Articles Tagged with Gruntal Co

Did you suffer losses with Coleman Devlin, formerly of IFS Securities? Mr. Devlin has been accused of effecting discretionary trades in five customer accounts without obtaining prior written authorization from the customers and without acceptance of the accounts as discretionary by his member firm. He was also accused of making unsuitable investments, unauthorized trading, making misrepresentations and/or omissions, breaching fiduciary duty, giving unsuitable advice, failure to supervise, suitability, churning, and over-concentration in accounts in aggressive and speculative securities without client authorization, among other things. These are all against securities laws and internal firm rules. Churning, also known as excessive trading, is a particularly egregious tactic used by brokers in order to generate large commissions for themselves, while generating unnecessary fees for the client.
Mr. Devlin, according to his online BrokerCheck report with FINRA, was previously registered with Tamaron Investments, Legg Mason Wood Walker, Dean Witter Reynolds, Gruntal & Co., Ryan Beck & Co., Stifel, Nicolaus and IFS Securities in Atlanta, Georgia. He has 13 customer disputes against him, one of which is currently pending. He is not currently registered as a broker and is suspended from the industry.

According to a recent Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA), Robert Tuffy, while a registered broker with Wells Fargo, executed six trades in two accounts of a customer, without receiving the customer’s authorization. For this, Tuffy was suspended from the industry for 20 business days and fined $5,000. According to his online FINRA BrokerCheck report, Tuffy was registered with McLaughlin, Piven, Vogel Securities, Americorp Securities, WJ Nolan & Co., Gruntal & Co., Ryan, Beck & Co., Janney Montgomery Scott and Wells Fargo Advisors in East Brunswick, New Jersey from September 2006 until November 2015. He has three customer disputes against him, one of which is currently pending. If you invested money with Robert Tuffy, please call our Chicago-based securities law firm today to speak to an attorney to discuss your options of bringing a claim against Wells Fargo for failing to properly supervise its registered representatives. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating customer complaints filed with the Financial Industry Regulatory Authority (FINRA) against former National Securities Corporation broker John Labarca. According to FINRA BrokerCheck records, Labarca was barred from the securities industry in February 2016. He was being investigated for breaching securities rules and regulations which include making unsuitable investment recommendations, making unauthorized trades and breaching fiduciary duty, among other claims. Labarca was registered with Oppenheimer & Co. in New York, New York from October 1991 until July 1997, Gruntal & Co. in New York from July 1997 until May 2002, Ryan Beck & Co. in New York from April 2002 until June 2006, Wells Fargo Advisors in New York from June 2006 until February 2010 and National Securities Corp in Edison, New Jersey from February 2010 until February 2016. He has three customer disputes against him, one of which is currently pending. He has one criminal disposition against him. Call us today if you believe you have a claim against John Labarca. We may be able to help you sue his former firm, National Securities Corporation, for failing to reasonably supervise Labarca. The call to us is free.

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The securities lawyers of Stoltmann Law Offices are investigating broker Gregg Templeton. Templeton allegedly violated securities laws that included making misrepresentations, breach of fiduciary duty, and negligent supervision, among other claims. The claims relate to allegations regarding promissory notes and penny stocks. Allegedly, while registered with Oppenheimer & Co., Templeton defrauded a customer out of $6,750,000 through misrepresentations in what appear to be penny stocks. If you suffered losses with Gregg Templeton, you may be able to sue his former firm, Oppenheimer, for these losses. They had a duty to reasonably supervise Templeton while he was employed there. Please call 312-332-4200 for a free consultation with an attorney. We may be able to help you recover your money in the Financial Industry Regulatory Authority (FINRA) arbitration claims process on a contingency fee basis.

Templeton was registered with Royce Investment Group, Gruntal & Co. Inc., State Capital Markets Corp, First Metropolitan Securities Inc., GKN Securities, Morgan Stanley, Oppenheimer & Co. in New York, New York From December 1998 until June 2006, FSC Securities Corp and Aegis Capital Corp in New York from January 2016 until March 2016. He has six customer disputes against him, two of which are currently pending. He is not licensed within the industry.

Were you sold master limited partnership (MLP), Business Development Corporation (BDC), commodity-linked investments or other private equity high yield funds by Wells Fargo advisor Andrew Kevlahan? A complaint was filed that alleged that on or about May 2011, a retired couple who were customers of Kevlahan’s at Wells Fargo, were sold a securities backed loan with the firm secured by their investment account. The complaint alleged that Kevlahan did not take into account the 79-year old couple’s investment objectives, risk tolerances, age or net worth when selling them the security. The customers allegedly lost approximately 70% of their investment. A broker has a fiduciary duty to only recommend those securities that are suitable for an investor. If he does not, his firm, Wells Fargo, can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration process on a contingency fee basis to recover investment losses. We sue firms such as Wells Fargo in arbitration and we only get paid if you recover money.

MLPs are publicly traded partnerships with around 86% of the market attributed to energy and natural resource companies. There are around 130 MLPs trading on major exchanges. They typically provide high yields to investors but can be extremely risky investments that garner high commission for the broker. This is why they are recommended so often, even if they are not suitable investments. BDCs are similar securities in that they provide financing to small and mid-sized businesses, and can be very risky investments as well.

