Articles Tagged with National Securities Corp

AdobeStock_112465076-1-300x164Stoltmann Law Offices continues to investigate National Securities Corp broker Jonathan Aschoff and his recommendations of the following Biotech securities:

Avenue Therapeutics Inc (ATXI.O);

Checkpoint Therapeutics Inc (CKPT.O); and

AdobeStock_112465076-1-300x164A former investor with First Dominion Capital and broker John Galinsky was awarded over $1.1 million in damages. In April 2018, Galinsky was sanctioned by the Financial Industry Regulatory Authority (FINRA) following allegations he sent emails to prospective and current investors which were not “fair and balanced, and which failed to provide a sound basis for assessing the facts surrounding a company that was involved in a private securities offering on for assessing the offering itself.” In 2013, a customer alleged that Mr. Galinsky, while employed at Fintegra, recommended an unsuitable investment, made misrepresentations and omissions of material facts, and breached his fiduciary duty. The complaint resulted in an award to the customer of more than $1.1 million. He was terminated from his position at Advanced Equities following allegations he violated FINRA rules in 2006, and he was also accused of making margin calls and executing unauthorized transactions. These are all against securities laws and internal firm rules.
John Galinsky, according to FINRA records available online, was previously registered with Fintegra in Chicago, Illinois from January 2010 until December 2011, and National Securities Corp in Chicago from January 2012 until November 2017. He is currently registered with First Dominion Capital Corp in New York, New York, and has been since November 2017. He has four customer complaints against him, and three regulatory matters. He has two criminal dispositions against him.

AdobeStock_69736117-2-300x200Did you or someone you know lose money with National Securities broker Stuart Updegrove? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your options of bringing a claim against the firm in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. The call to us is free, so please call today. Mr. Updegrove was accused of recommending unsuitable investments, breaching fiduciary duty, acting negligently, breaching contract in connection to investments in penny stock and private placement products, churning investments, executing excessive transactions, and making unauthorized trades. These are all against securities laws and internal firm rules. Excessive trading, also referred to as “churning,” is when a broker trades in and out of securities, sometimes multiple times in one day. This is a tactic used in order to generate large commissions for the broker, and it typically leads to unnecessary fees for the client.
Stuart Updegrove, according to public records with FINRA online, was previously registered with Nori, Hennion, Walsh Inc. in Parsippany, New Jersey from November 1992 until December 1992, Prudential Securities Inc. in New York, New York from August 1993 until January 1994, Sands Brothers & Co. in New York from August 1994 until January 1995, Northeast Securities in Mitchelfied, New York from January 1995 until October 1996, and Eastbrook Capital Group in New York from August 1996 until April 2009. He is currently registered with National Securities Corp in South Norwalk, Connecticut, and has been since April 2009. He has seven customer disputes against him, one of which is currently pending.

According to a recent InvestmentNews article, Zachary Berkey and Daniel Fischer, two brokers with Four Points Capital Partners, were charged with churning the accounts of 10 customers. The brokers clients allegedly lost a total of $573,867, according to the complaint, while the brokers received $106,000 and $175,000 respectively, in commissions. Mr. Fischer is ordered to return his gains with interest and pay a $160,000 fine. He also agreed to be barred from the securities industry by the Securities and Exchange Commission (SEC) in a separate action. He was also ordered to pay $5,000 to the Financial Industry Regulatory Authority (FINRA) in connection with his trading activity. Mr. Berkey’s litigation with the SEC will go to federal district court in Manhattan.

Churning is when a broker excessively trades a customer’s account in order to generate commissions for himself. This can lead to unnecessary fees for the client and is against securities laws. Four Points Capital can be held liable for investment losses, because the firm had a duty to reasonably supervise its employees while they were registered there. Four Points Capital can be sued in the FINRA arbitration forum on a contingency fee basis.

According to FINRA records, Berkey was previously registered with The J.B. Sutton Group, Woodstock Financial Group, National Securities Corp, and Four Points Capital Partners in Melville, New York from April 2013 until January 2015. He has four customer disputes against him and three judgments/liens. He is not currently registered as a broker. Daniel Terry Fischer was previously registered with Monroe Parker Securities, On-Site Trading, Worldco, Quest Capital Strategies, Hold Brothers On-Line Investment Services, E*Trade Securities Dimension Trading Group, Dimension Securities, WTS Proprietary Trading Group, and Four Points Capital in New York, New York from November 2012 until July 2017. He is not currently registered as a broker.

AdobeStock_90383187-1-300x194Stoltmann Law Offices is investigating brokers at VFinance Investments and National Securities Corp who may have sold private placements of Biopharma stocks. If you were recommended or sold any of the following stocks by your VFinance or National Securities Corp broker, please contact us today.

