Articles Tagged with National Planning Corp

AdobeStock_77502568-1-300x199Timothy Beall, a broker who was suspended by the Financial Industry Regulatory Authority (FINRA) for nine months and fined $10,000, has allegedly violated securities laws and internal firm rules. He allegedly engaged in undisclosed private securities transactions without permission from his brokerage firm. FINRA alleged that he solicited two customers to invest $500,000 in promissory notes issued by a greenhouse building and leasing company in Colorado. Brokerage firms like National Planning Corp have a duty to reasonably oversee its employees to ensure that they do not violate firm rules. If they do not fulfill this duty, they can be sued in the FINRA arbitration forum on a contingency fee basis in order for investors to recover their losses. We only make money if you recover. Attorneys are standing by to take your call for free. We are based in Chicago, Illinois. National Planning Corp brokers like Timothy Beall and Christopher P. Jordan have violated FINRA rules by selling illiquid and highly risky investments that are not suitable for investors.
Timothy John Beall was previously registered with National Planning Corp in Eau Claire, Michigan from July 2008 until April 2016. He has one regulatory matter against him and one judgment/lien. He is not currently registered as a broker, according to his FINRA BrokerCheck report online.

Were you victimized by financial advisor William A. Glaser, formerly a broker with National Planning Corp, in purchasing Everett Builders LLC related investments?  If so, those investment losses are potentially recoverable against National Planning Corp.  The firm was required to reasonably supervise Glaser’s activities while affiliated with the firm.  Usually there are red flags that should have alerted the firm to his conduct.

A former infirm U.S. Navy veteran lost more than $400,000 after Glaser convinced him to lend his life savings to a home builder involved in a criminal investigation by federal authorities. Glaser had convinced the veteran to sell annuities he owned and rack up $45,000 in surrender charges to invest in two promissory notes with Everett Builders LLC, a company run by Paul Everett Creager. Glaser allegedly had the client liquidate two variable annuities in 2016, costing him $19,000 in surrender charges in order to invest $235,000 in a promissory note with him. The client never reclaimed $263,000, which he was supposed to. Then, in November 2016, Creager had the client sell another annuity, which cost him $23,993 in surrender charges. In all, the client lost $361,000 in the promissory notes and $45,632 in surrender charges and fees.

AdobeStock_1800313-1-300x204According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Daniel Hushek, while registered with G.F. Investment Services, allegedly failed to supervise the sales practices of a registered representative who allegedly recommended and engaged in unsuitable trading of non-traditional exchange-traded funds (ETFs). ETFs tend to be highly risky and illiquid, and are not suitable for all investors. A broker must take into account a client’s age, net worth, investment objectives and investment sophistication before recommending or selling an investment. If he does not, his brokerage firm may be held liable for losses. Please call us today to find out how you may be able to sue G.F. on a contingency fee basis. The call is free.
Hushek was registered with IDS Life Insurance Company in Minneapolis, Minnesota from August 2001 until September 2003, American Express in Minneapolis from August 2001 until September 2003, Gunnallen Financial in Tampa, Florida from April 2004 until August 2004, National Planning Corp in El Segundo, California from May 2005 until August 2005, and G.F. Investment Services in Sarasota, Florida from August 2005 until January 2017. He is currently not registered within the industry.

AdobeStock_82110313-1-300x125Stoltmann Law Offices is investigating Richard McCollam, a former financial advisor with National Planning Corp in Lafayette, California. The Financial Industry Regulatory Authority (FINRA) alleged that he willfully failed to disclose two customer arbitrations and seven customer complaints to FINRA. This is against FINRA rules. He was also accused of breach of fiduciary duty, negligence, misrepresentations and omissions, common law fraud, breach of contract, unsuitable variable annuity and REIT purchases, unsuitable investment recommendations and alleged concentration of unsuitable, illiquid investments, among other things. A broker must only recommend those investments that are suitable for the client, by taking into account his net worth, investment objectives, investment sophistication, and age, among other factors. This is especially pertinent in the cases of variable annuities and REIT sales, as these investments tend to be high-risk and illiquid investments, not suitable for all investors. A broker’s firm has an ironclad responsibility to reasonably supervise its brokers, and, if it does not, can be held liable for investment losses.
Mr. McCollam was previously registered with UR Financial, MetLife Securities, The Lincoln National Life Insurance Company, Lincoln Financial Advisors, Royal Alliance Associates, SII Investments Inc. and National Planning Corp in Lafayette, California from April 2012 until January 2013. He has 25 customer disputes against him, nine of which are currently pending. He is currently not registered within the industry, according to his online FINRA BrokerCheck report. If you suffered losses with Richard Anthony McCollam, please call our Chicago-based securities law firm at 312-332-4200 today to find out how you may be able to recover your losses on a contingency fee basis. The call to us is free with no obligation. We sue firms such as National Planning Corp in the arbitration forum.

