Articles Tagged with NEWARK

Did you lose money with David Ross, formerly of Woodbury Financial Services? If so, the attorneys of Stoltmann Law Offices may be able to help you recover your financial losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We help clients sue firms such as Woodbury because the firm allows misconduct of their brokers. Please call 312-332-4200 today. The call is free with no obligation. Attorneys are standing by to take your call.

David Ross was discharged from Woodbury Financial in April 2016 after allegations that he failed to disclose an outside business activity to his firm. This is against securities rules and regulations. He was also accused of executing unauthorized trades while employed at Signator Investors. He has multiple tax liens against him and one customer dispute. He was registered with Pruco Securities in Newark, New Jersey from March 1998 until June 1999, Hornor, Townsend & Kent in Horsham, Pennsylvania from June 1999 until December 2000, Signator Investors in Murfreesboro, Tennessee from December 2000 until May 2010 and Woodbury Financial Services in Murfreesboro from May 2010 until April 2016. He is not licensed within the industry.

Stoltmann Law Offices is investigating Randy Burke, who was recently barred from the industry by the Financial Industry Regulatory Authority (FINRA). Sale is accused of participating in private securities transactions without providing written notice to his member firm, Calton & Associates. He also allegedly made misrepresentations in his sales to an elderly customer by telling her she would be entitled to a share of the profits in the future sale of a lodge property in Alaska. Mr. Burke also allegedly deposited $38,000 of the customer’s money into a joint business checking account he shared with his wife and used the money for personal gain. He also allegedly used another customer’s money for personal gain in the sale of false investments in an entity called “Lodge Alaska, LLC”.

Engaging in private securities transactions is also referred to as “selling away,” and is when a broker solicits securities that are not held or offered by his member firm. This is against securities rules and regulations and is a tactic used by a broker to make large commissions for himself. Burke was registered with Pruco Securities in Newark, New Jersey from February 1996 until October 2001, Synergy Investment Group in Ferguson, North Carolina from February 2002 until April 2011, Capital Investment Group in Hickory, North Carolina from April 2011 until September 2013 and Calton & Associates in Hickory from September 2013 until October 2015. He has two customer disputes against him, one of which is currently pending. He is not registered with any FINRA firm, not licensed within the industry and FINRA permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

If you or someone you know invested money with Randy Burke, we may be able to help you bring a claim against his former firm, Calton & Associates. They may be held liable for investment losses because they had a duty to reasonably supervise Burke while he was employed with them. The call is free with no obligation and we sue firms such as Calton & Associates in the FINRA arbitration forum to recover money for investors. We take cases on a contingency fee basis only so we do not make money unless you recover. 312-332-4200.

Stoltmann Law Offices is investigating Michael Jump and Investment Planners investor losses. Jump entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to his AWC, Jump was registered with Investment Planners between April 2013 and April 2014. He allegedly prepared Variable Annuity Transmittal and Disclosure forms (also known as VA switch forms) in connection with 32 variable annuity transactions. The switch forms contained information explaining the basis for replacing one with another and the fees associated with the replaced policy. Examples of such were mortality and expense fees. The switch forms were signed and acknowledged by each of the customers and submitted to Investment Planners for review. Jump then provided incorrect information associated with the fees of the switches. On the 32 occasions, he claimed the fees were higher than they actually were. Jump also failed to make reasonable assessments of the advantages and disadvantages of the recommended exchanges described. These transgressions were against FINRA rules and regulations. For them, he was suspended for two months from the industry and fined $10,000. He was also ordered to pay disgorgement of commissions in the amount of $6,889.

Michael Jump was associated with Pruco Securities Corporation from September 1983 until June 1985, and Pruco in Newark, New Jersey from August 1986 until March 2005. He was also associated with American General Securities in Somonauk, Illinois from April 2005 until July 2008. He is currently registered with Investment Planners in Somonauk and has been since June 2008. He has one customer dispute against him. If you invested money with Michael Jump, you may be able to bring a claim against Investment Planners, for failing to properly supervise him. They had a duty to reasonably supervise him while he was employed there. Please call us at 312-332-4200 for a free consultation with an attorney.

Stoltmann Law Offices is investigating Barry George Hartman, a former registered representative with FSC Securities. Hartman was terminated from FSC on March 5, 2015 for participating in an undisclosed outside business activity and an undisclosed private securities transaction. It is alleged that in 2004, Hartman made a telephone call to an insurance company regarding a variable annuity it had issued to that customer. Hartman told the insurance company that he was a branch manager, and he did this without the branch manager’s knowledge or authorization to do so. Hartman then entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), wherein FINRA imposed on him a 15-day suspension and a $2,000 fine.

Hartman also served on the board of directors of an unaffiliated privately-held company without providing written notice to his member firm. This was between 2004 and 2015. Hartman engaged in an undisclosed outside business activity and this is against FINRA rules and regulations. During the same time period, Hartman also participated in private securities transactions by personally investing $450,000 in the privately held company, and recommending that 13 of those customers invest in the company. He also did not provide written notice of his actions to his member firm. This is referred to as selling away, and is when a broker recommends a security that is not held by his member firm, for the sole purpose of garnering commissions for the broker. For this he was barred from the industry.

Hartman was registered with Prudential Insurance Company of America in Newark, New Jersey from June 1985 until December 1993, Pruco Securities Corp in Newark from June 1985 until November 2000, Raymond James Financial Services in St. Petersburg, Florida from October 2000 until February 2002, and FSC Securities in Missoula, Montana from February 2002 until March 2015. He has 10 customer disputes against him, eight of which are currently pending. He is not licensed within the industry and FIRNA permanently barred him from acting as a broker.

The Massachusetts regulator William Galvin, charged Securities America, a brokerage firm, on Wednesday for failing to supervise a broker who, he claims “exploited the dangers of Alzheimer’s disease in order to gain access to senior clients.” The broker, Barry Armstrong, hosts an AM radio show, on which he asks elderly listeners to call him for medical support, and, when they do, he attempts to give them financial advice. It is an example of a classic “bait and switch,” or falsely advertising one service to obtain contact information, then switching it out for another. The complaint stated: “Securities America’s failure to raise a single question about the content of the Alzheimer’s ads and the attendant mailing materials represents an utter failure that goes to the very purpose of a compliance function. Securities America failed to prevent or even flag glaringly unethical conduct.”

Mr. Armstrong was registered with New York Life Securities from November 1984 until April 1986, 1717 Capital Management Company in Newark, Delaware from September 1986 until December 2003, and Woodbury Financial Services in Needham, Massachusetts from February 2004 until January 2007. He is currently registered with Securities America in Needham and has been since January 2007. He has four customer disputes against him. If you would like to sue Barry Armstrong, please call our securities law firm at 312-332-4200 to speak to an attorney. His firm, Securities America, may be liable for not properly supervising him. The call is free. 312-332-4200.

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