Articles Tagged with Park Avenue Securities

Did you or someone you know lose money with former Cambridge Investment Research broker Ralph Savoie? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Mr. Savoie was charged with one count of wire fraud on December 22nd, 2017. He was previously with Cambridge Investment Research in Metairie, Louisiana. Mr. Savoie allegedly received $150,000 from investors, which he then spent on jewelry, hotels, cars, credit card bills, rent and restaurants. He falsely told his clients he would invest their money in securities and insurance and would develop industrial cooling towers. Instead, he used the money to write checks to himself and to pay back other investors. This misconduct occurred from January 2013 until March 2016. The Financial Industry Regulatory Authority (FINRA) barred him from the industry for these things. They are all against securities laws.

Mr. Savoie was previously registered with The Equitable Life Assurance Society of the United States, Paul Revere Equity Sales, FSC Securities, The Minnesota Mutual Life Insurance Company, Integrated Resources Equity Corp, Securian Financial Services, Metropolitan Life Insurance Company, MetLife Securities, Park Avenue Securities, ING Financial Partners and Cambridge Investment Research in Metairie, Louisiana from July 2013 until September 2015. He has five customer disputes against him, two of which are currently pending. They allege fraud, highly speculative private placements, unsuitable, expensive and illiquid investment sales, violations of securities laws, breach of contract, violations of Louisiana securities laws, breach of fiduciary duty, gross negligence, and investments in unregistered securities, all of which are against securities rules and regulations. He has been permanently barred from the industry, according to his public records with FINRA. A broker must take into account a customer’s net worth, investment objectives, investment sophistication and risk tolerance, and age among other factors, before recommending or selling a security. If he does not, his brokerage firm may be liable for losses.

 

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating Gary Hammond, a Hornor Townsend & Kent broker in Charlotte, North Carolina. Hammond was alleged to have recommended an unsuitable investment in two variable annuities, and was terminated from MML Investors Services “in connection with an internal review relating to violation of company policy as to the handling of a customer complaint and selling away.” Selling away is when a broker recommends or sells an investment that is not offered or sold by his investment company. It is against securities laws, and a brokerage firm may be liable for losses if it allows a broker to sell away. Please call 312-332-4200 today to find out how you may be able to recover your losses on a contingency fee basis.
Gary Wayne Hammond was previously registered with Guardian Investor Services, Park Avenue Securities, Metropolitan Life Insurance Company, MSI Financial Services and MML Investors Services in Charlotte, North Carolina from March 2017 until May 2017. He is currently registered with Hornor, Townsent & Kent in Charlotte, and has been since August 2017. He has two customer disputes against him, one of which is currently pending. This is according to the Financial Industry Regulatory Authority (FINRA).

AdobeStock_112465076-1-300x164Stoltmann Law Offices continues to investigate Beth Ty, a former registered broker with Park Avenue Securities. Allegedly, Ty put together a comprehensive plan for her clients, who were a married couple. She then sold them a full life insurance policy and recommended that they fund the payments for it through a “guaranteed high yield” investment with Daystar Funding and Frederick Voight. She then claimed she personally investigated this investment herself, when, in reality, it turned out to be a ponzi scheme. The Securities and Exchange Commission (SEC) charged Voight and Daystar with running a ponzi scheme. Shortly after Ty put the claimants’ money into the investment, in July 2015, the SEC charged the fund with being a ponzi scheme. The couple subsequently lost $175,000. Ty is being accused of negligence, breach of fiduciary duty and negligent supervision.

Beth Ty, also known as Lizabeth Gotuaco Ty, was registered with Ameritas Investment Corp in Lincoln, Nebraska from February 2004 until April 2004, Brookstreet Securities in San Juan Capistrano, California from April 2004 until November 2004 and Park Avenue Securities in Houston, Texas from January 2006 until July 2015. She has four customer disputes against her, all of which are pending. She has been permanently barred from the industry. Please call us today at 312-332-4200 if you suffered money losses with Ms. Ty. We may be able to bring a claim against her former firm, Park Avenue Securities, in order to reclaim your losses. The firm may be liable for not properly supervising her. We take cases on a contingency fee basis only.

