Articles Tagged with investor

Stoltmann Law Offices continues to investigate Sonya Camarco, a former broker with LPL Financial. Ms. Camarco allegedly used her company, Camarco Investments, Inc., to steal over $2.8 million in investor funds from her clients. She allegedly took the money and used it to pay back credit card bills and took cash advances out on investor accounts. She also bought a home and paid for her personal home mortgage with the stolen funds. She also allegedly transferred investor funds directly in to her personal bank account and deposited investor funds through Camarco Investments into her personal bank account. When brokers conduct transactions that violate securities and firm laws, the brokerage firm with which they are employed may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their brokers may be liable for investment losses due to not reasonably supervising their employees. Sonya Camarco was previously registered with Merrill Lynch in New York, New York from December 1993 until July 2000, Morgan Stanley in Purchase, New York from July 2000 until March 2004 and LPL Financial in Colorado Springs, Colorado from February 2004 until August 2017. She has a civil complaint pending against her.

 

Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Jack Jarrell, an adviser with OAG Wealth Management in Kirkland, Washington. According to the Securities and Exchange Commission (SEC), Jarrell and another adviser, Jeffory Churchfield, sold promissory notes of the Providence Fixed Income Fund and Providence Financial Investments, which are purported to be investments in “factoring” of accounts receivable in Brazil. The SEC alleged that these companies did not account for the funds’ use of capital, and that they concealed the fact that they faced serious financial difficulties. The SEC subsequently alleged that the companies were ponzi schemes. Providence was unable to answer basic questions about the structure of its organization, use of investor proceeds and current financial situation.

Jarrell has been registered with OAG Wealth Management in Kirkland since December 2013. Jarrell filed for bankruptcy in 2010. If you or someone you know invested money with Jack Jarrell or OAG Wealth Management or with the Providence Fund, please call our Chicago-based law offices today to speak to an attorney. We may be able to help you bring a claim against OAG for investment losses. They may be responsible for losses and we sue firms such as OAG on a contingency fee basis. We only get paid if you recover your losses.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Thomas Thesier was accused of violating securities laws. Allegedly, between August 2012 and June 2015, while registered with Allstate Financial Services, Thesier signed the names of at least 22 customers to insurance applications and other insurance-related forms. He allegedly did so without the customer’s knowledge or authorization. He also created email addresses for at least 15 of his customers to make it appear as though they had their own email addresses because the insurance affiliate discounted certain insurance policies sold to a customer in the amount of 15% provided the customer had his or her own email address, as well as multiple policies with the carrier. For these violations he was suspended for six months in any and all capacities and fined $7,500. Thesier was registered with Allstate in Eaton Rapids, Michigan from August 2012 until June 2015. He is not licensed within the industry. If you wish to bring a claim against Thesier in the FINRA arbitration process, please call our law offices today to speak to an attorney for free. We may be able to help you recover your losses by suing Allstate Financial Services for failing to properly supervise Mr. Thesier. 312-332-4200.

According to a recent New York Times article entitled “Morgan Stanley Neglected Warnings on Broker,” Steve Wyatt, a Morgan Stanley broker in Ridgeland, Mississippi, was accused of trading account erratically. He was also accused of improperly managing tens of millions of dollars in client money. Mr. Wyatt was with the company for five years, finally being terminated in 2012, after two years of investigation against him. Former clients claim they lost about half their money with him, or around $50 million. This past week, the Mississippi secretary of state said in a settlement with Morgan Stanley that it had “failed to reasonably supervise” Mr. Wyatt. The settlement subsequently barred Mr. Wyatt and his immediate supervisor from the securities industry for life and Morgan Stanley was forced to create a $4.2 million fund to reimburse clients for their losses. So far, in its cases, Morgan Stanley has had to pay about $3 million. Allegedly, Mr. Wyatt raised so much concern that Morgan Stanley supervisors stopped him from trading in his personal accounts, yet, the firm allowed him to continue to trade money he managed for clients.

