Articles Tagged with Garden City

Stoltmann Law Offices is interested in speaking to those investors who have invested with Merrill Lynch broker Charles Friedlander. A recent lawsuit alleges that, clients of Friedlander’s, a retired couple were looking to generate a stable income stream to sustain them through retirement and relied upon Friedlander and the research of Merrill Lynch to select suitable investments that would preserve their capital while producing income. The lawsuit alleges that Friedlander was pushing oil and gas investments in master limited partnerships (MLPs) and allegedly represented them as safe and secure. By 2014, the concentration into energy in their accounts was over 70%. Even though the clients lost money in those investments, Friedlander continued to advise them to invest more money into the oil and gas sector, even though it was not suitable for them based on their age, net worth, risk tolerance and investment objectives. A broker must take these factors into account before recommending or selling any investments, and, if he does not, his brokerage firm may be liable for losses. Oil and gas and energy investments tend to be high-risk and illiquid ones, which, in this case, caused the retired couple to lose over $350,000 of their irreplaceable retirement savings. The lawsuit alleges negligence, negligent supervision, breach of fiduciary duty, and breach of contract.

Mr. Friedlander was previously registered with Lehman Brothers in New York, New York from November 1987 until July 1993, Citigroup in Garden City, New York from July 1993 until June 2009 and Morgan Stanley in Garden City from June 2009 until March 2013. He is currently registered with Merrill Lynch in Garden City and has been since February 2013. He has one customer dispute against him. This is according to his online BrokerCheck report with FINRA.

Joseph Abbate recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He allegedly, while registered with Wells Fargo, engaged in discretionary trading in five customer accounts without written authorization. He allegedly placed 100 securities transactions in five customers; accounts without first communicating with the customers about each transaction. This is against securities laws and internal firm rules. For this, he was fined $5,000 and suspended for 20 business days. According to his online BrokerCheck report with FINRA, Mr. Abbate was previously registered with Prudential Securities in New York, New York from June 1995 until July 2003 and Wells Fargo in Garden City, New York from July 2003 until August 2017. He has two customer disputes against him, and is not currently registered as a broker.

Stoltmann Law Offices is investigating Steven Schmulewitz, who was accused of violating securities laws including making unsuitable investment recommendations, unauthorized trading and churning accounts. Churning is a particularly egregious violation because it is excessive trading in a customer account, which can generate high fees for the client and large commissions for the broker. When a broker engages in churning, he will typically trade in and out of securities, sometimes even the same stock, many times over a short period of time. Often times the account will completely turnover every month with different securities. Shmulewitz was also accused of trading a customer’s account on margin without authorization from the client.

Steven Shmulewitz was registered with Biltmore Securities in Ft. Lauderdale, Florida from January 1994 until August 1994, Monroe Parker Securities in Purchase, New York from August 1994 until December 1997, VTR Capital in New York, New York from January 1998 until February 1998, Fin-Atlantic Securities in Jupiter, Florida from March 1998 until January 1999, and Woodstock Financial Group in Garden City, New York from February 1999 until December 2014. He is currently registered with Craft Capital Management in Garden City and has been since May 2015. He has nine customer disputes against him. Please call our securities law offices in Chicago to speak to an attorney about your options of suing Craft Capital Management in the arbitration forum on a contingency fee basis. We sue firms such as Craft Capital Management in order to recover losses for investors.

Stoltmann Law Offices is investigating Sean McCabe, a registered representative with Worden Capital. McCabe was accused of making unsuitable investment recommendations, unauthorized trading and churning (excessive trading). He was also accused of breaching fiduciary duty, negligence, misrepresentation and negligence causing $550,000 in damages. That complaint is currently pending. Excessive trading, or churning, is a particularly egregious transgression, because it generates large commissions for the broker, and can cost the client high fees. If you suffered losses because of Sean McCabe, please call our securities law firm today to discuss your options of suing Worden Capital for your losses. We sue firms such as Worden on a contingency fee basis for investors to help them recover their financial losses. The call to us is free so please call soon. 312-332-4200.

According to his FINRA BrokerCheck report, McCabe was registered with Woodstock Financial Group in Garden City, New York from October 2008 until September 2010, National Securities Corp in Westbury, New York from August 2010 until June 2014 and Four Points Capital Partners in Westbury, New York from June 2014 until June 2015. He is currently registered with Worden Capital Management in Garden City, New York and has been since June 2015. He has four customer disputes against him, three of which are currently pending.

Did you or someone you know invest money with Edward Beyn, a former broker with New York-based Rothschild Lieberman? If so, you may be entitled to recover your losses. We may be able to help you bring a claim against Rothschild Lieberman for investment losses. The firm may be responsible for losses incurred with Edward Beyn, and we sue firms on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration process. Please call today. The call is free with no obligation. 312-332-4200.

