Articles Tagged with Marketing One Securities

Did you lose money with Thomas Schober, formerly a registered broker with SII Investments Inc.? Stoltmann Law Offices is investigating Schober for allegedly recommending unsuitable variable annuity exchanges in the accounts of two senior customers, aged 84 and 83. One of the customers suffered from dementia and both had limited financial means. The Financial Industry Regulatory Authority (FINRA) found that Schober effected annuity exchanges to benefit himself and receive commissions. The exchanges he made caused the customers to pay surrender charges of $154,642 to sell their annuities and then to pay sales charges of $69,000 of which Schober received the full amount in commissions, and incurred new surrender periods. FINRA alleged that Schober did not disclose the amount of the surrender charges they would incur to sell their annuities and didn’t explain the sales charges associated with the purchase of new annuities. These are against securities rules and regulations.

Schober was registered with Marketing One Securities in Portland, Oregon from September 1994 until July 1998, Legacy Financial Services from July 1998 until August 1998, Legacy Financial Services in Freehold, New Jersey from August 1998 until June 2007 and SII Investments in Westborough, Massachusetts from June 2007 until January 2015. He has one customer dispute against him. He is not licensed within the industry and FINRA permanently barred him.

Stoltmann Law Offices is interested in speaking to those investors who may have invested money with Thomas Schober, formerly of SII Investments in their Westborough, Massachusetts office location. Schober was accused by the Financial Industry Regulatory Authority (FINRA) of recommending unsuitable variable annuity exchanges in the accounts of two senior customers, ages 84 and 83. One of the customers held power of attorney for the other who suffered from dementia and both customers were conservative investors with limited financial means. FINRA found that Schober effected the annuity exchanges, which were risky and illiquid investments, unsuitable for the client, to receive large commissions for himself. These exchanges caused the customers to pay total surrender charges of $154,642 to sell their annuities and then to pay sales charges of approximately $69,000, of which Schober himself received $65,000 in commissions.

Schober never told the customers how much they would be paying in surrender charges, and neither was aware that they would be subject to new surrender periods. FINRA found that Schober attempted to conceal the unsuitable annuity exchanges by providing false information concerning the source of funds on the annuity transactions documents. This is against securities rules and regulations. A      broker must take into account a customer’s age, net worth, investment objectives and investment sophistication before recommending securities to him or her. If he does not, his brokerage firm may be liable for customer financial losses, because the firm did not reasonably supervise the broker. We sue firms in the FINRA arbitration forum on a contingency fee basis to recover lost money for investors. The call to us is free with no obligation and attorneys are standing by.

Thomas Paul Schober was registered with Marketing One Securities in Portland, Oregon from September 1994 until July 1998, Legacy Financial Services from July 1998 until August 1998, Legacy Financial Services in Freehold, New Jersey from August 1998 until June 2007 and SII Investments in Westborough, Massachusetts from June 2007 until January 2015. He has one settled customer dispute against him. He is not licensed within the industry and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

Stoltmann Law Offices is investigating Harry Hammond, who has been accused by the Financial Industry Regulatory Authority (FINRA) of being involved in private securities transactions. This is commonly referred to as “selling away” and is when a broker sells a security that is not held or offered by his brokerage firm. This is against securities rules and regulations. For this, he was suspended by FINRA for 12 months and fined $10,000. According to FINRA disciplinary reports, Hammond advised clients to invest in a private investment company specializing in private investment in public equity (PIPE). The clients he solicited invested more than $4 million in the product. His wife was allegedly paid $18,000 by the unapproved investment company. After the investigation, the Securities and Exchange Commission (SEC) sued the private investment company for misappropriation of funds, misrepresentations, and failure to maintain required records. The company was placed into receivership and the investor losses have yet to be determined.

