Articles Tagged with Invest Financial Corp

AdobeStock_17723177-1-300x175According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Stephen Landa, a former registered broker with Invest Financial Corporation, was accused of employing a short-term mutual fund trading strategy in the accounts of customers who were elderly and retired. Both customers had conservative investment objectives and moderate risk tolerances. Mr. Landa allegedly recommended that the clients purchase the mutual fund shares, and then recommended that they sell them shortly after. He did not have a reasonable basis for believing that these transactions were suitable for the clients, based on their ages, investment objectives, portfolios and net worth. Landa recommended that the clients hold the mutual fund shares for less than six months, and these included front-end sales loads. The customers subsequently lost over $18,000 of their investment. For this, Landa was fined $5,000 and suspended from the industry for two months.
According to FINRA public records, Stephen Landa was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from November 1991 until September 2000, American Express in Minneapolis from November 1991 until September 2000, Royal Alliance Associates in Jersey City, New Jersey from August 2000 until May 2004, Sig Securities in Dallas, Texas from December 2004 until March 2005, Greenwich Global in Wilton, Connecticut from May 2004 until March 2005 and Invest Financial Corp in Easton, Connecticut from March 2005 until August 2015. He has two customer disputes against him and is currently not registered.
If you would like to speak to one of our attorneys about your investment losses with Stephen Landa, please call our Chicago and Barrington, Illinois-based law offices at 312-332-4200. Your consultation is free with no obligation. We may be able to help you bring a claim against Invest Financial Corp for not properly supervising Mr. Landa. We take cases on a contingency fee basis, so we only make money if we recover your investment losses for you.

AdobeStock_35532974-1-300x200Recently, Invest Financial Corp entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). FINRA accused Invest of disadvantaging certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge. This occurred between January 1, 2009 and December 31, 2015. This is against securities rules and regulations. Many mutual funds waive the up-front sales charges associated with Class A shares for certain retirement plans and charitable organizations. Invest allegedly failed to reasonably supervise the application of sales charge waivers to eligible mutual fund sales. The firm was fined $225,000 and censured. Invest Financial Corp can be held liable for your losses. Please call our law offices today at 312-332-4200 to speak to one of our attorneys about how you may be able to bring a lawsuit against Invest for losses. The call is free with no obligation. We sue firms in the FINRA arbitration forum on a contingency fee basis.

Stoltmann Law Offices is investigating Ralph Fetrow, a former broker with Castleview Partners. Mr. Fetrow was terminated from Castleview Partnes in September 2016 after he allegedly violated firm policy and was under investigation for possible violations of firm policies and procedures prohibiting trading away and outside business activities. These outside business activities included Painted Hill Farms, Financial Planning Association, Shippensburg University, RAMS 88 Inc., and Ralph Fetrow Consulting. The selling of notes and other investments outside of a brokerage firm is referred to as “selling away” and oftentimes, brokers who engage in this practice use outside business activities in order to market their securities. It is against securities rules and regulations, and is a tactic used by brokers to be able to keep all of the commissions associated with the product, instead of having to share them with their member firm.

According to his FINRA BrokerCheck report, Fetrow was registered with First Union Brokerage Services in Charlotte, North Carolina from March 1999 until August 2000, JJB Hilliard, WL Lyons in Louisville, Kentucky from November 2000 until June 2001, PNC Capital Markets in Pittsburgh, Pennsylvania from June 2001 until December 2006, PNC Investments in York, Pennsylvania from December 2006 until January 2007, Financial Network Investment Corporation in Dillsburg, Pennsylvania from March 2007 until October 2008 and Invest Financial Corp in Hershey, Pennsylvania from October 2008 until December 2015. He is currently registered with Kovack Securities in LeMoyne, Pennsylvania and has been since February 2016.

If you lost money with Mr. Fetrow, you may be able to bring a claim against his firm, Kovack Securities, in the FINRA arbitration claims process to recover them. We take cases on a contingency fee basis so we only get paid if you recover your losses. The call to us is free with no obligation so please call today.

Stoltmann Law Offices is investigating Jeffrey Ostrander, a Kansas-based Raymond James financial adviser. Ostrander is accused of misrepresenting material facts, making unsuitable investment recommendations, omitting material facts related to investments and making unsuitable investment recommendations. All of these are against securities rules and regulations. Ostrander’s former firm, Raymond James, can be held responsible for investment losses because of failing to reasonably supervise him. The firm can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

Ostrander was registered with The Stuart-James Company Inc., Dean Witter Reynolds Inc., Painewebber Inc., Boatmen’s Investment Services, Piper Jaffray Inc., Invest Financial Corp, SII Investments, and Ameriprise Advisor Services in Overland Park, Kansas from May 2005 until March 2016. He is currently registered with Raymond James Financial Services in Overland Park, Kansas and has been since February 2016. He has three customer disputes against him. Please call our securities law offices today to speak to an attorney about your options of suing Raymond James in the FINRA arbitration forum on a contingency fee basis to recover money losses. 312-332-4200.

Stoltmann Law Offices continues to investigate former Ameriprise advisor Susan Walker, who was sentenced to 88 months in prison after stealing more than $1 million from 24 retirement accounts of her clients. Walker pled guilty and was convicted of one count each of mail fraud and tax evasion in October of 2014. During the period between October 2008 and March 2013, Walker allegedly opened investment brokerage accounts in her name and several of her client’s names without their knowledge. She then withdrew money from the retirement accounts of at least 24 of her clients and hid the money she stole in accounts that were under her name. She then allegedly used the money to buy cruises, vacation packages, monthly rent and a new car. On top of her 88 month prison sentence, she also will receive three years supervised release and was forced to pay $978,950 in restitution.

Susan Walker was registered with IDS Life Insurance Company in Minneapolis, Minnesota from May 1998 until January 1991, American Express Financial Advisors in Minneapolis from May 1998 until January 1991, Invest Financial Corp in Tampa, Florida from May 1991 until November 1992, IDS Life Insurance Company in Minneapolis from May 1994 until November 1996, Titan/Value Equities Group in Irvine, California from June 1998 until March 1999, Mutual Service Corp in Plymouth, Minnesota from March 1999 until October 2008 and Ameriprise in Wayzata, Minnesota from December 2008 until April 2013. She has one customer dispute against her. She is not licensed and the Financial Industry Regulatory Authority (FINRA) permanently barred her from the industry.

Did you lose money with Alan Gold of Wilmette, Illinois? If so, please call our securities law offices in Chicago, Illinois. Gold was a former investment adviser who was arrested at his home on Monday on federal wire fraud charges because of the accusation that he defrauded clients out of at least $1 million in investment funds. He allegedly managed the money through his home-based company, Alan Gold & Associates. Gold sent false statements to his clients, showing them that their assets were invested in stock, real estate, futures and other products, when, in reality, he simply spent the money on personal expenses such as gambling at casinos and living expenses. He also allegedly wired transfer funds from client accounts for five years from January 2010 until January 2015 using the false statements he had doctored. He is to be sentenced on June 15th.

Alan Gold was registered with Birkelbach Investment Securities from July 1983 until October 1983, Merrill Lynch from November 1983 until October 1986, Prudential-Bache Securities from August 1986 until August 1988, Blunt Ellis & Loewi Inc. from July 1988 until September 1988, D.R. Dwyer & Co from April 1989 until August 1989, and Invest Financial Corp in Skokie, Illinois from November 1989 until September 2007. He has three customer disputes against him and he is no longer licensed to act as a broker or investment adviser within the industry.

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