In his first year at Morgan Stanley, Wyatt put his client’s money into only two stocks, BlackBerry and Valence, a batter maker that later went bankrupt. Four clients saw their stocks fall more than 60 percent. He also allegedly bought 60 percent of the outstanding shares in a small Israeli computer cable company, RiT, for his clients. The heavy concentration in a single stock was problematic. He was terminated by he firm when evidence showed he had been using a personal email address to push clients to buy investments that he held in his own private accounts. Morgan Stanley can be liable for investment losses because of Mr. Wyatt, or another broker’s failure to take into account client’s best interests. We sue firms such as Morgan Stanley in the arbitration process for clients who have lost money, and we do so on a contingency fee basis only, so we only make money if you recover yours. Please call us today to discuss your options. The call is free.

According to a New York Times article this week entitled “To Crack Down on Securities Fraud, States Reward Whistle-Blowers,” securities regulators in Indiana and Utah are using informants, also known as “whistle-blowers,” to protect their residents from financial harm. Whistle-blowers have been helping regulators at the federal level for quite some time now, and now the states themselves are getting involved.

An Indiana whistle-blower was awarded $95,000 for helping state regulators bring an enforcement action against JP Morgan Chase for failing to disclose conflicts of interest to clients about the way the bank invested their money. That was the first award given under Indiana’s whistle-blower program aimed at securities law violators. In this particular case, the informant told regulators about JP Morgan’s practice of steering clients into in-house funds that generated more costs to the clients, and, at the same time, more fees to the bank itself. The award stated JP Morgan’s practices as “outside the standards of honesty and ethics generally accepted in the securities trade and industry.” Indiana’s program was adopted in 2012 by its state legislature and officials can award up to 10% of monetary sanctions received in an enforcement statement to the whistle-blower.

Utah’s program, adopted in May 2011, allows a whistle-blower to receive up to 30% of the proceeds as an award. The first award Utah awarded was in 2014 to an investment adviser who told officials about $150,000 in questionable transactions he had witnessed while analyzing an elderly client’s holdings. He received $20,000 of the money.

According to a recent disciplinary proceeding with the Financial Industry Regulatory Authority (FINRA), Craig David Dima was accused of making fraudulent misrepresentations and omissions to his firm, K.C. Ward Financial. Mr. Dima made approximately 41 unauthorized sales of Colgate-Palmolive Company stock in the account of a customer, who was a senior. This occurred from June 2010 until August 2015. Dima falsely told the customer that the sales were the result of computer issues, human error or statements to that effect, rather than unauthorized trades. He also, on 11 separate occasions, sold all or almost all of the “blue chip” dividend-paying stock and then purchased the same stock in the customer’s account. Because of these trades, the senior client paid costs of approximately $376,000 and was deprived of approximately $127,000 in dividend payments. The client also suffered losses of approximately $72,000 from three of the unauthorized, sell/buy sequences of Colgate transactions.

According to his online, FINRA BrokerCheck report, Dima was registered with Lew Lieberbaum & Co., RM Stark & Co., Meyers Pollock Robbins, Inc., Andrew, Alexander, Wise & Company Inc., Foster Jeffries Co., Inc., La Jolla Capital Corp., IAR Securities Corp., Ash Financial Corp, Schneider Securities, Joseph Charles & Assoc., Sterling Financial Investment Group, First Montauk Securities, Harrison Securities, LH Ross & Company, Andrew Garrett Inc., and American Capital Partners. He is currently registered with KC Ward Financial in Ronkonkoma, New York and has been since September 2009. He has five customer disputes against him, one of which is currently pending, and one criminal disposition. If you or someone you know lost money with Dima, please call our securities law offices in Chicago today. We may be able to bring a case against his firm, KC Ward Financial, in the FINRA arbitration forum on a contingency fee basis to help you recover your investment losses. The call to us is free with no obligation.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Jonathan Casiano was accused of misappropriating funds totaling at least $14,400 from three affiliated bank customers which is in violation of FINRA rules. Allegedly, in June 2016, Casiano issued debit cards linked to the accounts of five bank customers. Between June 2, 2016 and June 28, 2016, Casiano directed family members and a friend to use the debit cards to make withdrawals of funds from three of the bank customers’ accounts totaling $14,400. He then used the funds to make personal purchases. For this, he was barred from the industry. According to his online FINRA BrokerCheck report, Jonathan Casiano was registered with JP Morgan Securities in Arlington, Texas from March 2016 until July 2016. He is not currently registered with any firm, he is not licensed and has been barred from the industry. If you feel that you may have a claim and would like to sue his former firm, JP Morgan Securities, in the FINRA arbitration forum, please call us today. Attorneys are standing by to take your call for free and there is no obligation. JP Morgan may be responsible for investment losses and we sue firms on a contingency fee basis. 312-332-4200.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Daniel John Myers, a Morgan Stanley broker, was fined $10,000 and suspended from association with any FINRA member in any and all capacities for one year. Myers was accused of executing 26 unauthorized transactions in the account of a customer between January 2013 and March 2013. After the customer allegedly complained about the transactions, Myers settled the complaint away from the firm. From November 2012 until April 2013, Myers used an unapproved personal email account to conduct securities business, which is against securities rules and regulations.

