Articles Tagged with Prudential Securities Inc

Recently, the Financial Industry Regulatory Authority (FINRA) fined Wells Fargo broker Scott Wallach $5,000 and suspended him for one month. It also ordered him to pay $873.50, plus interest, in disgorgement of commissions received for allegedly effecting five unauthorized trades in a client account while the client was on vacation. He allegedly sold shares of two securities the client owned and used the proceeds from those sales to purchase a preferred bond in the client’s account. Wallach allegedly sold shares in one security the client owned and used the proceeds to purchase shares in another security. He earned $873.59 in commissions for the five trades. He was also accused of “conducting excessive trading” in an account, unauthorized trading, misrepresentation of commissions, unsuitable investments, and lost opportunity. All of these are against securities laws. Excessive trading, also known as churning, is a particularly egregious violation of securities laws, and is when a broker trades in and out of securities, many times in the same day and of the same security. This can lead to large commissions for the broker, but unnecessary fees for the client.

According to public records with FINRA, Scott Jason Wallach was previously registered with Continental Broker-Dealer Corp in Carle Place, New York from August 1998 until December 1998, Painewebber Inc. in Weehawken, New Jersey from January 1999 until December 1999, Prudential Securities Inc. in New York, New York from December 1999 until July 2003, and Wells Fargo Clearing Services in Paramus, New Jersey from July 2003 until October 2017. He is currently registered with Comprehensive Asset Management and Servicing in Parsippany, New Jersey, and has been since November 2017. He has two customer disputes against him.

Stoltmann Law Offices is investigating Joanne Astle, a broker with California-based Commonwealth Financial Network in San Diego. According to her online, public Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Astle was alleged to have executed unauthorized trades, engaged in excessive trading involving closed-end funds and misrepresented and omitted material facts related to an investment. These are all against securities rules and regulations. Astle was registered with Dean Witter Reynolds, Smith Barney, Harris Upham, Drexel Burnham Lambert Inc., Sutro & Co., Prudential Securities Inc., Citigroup Global Markets, Merrill Lynch and Raymond James. She is currently registered with Commonwealth Financial Network in San Diego, and has been since August 2015. She has four customer disputes against her. Please call our Chicago-based securities law firm today to speak to an attorney for a free consultation about your options of suing Commonwealth in the FINRA arbitration forum. The call to us is free with no obligation. 312-332-4200.

Stoltmann Law Offices is investigating Dennis H. Cambal, a former registered representative with JHS Capital. According to the Financial Industry Regulatory Authority (FINRA), Cambal has been accused of making excessive trades, failing to follow customer instructions, making unsuitable investment recommendations and effecting unauthorized trades while registered with several broker-dealers since 1983. Massachusetts regulators determined that Cambal should be supervised on a heightened basis while registered with NBC Securities Inc. NBC shall not permit Cambal to have any principal, supervisory or managerial duties while associated with NBC. NBC shall not permit Cambal to possess or exercise discretion in the handling of Massachusetts customer accounts, and NBC shall ensure that Cambal’s Massachusetts customers are satisfied with Cambal’s services.

Cambal was registered with Thomson McKinnon Securities in New York, New York from September 1983 until August 1989, Prudential Securities Inc. in New York from August 1989 until August 1995, Legg Mason Wood Walker in Baltimore, Maryland from August 1995 until August 2005, RBC Capital Markets in Osterville, Massachusetts from August 2005 until October 2011 and JHS Capital Advisors in Osterville from October 2011 until August 2015. He is currently registered with NBC Securities in Yarmouth, Massachusetts and has been since August 2015. He has nine customer disputes against him.

Stoltmann Law Offices is investigating Robert Child, a National Securities Corporation broker and investment adviser. He is alleged to have not made suitable recommendations, being negligent, breaching fiduciary duty and misrepresenting. The customers who brought claims against him are requesting over $2.7 million in damages. If you or someone you know lost money with Robert Child, you may have a possible claim against National Securities Corporation. We sue firms such as these in the Financial Industry Regulatory Authority (FINRA) arbitration forum to recover money for investors on a contingency fee basis. The call is free with no obligation so please call today. 312-332-4200.

