Articles Tagged with Illinois

According to a plea agreement filed January 9th, 2018 in U.S. District Court, Daniel Glick was charged with, and pleaded guilty to, wire fraud. He could potentially be facing up to 10 to 15 years in prison. These criminal charges were filed against him on November 15th, 2017. Glick, a former Orland Park, Illinois investment advisor, allegedly stole more than $5 million from clients, including his elderly in-laws, in order to use it to fund personal expenses. As stated in his plea agreement filed in Chicago, Illinois, Mr. Glick defrauded several clients and financial institutions by misappropriating at least $5.2 million from them during a six-year period, from 2011 until 2017. During this time, Mr. Glick owned and operated Financial Management Strategies Inc., Glick Accounting Services Inc., and Glick & Associates Ltd, which purported to provide investment and financial services to clients, as well as accounting and tax services.

Glick allegedly forged checks and other documents to financial institutions and falsely told his clients, which included his elderly mother and father in-law, and an individual in a nursing home, that their investments were safe and useful ones. Glick also allegedly obtained power of attorney from at least one of the clients. He used the ill-gotten gains to pay a home mortgage, two business loans and to purchase a Mercedes-Benz.

According to the charges, Glick forged signatures on letters and checks, including those of his in-laws, in order to make transfers of hundreds of thousands of dollars from their checking account to his company’s own. Another family allegedly paid him $700,000 in fees, even though he had already misappropriated hundreds of thousands of dollars of theirs, unbeknownst to them. Glick then used inflated interest and overstated the amount of the investments in account statements that he sent to investors, in order to perpetrate the scheme. He also allegedly made ponzi-like payments to clients, taking newly acquired money and giving it to original investors.

Stoltmann Law Offices continues to investigate Wells Fargo broker Jeffrey Berenson, who works in the Orland Park, Illinois branch. Mr. Berenson allegedly recommended unsuitable investments to a customer, in a complaint that is currently pending. According to his online, public Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Mr. Berenson was previously registered with Prudential Securities Inc. in New York, New York and is currently registered with Wells Fargo in Orland Park, Illinois and has been since January 2000. He has one customer dispute pending against him, alleging that he made unsuitable investments to a customer between 2000 and 2010.

According to Financial Industry Regulatory Authority (FINRA) public records, Edward Murphy, a broker with David A. Noyes & Company in Chicago, Illinois, allegedly violated securities laws. He allegedly made unsuitable unit investment trusts (UIT) trades, recommended unsuitable investments, and misrepresented material facts related to an investment. These are all against securities laws. According to BrokerCheck online, Murphy was previously registered with The Milwaukee Company from November 1985 until October 1988, Dain Bosworth Inc. from October 1988 until April 1990 and Hamilton Investments from March 1990 until September 1994. He is currently registered with David A. Noyes in Chicago, Illinois, and has been since September 1994. He has four customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating former Wells Fargo broker Philip Earl Brunson, who has been accused by the Financial Industry Regulatory Authority (FINRA) of converting customer funds. He also failed to provide FINRA with information in regards to his investigation. He entered into a Letter of Acceptance Waiver and Consent, and was subsequently barred from the securities industry.

Mr. Brunson worked for PNC Investments in Decatur, Illinois as a stockbroker and they discharged him because he “admitted to violating policy at his former firm by accepting cash gifts from his clients. Before PNC, he was employed as an investment advisor at Wells Fargo in Champaign, Illinois. A former client accused him of misappropriating funds from an investment account on January 16, 2013. The complaint was settled for $43,000. Mr. Brunson has also worked for Proactive Financial Services in Pleasantville, New York and A.G. Edwards & Sons in Champaign, Illinois. He has one customer dispute against him and was barred permanently from the industry.

If you would like to bring investment claims against Philip Earl Brunson, please contact our law offices at 312–332–4200 to speak to an attorney. We concentrate on suing brokerage firms such as Wells Fargo for failure to supervise their employees. The call is free with no obligation.

For clients victimized by former Glenview, Illinois financial advisor Darinn Dwight Kim, her former employer, Linsco Private Ledger, can be sued to recover stolen or converted funds. Darinn Kim, who ran DK Financial LLC, was terminated by LPL in October of 2012 due to the receipt of customer funds from a client without the client’s authorization. She was also kicked out of the securities industry for forging a client’s signature, transferring client funds without the customers OK and selling securities without the clients approval. For other clients of Kim who had similar conduct engaged in, her former employer, LPL, can be sued to recover any investment losses or converted funds. While employed by the firm, LPL had a duty and obligation to supervise her activities.

