Articles Tagged with March 2015

According to his Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), John Bernard allegedly violated securities laws. Mr. Bernard was accused of exercising discretion without written authorization in the accounts of seven customers, while he was registered with LPL. Between January 2013 and December 2014, Mr. Bernard exercised discretion in the accounts of seven customers, and LPL had not accepted the accounts for discretionary trading. For this misconduct, he was fined $5,000 and suspended from association with any FINRA member firm in any capacity for 20 business days.

According to his online FINRA BrokerCheck report, Mr. Bernard was previously registered with Morgan Stanley in Purchase, New York from October 1995 until November 2005, and LPL in Shell Beach, California from November 2005 until March 2015. He is currently registered with Independent Financial Group in San Luis Obispo, California, and has been since February 2015. He has two customer disputes against him, alleging unsuitability, churning, failure to supervise and alleged unauthorized trading. Churning is a particularly egregious form of misconduct, because it is excessive trading in a customer’s account. It typically results in losses and unnecessary fees for the client and large commissions for the broker. It is against securities laws.

AdobeStock_112181284-1-300x200Stoltmann Law Offices is interested in speaking to those investors who may have been sold investments by former Raymond James broker Scott Sibley. Sibley was accused of concentrating investor money in gold miners, precious metals and oil related investments. He and his firm, Raymond James are accused of breaching fiduciary duty, negligent supervision, breach of contract, fraud and violations of the Florida Investor’s Protection Act. Raymond James was also accused of failing to supervise Sibley who recommended gold miners and oil companies in large concentrations. Sibley also promised his clients a better income stream than the Florida Retirement System could provide. This is against securities laws and Raymond James can be sued in the Financial Industry Regulatory Authority (FINRA) for losses on a contingency fee basis. Please call 312-332-4200 today to find out how.

Scott Sibley was registered with Prudential Securities Inc. in New York, New York from November 1994 until January 1998, Salomon Smith Barney in New York from January 1998 until October 2000, Janney Montgomery Scott in Ft. Lauderdale, Florida from November 2000 until December 2007, and Raymond James in Ft. Lauderdale from November 2007 until March 2015. He is currently registered with Moors & Cabot in Boca Raton, Florida and has been since March 2015. He has 16 customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Linda Dowd, a former broker with WFG Investments. Dowd was accused by the Financial Industry Regulatory Authority (FINRA) of having a customer in New Mexico sign blank account distribution forms to effectuate verbal requests to make withdrawals. This was against securities rules and regulations. Dowd also falsely stated that the customer received the distribution requests by email, when, in fact, she did not. For this, FINRA fined her $5,000 and suspended her for one year.

Dowd was previously registered with Hanifen, Imhoff, Investors Center, The Stuart-James Company, Jesup, Josephthal Securities, DE Frey & Co., WFG Investments in Boulder, Colorado from September 1995 until February 2015, Securities Service Network from February 2015 until March 2015 and Royal Alliance Associates in Lakewood, Colorado from March 2015 until December 2015. She has one customer dispute against her.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert B. Silva, a former registered representative with Arete Wealth Management, allegedly engaged in outside business activity while registered there. Silva as the owner and sole officer and director of Premier Standard Equities Inc. Between January and February 2015, Silva, acting through Premier, demanded payment for forensic analysis he conducted, prior to joining Arete, of an individual’s investment portfolio held at another FINRA member and pension plan assets, with the expectation of receiving compensation in the amount of $10,000. For this he was suspended for 20 business days and fined $5,000.

Silva was registered with First Allied Securities in Pasadena, California from January 2007 until March 2009, Western International Securities in Pasadena from March 2009 until August 2012, GBS Financial Corp in Pasadena from July 2012 until December 2013, Arete Wealth Management in Chicago, Illinois from December 2013 until March 2015, MS Howells & Co. in Scottsdale, Arizona from April 2015 until April 2015 and Newport Coast Securities in New York, New York from October 2015 until November 2015. He has one customer dispute against him and is not licensed within the industry. Please call our Chicago-based law offices today to speak to an attorney about your options of recovering financial losses.

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 Scott Sade, who was registered with NPF Advisors. He recently had a customer complaint against him, accusing him of recommending an unsuitable annuity purchase and misrepresenting material facts related to an investment. This is against securities rules and regulations. He was registered with JB Hanauer & Co. from October 1982 until October 1986, Painewebber Inc. in Weehawken, New Jersey from October 1986 until January 1993, Lehman Brothers in New York, New York from January 1993 until July 1993, Citigroup in Stuart, Florida from July 1993 until June 2009 and Morgan Stanley in Stuart from June 2009 until March 2015. He is currently registered with NFP Advisor Services in Stuart and has been since May 2015. Please call today for a free consultation with an attorney.

Stoltmann Law Offices is investigating Carlos Benavidez Jr., who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Benavidez was registered as a General Securities Representative with Waddell & Reed between August 2006 and February 2015. According to his AWC, within that time period, Benavidez exercised discretion in 80 customer accounts without obtaining prior written authorization from his customers. He also allegedly participated in the backdating of 26 customer notes to falsely reflect that he or another representative had conversations with the customers on August 29, 2014. Allegedly, beginning in January 2013, Benavidez exercised discretion in effecting hundreds of securities transactions in approximately 80 customer accounts. He did not obtain written authorization to approve accounts for discretionary trading. This was against securities rules and regulations. FINRA fined him $10,000 and suspended him from the industry for two months.

