Articles Tagged with Michigan

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), David Altwerger was accused of making 10 electronic fund transfers from his personal bank account to his personal brokerage account knowing that he had insufficient funds to cover the transfers. This is against securities rules and regulations, and Altwerger was terminated from his brokerage firm, Morgan Stanley, because of it. FINRA suspended him for three months and fined him $5,000. Altwereger was registered with Pruco Securities in Troy, Michigan from May 2008 until December 2009 and Morgan Stanley in Troy from January 2010 until January 2016. He is currently registered with Waddell & Reed in Birmingham, Michigan and has been since January 2016.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Thomas Thesier was accused of violating securities laws. Allegedly, between August 2012 and June 2015, while registered with Allstate Financial Services, Thesier signed the names of at least 22 customers to insurance applications and other insurance-related forms. He allegedly did so without the customer’s knowledge or authorization. He also created email addresses for at least 15 of his customers to make it appear as though they had their own email addresses because the insurance affiliate discounted certain insurance policies sold to a customer in the amount of 15% provided the customer had his or her own email address, as well as multiple policies with the carrier. For these violations he was suspended for six months in any and all capacities and fined $7,500. Thesier was registered with Allstate in Eaton Rapids, Michigan from August 2012 until June 2015. He is not licensed within the industry. If you wish to bring a claim against Thesier in the FINRA arbitration process, please call our law offices today to speak to an attorney for free. We may be able to help you recover your losses by suing Allstate Financial Services for failing to properly supervise Mr. Thesier. 312-332-4200.

Stoltmann Law Offices is investigating former Wunderlich Securities broker Bassam Salem, relating to alleged misconduct including failure to supervise, unauthorized trading, unsuitability, and breach of fiduciary duty over multiple accounts and damages in excess of $281,000. In another dispute, a customer was granted $92,500 in damages after it was alleged that Salem recommended unsuitable stocks and failed to diversify the customer’s accounts to minimize their risk between June 1, 2007 and June 30, 2008. Wunderlich Securities has a duty to reasonably supervise their registered representatives, and, if the firm does not, can be liable for losses sustained. If you invested money with Bassam Salem, you may be able to recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We represent investors who have lost money because of brokers with firms such as Wunderlich Securities.

Salem was registered with First Heritage Corp from November 1986 until November 1988, Prudential Securities Inc. in New York, New York from November 1988 until March 1992 and UBS Financial Services in Farmington Hills, MI from March 1992 until January 2011. He is currently registered with Wunderlich Securities in Birmingham, Michigan and has been since January 2011. He has two customer disputes against him, one of which is currently pending.

The Financial Industry Regulatory Authority (FINRA) charged David Randall Lockey with profiting from the improper trading of customer accounts for two years. While employed with SWS Financial Services, Lockey engaged in unsuitable short-term trading and switching in mutual funds and unit investment trusts in four accounts from May 2012 until March 2014. SWS is now known as Hilltop Securities Independent Network Inc. Lockey generated $75,730 for himself while his customers lost thousands. According to his online FINRA BrokerCheck report, he was registered with UBS Painewebber in Weehawken, New Jersey from May 2001 until September 2002, H&R Block in Detroit, Michigan from October 2002 until July 2005, Chase Investment Services Corp in Richardson, Texas from July 2005 until October 2009, Edward Jones in Plano, Texas from October 2009 until March 2012 and SWS Financial Services in Dallas, Texas from April 2012 until April 2014. Please call today if you have suffered losses with Lockey. You may be able to bring a claim against SWS.

David Randall Lockey, a former registered broker with SWS Financial Services, now known as Hilltop Securities Independent Network, Inc., entered into a disciplinary proceeding with the Financial Industry Regulatory Authority (FINRA). FINRA alleged that Lockey engaged in unsuitable short-term trading and switching in open-end mutual funds, closed-end funds and/or unit investment trusts (UITs) in four different customer accounts. He also allegedly falsified five required SWS switch forms, making it appear that the securities purchased through him at his prior employer had been held in customer accounts longer than they had actually been. These are against securities rules and regulations.

Lockey was registered with UBS Painewebber Inc. in Weehawken, New Jersey from May 2001 until September 2002, H & R Block Financial Advisors in Detroit, Michigan from October 2002 until July 2005, Chase Investment Services in Richardson, Texas from July 2005 until October 2009, Edward Jones in Plano, Texas from October 2009 until March 2012 and SWS Financial Services in Dallas from April 2012 until April 2014. He is not currently registered with any member firm. If you lost money with Lockey, please call our Chicago-based securities law office to speak to an attorney about your options of suing SWS in the FINRA arbitration process on a contingency fee basis.

According to a Financial Industry Regulatory Authority (FINRA) Order Accepting Offer of Settlement against Merid Amde, Amde was accused of executing approximately 55 discretionary transactions in a customer account without obtaining prior written authorization from the client and without having the accounts accepted as discretionary accounts by his employing firm. The customer was a 54 year-old elementary school teacher who inherited a modest sum after the death of her parents. She then deposited the money in an account run by Amde, who was also her parents’ broker. Amde then became registered with Wunderlich Securities in September 2008 and transferred the client accounts to Wunderlich. From September 2008 until May 2011, Amde allegedly executed 145 trades in the customer’s account. He then inaccurately marked the order tickets as unsolicited orders for 36 of the 145 trades. He did this allegedly in order to purchase various unit investment trusts and low-priced equities such as the First Trust India Growth Portfolio, a risky unit investment trust with holdings exclusively in India and Dryships, Inc., a Greek company offering offshore drilling services. This was against securities rules and regulations. For this, Amde was fined $20,000 and suspended from the industry for three months.