AdobeStock_91053286-1-300x194Lizabeth (Beth) Gotuaco Ty, a former Park Avenue Securities broker was accused of various securities law violations by the Securities and Exchange Commission (SEC). Allegedly, Ty recommended “guaranteed” investments with Frederick Voight and Daystar Funding to a married couple from Texas who run a non-denominational church. Ty told the couple their high-yield investments would generate high rates of return that were protected and would not be subject to market volatility. The couple gave her $1,965,000 to invest. Voight and Daystar Funding were charged with running a ponzi scheme in July 2015 by the SEC. According to the SEC complaint, Voight lost $13.8 million of investor proceeds in the ponzi scheme. Ty had allegedly entered into a consulting contract with Frederick Voight to solicit investments into his business. This was an outside business activity that Park Avenue Securities should have monitored, and because the firm did not, it may be responsible for investment losses sustained with Beth Ty. Investors who may have lost money because of Ty are encouraged to call our Chicago, Illinois-based law firm at 312-332-4200 today for a free consultation with one of our attorneys.

According to her BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), Ty was registered with Ameritas Investment Corp in Lincoln, Nebraska from February 2004 until April 2004, Brookstreet Securities in San Juan Capistrano, California from April 2004 until November 2004 and Park Avenue Securities in Houston, Texas from January 2006 until July 2015. She has three customer disputes against her, which are pending. She has been permanently barred from the industry.

Stoltmann Law Offices is investigating Roger Zullo, an advisor at LPL Financial in Boston, Massachusetts. The state alleged that Zullo “defrauded his clients, lied to his supervisors, and fabricated client financial suitability profiles, in order to enrich himself and LPL by selling scores of identical, unsuitable, illiquid and high-commission variable annuities.” The state also alleged that he engaged in annuity switching, or the recommendation that clients liquidate one variable annuity to invest in another, at the expense of his customers. Zullo and LPL also allegedly received over $1.8 million in commissions from selling the variable annuities, mostly from Polaris Platinum III variable annuities. Massachusetts also alleged that LPL ignored warnings and red flags and failed to adequately supervise him. These are all against securities rules and regulations.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Mr. Zullo was registered with Guardian Investor Services Corp in New York, New York from November 1988 until May 1999 and Park Avenue Securities in New York from May 1999 until August 2004. He is currently registered with LPL in Boston, Massachusetts and has been since August 2004. Please call our securities law firm today at 312-332-4200 if you suffered losses with Mr. Zullo. You may be able to bring a claim against his firm, LPL, for those losses. The call is free with no obligation. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating Lizabeth “Beth” G. Ty, a former stockbroker with Park Avenue Securities. Ty, according to the Financial Industry Regulatory Authority (FINRA), sold unregistered securities and a customer of Park Avenue Securities client alleged damages of $250,000 related to the purchase of an unregistered promissory note. Ty was also alleged to have two more customer disputes against her that were separate complaints regarding unregistered promissory notes. One alleged damages of $500,000 and the other, $400,000. Ty was registered with Ameritas Investment Corp in Lincoln, Nebraska from February 2004 until April 2004, Brookstreet Securities in San Juan Capistrano, California from April 2004 until November 2004 and Park Avenue Securities in Houston, Texas from January 2006 until July 2015. She has three customer disputes against her, all of which are currently pending. She is not licensed and has been permanently barred from the industry. Please call our securities law firm today if you suffered losses with Beth Ty, and would like to receive a free consultation about how you may be able to recover your losses in the FINRA arbitration forum on a contingency fee basis. 312-332-4200.

Stoltmann Law Offices is investigating Lizabeth Ty, a broker with Park Avenue Securities in Houston, Texas. Yy has three pending customer complaints according to her online, public Financial Industry Regulatory Authority (FINRA) BrokerCheck report. FINRA filed a complaint against Ty investigating the circumstances of the sale of unregistered securities. Ty has three pending customer complaints regarding the sale of promissory notes outside of her brokerage firm. This is also referred to as “selling away,” and is a tactic used by brokers to generate large commissions for themselves, without having to share the commissions with their member firm.