According to his FINRA online BrokerCheck report, Carlos Benavidez Jr. was registered with Waddell & Reed in Louisville, Kentucky from August 2006 until February 2015. He is currently registered with International Assets Advisory in Orlando, Florida and has been since March 2015. He has one customer dispute against him, and it is currently pending. If you or someone you know invested money with Benavidez, please call our securities law firm in Chicago at 312-332-4200 to speak with one of our attorneys. The call is free with no obligation. We may be able to help you bring a claim against his former firm, Waddell & Reed for his transgressions. The firm may be held responsible for his actions. We sue firms in the FINRA arbitration forum and take cases on a contingency fee basis only.

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A former investment advisor from Lake Township, Ohio, was recently charged with theft. Thomas H. Caniford was accused of stealing more than $100,000 from a client in 2008. Caniford was arrested on August 6th and charged with theft, which is a second-degree felony. There is also an investigation underway that involves Caniford and his alleged theft from his own church, St. Peter Catholic Church in Canton, Ohio. There were irregularities in a check drawn on the church’s trust account. The agencies that have been looking into Thomas H. Caniford include the Financial Industry Regulatory Authority (FINRA), the Ohio Department of Commerce’s Division of Securities, the Canton Police Department and chief financial officer of the Catholic Diocese of Youngstown, among others.

Caniford was registered with Integrated Resources Equity Corp from June 1982 until June 1983, Anchor National Financial Services from June 1983 until May 1984, Lowry Financial Services Corp in North Palm Beach, Florida from June 1984 until March 1989, Mutual Service Corp in Boston, Massachusetts from March 1989 until June 1991, Multi-Financial Securities Corp in Denver, Colorado from June 1991 until March 1997, Vestax Securities Corp in Hudson, Ohio from March 1997 until January 2004, M Holdings Securities in North Canton, Ohio from March 2004 until March 2008 and LPL Financial in North Canton from March 2008 until March 2015. He has five customer disputes against him, according to his FINRA BrokerCheck report, one of which is currently pending. He is not licensed within the industry and FINRA permanently barred him from acting as a broker.

If you invested and lost money with Thomas H. Canton, you may be able to sue his former firm, LPL Financial in the FINRA arbitration forum for losses. They may be liable for financial losses because they had a duty to reasonably supervise him while he was employed there. We are Chicago-based securities attorneys who sue firms such as LPL to help investors recover their financial losses. The call is free with no obligation. We take cases on a contingency fee basis only which means we do not make money unless you recover yours. 312-332-4200.

Stoltmann Law Offices is investigating Ronald Benevento, a former American Portfolios Financial Services registered representative. The Financial Industry Regulatory Authority (FINRA) alleged that between September 2011 and April 2013, Benevento engaged in unsuitable mutual fund switching in three customer accounts. FINRA also alleged that he mismarked 15 order tickets as “unsolicited.” Benevento allegedly recommended 29 mutual fund switch transactions in three customer accounts without having reasonable grounds for believing that the transactions were suitable for the customers due to the frequency of the transactions and the fees incurred. Benevento recommended the customers sell Class A mutual fund shares within two to three months after purchasing them. Typically, Class A shares are meant to be held for a longer period of time than two to three months because of their high up-front fees.

Benevento was registered with The Equitable Life Assurance Society of the United States in New York, New York from February 1997 until January 2000, AXA Advisors in Melville, New York from February 1997 until February 2010 and American Portfolios Financial Services in Holbrook, New York from March 2010 until March 2015. He has two customer disputes against him. He is not currently licensed within the industry. Because American Portfolios allowed Benevento to make unsuitable mutual fund switches because they did not supervise him adequately, the firm may be responsible for your investment losses with Benevento. If you lost money with him, please call our securities law firm in Chicago at 312-332-4200 to speak with one of our attorneys. We can help you bring a claim against American Portfolios to help you recover your financial losses. The call is free. We are based in Chicago, Illinois.

Stoltmann Law Offices is investigating Kai Chong Cheng, who was barred from the financial services industry by the Financial Industry Regulatory Authority (FINRA). He is accused of unauthorized trading in a customer account. He was terminated from Merrill Lynch in February for “conduct including entering into personal financial transactions with a customer, using a personal email address to communicate with a customer, and unauthorized trading in a customer account,” according to a FINRA document. He also misrepresented and omitted material facts. Cheng was registered with Merrill Lynch in New York, New York from August 2005 until March 2015. He has one customer dispute against him. He has been permanently barred from the industry. If you invested money with Cheng and would like to speak to an attorney about your options of recovering your financial losses, please call us at 312-332-4200. The call is free. We sue firms such as Merrill Lynch in the FINRA arbitration forum for not properly supervising brokers such s Kai Chong Chen. Merrill Lynch may be liable for investment losses. We take cases on a contingency fee basis.

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