Articles Tagged with JP Morgan Securities

AdobeStock_198259345-300x200Stoltmann Law Offices is interested in hearing from those individuals who may have lost money with Xavier Patino, a former registered broker with J.P. Morgan Securities. According to Patino’s Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), in 2014 and 2016, Patino made material misstatements to a customer and guaranteed the customer against loss in connection with a variable annuity purchase. On two separate occasions, Patino signed documents that purported to recite various guarantees regarding the customer’s variable annuity. This is against securities laws and internal firm rules. For this misconduct, Xavier Patino was suspended for six months and fined $10,000.
According to his online, FINRA BrokerCheck report, Xavier Patino was previously registered with Chase Investment Services Corp in North Riverside, Illinois from May 2008 until October 2012, and J.P. Morgan Securities in Elmhurst, Illinois from October 2012 until May 2017. He is currently registered with Newbridge Securities Corp in Oakbrook Terrace, Illinois, and has been since June 2017. He has two customer disputes against him, alleging misrepresentation regarding a variable annuity investment and poor recommendations and advice regarding mutual fund investments. He has one employment separation after allegations.

AdobeStock_77502568-1-300x199The Financial Industry Regulatory Authority (FINRA) recently fined J.P. Morgan Securities $2.8 million for violating the Securities and Exchange Commission (SEC) Customer Protection Rule and for related supervisory failures. The SEC rule creates requirements to protect customers’ funds and securities. The rule requires a broker-dealer, which maintains custody of customer securities, to obtain and maintain physical possession or control over certain of those securities. They must be segregated in a “control location” and be free of liens or any other encumbrance that could prevent customers from taking possession of their securities. A firm cannot use segregated securities for its own purposes. From 2008 until June 2016, “J.P. Morgan Clearing Corp allegedly did not have reasonable processes in place to ensure that its possession or control systems were operating properly. By failing to move and maintain securities in good control locations, the firm created deficits in foreign and domestic securities valued at hundreds of millions of dollars. For example, J.P. Morgan failed to move Italian securities to a good control location for nearly two years, and on one sample day, created a deficit in 81 Italian securities worth approximately $146 million.”

Stoltmann Law Offices is investigating Jeffrey McAleney, a Morristown, New Jersey-based investment advisor with JP Morgan Securities. Mr. McAleney was accused of recommending unsuitable unit investment trust products, making unsuitable recommendations, recommending unsuitable investments in closed-end funds, and preferred securities products, and misrepresenting material facts. He was also accused of trading excessively. This is a particularly egregious violation of securities rules, and is against securities laws and internal firm rules. His firm, J.P. Morgan, may be liable for investment losses because it did not properly supervise him while he was registered there.

According to his online BrokerCheck report with FINRA, Mr. McAleney was previously registered with Gibraltar Securities in Florham Park, New Jersey from October 1981 until September 1999, Tucker Anthony Inc. in Boston, Massachusetts from September 1999 until March 2002 and RBC Dain Rauscher in New York, New York from March 2002 until December 2005. He is currently registered with JP Morgan Securities in Morristown, New Jersey and has been since November 2005. He has 10 customer disputes against him, two of which are currently pending.

AdobeStock_112465076-1-300x164According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), William Olsen provided false information to his member firm concerning charges on his credit card being fraudulent. Olson was being investigated by his member firm and FINRA at the time. This is against securities laws and he was fined $10,000 and suspended for six months. William Olsen, also known as Bill Olsen, was registered with Chase Investment Services in Buena Park, California from February 2010 until August 2010, Chase in Westlake Village, California from November 2011 until October 2012 and JP Morgan Securities in Westlake Village from October 2012 until December 2015. He is currently not registered within the industry, according to his online FINRA BrokerCheck report. Please call our Chicago-based securities law firm today if you suffered losses with Mr. Olsen. We may be able to recover your losses for you on a contingency fee basis.

Did you lose money with Alexander Torres, also known as Nicholas Alexander Torres, a former broker with JP Morgan? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your investment losses. We are Chicago-based securities attorneys who bring claims against firms such as JP Morgan for not reasonably supervising their brokers. We sue firms in the Financial Industry Regulatory Authority (FINRA) on a contingency fee basis for investors. We do not make money unless you recover yours. Please call today. There is no obligation. Torres is registered with JP Morgan Securities in Fresno, California and has been since March 2013. This is according to his online FINRA BrokerCheck report.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Richard Graham was accused of making unsuitable investment recommendations regarding the sale of unit investment trusts (UITs) while employed at Huntingont Investment Company. A UIT is a type of investment that represents undivided interests in a relatively fixed portfolio of securities. Many times these consist of common stock of closed-end investment companies (known as closed-end funds). UITs typically are risky and illiquid investments, not suitable for all investors. Many times they are junk bonds and these are subject to very high risk. A broker must take into account a customer’s net worth, investment objectives and age before recommending investments. If he does not, his investment firm can be liable for financial losses because of failure to supervise him.

