Articles Tagged with Minnesota

Did you or someone you know invest money with John Raleigh, a registered broker with Summit Brokerage Services in Sarasota, Florida? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you. Mr. Raleigh was accused of recommending an unsuitable investment in CNL Lifestyle Properties common stock and insurance. He also allegedly recommended an annuity whose distribution “resulted in rates going forward,” experiencing a reduction. These are against securities laws and internal firm rules and regulations. According to his profile online with the Financial Industry Regulatory Authority (FINRA), Mr. Raleigh was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from April 1993 until September 1998 and American Express Financial Advisors in Minneapolis from April 1993 until September 1998. He is currently registered with Summit Brokerage Services in Sarasota, and has been since September 1998. He has two customer disputes against him, one of which is currently pending.

Did you or someone you know lose money with John James and Merrill Lynch? Mr. James was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) after he failed to respond to an investigation against him. He allegedly engaged in undisclosed outside business activities and private securities transactions, without disclosing these to Merrill Lynch, his firm at the time. James was also alleged to have borrowed money from clients, which is not allowed in the securities industry. Merrill Lynch can be held liable for losses on a contingency fee basis in the FINRA arbitration forum, as the firm did not reasonably supervise Mr. James while he was registered there.

According to his online, public BrokerCheck record with FINRA, Mr. James was previously registered with Piper Jaffray in Wayzata, Minnesota from January 2003 until June 2006, Merrill Lynch in Wayzata from June 2006 until March 2016 and Stifel, Nicolaus in Golden Valley, Minnesota from March 2016 until September 2016. He has one customer dispute against him, alleging unsuitable investment recommendations, and is not currently registered as a broker within the industry.

Recently, Ryan Sanford Lawson, a former broker with US Bancorp, was suspended from the industry for 30 days and fined $5,000 for impersonating an elderly customer in an attempt to move the customer’s retirement account from another bank. Allegedly, Lawson made two calls to the other bank, pretending to be the customer. He then made a transfer of $70,000 after meeting with the customer and his wife the day before. The money came from their retirement accounts at the other firm. The client couple claimed that “they were not aware of and did not authorize Lawson to impersonate them in order to effectuate the transfer.” This is against securities laws and US Bancorp may be responsible for losses because the bank did not properly supervise Mr. Lawson. Lawson is the second US Bancorp advisor to be sanctioned by the Financial Industry Regulatory Authority (FINRA) this year. Katherine Ann White was suspended for six months and fined $10,000 in June for allegedly borrowing $10,000 from a 69 year-old customer. She had worked in the Minneapolis, Minnesota branch.

Stoltmann Law Offices is investigating Jeffrey Jacobson who is a registered broker with Dougherty & Company in Minneapolis, Minnesota. Jacobson allegedly “did not adequately supervise a representative who initiated hundreds of trades for elderly customers without contacting them, and unsuitably recommended transactions to those customers. He also recommended unsuitable trading strategies short term trading in corporate and municipal bonds and unnecessary uses of margin to those customers on numerous occasions.” The Financial Industry Regulatory Authority (FINRA) also found that he “did not adequately investigate warning signs, such as the customers’ repeated appearances on certain monthly exception reports addressing accounts with high levels of trading activity. He never communicated with the customers, relying instead on ‘activity letters’ that did not adequately describe the representative’s trading activity or adequately inform the customer about the concerns that prompted the letters. He also did not alert any other supervisory personnel about the representative’s trading activity.” For this, he was suspended for 15 days and fined $7,500.

Jacobson was registered with AG Edwards & Sons in St. Louis, Missouri from January 1993 until May 1996, Painewebber in Weehawken, New Jersey from May 1996 until December 1998, LM Financial Partners in New Orleans, Louisiana from November 1998 until November 2002 and Raymond James in St. Petersburg, Florida from October 2002 until December 2002. He is currently registered with Dougherty & Co. in Minneapolis, Minnesota and has been since December 2002. Please call our securities law firm in Chicago, Illinois today for a free consultation with an attorney. We may be able to help you bring an arbitration claim against Dougherty & Co. in the FINRA arbitration forum. The call is free with no obligation.

Recently, Amr Aboulmagd, a former broker, was permanently barred from the industry, according to his Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waiver and Consent (AWC). FINRA accused Aboulmagd of making unsuitable recommendations and misrepresentations to customers regarding switches from fixed annuities to variable annuities. He also allegedly failed to appear for his on-the-record FINRA testimony related to allegations regarding the unsuitable recommendations and misrepresentations. Mr. Aboulmagd’s former firm, NYLife Securities in Horsham, Pennsylvania, may be liable for any investment losses you may have suffered because of him. Please call our securities law firm today to speak to an attorney about your options of bringing legal recourse against NYLife Securities in the FINRA arbitration forum. We take cases on a contingency fee basis only, so we only make money if you recover yours. The call is free with no obligation.