Fortunately for clients who wish to sue LPL, there are often supervisory red flags of misconduct that should have been discovered. If those red flags are ignored, the brokerage firm can be held liable to compensate the investor for investment losses or converted funds. We have successfully sued LPL dozens of times Our securities fraud lawyers, headquartered in Chicago, Illinois can provide a free evaluation for how to recover Darrin Kim related losses on a contingency fee basis. Please call 312.332.4200

The answer is usually no. Borrowing money from clients is usually considered a violation of the securities industry rules and regulations. Despite the seriousness of this rule, brokers regularly borrow funds from clients. In some instances, when brokers get caught borrowing funds, they get terminated from their firm or even kicked out of the securities industry.

Consider the case of Patrick Joseph Friel. The former Saxon Securities and TFS Securities broker recently consented to FINRA sanctions and to the entry of findings that he improperly borrowed money from a customer at his member firm. The loan was interest free and did not have any terms of repayment. The findings stated that the firm’s procedures generally prohibited borrowing money from a customer, except in limited circumstances. He was then suspended from the securities industry for 30 days. In some instances, “borrowed” funds by a financial advisor can be recovered against the brokerage firm. To learn how, please call our law firm in Chicago, Illinois.

Stoltmann Law Offices is investigating Daniel H. Glick from Orland Park, Illinois. The Financial Industry Regulatory Authority (FINRA) barred Glick from the industry for failing to respond to an investigation. FINRA was investigating him over allegations that he forged client signatures to steal and misappropriate their funds.

The Certified Financial Planner (CFP) Board also barred Glick from the industry for the same reasons. Glick was a financial advisor and representative of TransAmerica Financial Advisors from January 2012 to March 2014. He worked in Orland Park, Illinois and was terminated from that branch. TransAmerica Financial Advisors had a duty to supervise Mr. Glick, and they can be sued in the FINRA arbitration process. Please call us at 312–332–4200 to find out how we may be able to help you recover your investment losses.

Daniel-Glick-Indiana-AWC

AdobeStock_112181284-1-300x200According to a recent Financial Industry Regulatory Authority (FINRA) Disciplinary Proceeding, Further Lane Securities allegedly charged excessive markups on 55 corporate bond transactions with customers, in violation of securities rules. The firm also allegedly failed to adequately supervise the markup activities of its registered representatives in violation of those rules. According to the Proceeding, a registered investment advisor placed limit orders with one of the traders to build the portfolio of an individual customer. The rep sold the bonds to the firm’s retail customers with an additional markup and caused the firm to mark up twice each security that the firm sold to a customer. Excessive markups were charged in 53 of the transactions with the firm’s individual customers. This is against securities laws. Please call our securities law firm in Chicago, Illinois to speak to an attorney about your options of bringing a claim in the FINRA arbitration forum against Further Lane Securities in order to recover your investment losses. We take cases on a contingency fee basis. The call is free with no obligation.

The recent cratering of the Pacific Coast Oil Trust has devastated many elderly and retired clients who relied on this investment for conservative income in their portfolio.  In some instances, the brokers who heavily sold this investment may have violated the law by recommending unsuitable concentrations of this investment.  For some investors, the losses might be recoverable.  Please call our investment fraud law firm in Illinois to learn how these losses might be recoverable through lawsuits against the brokerage firms who peddled the investment.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Russell Sadler was fined $25,000 and suspended from the industry for 12 months. According to his AWC, Sadler, while registered with LPL, purchased securities issued by a company that proposed to build a movie studio in Plymouth, Massachusetts. Several of his customers also purchased the securities. Sadler did not provide LPL with written notice about these private securities transactions, and he did not receive approval from the firm. This is against securities rules and regulations. If you lost money through an investment with Russell Sadler, you may be able to sue LPL Financial in the FINRA arbitration forum to recover those losses on a contingency fee basis. The call to our securities law firm in Chicago, Illinois is free and there is no obligation.

Sadler was registered with HD Vest Investment Services in Irving, Texas from May 1995 until October 1999, First Dunbar Securities Corp in East Berlin, Connecticut from October 1999 until July 2001, LPL Financial in Plymouth, Massachusetts from July 2001 until February 2013 and Cambridge Investment Research in Plymouth from February 2013 until September 2014. He is currently registered with Independent Financial Group in Plymouth and has been since August 2014. In September 2015, there was an investigation against him.

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