Articles Tagged with Los Angeles

Stoltmann Law Offices is investigating Mark Heiden, a Wedbush Securities broker. Heiden is accused of using sales practices that were related to the overconcentration of energy related stocks investments in customer accounts. These investments included

Energy XXI Bermuda Ltd.(EXXI):

Energy XXI was an independent oil and natural gas development and production company whose growth strategy emphasized acquisitions and organic drilling programs. The company’s properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore.  Unfortunately, the security lost over 95% of its value in an approximate six month period and is now valued at less than 10 cents a share.

Did you or someone you know lose money with Nickolas V. Waggoner, a former broker with AXA Advisors? If so, you may be able to recover those losses by calling our securities law firm in Chicago at 312-332-4200. Attorneys are standing by to take your call, which is free. There is no obligation. We may be able to bring a claim against AXA Advisors on your behalf to recover your losses on a contingency fee basis. AXA Advisors may be responsible for Waggoner’s misconduct.

According to a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Nickolas Vernon Waggoner was terminated from AXA on June 17, 2015. Allegedly, between March 2015 and April 2015, he intentionally provided American Express with false information in order to obtain 25 American Express credit cards for a friend. He gave the credit card company fictitious business names, revenues, profits and number of employees in order to obtain the credit cards, which he then sent to his friend to use in a ticket resale business. The friend allegedly purchased and resold concert and sporting event tickets to use them to bypass event ticket purchase limits in order to re sell them. This is against securities rules and regulations. For his transgressions, Waggoner was suspended from the industry for 18 months and fined $10,000. Waggoner was registered with AXA Advisors in Los Angeles, California from August 2013 until June 2015. He is not currently registered with any firm and is not licensed within the industry.

Stoltmann Law Offices is investigating Michael Squellati, who was discharged from UBS Financial in 2014. He was allegedly told by branch management not to transact a particular security, and he did anyway. The transaction was a duly-authorized client trade. He also allegedly misrepresented material facts related to an investment, breached fiduciary duty, committed fraud and converted funds in connection with a hedge fund investment. In 2001, Squellati was also discharged from Prudential Securities following allegations that he traded without authorization and marked “solicited” trades as “unsolicited.”

According to his Financial Industry Regulatory Authority (FINRA) Broker Check report, Michael Squellati was registered with Prudential Securities in New York, New York from October 1997 until May 2008, Bear, Stearns & Co. in Los Angeles, California from May 2001 until May 2008 and UBS in Century City, California from May 2008 until December 2014. He is currently registered with Oppenheimer & Co. in Los Angeles, California and has been since January 2015. He has two customer disputes against him. If you lost money with Squellati, you may be able to sue his former firm, UBS, in the FINRA arbitration forum. Please call our securities law firm in Chicago for a free consultation with an attorney to find out how.

Stoltmann Law Offices is investigating Sheldon J. Harber, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is accused of participating in private securities transactions by investing, and facilitating investments for six other investors, in a private company between January 2013 and August 2014. He invested a total of $435,000 in the private company through his company, Aisle411 Inc. which he started. This is commonly referred to as “selling away” and is used to garner large commissions for the broker. It is against securities rules and regulations.

Harber was registered with Manequity Inc. from June 1979 until July 1980, Chubb Securities from April 1980 until March 1988, Transamerica Securities in Los Angeles, California from March 1988 until May 1993, Transamerica Financial Resources in Los Angeles from March 1988 until May 1993, FSC Securities in Atlanta, Georgia from May 1993 until November 2002, Cambridge Investment Research in St. Louis, Missouri from November 2002 until September 2014 and Geneos Wealth Management in St. Louis from August 2014 until January 2016. He has one customer dispute against him and he is not licensed within the industry. You may be able to sue Geneos Wealth Management for financial losses. Please call our securities law offices to find out how.

Stoltmann Law Offices is investigating Al T. Doherty, a former registered representative with Multi-Financial Securities Corporation (MSFC). Doherty recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). It is alleged that Doherty borrowed $50,000 from one of his 70-year old customers. The loan was not documented and Doherty did not repay it. For this, he was suspended from the industry for four months and fined $5,000.

Al T. Doherty was registered with Baraban Securities in Los Angeles, California from June 1987 until April 1989, Golden Bay Securities from July 1989 until November 1990, Charles Schwab & Co. in San Francisco from January 1992 until February 1996, BA Investment Services in Oakland, California from July 1997 until July 1998, Merrill Lynch in Castro Valley, California from September 1998 until February 2006, Multi-Financial Securities Corp in Dublin, California from February 2006 until September 2009, White Pacific Securities in San Francisco from February 2010 until October 2010, Internet Securities in Oakland, California from October 2009 until October 2010 and Citigroup Global Markets in Orinda, California from October 2010 until September 2013. He has two customer disputes against him. He is not currently licensed within the industry, according to his FINRA BrokerCheck report.

If you invested money with Al T. Doherty, and suffered losses, his former firm, MSFC, may be responsible for your losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney about bringing a claim against MSFC. The call is free with no obligation. We sue firms in the FINRA arbitration forum to recover financial losses for investors.

