Articles Tagged with Painewebber Inc

If you or someone you know lost money with Richard Schloss, you may be able to recover those losses on a contingency fee basis. Mr. Schloss was accused of placing a customer in an unsuitable investments, recommending unsuitable investments, and placing a customer in a high-risk bond which resulted in a loss of 60% of the original investment. These are all against securities laws. Schloss was previously registered with Painewebber Inc. in Weehawken, New Jersey from August 1986 until February 1998 and is currently registered with Wells Fargo in Canton, Ohio and has been since February 1998. He has three customer disputes against him, one of which is currently pending. This is according to his online FINRA BrokerCheck report.

Stoltmann Law Offices is investigating David O. Braeger, a former registered representative with Newport Coast Securities in Irvine, California. The Financial Industry Regulatory Authority (FINRA) filed a complaint against him, alleging that he misappropriated or stole $30,000 from a couple. The couple gave Braeger the money in 2009 in order to invest in Rubicon Capital Appreciation Fund, a fund managed by Braeger. Braeger never invested the money in the fund, and told the couple that Rubicon was still an open fund, when, in fact, it wasn’t. Rubicon closed in 2010. This is against securities rules and regulations.

Braeger was previously registered with McLaughlin, Piven, Vogel Securities Inc., Painewebber Inc., Bear, Stearns & Co., Mesirow Financial, Everen Securities, Raymond James, Sanders Morris Harris, Legg Mason Wood Walker, AG Edwards & Sons, Delta Equity Services Corp, Brookstreet Securities Corp, Newport Coast Securities in Irvine, California from October 2008 until May 2012, Accelerated Capital Group, Arque Capital Ltd., and Midtown Partners in New York, New York from January 2014 until July 2014. He has one regulatory matter against him which is currently pending and is not licensed within the industry, according to his public, online FINRA BrokerCheck report.

According to publicly available records by the Financial Industry Regulatory Authority (FINRA) it is indicated that Citigroup Global Markets registered broker Owen Watstein, recommended unsuitable holdings and “collected fees on an ‘account that was not even monitored,’” was responsible for a “high risk” account breakdown and mishandled accounts, among other violations of securities laws. According to his online publicly available FINRA BrokerCheck report, Watstein was registered with Lehman Brothers in New York, New York from March 1993 until July 1993, Painewebber Inc. in Weehawken, New Jersey from August 1993 until June 1996, Schonfeld Securities in Jericho, New York from July 1996 until August 1997 and Citicorp Investment Services in New York from March 1998 until May 2007. He is currently registered with Citigroup Global Markets in New York and has been since May 2007. He has three customer disputes against him, one of which is currently pending. If you would like to bring a claim against Owen Watstein for investment losses, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney for free. You may be able to sue Citigroup Global in the FINRA arbitration forum on a contingency fee basis, which means we do not make money unless you recover yours. Please call today as time is of the essence.

Stoltmann Law Offices is interested in speaking to those individuals who may have suffered losses with Aldo Nestor Marchena and his former firm, Northeast Securities. According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) into which he entered, Marchena was alleged to have engaged in outside business activity while associated with Northeast, which is against securities rules and regulations. Between January 2011 and December 2013, Marchena formed ABC, a Florida limited liability company offering business consulting services. Marchena allegedly registered ABC’s domain name but used his Northeast office address as the official registered address of ABC. Marchena identified as Managing Director, Partner and legal representative of ABC in agreements with ABC customers during the time period. This included his engagement in outside business activities while he was still registered with Northeast. For this, he was fined $5,000 and suspended from the industry for five months.

According to his FINRA online BrokerCheck report, Marchena was registered with Painewebber Inc. in Weehawken, New Jersey from April 1999 until September 2000, Prudential Securities in New York, New York from August 2000 until July 2003, Wachovia Securities in Boca Raton, Florida from July 2003 until October 2008, Kovack Securities in Boca Raton from October 2008 until October 2010 and Northeast Securities in Boca Raton from October 2010 until April 2014. He is not currently registered with any member firm and he has two customer disputes against him. Please call 312-332-4200 today to speak to an attorney about how you might be able to recover your losses with Northeast Securities and Aldo Nestor Marchena.

Stoltmann Law Offices is investigating Scott Sade, who was registered with NPF Advisors. He recently had a customer complaint against him, accusing him of recommending an unsuitable annuity purchase and misrepresenting material facts related to an investment. This is against securities rules and regulations. He was registered with JB Hanauer & Co. from October 1982 until October 1986, Painewebber Inc. in Weehawken, New Jersey from October 1986 until January 1993, Lehman Brothers in New York, New York from January 1993 until July 1993, Citigroup in Stuart, Florida from July 1993 until June 2009 and Morgan Stanley in Stuart from June 2009 until March 2015. He is currently registered with NFP Advisor Services in Stuart and has been since May 2015. Please call today for a free consultation with an attorney.

Stoltmann Law Offices is investigating Bradley Smegal, a former Wells Fargo broker. The Financial Industry Regulatory Authority (FINRA) recently barred him from the industry. According to his BrokerCheck report, Smegal misrepresented material facts related to an investment, made unsuitable investment recommendations and sold securities away from his member firm, which is commonly referred to as “selling away,” and is when a broker recommends or sells a security away from his member firm in order to generate large commissions for himself. It is against securities rules and regulations.

Smegal was registered with Painewebber Inc., E.F. Hutton & Co., Shearson Lehman Hutton Inc., Blunt Ellis & Loewi Inc., Everen Securities, Dain Rauscher, Piper Jaffray & Co. and Wells Fargo in Minneapolis, Minnesota. He has six customer disputes against him, one of which is currently pending. He is not licensed and has been permanently barred from the industry. If you invested money with Bradley Smegal, please call our securities law firm in Chicago for a free consultation with an attorney. There is no obligation. We take cases on a contingency fee basis only.