Ty was registered with Ameritas Investment Corp in Lincoln, Nebraska from February 2004 until April 2004, Brookstreet Securities Corp in San Juan Capistrano, California from April 2004 until November 2004 and Park Avenue Securities in Houston, Texas from January 2006 until July 2015. She has three customer disputes against her, all of which are currently pending. She is not licensed within the industry and has FINRA has permanently barred her from acting as a broker or otherwise associating with firms that sell securities to the public.

Have you lost money with either Daniel Dettlaff or Christopher Wacker of Park Avenue Securities in Brookfield, Wisconsin? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your options of recovering your investment losses. We are securities attorneys who sue firms such as Park Avenue Securities in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis to recover money for investors. Please call us today for a free consultation. We may be able to bring a claim against the firm on your behalf.

FINRA alleged that Wacker lied about speaking to a client who wanted to sell securities. He did not, in fact, speak to the client, he only spoke to an unlicensed administrative assistant regarding the fabricated orders. This same assistant was alleged to have stolen $255,000 from two Park Avenue Securities customers by making unauthorized transfers from their accounts. These customers were serviced by Daniel Dettlaff. The misconduct occurred between 2010 and 2013. Wacker agreed to settle the allegations by paying a $5,000 fine and taking a two-month suspension.

According to his online BrokerCheck report, Dettlaff was registered with Northwestern Mutual Investment Services in Milwaukee, Wisconsin from October 1990 until January 1994, Robert W. Baird & Co. in Milwaukee from July 1992 until January 1994 and Guardian Investor Services in New York, New York from January 1994 until May 1999. He is currently registered with Park Avenue Securities in Brookfield, Wisconsin and has been since May 1999. He has one investigation against him.

Stoltmann Law Offices is investigating Jason Medvec, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Medvec allegedly sent emails from his Merrill Lynch account to a personal account, which contained names, account numbers and telephone numbers of 50 clients. He sent the emails on January 2nd and 3rd of 2014. This is against securities rules and regulations. Another email he allegedly sent marked “vacation” also had attached files containing the names of more than 8 Merrill Lynch clients and nine of their account numbers. Medvec then resigned from Merrill Lynch and joined Edward Jones, but that firm discharged him on January 8th after reports that “the firm received notification from his previous employer that he transmitted client information to his personal email address.” For this, Medvec was fined $5,000 and suspended for 10 days from the industry.

Medvec was registered with Park Avenue Securities in Springfield, Massachusetts from July 2005 until April 2006, OneAmerica Securities in Middletown, Connecticut from April 2006 until March 2007, MetLife Investors Distribution Company in Bloomfield, Connecticut from July 2007 until September 2008, Hartford Equity Sales in West Hartford, Connecticut from October 2008 until September 2009, Morgan Stanley in Hartford from January 2010 until April 2011, Merrill Lynch in Hartford from April 2011 until January 2014 and Edward Jones in Glastonbury, Connecticut from January 2014 until January 2014. He is not currently registered with any member firm and not licensed within the industry, according to his FINRA BrokerCheck report. Please call us if you invested money with Jason Medvec. We may be able to help recover your losses. The call is free with no obligation.

Franklin D. Butler of MML Investors Services is accused of instructing two registered representatives to sign their names as brokers of record on two customer variable annuity applications even though the representatives did not participate in the sales to the customers. This was in order to help the representatives meet their sales quotas. Neither representative kept his sales quota for the alleged sale. One of the representatives then wrote a check to Butler. These actions are against Financial Industry Regulatory Authority (FINRA) rules. For this, Butler was fined $10,000 and suspended from associating with any FINRA firm for 15 business days. Butler was registered with Royal Alliance Associates from May 2002 until December 2003, Park Avenue Securities from December 2003 until May 2004 and is currently registered with MML Investors Services in Glen Allen, Virginia since May 2004. Butler’s firm, MML Investors Services, can be held liable for actions he engaged in. If you invested money with Franklin D. Butler, you may be able to recover your losses by calling us at 312-332-4200 and speaking to an attorney. The call is free with no obligation.

CNBC
FOX Business
The Wall Street Journal
Bloomberg
CBS
FOX News Channel
USA Today
abc NEWS
DATELINE
npr
Contact Information