Myers was registered with UBS Financial Services in New Haven, Connecticut fro November 2006 until March 2008, Morgan Stanley in New Haven from March 2008 until September 2014 and Wells Fargo Advisors in New Haven from September 2014 until August 2016. He has one customer dispute against him and one criminal disposition. He is not licensed within the industry.

Firms such as Morgan Stanley can be sued in the FINRA arbitration forum on a contingency fee basis to recover investment losses for individuals. We sue firms such as Morgan Stanley for failing to properly supervise their representatives. Please call our securities law firm in Chicago at 312-332-4200 to speak to an attorney about your options. The call to us is free with no obligation. Please call today as there is a statute of limitations on these sorts of cases.

The Securities and Exchange Commission (SEC) upheld a decision by the Financial Industry Regulatory Authority (FINRA) to fine Edward Wedbush, the founder and president of Wedbush Securities, Inc., $50,000 and to suspend him from acting in any principal capacities for 31 days. Wedbush was accused of allegedly failing to supervise certain mandated regulatory filings. In most cases, these supervisors are obligated to take a special examination as part of their qualification if they are involved in the day-to-day management or operation of a firm. According to the SEC, from January 2005 until July 2010, Wedbush Securities filed 158 required reports with FINRA related to judgments and settlements, arbitrations, civil litigations or regulatory actions, employee terminations and statistical information on customer complaints late, with inaccurate information, or not at all, while Wedbush was acting as president. This is against securities rules and regulations. The company was put on notice that they were failing to effectively modify its procedures and that it needed to address it numerous regulatory reporting deficiencies. The company did not rectify these transgressions, even after being told of them.

Did you lose money with Michael Oppenheim, formerly of JP Morgan Chase? Oppenheim was recently barred from the industry after admitting that he stole more than $20 million from clients for trading stocks online, paying personal bills and gambling on sporting events. Oppenheim settled fraud charges with the US Securities and Exchange Commission (SEC) last week. Earlier this year, he pled guilty to criminal embezzlement and securities fraud charges in US District Court for the Southern District of New York and was sentenced to five years in prison. He also agreed to pay $20,185,225 to settle the criminal charges and pay restitution to JP Morgan Chase. He allegedly took client funds to buy himself cashier’s checks, which were deposited into brokerage accounts he controlled. The money was then used to engage in options trading. In 2008, he persuaded at least two customers to withdraw more than $12 million from their accounts, and he told them the funds would be used to buy municipal bonds or municipal bond funds. Instead, he used the money to pay a home loan, gambling debts and credit card bills and to buy luxury clothing and travel. He also covered up the scam by falsifying client account statements to show bonds owned by other customers, and by moving cash from one customer account to another to inflate balances. The SEC barred him from the industry.

Oppenheim was registered with Merrill Lynch in New York, New York from April 1998 until May 1999, Prudential Securities in New York from May 1999 until July 2001, Chase Investment Services in Chicago, Illinois from February 2002 until February 2004, Wachovia Securities in St. Louis, Missouri from February 2004 until May 2004, Chase Investment Services Corp in New York from May 2004 until October 2012 and JP Morgan Securities in New York from October 2012 until April 2015. He has one customer dispute against him. He is not licensed within the industry and the SEC and the Financial Industry Regulatory Authority (FINRA) have permanently barred him.

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