Thomas Phillips recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Stoltmann Law Offices is investigating the fact that FINRA alleges that Phillips misstated fees associated with 16 variable annuity transactions on variable annuity switch forms. Allegedly, between November 2013 and September 2014, Phillips was registered with Wesbanco Securities and prepared Investment Exchange Acknowledgement Forms (VA switch forms) in connection with 16 VA transactions. The forms contained information explaining the basis for replacing one VA with another, which included, among other things, the fees associated with each policy, such as mortality and expense fees, administrative fees and fees for certain riders. In each of the 16 transactions, Phillips misstated the fees associated with the VA being replaced or acquired, and in a few instances, both. For this, he was censured and fined $10,000.

Thomas Phillips was registered with Painewebber Inc. in Weehawken, New Jersey from November 1992 until February 1999, Amtrust Investment Services in Columbus, Ohio from March 1999 until March 2009 and is currently registered with Wesbanco Securities in Chillicothe, Ohio and has been since March 2009. He has two customer disputes against him. It may be possible to bring a claim against Phillps’ firm, Wesbanco Securities, in the FINRA arbitration process. They had a duty to reasonably supervise him while he was employed there. Because they did not, they may be responsible for money losses. You may call our securities law firm in Chicago for a free consultation with an attorney. We will be happy to discuss your options with you. There is no obligation.

Stoltmann Law Offices is investigating John Notman, a Berthel Fisher broker in Stockton, California. Notman is accused of misrepresenting and recommending unsuitable investments and tenant-in-common (TIC) interests. TICs are co-owners of an undivided interest in real property. Each has an equal right to the use and possession of the property. TICs can be very risky investments. A broker must take into account his client’s age, net worth, investment savvy and portfolio objectives before recommending a security, and if he does not, his firm can be liable for investment losses, in this case, Berthel Fisher can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum if you or someone you know lost money with John Notman. Notman also allegedly failed to supervise a representative, failed to conduct proper due diligence, among other complaints.

Mr. Notman was registered with Private Ledger Financial Services from March 1982 until July 1984, Prudential-Bache Securities from June 1984 until August 1986, Painewebber Inc. in Weehawken, New Jersey from July 1986 until January 1990, Merill Lynch in New York, New York from January 1990 until February 1995, Dean Witter in Purchase, New York from March 1995 until February 1997, Continental Capital Investment Services in Bryan, Ohio from April 1997 until March 2003 and Berthel, Fisher & Company in Stockton, California from March 2003 until September 2012. He is not currently registered with any member firm. He has 31 customer disputes against him, three of which are currently pending.

Please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney about your options of bringing a claim against Berthel Fisher for investment losses. The call is free with no obligation. If you or someone you know suffered investment losses with John Notman, they may be recoverable.

Stoltmann Law Offices is investigating Gilbert Kuta and his firm, Capitol Securities, in Timonium, Maryland. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Kuta allegedly recommended unsuitable investments in mutual funds and unit investment trusts, improperly used margin, generated high commissions, misrepresented material facts related to a municipal bond, and engaged in conduct inconsistent with just and equitable principles of good trade, among other transgressions.

Gilbert Kuta was registered with Merrill Lynch from December 1982 until July 1984, Laidlaw Ansbacher Inc. from July 1984 until February 1985, A.G. Edwards & Sons in St. Louis, Missouri from February 1985 until September 1989, Painewebber Inc. in Weehawken, New Jersey from September 1989 until December 1992, Lehman Brothers in New York, New York from December 1992 until July 1993, Smith Barney Shearson in New York, New York from July 1993 until January 1994, Ferris Baker Watts in Hunt Valley, Maryland from February 1994 until March 2009 and RBC Capital Markets Corp in Hunt Valley from March 2009 until September 2009. He is currently registered with Capitol Securities in Timonium, Maryland and has been since August 2009. He has seven customer disputes against him.

If you invested money with Gilbert A. Kuta, please call our securities law firm at 312-332-4200 to speak to an attorney about your options. You may be able to sue his firm, Capitol Securities, for failing to properly supervise him. The call is free with no obligation. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating Lucian D. Hodgman and his firm, Newport Coast Securities, in New York, New York. Hodgman was accused of sending 40,000 copies of an advertisement postcard to be send out by mail through a third party marketing company without the approval of his member firm. He also allegedly made a phone call to a firm compliance officer in which he impersonated a representative of the marketing company and made false statements regarding the mailing of the postcards. Previously, he was fined $5,000 and suspended from the Financial Industry Regulatory Authority (FINRA) for unauthorized trading, failure to execute trades and excessive trading.

Hodgman was registered with Painewebber Inc. in Weehawken, New Jersey from October 1991 to January 2001, Moors & Cabot Inc. in Boston, Massachusetts from February 2001 until September 2013, Investors Capital Corp in Exeter, New Hampshire from September 2013 until March 2014, White, Weld & Co. Securities in Boston from April 2014 until August 2014 and Newport Coast Securities in Boston from October 2014 until February 2015. He has four customer disputes against him. He is not currently licensed within the industry.

Because brokerage firms have a responsibility to adequately supervise their representatives, and must take steps to ensure their representatives follow rules and regulations, they can be sued in the FINRA arbitration forum if they do not. Stoltmann Law Offices sues firms such as Newport Coast Securities for not adequately supervising their representatives, so please call us at 312-332-4200 for a free consultation with an attorney. There is no obligation and we take cases on a contingency fee basis only.

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