Beyn was alleged to have “excessively traded and churned customer accounts, without regard to the suitability of his recommended trading.” He also, while employed at Craig Scott Capital, allegedly executed excessive and unauthorized trades and misrepresented material facts. He also was accused of breaching fiduciary duty and executing highly speculative trades. Some of these complaints are currently pending.

According to his FINRA online BrokerCheck report, Beyn was registered with Pointe Capital in Bethpage, New York from May 2008 until October 2008, Clark Dodge & Co. in Garden City, New York from October 2006 until March 2009, JHS Capital Advisors in Bethpage from May 2009 until May 2010, Brookstone Securities in Uniondale, New York from May 2010 until February 2012, Craig Scott Capital in Uniondale from February 2012 until September 2015, and Rothschild Lieberman in Syosset, New York from September 2015 until March 2016. He has seven customer disputes against him, two of which are currently pending. He is not licensed within the industry.

Stoltmann Law Offices is investigating former New York-based Morgan Stanley broker Vladimir Eydelman. Mr. Eydelman is the subject of four customer complaints, one regulatory sanction, one pending civil action and one pending criminal charge, according to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report. In 2014, criminal charges were filed against him in the US District Court for the District of New Jersey, including one felony count of conspiracy to commit securities fraud, and nine counts of insider trading securities fraud. In 2014, the Securities and Exchange Commission (SEC) filed a complaint against him alleging that the engaged in insider trading around more than a dozen mergers or other corporate transactions for illicit profits of $5.6 million during a four-year period. It is still pending. Other complaints include aggressively trading in unsuitable investments, over-concentrating accounts in risky and speculative investments and executed excessive trades, among others. In 2014, Eydelman was discharged from Morgan Stanley after the SEC filed a complaint against him alleging insider trading.

He was registered with E.C. Capital in Mineola, New York from April 1996 until November 1996, Walsh Manning Securities from November 1996 until August 1998, Morgan Wilshire Securities in Garden City, New York from August 1998 until June 2000, Vanguard Capital in Del Mar, California from June 2006 until March 2001, CIBC World Markets Corp in New York, New York from March 2001 until January 2003, Oppenheimer & Co. in New York from January 2003 until September 2012 and Morgan Stanley in New York from September 2012 until April 2014. He is not currently registered with any member firm. He has four customer disputes against him and one criminal charge, which is pending.

According to a Financial Industry Regulatory Authority (FINRA) complaint, Edward Beyn was accused of excessively trading and churning six customer accounts while he was registered as a representative with Craig Scott Capital (CSC). This is a tactic used by brokers to garner large commissions for themselves, even if it is not in the best interest of the client. Beyn allegedly used a short-term trading strategy in the customers’ accounts as a means to turn over the accounts quickly and generate outside commissions for himself. He relied heavily on buying and selling equities of companies releasing their earnings reports as a catalyst for excessively trading accounts. Each of these carried a markup. A broker must take into account a customer’s age, net worth, trading strategy and investment objectives when recommending and selling securities. If he does not, his firm can be held responsible for investment losses. This allegedly took place between March 2012 and August 2013. He executed 115 transactions in this time period, and generated approximately $188,704 in commissions and fees for himself. Many of his victims were over the age of 60.

Beyn was registered with Pointe Capital in Bethpage, New York from May 2008 until October 2008, Clark Dodge & Co. in Garden City, New York from October 2008 until March 2009, JHS Capital Advisors in Bethpage from May 2009 until may 2010, Brookstone Securities in Uniondale, New York from May 2010 until February 2012 and Craig Scott Capital in Uniondale, New York from February 2012 until September 2015. He is currently registered with Rothschild Lieberman in Syosset, New York and has been since September 2015. He has seven customer disputes against him, five of which are currently pending.

Stoltmann Law Offices is investigating Gregory T. Dean, a broker with Worden Capital Management. He allegedly churned customer accounts and charged excessive commissions. He also allegedly made unsuitable investment recommendations between April 2012 and March 2013. Dean was registered with Metropolitan Life Insurance Company in New York, New York from March 2005 until April 2005, American Capital Partners in Wantagh, New York from May 2005 until February 2007, and J.D. Nicholas & Associates in Syosset New York from January 2007 until November 2014. He is currently registered with Worden Capital Management in Garden City, New York and has been since November 2014. He has six customer disputes against him, four of which are currently pending. If you lost money with Gregory T. Dean, please call our securities law firm at 312-332-4200 to speak to an attorney. We concentrate on suing firms such as Worden Capital Management for losses suffered because of their brokers. They had a duty to supervise Mr. Dean, and did not, so they may be held liable for his transgressions.

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