According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA) has barred former Investors Capital broker, Matthew Peregoy, from the industry. Peregoy allegedly failed to attend a hearing that was looking into allegations of possible misuse of client funds. Mr. Peregoy was terminated from Investors Capital in July 2016, after he failed to disclose a civil judgment against him and for possible misuse of customer funds. These are against securities laws and internal firm rules. According to FINRA records, Mr. Peregoy was previously registered with Capital Analysts Inc. in Cinncinnati, Ohio from December 1993 until April 1996, Royal Alliance Associates in Jersey City, New Jersey from May 1996 until April 1998, The Investment Center in Brick, New Jersey from May 1998 until December 2005 and Investors Capital Corp in Brick from January 2006 until July 2016. He has one customer dispute against him and has been permanently barred from the industry.
Stoltmann Law Offices is investigating Wesley Wood, a former Hendersonville, Tennessee-based broker with WFG Investments. The Financial Industry Regulatory Authority (FINRA) accused Wood of reimbursing a customer without informing his member firm, using a personal email address that was not disclosed to the firm, not reporting a customer complaint, and misrepresenting material facts in connection to alternative investments. These are all against securities laws. Wood’s former firm, WFG Investments, can be sued in the FINRA arbitration forum on a contingency fee basis in order to recover investment losses. Please call our Chicago-based securities law firm today to find out how. 312-332-4200. The call is free with no obligation.
According to his online, FINRA BrokerCheck report, Wood was registered with MML Investors Services in Springfield, Massachusetts from April 2005 until September 2005, Investors Capital Corp in Hendersonville, Tennessee from September 2007 until December 2010 and WFG Investments in Hendersonville from December 2010 until May 2016. He has one customer dispute against him and is currently suspended from the industry. He is not registered with any FINRA member brokerage firm.
Stoltmann Law Offices is interested in speaking to those investors who may have invested with Alex Etter, a broker with Caldwell Securities. Etter allegedly recommended that his customers engage in an unsuitable active trading investment strategy. Etter did not understand the risks associated with this trading strategy, nor did he recognize the impact the high commissions and fees would have on his customer’s accounts. Because of the unsuitable investment trading strategy, his customers were forced to pay more than $1 million in commissions and fees. Brokers such as Mr. Etter must have a reasonable basis to recommend securities, and if they do not, their brokerage firms may be responsible for investment losses, as the firm had a duty to supervise them while they were employed there. We are securities attorneys based in Chicago, Illinois who bring arbitration claims against brokerage firms in the Financial Industry Regulatory Authority (FINRA) forum on behalf of clients on a contingency fee basis. Please call today if you suffered investment losses. We may be able to help you recover your losses. The initial consultation is free with no obligation. 312-332-4200.
According to FINRA, Alex Evan Etter was registered as a broker with National Securities Corp in Seattle, Washington from May 2000 until January 2005, Brookstreet Securities Corp in New York, New York from January 2005 until June 2007, Investors Capital Corp in Englewood Cliffs, New Jersey from June 2007 until August 2008, World Equity Group in Englewood Cliffs from August 2008 until March 2011 and Caldwell International Securities in Englewood Cliffs from April 2011 until May 2016. He has three customer disputes against him.
Recently, the Financial Industry Regulatory Authority (FINRA) censured Investors Capital Corp and fined the firm $25,000. FINRA also required it to pay $841,532 in restitution, which includes interest, to clients. Allegedly, Investors Capital Corp recommended unsuitable short-term trading of unit investment trusts (UITs) and steepener notes in client accounts. Steepener notes are a type of interest rate swap, where one party agrees to pay the other a fixed rate in exchange for a floating rate, which is derived from the difference between long and short-term rates. FINRA claimed that the recommendations to purchase and sell UITs on a short-term basis were made without reasonable grounds for believing that those recommendations were suitable. Because of this, the firm’s clients lost $242,892.
It is a firm’s duty and responsibility to supervise its brokers to make sure they do not make unsuitable recommendations to clients. In this case, FINRA alleged that Investors’ brokers did not have reasonable grounds for believing that the short-term trading in steepeners was suitable in light of the frequency and size of the transactions and each client’s investment objectives, age, net worth, and financial situation, among other factors. This led to client’s losing approximately $125,765. FINRA also stated that the firm failed to identify and apply sales charge discounts to certain clients’ eligible purchases of UITs, resulting in excessive charges of $472, 876.
If you were sold or recommended UITs or steepener notes by an Investors Capital Corp broker, you may be able to recover those losses in the FINRA arbitration forum on a contingency fee basis. Please call 312-332-4200 today to speak to an attorney about whether you may have a claim against them. The call is free with no obligation.
Did you lose money with Larry Stohs, a former Edward Jones broker? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you. We may be able to help you bring legal recourse against Edward Jones for not properly supervising Mr. Stohs while he was employed there. Brokerage firms have a responsibility to supervise their employees, and, if they do not, can be held liable in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Please call our Chicago-based law offices today at 312-332-4200 for your free consultation. There is no obligation.
Larry Stohs was discharged from Edward Jones in January 2015 after allegations surfaced that he violated firm policy regarding discretionary orders by exercising time and price discretion in clients’ accounts. A broker must not purchase or sell securities in a customer’s account without contacting the customer and receiving authorization to do so. Mr. Stohs was registered with Edward Jones in Columbia, South Carolina from June 1993 until February 2015 and Investors Capital Corp in Columbia from March 2015 until October 2016. He is currently registered with Cetera Advisors in Columbia and has been since October 2016. He has two customer disputes against him, according to his online BrokerCheck report.