Amr Aboulmagd was registered with GSG Securities in Boca Raton, Florida from August 1999 until September 1999, IDS Life Insurance Company in Minneapolis, Minnesota from November 1999 until May 2000, American Express Financial Advisors in Minneapolis from November 1999 until May 2000 and NYLife Securities in Horsham, Pennsylvania from April 2009 until May 2015. He has four customer disputes against him, one of which is currently pending. He has been permanently barred from the industry.

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.

Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Steven Orr, a registered broker with H. Beck Inc. in Houston, Texas. Orr was accused of making unsuitable investment recommendations and misrepresenting products, including direct participation products (DPPs) and private placements including oil and gas partnerships, non-traded real estate investment trusts (REITs) and other alternative investments. Products such as these (oil and gas partnerships, REITs, and other alternative investments) are only appropriate for a select few investors under certain market conditions, due to the risk, high fees and illiquidity associated with these products. A broker must take into account the aforementioned market conditions, and the client’s age, net worth, investment objectives and investment sophistication before recommending and/or selling these products. If the broker does not do so, his brokerage firm can be liable for investment losses, because the firm has a duty to supervise each broker. Please call our Chicago-based securities law firm today at 312-332-4200 to speak to one of our attorneys about your options of suing H. Beck if you have suffered losses with Steven Orr. We may be able to help you bring a claim against H. Beck in the Financial Industry Regulatory Authority (FINRA) arbitration forum to recover your financial losses on a contingency fee basis.

According to his online FINRA BrokerCheck report, Orr was registered with AAL Capital Management Corp in Minneapolis, Minnesota from July 1987 until November 1994, H. Beck in Victoria, Texas from December 1994 until April 2009 and DeWaay Financial Network in Victoria from April 2009 until May 2011. He is currently registered with H. Beck in Victoria and has been since April 2011. He has five customer disputes against him, two of which are currently pending and two criminal matters against him.

Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Richard Poston, a former H. Beck registered broker. Beck was being investigated by the Financial Industry Regulatory Authority (FINRA), alleging violations of FINRA rules including standards of commercial honor and equitable principles of trade, improper use of customers’ securities or funds, and the borrowing or lending money from or to any customer without written approval. Most recently, a complaint against him alleged that Poston, from October 2007 until September 2015 made unsuitable concentrated and illiquid investments in non-traded real estate investment trusts (REITs). This claim is currently pending. REITs typically are risky and illiquid investments that are not suitable for all customers. A broker must take into account a customer’s age, net worth, investment sophistication and investment objectives, and, if he does not, his brokerage firm can be held responsible for those losses.

According to his online FINRA BrokerCheck report, Poston was registered with IDS Life Insurance Company in Minneapolis, Minnesota from June 1995 until October 2001, American Express Financial Advisors in Minneapolis, from June 1995 until October 2002, LPL Financial in Plano, Texas from October 2002 until September 2009, Gunnallen Financial in Plano from September 2009 until March 2010 and H. Beck in Plano from March 2010 until December 2015. He is not currently registered with any firm and has four customer disputes against him.

Jerome Bonnett, formerly with Bonnett Wealth Management, and Securities America, committed suicide in May after Bonnett Wealth Management collapsed and he was charged with first-degree forgery and insurance fraud. On May 20, Bonnett Wealth Management had its assets frozen by the state of Nebraska. Bonnett was being investigated for mismanaging investor funds for personal use. The fraud he orchestrated was estimated at $1.35 million. Many of his victims were his close friends and family members. Eight of his investors were named as beneficiaries of a $3.2 million life insurance policy he took out more than two years before his suicide. According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Bonnett was registered with Fortis Investors in Oakdale, Minnesota from May 1991 until November 1994, Walnut Street Securities in El Segundo, California from October 1994 until January 1995 and Securities America in Omaha, Nebraska from January 1995 until October 2015. He has one customer dispute against him and was not licensed within the industry before his death.

Stoltmann Law Offices is interested in speaking to those individuals who may have invested money with Matthew Lilleberg, a registered representative with Moloney Securities in Minnesota. Lilleberg has been accused of executing unauthorized trades, executing an unauthorized purchase of a stock, and recommending unsuitable investments. These are all against securities rules and regulations. Lilleberg was registered with Wells Fargo Investments in Aspen, Colorado from March 2004 until October 2008, Brookstone Securities in Willmar, Minnesota from September 2010 until June 2012 and Minnesota Valley Investments in Willmar from August 2012 until March 2014. He is currently registered with Moloney Securities in Willmar and Spicer, Minnesota and has been since April 2014. He has eight customer disputes against him. If you or someone you know has invested money with Matthew Lilleberg, please call our securities law firm in Chicago to speak to one of our attorneys about your options of suing Moloney Securities in the FINRA arbitration forum on a contingency fee basis. We help investors recover financial losses.

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