Kevlahan was registered with The Dreyfus Service Corp, David Lerner Associates, Gruntal & Co., JW Charles Securities, Corporate Securities Group, Rickel & Assoc. and Josephthal & Co. He is currently registered with Wells Fargo in Paramus, New Jersey and has been since September 2001. He has five customer disputes against him, one of which is currently pending.

According to a Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waiver and Consent (AWC), Christopher Breland Kelly, a former registered representative with LPL Financial, was accused of borrowing $150,000 from husband and wife firm customers. Allegedly, on March 1, 2009, Kelly borrowed $150,000 from two customers, which is against securities rules and regulations. For this, he was suspended for four months and fined $10,000. He also allegedly participated in a private securities transaction when he sold a $150,000 investment in his investment advisory business. Breland was registered with Penn Capital Financial Services, Cohig & Associates, Gruntal & Co. Inc., Thos K. Wasserman & Assoc., Prudential Securities, Merrill Lynch, Banc of America and LPL Financial in Jupiter, Florida from December 2005 until April 2014. He has one customer dispute against him.

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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 Patrick Teutonico, who was accused of churning, making unsuitable recommendations, negligent supervision, making excessive markups/markdowns, breach of fiduciary duty, unauthorized short trading and effecting unauthorized transactions as first trades in newly opened customer accounts, among other securities violations. Churning is excessive trading by a broker in a client’s account largely to generate commissions for himself. It often results in substantial losses in the client’s account, and may generate a tax liability for the client.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Teutonico was registered with W.J. Nolan & Co., Ryan, Beck & Co., Gruntal & Co., National Securities Corporation, Gunnallen Financial, First Midwest Securities, A&F Financial Securities, QA3 Financial Corp and Obsidian Financial Group. He is currently registered with Network 1 Financial Securities in Lynbrook, New York and has been since December 2012. He has nine customer disputes against him, six of which are currently pending. He has one criminal disposition against him. If you lost money with Patrick Teutonico, please call our securities law firm in Chicago to find out how you can sue his firm, Network 1 Financial for losses. The call is free and attorneys are standing by.

Stoltmann Law Offices is investigating Patrick Teutonico, who is accused of churning, unsuitable options trading, among other securities violations. Our office has filed a case against Network 1 Financial, which is the brokerage firm that Agent Teutonico has been registered with since December 2012. It is alleged that the Firm’s lack of supervision over Agent Teutonico facilitated this trading.

Agent Teutonico allegedly churned securities in the account of an elderly customer engaging in aggressive options trading on margin. The Statement of Claim alleges he over concentrated the Claimant’s account in small-cap technology stocks and invested a substantial portion of the account in the 3D printer market. Churning is excessive trading by a broker in a client’s account to generate commissions for himself and his broker/dealer. It often results in substantial losses in the client’s account.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Teutonico was registered with W.J. Nolan & Co., Ryan, Beck & Co., Gruntal & Co., National Securities Corporation, Gunnallen Financial, First Midwest Securities, A&F Financial Securities, QA3 Financial Corp and Obsidian Financial Group. He is currently registered with Network 1 Financial Securities in Lynbrook, New York and has been since December 2012. He has nine customer disputes against him, six of which are currently pending. He has one criminal disposition against him. If you lost money with Patrick Teutonico, please call our securities law firm in Chicago for a free consultation with a securities attorney to review your claims against Network 1 Financial and Mr. Teutonico.

Stoltmann Law Offices is investigating John D. Kavaler, a former broker with Ameriprise Financial Services, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is accused of recommending that three of his customers invest in a security known as iPath S&P 500 V1X Short Term Futures (VXX), which was a highly volatile exchange-traded note. His strategy to sell the notes MAY NOT HAVE BEEN suitable to his client’s investment objectives. The VXX tracks market negativity as reflected in the prices of futures contracts, and has severe risks. An investment advisor must take into account his client’s net worth, age, investment strategy and savvy and portfolio before recommending a security. If he does not, his firm can be sued in the FINRA arbitration forum to recover investment losses. Kavaler’s customers suffered losses.

Kavaler was registered with Lehman Brothers in New York, New York from May 1987 until April 1992, Prudential Securities Inc. in New York from March 1992 until May 1993, Gruntal & Co. in New York from June 1993 until June 1998, Josephthal & Co. in New York from August 1998 until June 1999, AXA Advisors in New York from October 2001 until August 2004, Quick & Reilly in New York from August 2004 until October 2004, Banc of America Investment Services in Boston, Massachusetts from October 2004 until January 2009 and Ameriprise Financial Services in Charlestown, Massachusetts from January 2009 until November 2013.   He is not currently registered with any member firm and has seven customer disputes against him. He is not licensed within the industry.

If you invested and lost money with John D. Kavaler, you may be able to sue Ameriprise for not properly supervising him while he was registered there. We sue firms like Ameriprise in the FINRA arbitration forum. Please call our securities law firm at 312-332-4200 to speak to an attorney for free. Time is of the essence so please call as soon as possible. We take cases on a contingency fee basis only.

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