regulations.

According to his FINRA BrokerCheck report, Mosshart was registered with Financial West Group, Schoff & Baxter, Fasco International, Chicago Investment Group, UBS and LPL in Westlake Village, California from July 2004 until December 2012. He has three customer disputes against him, is not licensed and has been permanently barred from the industry. Please call our Chicago-based securities law firm today if you suffered losses with Mr. Mosshart. We may be able to help you recover your financial losses with LPL in the FINRA arbitration program on a contingency fee basis.

Stoltmann Law Offices is investigating Jeffrey Silverman, a former registered representative with BMA Securities. The Securities and Exchange Commission (SEC) recently barred Silverman from the securities industry, relating to allegations that he manipulated the market price of the stock of Grandparents, a social media website. He and his father, Anthony Silverman, allegedly manipulated the stock by timing the last trade of the day to be a considerably higher price than the previous day in order to influence the closing price. This is known as marking the close and creates a false appearance of a rising stock price and is used to tempt investors into purchasing the shares. This is against securities rules and regulations. Silverman was ordered to pay a disgorgement of $40,000, interest of $5,659 and a civil penalty of $75,000.

According to his online BrokerCheck report, Silverman was registered with Paradise Valley Securities in Phoenix, Arizona from June 1987 until October 2000, Peacock, Hislop, Stanley & Given in Phoenix from October 2000 until January 2003, Source Capital Group in Scottsdale, Arizona from January 2003 until June 2010, Financial West Group in Westlake Village, California from June 2010 until June 2010, BMA Securities in El Segundo, California from June 2010 until August 2012 and Wilson-Davis & Co. in Salt Lake City, Utah from July 2012 until August 2013. He is currently not registered with any firm, not licensed and the SEC has permanently barred him.

Please call our securities law offices in Chicago if you experienced investment losses with Mr. Silverman. You may be able to recover them by suing his former firm, BMA Securities, in the arbitration process. The call to us is free and we take cases on a contingency fee basis only. There is no obligation. 312-332-4200.

Did you lose money with Joshua Mosshart, a former registered representative with LPL Financial in Westlake Village, California? If so, please call our securities law firm in Chicago to speak to an attorney for free about your options of suing LPL Financial for not properly supervising Mosshart and allowing him to violate securities laws. We sue firms such as LPL Financial in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis to recover money for investors. The call to us is free so please call today.

Mosshart was involved in selling investment offerings of Enviro Board, which was purported to be a company that made environmentally friendly building materials. Enviro Board was never profitable, and Mosshart was alleged to have made misrepresentations regarding the profitability and viability of the company. Investments in Enviro Board were not properly registered.

Mosshart was registered with Financial West Group in Westlake Village, California from May 1999 until June 1999, Schoff & Baxter in Burlington, Iowa from July 1999 until December 1999, Fasco International in Walnut, California from January 2000 until August 2001, Chicago Investment Group in Chicago, Illinois from August 2001 until November 2001, UBS in Weehawken, New Jersey from February 2003 until July 2004 and LPL Financial in Westlake Village from July 2004 until December 2012. He is not currently registered with any firm and has three customer disputes against him.

The Financial Industry Regulatory Authority (FINRA) recently brought a regulatory action against Financial West Group, a California-based securities brokerage firm. FINRA alleged that the firm failed to provide adequate procedures to perform due diligence on private placements. This misconduct occurred between October 2008 and June 2015. FINRA alleged that Financial West Group’s written supervisory procedures failed to address many elements of a firm’s due diligence process for private placements and Financial West paid a $40,000 fine to settle the allegations. Private placements are securities sold to a relatively small number of select investors as a way of raising capital. Usually these investors are large banks, mutual funds, insurance companies and pension funds. They are not for sale on the open market to any type of investor. A complaint was also brought against Gene C. Valentine, the firm’s Chairman and CEO. FINRA alleged that Valentine allowed a statutory disqualified individual to act as a registered representative of the firm. He paid a $10,000 fine and was suspended from the industry in a principal capacity for 30 days. If you would like to find out how to sue Financial West Group for private placement violations and investment losses, please call our securities law firm today. We may be able to help you bring a claim against them to recover your losses.

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.

According to a complaint filed with the Financial Industry Regulatory Authority (FINRA), Charles Robert Cobb and Curtis Michael Worrell were both registered with Madison Avenue Securities. Both participated in private securities transactions without the knowledge of Madison Avenue Securities, and both received over $20,000 in compensation. This is commonly referred to as “selling away” and is when a broker sells a security that is not offered by his member firm. It is against securities rules and regulations. Cobb participated in five private securities transactions and received over $20,735 in compensation. Worrell participated in nine private securities transactions and received $46,492 in compensation. Both sold promissory notes in Diversified Lending Group (DLG). DLG was a multi-million dollar ponzi scheme.

Charles Robert Cobb was registered with New England Securities in New York, New York from May 1986 until January 1988, Guardian Investor Services in New York from January 1998 until May 1999, Park Avenue Securities in New York from May 1999 until April 2000, L.M. Kohn & Company in Cincinnati, Ohio from April 2000 until December 2005, Madison Avenue Securities in Lynchburg, Virginia from January 2006 until July 2012, and Allied Beacon Partners in Lynchburg from August 2012 until June 2013. He is currently registered with Financial West Group in Lynchburg and has been since June 2013.

Curtis Michael Worrell was registered with John Hancock Distributors from January 1983 until May 1986, Unum Sales Corporation in Portland, Maine from October 1992 until December 1995, New England Securities in New York, New York from June 1986 until August 1998, L.M. Kohn & Company in Cincinnati, Ohio from September 1998 until December 2005, Madison Avenue Securities in Roanoke, Virginia from January 2006 until June 2012 and Allied Beacon Partners in Roanoke from August 2012 until June 2013. He is currently registered with Financial West Group in Roanoke, Virginia and has been since July 2013.

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