Stoltmann Law Offices is investigating Kenneth Saunders, who is currently associated with National Planning Corporation (NPC). Saunders has been subject to six customer complaints, some of which involve direct participation products (DPPs) such as non-traded real estate investment trusts (REITs) and other alternative investments. Saunders has also disclosed outside business activities, including Saunders Investment & Tax Advisory Group, Inc., Heron Bay Association and Parke Place HOA. Most recently, a complaint was filed against him alleging that he recommended unsuitable investments causing $150,000 in damages. That claim is currently pending. All of these are against securities rules and regulations. A broker must take into account a customer’s age, net worth, investment sophistication and investment objectives, among other things, when recommending an investment. If he does not, his brokerage firm may be held responsible for losses. Please call our securities law firm today to speak to an attorney about your options of bringing legal recourse against NPC if you suffered losses with Kenneth Saunders.
According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Saunders was registered with First American National Securities in Duluth, Georgia from May 1986 until July 1990, North American Management in Sioux Falls, South Dakota from August 1990 until June 1996, Walnut Street Securities in El Segundo, California from June 1996 until December 1996 and Investors Capital Corp in Coral Springs, Florida from January 1997 until November 2013. He is currently registered with NPC in Coral Springs and has been since October 2013. He has six customer disputes against him, one of which is currently pending.
According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Johnny Burris, while registered with Chase Investment Services, failed to execute a trade for his customers, a married elderly couple. The failed trade resulted in their IRS tax payment to be rejected for insufficient funds. Burris then created and sent unapproved misleading correspondence to the customers and the IRS. This is against securities rules and regulations. Burris was registered with BA Investment Services in Oakland, California from April 1997 until July 1999, Banc of America Investment Services in Boston, Massachusetts from July 1999 until October 1999, Investors Capital Corp in Sun City West, Arizona from January 2000 until December 2005, Chase Investment Services Corp in Sun City West from July 2010 until October 2012, JP Morgan Securities in Sun City West from October 2012 until December 2012, Oppenheimer & Co. in Scottsdale, Arizona from February 2013 until March 2014 and Southeast Investmnets in Charlotte, North Carolina from March 2014 until June 2015. He has three customer disputes against him. Please call our securities law firm today to find out how you might be able to sue Chase Investment Services for financial losses. The call is free with no obligation.
Robert Estevez, a registered investment adviser with Joseph Gunnar in New York, New York, recently entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA). The AWC alleged that Estevez recommended unsuitable steepener transactions in customer accounts. From May 2011 through September 2012, Estevez recommended the products, which are complex, structured products with returns linked to the spread between longer and shorter-term interest rates. They offer periodic coupons that are fixed for a pre-specified period. These products tend to be very illiquid, and Estevez recommended 25 short-term steepener transactions in the accounts of 19 customers, which resulted in $24,000 of customer losses. For this, he was fined $20,000 and suspended from the industry for two months.
Estevez was registered with Prime Charter Ltd in New York, New York from December 1998 until June 2001, Eastbrook Capital Group in New York, New York from June 2001 until December 2008 and Investors Capital Corp in Greenwich, Connecticut from December 2008 until September 2016. He is currently registered with Joseph Gunnar in New York and has been since September 2016. He has five customer disputes against him, one of which is currently pending. Please call us today for a free consultation about recovering your investment losses with Robert Estevez and Joseph Gunnar. We take cases on a contingency fee basis only.
Stoltmann Law Offices is investigating Paul DiPietro, a broker with Dawson James Securities in Boca Raton, Florida. DiPietro has been accused of using margin in an account without authorization, and recommending unsuitable trades. These are against securities rules and regulations. Using margin without authorization in a customer account is particularly egregious, because that can lead to excessive commissions generated for the customer, and these are against securities rules and regulations. DiPietro was registered with Global Capital Markets, Global Capital Securities Corp, Harrison Securities, KSH Investment Group, Brockington Securities, Shelman Securities Corp, Gunnallen Financial Inc., Chicago Investment Group and Investors Capital Corp. He is currently registered with Dawson James Securities in Boca Raton, Florida and has been since January 2012. He has seven customer disputes against him. Please call our securities law firm today to speak to an attorney about your losses and how to recover them in the Financial Industry Regulatory Authority (FINRA) arbitration process. We may be able to help you reclaim your investment losses on a contingency fee basis.
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Cyrus Lamont Hancock was accused of converting two checks totaling $11,000 from two customers in violation of securities laws. According to the AWC, in April 2014, a customer wrote Hancock a $5,500 check and gave it to him to purchase mutual funds in an IRA account held directly with a mutual fund sponsor. In August 2014, another customer wrote a $5,500 check and gave it to Hancock in order to be made payable to a 2013 IRA contribution. Hancock then deposited the checks into his personal account and used the funds to pay his own personal expenses. For this he was barred from the industry by FINRA.
Hancock was registered with Waddell & Reed, Equity Services, Investors Capital Corp in Atlanta, Georgia from October 2006 until March 2007, JW Cole Financial Inc., Dempsey Lord Smith, Investors Capital Corp in Atlanta, Georgia from January 2013 until May 2015 and Ele Wealth Advisors. He has one criminal final disposition against him, is not licensed and has been barred from the industry. If you lost money with Cyrus Hancock, and would like to find out how to sue Investor Capital Corp, please call our securities law firm in Chicago to speak to an attorney. The call is free.