According to his online FINRA BrokerCheck report, Child was registered with JB Hanauer & Co., Smith Barney, Harris Upham & Co., EF Hutton & Co., Shearson Lehman Hutton Inc., Prudential Securities Inc., UBS Painewebber, and VFinance Investments in Boca Raton, Florida from August 2001 until December 2012. He is currently registered with National Securities Corp in Boca Raton and has been since November 2012. He has 13 customer disputes against him, three of which are currently pending.

Stoltmann Law Offices is investigating former Wunderlich Securities broker Bassam Salem, relating to alleged misconduct including failure to supervise, unauthorized trading, unsuitability, and breach of fiduciary duty over multiple accounts and damages in excess of $281,000. In another dispute, a customer was granted $92,500 in damages after it was alleged that Salem recommended unsuitable stocks and failed to diversify the customer’s accounts to minimize their risk between June 1, 2007 and June 30, 2008. Wunderlich Securities has a duty to reasonably supervise their registered representatives, and, if the firm does not, can be liable for losses sustained. If you invested money with Bassam Salem, you may be able to recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We represent investors who have lost money because of brokers with firms such as Wunderlich Securities.

Salem was registered with First Heritage Corp from November 1986 until November 1988, Prudential Securities Inc. in New York, New York from November 1988 until March 1992 and UBS Financial Services in Farmington Hills, MI from March 1992 until January 2011. He is currently registered with Wunderlich Securities in Birmingham, Michigan and has been since January 2011. He has two customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Gary Allen Graham, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Mr. Graham was accused of borrowing $15,00 from a firm customer when he was registered with Wedbush Securities, and this is against securities rules and regulations. For this he was suspended from the industry for 45 calendar days and fined $5,000. According to his FINRA online BrokerCheck report, Graham was registered with First Investors Corp, Waddell & Reed, Dean Witter Reynolds, Merrill Lynch, A.G. Edwards & Sons, Prudential Securities Inc., Wachovia Securities, Crowell, Weedon & Co. and Wedbush Securities in Ontario, California from August 2011 until May 2015. He is currently registered with Calton & Associates in Huntington Beach, California and has been since July 2015. He has one customer dispute against him. You may be able to sue his former firm, Wedbush Securities, in the FINRA arbitration claims process on a contingency fee basis if you call our Chicago-based securities law firm today to speak to an attorney for free.

Two former JP Morgan traders, Andrew Lombara and Chi Lee, were allegedly dismissed from the firm over disagreements on the amount of reserves taken for treasury trades. The two men hoped to increase the size of the reserve and did so without consulting the firm’s valuation committee. JP Morgan viewed this as a violation of its internal procedures. The dismissals occurred at the same time that JP Morgan announced an 11% decline in fixed income revenues, due to increased regulatory pressures.

Andrew Lombara was registered with Prudential Securities Inc., Merrill Lynch, HSBC Securities, and JP Morgan in New York, New York from March 2005 until February 2016. He is not licensed within the industry. Chi Lee was registered with HSBC Securities and JP Morgan Securities in New York, New York from May 2006 until February 2016. He is not licensed within the industry, according to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report. Please call us to find out how to bring a claim against JP Morgan Securities. The call is free.

Stoltmann Law Offices is investigating Zakhour “Zak” Chivi who has complaints against him. He is accused of misjudging markets and subjecting clients to unnecessary risks, executing unauthorized transactions and misrepresenting material facts. According to his online BrokerCheck report, Chivi was registered with Merill Lynch in New York, New York from October 1989 until July 1995, Prudential Securities Inc. in New York from June 1995 until December 1998 and First Union Capital Markets in Charlotte, North Carolina from January 1999 until October 1999. He is currently registered with Wells Fargo Advisors in Red Bank, New Jersey and has been since October 1999. He has six customer disputes against him. If you or someone you know is interested in suing his firm, Wells Fargo, in the arbitration forum, please call our securities law firm in Chicago to speak to an attorney. The call is free.