AdobeStock_82110313-1-300x125Were you a client of Timothy D Ballard? Did he recommend that you take out a margin loan in order to purchase stocks or other investments? If so, this recommendation may be unsuitable and inappropriate for you and it might entitle you to damages. Margin is a high risk investment strategy that simply isn’t suitable for many investors, especially those who are elderly, retired or otherwise conservative. Mr. Ballard’s previous firms include Securities America and National Planning Corporation and they may be liable or responsible for any investment losses that resulted from the utilization of margin. To learn whether margin related investment losses might be recoverable please call our securities firm in Chicago, Illinois at 312-332-4200.

AdobeStock_123495998-1-300x197Stoltmann Law Offices is investigating Timothy D. Ballard, a former National Planning Corp broker in Danville, California. In 2006, Ballard was accused of recommending unsuitable investments, committing fraud, breaching fiduciary duty and using unauthorized and unnecessary margin. These are all against securities rules and regulations. Buying on margin allows the customer to buy more stock than he or she would, normally by borrowing money from a broker to purchase stock. Typically, marginable securities are collateral, where the customer must pay interest on the loan. Margin dramatically increases the risk of a portfolio. Margin amplifies any losses sustained in the underlying securities and is therefore only suitable and appropriate for a small percentage of investors. A broker must obtain the customer’s consent and authorization in order to trade on margin. If he does not, his brokerage firm can be held liable for investment losses, as the firm has an ironclad obligation to reasonably supervise its brokers.

According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Ballard was registered with IDS/American Express, FSC Securities Corp, Anchor National Financial Services, SunAmerica Securities in Phoenix, Arizona from May 1992 until October 2005, AIG Financial Advisors in San Ramon, California from October 2005 until December 2005, National Planning Corp in Danville, California from December 2005 until April 2015 and Securities America in Livermore, California from April 2015 until November 2016. He has four customer disputes against him and two judgments/liens. He is not currently registered with any FINRA member firm.

Please call our Chicago and Barrington, Illinois based law firm at 312-332-4200 to speak to one of our attorneys if you suffered investment losses with Mr. Ballard. The call is free with no obligation. We may be able to help you bring legal action against Mr. Ballard’s former firm, National Planning Corp, for allowing him to trade on margin and for other securities violations. The firm may be liable for your losses. We take cases on a contingency fee basis only, so if you do not recover money, we do not make money. Your claim will be brought forth in the FINRA arbitration forum.

According to the Tampa Bay Times last week, it was reported that Raymond James, headquartered in St. Petersburg, Florida, was among the top ten firms with the highest misconduct rate of financial advisors. Raymond James ranked 8th highest on the list. Other brokerage firms on the list include Oppenheimer, with the greatest concentration at 19.6%, Wells Fargo Advisors with 15.3% and UBS at 15.14%. Raymond James had a concentration of 13.74%. The findings were relayed in a large-scale study documenting misconduct among financial advisers, “The Market for Financial Adviser Misconduct” issued last month by business professors at the University of Minnesota and the University of Chicago business schools. The researchers found the aforementioned firms to be more tolerant of misconduct than the others, hiring more advisers with records. The researchers also found that many advisers who committed misconduct and were fired, were then hired at another firm within one year. Florida remains a state where there is much broker misconduct because of the large number of elderly retirees who tend to make good targets for unscrupulous brokers. Other firms who made the list were First Allied Securities, Cetera Advisors, Securities America, National Planning Corp, Stifel, Nicolaus and Janney Montgomery Scott. To sue any of these firms on a contingency fee basis, please call us for a free consultation.

Stoltmann Law Offices is investigating Voya Financial Advisors, Transamerica Financial Advisors, Investacorp Inc., J.P. Turner, National Planning Corp and Cetera Investment Services, all broker-dealers fined by the Financial Industry Regulatory Authority for failing to give clients appropriate breakpoint discounts on large sales of nontraded real estate investment trusts (REITs) and business development companies. The fines were as follows:

Voya Financial: $325,000

Transamerica: $51,000

Stoltmann Law Offices is investigating Stephen Joseph Kipp, a former advisor with NPB Financial Group. Kipp is accused of misrepresenting material facts related to an investment, breaching fiduciary duty and breaching contract. Kipp was registered with Bretcourt Securities Corporation from March 1984 until May 1984, Dean Witter Reynolds from July 1984 until September 1987, Bateman Eichler, Hill Richards, Inc. from September 1987 until March 1990, Associated Securities Corp in Boston, Massachusetts from March 1990 until February 2000, National Planning Corp in Ventura, California from January 2000 until August 2010, and NPB Financial Group in Ventura from August 2010 until July 2015. He is currently registered with NPB Financial in Ventura and has been since August 2015. If you would like to sue Stephen Joseph Kipp for investment losses, please call our securities law firm at 312-332-4200 to speak with an attorney.

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