Hammond was registered with 1st Discount Brokerage Inc. in Lake Worth, Florida from December 1997 until September 1998, Marketing One Securities in Portland, Oregon from September 1998 until July 1999, FFP Securities in Sarasota, Florida from August 2000 until March 2006, Intersecurities in Sarasota from March 2006 until December 2007 and Allegiant Securities in Sarasota from December 2007 until December 2011. He has eight customer disputes against him. If you invested and lost money with Harry Hammond, please call our securities law firm to speak to an attorney about your options. We may be able to help you sue his former firm in the FINRA arbitration process.

Michael Donnelly, a former registered representative with Coastal Equities Inc. was barred from the securities industry. He pled guilty to defrauding 13 clients, 10 of whom were older than 65, out of $2 million from 2007 through 2014. The charges were brought by the Securities and Exchange Commission (SEC). Donnelly admitted to never investing the client funds he received in the financial products he told his investors he would buy on their behalf. Instead, he used the money for business and personal expenses like rent, car payments, golf club memberships and private school tuition for his children. He then provided false account statements and trade confirmations to his clients. The SEC filed the charges in the federal district court of Philadelphia and the U.S. Attorney’s Office for the Eastern District of Pennsylvania filed separate criminal charges against him.

Donneally was registered with New England Securities in New York, New York from September 1992 until February 1993, Thomas James Associates in Rochester, New York from April 1993 until February 1994, Marketing One Securities in Portland, Oregon from May 1994 until December 1995, M.H. Meyerson & Co. in Jersey City, New Jersey from December 1995 until March 1996, Keystone Brokerage in Williamsport, Pennsylvania from November 1996 until January 1998, American Investment Services in Oklahoma City from December 1998 until March 2002, The Investment Center in Bedminster, New Jersey from March 2002 until April 2005, First Midwest Securities in Swedesboro, New Jersey from May 2006 until March 2009 and Coastal Equities in Wilmington, Delaware from October 2009 until September 2014. He has two customer disputes against him. He is not licensed within the industry and the Financial Industry Regulatory Authority (FINRA) permanently barred him from the securities industry.

If you invested money with Michael E. Donnelly, please call our securities law firm based in Chicago, Illinois for a free consultation with one of our attorneys. You may be able to bring a case against his former firm, Coastal Equities, for failing to properly supervise him while he worked there. They may be liable for your investment losses. Our number is 312-332-4200 and there is no obligation. We take cases on a contingency fee basis only, which means we do not make money unless you recover. Please call as soon as possible, because time is of the essence in these types of cases.

Stoltmann Law Offices is investigating Luigi Mancusi, a broker with Oppenheimer & Company in Lake Forest, Illinois. A customer alleged that Mr. Mancusi executed unauthorized transactions. Also, while employed at Wayne Hummer Investments, Mancusi was accused of breaching his fiduciary duty, acting negligently, failing to supervise his representatives, misrepresenting material facts and recommending investments that were suitable and reckless. All of these are against securities rules and regulations.

Mancusi was registered with Investment Network in Franklin Park, Illinois from May 1992 until May 1994, Marketing One Securities in Portland, Oregon from May 1994 until October 1994, Forth Financial Securities in Richmond, Virginia from October 1994 until November 1995, Investment Network in Franklin Park, Illinois from December 1995 until January 2000, Charter One Securities in Cleveland, Ohio from January 2000 until April 2000, Invest Financial Corporation in Tampa, Florida from May 2000 until October 2000, Northern Trust Securities in Chicago, Illinois from April 2000 until November 2002, Vision Investment Services in Rosemont, Illinois from October 2000 until November 2002, and Wayne Hummer Investments in Lake Forest, Illinois from November 2002 until October 2012. He is currently registered with Oppenheimer & Co. in Lake Forest, Illinois and has been since September 2012. He has four customer disputes against him, one of which is currently pending.

If you invested money with Luigi Mancusi, please call our securities law firm in Chicago, Illinois at 312-332-4200 to speak with an attorney. The call is free with no obligation. His firm, Oppenheimer & Co. may be liable for investment losses because they failed to reasonably supervise him. We take cases on a contingency fee basis only, so we only get paid if you recover money.

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