Stoltmann Law Offices is continuing to investigate Matthew A. Bell, a San Antonio stockbroker, who, last year, was indicted on charges of participating in a $300 million stock-manipulation scheme. In 2014, Bell pleaded guilty to two counts of conspiracy to commit securities fraud and conspiracy to commit mail and wire fraud. Bell was initially charged in a 10-count indictment with a group of brokers that included A.J. Discala, the ex-husband of actress Jamie-Lynn Sigler. Discala was accused of allegedly overseen a scheme that involved pumping up the price of penny stocks before dumping their shares, a classic “pump-and-dump” scheme involving four publicly traded companies: CodeSmart Holdings Inc., Cubed Inc., StarStream Entertainment Inc. and The Staffing Group Ltd. A pump-and-dump scheme is a scheme that attempts to boost the price of a stock through recommendations based on false or misleading or greatly exaggerated statements. The perpetrators of the scheme, who already have an established position in the company’s stock, sell their positions after the hype has led to a higher share price. The practice is illegal and is against securities rules and regulations.

In a separate and simultaneous action with the criminal case, the Securities and Exchange Commission (SEC) filed civil charges against Bell and others seeking the return of profits from the alleged scheme and penalties. CodeSmart was suspended from trading last week. Also last week, a Manhattan lawyer and two brokers were arrested in the case. Separately, Bell allegedly recommended share in Palmaz Scientific Inc., a private placement investment. This is commonly referred to as “selling away” and is when a broker recommends a security that is not held or offered by his member firm. It is a tactic used to generate large commissions for the broker himself, and is against securities rules and regulations. Palmaz Securities had been in financial distress when Bell recommended it. Bell allegedly found his investors through the Oak Hills Church, a mega-church on the north side of San Antonio.

Matthew A. Bell was registered with Kercheville & Co. in San Antonio, Texas from August 1998 until April 2001, Prudential Securities Inc. in New York, New York from April 2001 until March 2003, Raymond James & Associates in San Antonio from March 2003 until August 2009, WFG Investments in San Antonio from July 2009 until June 2013 and Securities America in San Antonio from August 2013 until October 2013. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he has 38 customer disputes against him, 12 of which are currently pending. He also has one civil action against him. He is not licensed within the securities industry.

Stoltmann Law Offices is investigating John D. Kavaler, a former broker with Ameriprise Financial Services, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is accused of recommending that three of his customers invest in a security known as iPath S&P 500 V1X Short Term Futures (VXX), which was a highly volatile exchange-traded note. His strategy to sell the notes MAY NOT HAVE BEEN suitable to his client’s investment objectives. The VXX tracks market negativity as reflected in the prices of futures contracts, and has severe risks. An investment advisor must take into account his client’s net worth, age, investment strategy and savvy and portfolio before recommending a security. If he does not, his firm can be sued in the FINRA arbitration forum to recover investment losses. Kavaler’s customers suffered losses.

Kavaler was registered with Lehman Brothers in New York, New York from May 1987 until April 1992, Prudential Securities Inc. in New York from March 1992 until May 1993, Gruntal & Co. in New York from June 1993 until June 1998, Josephthal & Co. in New York from August 1998 until June 1999, AXA Advisors in New York from October 2001 until August 2004, Quick & Reilly in New York from August 2004 until October 2004, Banc of America Investment Services in Boston, Massachusetts from October 2004 until January 2009 and Ameriprise Financial Services in Charlestown, Massachusetts from January 2009 until November 2013.   He is not currently registered with any member firm and has seven customer disputes against him. He is not licensed within the industry.

If you invested and lost money with John D. Kavaler, you may be able to sue Ameriprise for not properly supervising him while he was registered there. We sue firms like Ameriprise in the FINRA arbitration forum. Please call our securities law firm at 312-332-4200 to speak to an attorney for free. Time is of the essence so please call as soon as possible. We take cases on a contingency fee basis only.

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