Articles Tagged with Natcity Investments

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 investigating Christopher J. Vega, a former investment advisor with PNC Investments. Vega was accused of running a check kiting scheme wherein he wrote four checks totaling $2,030 against his personal bank account, when he knew there was not enough money to cover the amounts. For this he was suspended from the industry for three months. Vega was registered with Natcity Investments in Milwaukee, Wisconsin from February 2009 until November 2009 and PNC Investments in Greendale, Wisconsin from November 2009 until December 2013. He is not licensed within the industry. Please call our securities law firm in Chicago at 312-332-4200 to speak to an attorney about your options of suing PNC Investments for not properly supervising Christopher J. Vega. They could be held liable for investment losses.

Stoltmann Law Offices is investigating Barbara D. Fife, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). She is accused of converting the funds of a firm customer, while she was registered with LPL Financial. Subsequently, FINRA barred her from the industry for her misconduct. She was registered with the following firms: MML Investors Services, Essex National Securities, First Chicago NBD Investment Services, Independent Financial Securities, Natcity Investments, First Chicago NBD Investment Services, Banc One Securities, UBS Financial Services, Fifth Third Securities, City Securities and LPL Financial in Fishers, Indiana from September 2007 until June 2014. She is not currently registered with any member firm. She has five customer disputes against her, one of which is pending. She is not licensed in the industry, and FINRA permanently barred her from acting as a broker or associating with firms that sell securities to the public.

If you invested money with Barbara D. Fife, please call our securities law firm at 312-332-4200 to speak with an attorney about your options of suing her former firm, LPL Financial. They had a duty to reasonably supervise her while she was employed with them. The call is free with no obligation. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating Leonard Tanner, formerly of PNC Investments. Tanner is accused of allegedly executing discretionary transactions in 90 accounts of customers under a verbal authorization, but not a written one. His current firm, City Securities Corporation, requires a written authorization. Unauthorized trading is a violation of securities rules and regulations. Leonard Tanner was registered with Raffensperger, Hughes & Co in Indianapolis, Indiana from August 1969 until July 1995, Natcity Investments in Indianapolis, from July 1995 until November 2009 and PNC Investments in Indianapolis from November 2009 until October 2010. He is currently registered with City Securities Corporation in Indianapolis and has been since October 2010. He has one customer dispute against him. If you invested money with Leonard Tanner, please call our securities law office in Chicago at 312-332-4200 to speak with an attorney to discuss your options. We sue firms such as PNC Investments and City Securities Corporation for not reasonably supervising their brokers.

Stoltmann Law Offices is investigating John Cody Miller, a City Securities broker. Miller is accused of executing discretionary transactions in the accounts of 90 customers without verbal authorization to exercise discretion in their accounts. His firm did not approve these accounts for discretionary trading. These actions occurred from May 4th through June 1st 2010. For this, he was suspended from the industry for 20 days and fined $10,000. Miller was registered with Charles Schwab & Co. in San Francisco, California from June 1998 until July 1998, Natcity Investments in Indianapolis, Indiana from July 1998 until November 2009 and PNC Investments, also in Indianapolis from November 2009 until October 2010. He is currently registered with City Securities in Indianapolis and has been since 2010. He has one customer dispute against him. If you lost money with John Cody Miller, his firm, City Securities, can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration process to recover finances. City Securities can be held liable for not properly supervising Miller during his employment there. Please call our law offices at 312-332-4200 to speak to an attorney. The call is free.

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