Stoltmann Law Offices is investigating Robert Alan Horning for Tenant-in-Common complaints. Horning was a former advisor with Cantaurus Financial. He is accused of recommending unsuitable investments, breaching contract, breaching fiduciary duty, acting negligently, violating state and federal securities law and committing common law fraud. Horning was registered with Wealth Resource Capital Corporation in Newport Beach, California from January 1993 until December 1994, United Pacific Securities Inc. in Carlsbad, California from December 1994 until June 1995, Aragon Financial Services in Irvine from March 1999 until August 2000, NNN Capital Corp in Santa Ana, California from June 1995 until July 2003, MCL Financial Group in Santa Ana from July 2003 until December 2004 and Direct Capital Securities in Austin, Texas from November 2004 until July 2009. He is currently registered with Direct Capital Securities in Los Angeles, California and has been since July 2009. He has eight customer disputes against him, one of which is currently pending. If you invested money with Robert Alan Horning, please call our securities law office at 312-332-4200 to speak with an attorney. The call is free with no obligation. We take cases on a contingency fee basis. We sue firms such as Centaurus Financial for failing to supervise representatives such as Horning in the FINRA arbitration forum.

Stoltmann Law Offices is investigating Lee R. Sobel, a former broker with Equinox Securities. The Financial Industry Regulatory Authority (FINRA) is seeking to bar Sobel from the industry after allegations were made that he sold private placements in Opportunity Drilling & Acquisition Fund (ODAF) which is an oil and gas investment product. The sale of private placements, also referred to as “selling away” is when a registered representative makes securities recommendations to clients that are not held or offered by his brokerage firm. This is a violation of securities regulations.

Sobel was registered with Direct Equities, West-Rim Securities in Glendale, California, Financial Network Investment Corporation, Buttonwood Securities Inc in New York, New York, Equity Financial Services in Los Angeles, California, Wellington Ashford Capital, Inc. in Louisvile, Colorado, Spectrum Securities Inc. in Aurora Hills, California and Equinox Securities in Redlands California until August 2013. He is not currently registered with any FINRA member firm, nor is he licensed within the industry. He has one customer dispute against him.

If you invested money with Lee R. Sobel and would like to discuss your options of recovering your financial losses with an attorney, please call our securities law office in Chicago at 312-332-4200. Firms such as Equinox Securities have an obligation to reasonably supervise their representatives while they are employed with them. If they do not, they may be held liable for investment losses. The call is free with no obligation. We take cases on a contingency fee basis only.

A former Ameriprise financial adviser, Li-Lin Hsu, is accused of claiming she was still an employee with Ameriprise, when she wasn’t. Hsu was fired by the firm earlier this year for listing herself as a client beneficiary, which, she also was not. The client claims he lost $10,000 with Hsu. She will most likely face a Financial Industry Regulatory Authority (FINRA) action. Hsu was fired on March 27 for listing herself as a client beneficiary. The client was her mother, and Hsu claims she forgot to inform Ameriprise of her beneficiary status. That is a violation of company policy related to maintaining a beneficiary relationship with a client, complaint handling, comingling of funds and conducting business with a foreign client. She then claimed to still be employed by Ameriprise on her Facebook and LinkedIn pages. The posts were a violation of company policy, as well. She used Ameriprise trademarked wording and symbols that the company uses to market proprietary marketing content.

Li-Lin Hsu was registered with Ameriprise in Minneapolis, Minnesota and Los Angeles, California from November 2005 until April 2015. She has one customer dispute against her which is currently pending. She is not currently registered with any FINRA member firm. If you would like to sue Li-Lin Hsu, you may, through the FINRA arbitration process. Her former firm, Ameriprise, may be liable for her actions because of their failure to reasonably supervise her. We are securities attorneys based in Chicago, Illinois and take cases on a contingency fee basis. 312-332-4200.

According to a Hearing Panel Decision by the Financial Industry Regulatory Authority (FINRA), Audra Lynn Lalley, a registered representative at Morgan Stanley Smith Barney in the Private Wealth Management group, allegedly effected a set of trades pursuing a particular investment strategy for a group of clients. Allegedly, Ms. Lalley did not contact the clients when she executed the trades. The client complained that he did not receive an explanation for the trades, either and then asked her to reverse the trade. In Ms. Lalley’s failure to obtain authorization to make the trades, Morgan Stanely, her former firm, can be held liable. They had a duty to reasonably supervise her while she was employed there and can be sued in the FINRA arbitration process. Ms. Lalley was employed by Goldman Sachs in New York, New York from October 1998 until April 2002, Morgan Stanley in Los Angeles, California from May 2002 until November 2011 and Barclays Capital, also in Los Angeles from November 2011 until May 2014. She has two customer disputes against her. She is not currently licensed to act as a broker.

If you invested money with Audra Lynn Lalley, please contact our securities law office at 312-332-4200 to speak to an attorney. The call is free with no obligation. We can help you discuss your options of suing Morgan Stanley.

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