Ventrus Biosciences

Avenue Therapeutics

AdobeStock_91053286-1-300x194Stoltmann Law Offices is investigating Ralph Marra, who was suspended from the industry for 20 days and fined $5,000. He allegedly used discretion in customer accounts on 176 transactions without prior written authorization between May 2015 and April 2016. He was formerly associated with National Securities Corp in Eatontown, New Jersey, and this conduct is against securities rules and regulations. If you suffered losses with Mr. Marra, please call our securities law firm at 312-332-4200 today to find out how to recover your losses. The call is free with no obligation. We take cases on a contingency fee basis, so we only make money if you recover yours.
Ralph Brian Marra was registered with Hibbard Brown & Co., Donald & Co., Prudential Securities, Dean Witter Reynolds, Merrill Lynch, UBS and Morgan Stanley. He is currently registered with National Securities Corp in Eatontown, New Jersey and Clearwater, Florida and has been since May 2015. He has five customer disputes against him, one of which is pending. He is currently suspended from the industry.

AdobeStock_762441-1-300x225We are investigating Ralph Marra, a National Securities Corp broker who allegedly used discretion in customer accounts on 176 transactions without prior written authorization between May 2015 and April 2016. This is against securities rules and internal firm rules. He was also accused of suitability, unauthorized trading, misrepresentation, and breach of fiduciary duty. Marra works at a branch office of National Securities Corp in Eatontown, New Jersey. Brokerage firms that fail to adequately supervise their advisors can be liable for investment losses on a contingency fee basis. We are securities attorneys who help bring claims against firms like National Securities Corp in the Financial Industry Regulatory Authority (FINRA) arbitration forum. If you suffered losses with Ralph Marra, you may be able to recover those losses by calling us today at 312-332-4200. The call is free with no obligation. Attorneys are standing by.
According to his online FINRA BrokerCheck profile, Mr. Marra was registered with Hibbard Brown & Co. in New York, New York from May 1991 until June 1993, Donald & Co. Securities in Tinton Falls, New Jersey from June 1993 until November 1997, Prudential Securities in New York, New York from November 1997 until June 1999, Dean Witter Reynolds in Purchase, New York from June 1999 until July 2000, Merrill Lynch in Red Bank, New Jersey from July 2000 until May 2008, UBS in Red Bank from May 2008 until January 2013 and Morgan Stanley in Shrewsbury, New Jersey from January 2013 until May 2015. He is currently registered with National Securities Corp in Eatontown, New Jersey and Clearwater, Florida and has been since May 2015. He has five customer disputes against him, one of which is currently pending.

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating William Gillis, a broker with National Securities Corp in Seattle, Washington. Mr Gillis has been accused of making poor recommendations and providing poor advice, breaching fiduciary duty, acting negligently, misrepresenting and omitting material facts, among other things. These are all against securities rules and regulations. Please call us today if you have suffered losses with Mr. Gillis. We may be able to help you recover your losses by suing National Securities Corp in the Financial Industry Regulatory Authority (FINRA) arbitration forum. The call to us is free with no obligation. We take cases on a contingency fee basis only.

Mr. Gillis was registered with E.F. Hutton & Co. from July 1986 until February 1988, CIBC World Markets Corp in New York, New York from January 1988 until February 2001, Wachovia Securities in Seattle, Washington from February 2001 until August 2008 and National Securities Corp in Seattle, Washington from August 2008 until June 2015. He has 22 customer disputes against him, seven of which are currently pending. He is not registered within the industry.

AdobeStock_66548440-1-300x169Were you a client of Assan Faal while he was affiliated with National Securities Corp, Stifel Nicolaus or Sterne Agee? If so, the investment losses that you sustained might be recoverable through the FINRA arbitration claims process. Mr Faal was recently permanently barred from the securities industry. His previous brokerage firms had an ironclad duty and obligation to supervise his activities. The failure to do so can make the firm liable and responsible for any losses that may have been sustained. Please call our investment fraud law firm in Chicago Illinois at 312-332-4200 for no cost review by an attorney

AdobeStock_1800313-1-300x204Stoltmann Law Offices is investigating Anthony Mediate, a former registered broker with Legend Securities in New York, New York. Mr. Mediate was accused of executing excessive trades, exercising unauthorized discretion, misrepresenting material facts and churning investments. Churning is when a broker excessively trades in an account, in order to receive large commissions for himself. It is against securities laws, as are all of the above named transgressions. If you suffered any losses with Mr. Mediate, you may call our securities law firm free of obligation in order to speak to an attorney about your options. Legend Securities may be liable for your losses and we sue firms in the arbitration forum on a contingency fee basis.

Mediate was previously registered with National Securities Corp, JP Turner and Legend Securities in Staten Island, New York, and others. He has five customer disputes against him, two of which are pending. He is currently not registered within the industry.

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