In Graham’s case, according to his AWC, allegedly, he recommended to a customer couple who did not speak English, that they make two purchases of the Van Kampen Unit Investment Trust Closed End Strategy Master Municipal Income Portfolio Series 30 in November of 2012. The couple invested $149,994.48, and, a month later, $199,993.99. Graham was aware that the couple’s risk tolerance was “conservative” and that they had a “short” investment time horizon. They also had limited investment knowledge and sophistication. In all, the customers lost $79,297.70. On a separate occasion, Graham recommended that a 98-year-old customer invest approximately 42% of her net worth in UITs. This was highly unsuitable for a customer of her age, and she lost money in the transactions. For these transgressions, Graham was fined $10,000 and suspended from the industry for two months.

Richard Graham was registered with Woodbury Financial Services in Oakdale, Minnesota from July 2001 until October 2003, Natcity Investments in Cleveland, Ohio from October 2003 until June 2005, The Huntington Investment Company in Lafayette, Indiana from July 2005 until July 2013 and JP Morgan Securities in Indianapolis, Indiana from July 2013 until August 2016. He has seven customer disputes against him and he is not licensed within the industry, according to his online FINRA BrokerCheck report. Please call 312-332-4200 to speak to one of our attorneys today if you lost money with Richard Graham. We may be able to help you sue Huntington in the FINRA arbitration process on a contingency fee basis to recover your losses. The call is free.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Kevin Blaney was accused of making misrepresentations to customers in connection with the purchase, offer or sale of fixed income securities. Blaney was the Managing Director and salesman on Jeffries’ Mortgage-Backed Securities Desk from January 2009 until December 2011. Allegedly, in connection with six transactions, Blaney either made a false statement to a customer or failed to correct a statement made to a customer by another employee that Blaney knew was false. In five instances, Blaney misrepresented to Jeffries customers either the price at which the firm acquired, or was able to acquire, bonds that the customers were interested in purchasing, or that the firm was working with a seller of bonds when the firm already owned the bonds in inventory. This is against securities rules and regulations. For this, Blaney was fined $30,000 and suspended for three months.

According to his online FINRA BrokerCheck report, Blaney was registered with Citicorp Securities in New York, New York from December 1991 until September 1994, Banc of America Securities in New York from September 1994 until March 2001, JP Morgan Securities in New York from April 2001 until April 2003, RBS Greenwich Capital in Greenwich, Connecticut from April 2003 until April 2008 and Jeffries LLC in Stamford, Connecticut from May 2008 until September 2014. He is not currently registered with any member firm and is not licensed within the industry. Please call 312-332-4200 today to speak to an attorney about your options of suing Jeffries LLC for Blaney’s transgressions. The firm may be responsible for investment losses. The call is free with no obligation.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), John Bocchino and Rafael Jacinto were accused of engaging in a scheme to circumvent Morgan Stanley’s policies restricting trade in Venezuelan bonds. To do so, the men used fictitious nominee accounts that appropriated trades in the accounts and falsified firm documents. As a result of this, both men were able to trade approximately $190 million in Venezuelan bonds. Both men were registered representatives of Morgan Stanley in the New York City office. Both men were terminated from the firm as this was against securities rules and regulations.

John Bocchino was registered with JP Morgan Securities in New York from July 1998 until October 2000, Citigroup Global Markets in New York from February 2001 until June 2009 and Morgan Stanley in New York from June 2009 until March 2012. He is currently registered with UBS in New York and has been since April 2012. He has one customer dispute against him. Jacinto was registered with The Golden, Lender Financial Group in New York from April 1999 until July 1999, TD Waterhouse Investor Services in Omaha, Nebraska from July 1999 until November 2002, Citigroup Global Markets in New York from February 2004 until June 2009 and Morgan Stanley in New York from June 2009 until March 2012. He is currently registered with UBS in New York and has been since April 2012.

If you lost money with John Bocchino or Rafael Jacinto, please call our law offices in Chicago, Illinois today to speak to an attorney for free. We may be able to help you bring a case against Morgan Stanley in the FINRA arbitration forum to recover your investment losses. Morgan Stanley may be responsible for losses on a contingency fee basis. Call today. The call 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.

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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