According to his online FINRA BrokerCheck report, Amde was associated with Investors Center, Vanderbilt Securities, First of Michigan Corp, The Ohio Company, Roney & Co., Raymond James, Ferris, Baker Watts Inc. and Wunderlich Securities in Birmingham, Michigan from September 2008 until August 2013. He is currently registered with LM Kohn & Co. in Troy, Michigan and has been since September 2013. He has three customer disputes against him.

Stoltmann Law Offices is investigating Donna Hines, a registered representative with Cetera Advisors in Weston, West Virginia since 2013. Hines is accused of misrepresenting and omitting material facts and acting negligently in connection with the sale of various alternative products, including a SunAmerica variable annuity and non-traded real estate investment trusts (REITs). REITs tend to be risky and illiquid investments, not suitable for all investors. A broker must do her due diligence before making investment recommendations to clients. She must take into account the client’s net worth, age and investment objectives, among other things, so as not to breach fiduciary duty. If she does not, her brokerage firm can be held responsible for money losses for not properly supervising her.

Hines was registered with Edward Jones in St. Louis, Missouri from November 2000 until November 2003, Sammons Securities Company in Ann Arbor, Michigan from November 2003 until November 2005 and Investment Planners in Weston, West Virginia from March 2005 until October 2013. She is currently registered with Cetera Advisors in Weston, West Virginia and has been since October 2013. She has three customer disputes against her, all of which are currently pending. If you invested money with Donna Hines and would like to recover your investment losses, you may be able to by bringing a claim against Cetera Advisors for not supervising Hines properly. We bring claims against brokerage firms in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis to help retail investors recover losses. Please call us today. The call is free.

The Financial Industry Regulatory Authority (FINRA) charged Gopi Vungarala with lying to members of a Native American tribe about commissions he received related to more than $190 million in nontraded real estate investment trusts and business development companies that the tribe invested in over three years. Vungarala generated more than $11 million in commissions for his firm. From 2011 until January 2015, he regularly lied to his customer, ST, a Native American tribe, regarding investments he recommended. Vungarala was serving as a registered representative with Purshe Kaplan Sterling at the time. He was also employed by the tribe as its treasury investment manager and participated in decisions regarding the tribe’s investments. He then recommended the tribe invest more than $190 million in nontraded real estate investment trusts (REITs), even though it was a conflict of interest for him to do so. He told the tribe he would not receive any commissions for the trades, which was also untrue. As a result of his transgressions, the tribe failed to receive more than $3.3 million in volume discounts to which it was eligible. His firm, Purshe Kaplan, also failed to reasonably supervise him during this time.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Vungarala was registered with American General Securities Inc. in Midland, Michigan from October 2004 to December 2007. He is currently registered with Purshe Kaplan in Midland and has been since December 2007. Please call our securities law firm in Chicago if you would like to speak to an attorney about your options of suing his firm, Purshe Kaplan, in the FINRA arbitration forum.

The Financial Industry Regulatory Authority (FINRA) charged Gopi Vungarala with lying to members of a Native American tribe about commissions he received related to more than $190 million in nontraded real estate investment trusts and business development companies that the tribe invested in over three years. Vungarala generated more than $11 million in commissions for his firm. From 2011 until January 2015, he regularly lied to his customer, ST, a Native American tribe, regarding investments he recommended. Vungarala was serving as a registered representative with Purshe Kaplan Sterling at the time. He was also employed by the tribe as its treasury investment manager and participated in decisions regarding the tribe’s investments. He then recommended the tribe invest more than $190 million in nontraded real estate investment trusts (REITs), even though it was a conflict of interest for him to do so. He told the tribe he would not receive any commissions for the trades, which was also untrue. As a result of his transgressions, the tribe failed to receive more than $3.3 million in volume discounts to which it was eligible. His firm, Purshe Kaplan, also failed to reasonably supervise him during this time.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Vungarala was registered with American General Securities Inc. in Midland, Michigan from October 2004 to December 2007. He is currently registered with Purshe Kaplan in Midland and has been since December 2007. Please call our securities law firm in Chicago if you would like to speak to an attorney about your options of suing his firm, Purshe Kaplan, in the FINRA arbitration forum.

Stoltmann Law Offices is investigating Michael McDonald, a broker with Aegis Capital in Maitland, Florida. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he has been the subject of at least five customer complaints that included churning and excessive trading, unsuitable investment recommendations, unauthorized trading, breach of fiduciary duty and fraud, among other things. He was accused of recommending a private placement called Xyience Inc. to a customer which caused the customer $450,000 in damages. This is commonly referred to as “selling away” and is when a broker recommends a security that is not held or offered by his brokerage firm. Selling away is against securities rules and regulations.

McDonald was registered with Chatfield Dean & Co. in Greenwood Village, Colorado from February 1993 until May 1993, Ole Discount Corp in Detroit, Michigan from May 1993 until November 1995, Empire Financial Group in Longwood, Florida from December 1995 until February 1996, Southern Financial Group in Columbia, South Carolina from March 1996 until March 2002, Advest Inc. in Hartford, Connecticut from March 2002 until December 2005 and JHS Capital Advisors in Tampa, Florida from November 2005 until February 2011. He is currently registered with Aegis Capital in Maitland, Florida and has been since February 2011.

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