Articles Tagged with Prudential Securities

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Larry Boggs allegedly engaged in excessive and unsuitable trading in the accounts of five customer households. He also allegedly changed the investment objectives and risk tolerance for several customers in order that they would conform to his high-frequency trading strategy, even though the customers’ investment objectives and risk tolerance had not changed. These are against securities laws. Excessive trading, also referred to as “churning,” is when a broker trades in and out of a security in order to generate large commissions for himself. This typically leads to the customer having to pay unnecessary fees. It is a particularly egregious violation of securities laws and internal firm rules. At the time of the misconduct, which was between January 2014 and May 2015, Boggs was registered with Ameriprise. He was permanently barred from the industry.

Brokerage firms such as Ameriprise have an obligation to reasonably supervise their employees to make sure they do not violate securities laws and internal firm rules. If the firm does not do so, it can be held liable for losses on a contingency fee basis in the FINRA arbitration forum. Mr. Boggs, according to FINRA, was previously registered with Merrill Lynch, Prudential Securities, Wells Fargo, Ameriprise Advisor Services in Richardson, Texas from July 2009 until October 2009, Ameriprise Financial Services in Dallas, Texas from October 2009 until May 2015 and Wedbush Securities in Dallas from May 2015 until July 2016. He is not currently registered as a broker within the industry.

Joseph Abbate recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He allegedly, while registered with Wells Fargo, engaged in discretionary trading in five customer accounts without written authorization. He allegedly placed 100 securities transactions in five customers; accounts without first communicating with the customers about each transaction. This is against securities laws and internal firm rules. For this, he was fined $5,000 and suspended for 20 business days. According to his online BrokerCheck report with FINRA, Mr. Abbate was previously registered with Prudential Securities in New York, New York from June 1995 until July 2003 and Wells Fargo in Garden City, New York from July 2003 until August 2017. He has two customer disputes against him, and is not currently registered as a broker.

AdobeStock_33766885-1-300x200Did you lose money with Daniel Fain? If so, the attorneys at Stoltmann Law Offices may be able to help you recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration process on a contingency fee basis. Fain allegedly placed his elderly, retired customer’s assets in oil and gas investments. Fain told the customers to hold the positions and continued to overconcentrate in them, despite the securities being unsuitable for them. By 2014, over 80% of the customer’s assets had been concentrated in oil and gas stocks such as BP Prudhoe, Breitburn Energy, Dominion and Linn Energy. These oil and gas investments are high-risk and unsuitable for many investors, especially elderly ones. A few of the companies also went bankrupt.

A lawsuit against Mr. Fain’s firm, Wells Fargo, alleged that he traded over 90% of the customer’s portfolio in volatile individual energy stocks. This caused the clients to lose approximately $280,000. The lawsuit alleges negligence, breach of fiduciary duty, negligent supervision, breach of contract and violation of Florida’s Investor Protection Act. It is the job and fiduciary duty of a broker to only recommend, sell and trade stocks that are suitable for his clients. If he does not, his firm can be held responsible for losses for not reasonably supervising him.

Fain was registered with J.B. Hanauer & Co. from January 1976 until January 1978, First Interregional Equity Corp from December 1977 until October 1979, Hanauer, Stern & Co. from March 1980 until April 1982 and Prudential Securities Inc. in New York, New York from May 1982 until July 2003. He is currently registered with Wells Fargo Clearing Services in Boca Raton, Florida and has been since July 2003.

AdobeStock_50775754-2-300x200Stoltmann Law Offices is interested in speaking to those clients who may have invested with Steven Finkel of Merrill Lynch in Florham Park, New Jersey. In November 2016, a customer alleged that Mr. Finkel recommended unsuitable investments, executed unauthorized trades and misrepresented material facts. Another customer alleged that Mr. Finkel, while employed at UBS, purchased unsuitable preferred stocks, among other transgressions. All of these are against securities rules and regulations. Merrill Lynch, Finkel’s former firm, can be held responsible for investment losses because the firm was supposed to reasonably supervise its brokers. Please call our securities law firm in Chicago today at 312-332-4200 to speak to an attorney about how you might be able to bring a claim against Merrill Lynch. We take cases on a contingency fee basis only.

Steven Finkel was registered with Smith Barney from March 1983 until October 1983, J.B. Hanauer & Co. from February 1977 until February 1988, First Miami Securities in Boca Raton, Florida from February 1979 until July 1991, First Miami Securities from October 1983 until July 1991, Prudential Securities in New York, New York from June 1991 until July 2003, Wachovia Securities in St. Louis, Missouri from July 2003 until October 2003 and UBS Financial Services in Florham Park, New Jersey from October 2003 until March 2010. He is currently registered with Merrill Lynch in Florham Park, New Jersey and has been since February 2010. He has four customer disputes against him, three of which are currently pending.

Stoltmann Law Offices is investigating Joseph Likens, a former LPL Financial broker. Likens has been permanently barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or otherwise associating with firms that sell securities to the public. Likens was accused of allegations that he violated firm policy regarding trading away and unreported holdings. This is sometimes referred to as “selling away,” and is when a broker solicits, purchases or sells a security not offered by his member firm. It is against securities rules and regulations. Please call our securities law offices today if you lost money because of Joseph Likens. We may be able to bring a legal claim against his former firm, LPL Financial, for not properly supervising him while he was registered there. Please call today.

Likens was registered with Edward Jones, Prudential Securities, Wachovia Securities, Morgan Stanley, Merrill Lynch and LPL Financial in Des Peres, Missouri from January 2015 until May 2015. He has one customer dispute against him and is not licensed. FINRA has permanently barred him from the industry.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA’s) Department of Enforcement, Fernando de la Lama Merino was accused of potential misconduct involving the sales of illiquid structured notes and bonds referred by a foreign individual while he was associated with EFG Capital International. This is against securities rules and regulations. Merino also failed to provide information by a requested date, which is also against securities laws. According to his online FINRA BrokerCheck report, Merino was registered with Coutts Securities Inc. in Miami, Florida from May 2001 until July 2002, Prudential Securities Inc. in New York, New York from July 2002 until June 2003 and EFG Capital International in Miami from July 2003 until June 2016. He is not currently registered with any firm and is not licensed. Please call our securities law offices today to speak to an attorney about your options of recovering financial losses you may have suffered. We may be able to help you bring a claim against EFG Capital in the FINRA arbitration forum on a contingency fee basis.

Stoltmann Law Offices is investigating Greg Weiss, a former Morgan Stanley registered representative. According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Weiss received two customer complaints and recently resigned from Morgan Stanley. The firm alleged that he participated in outside activities that were not approved, executed an unauthorized sale of Goldman Sachs bonds, made unsuitable recommendations, breached fiduciary duty, acted negligently, misrepresented material facts, breached contract and committed fraud, among other securities transgressions. These are all against securities rules and regulations, and Weiss’ former firm, Morgan Stanley, can be held responsible in the FINRA arbitration forum for investment losses. Please call 312-332-4200 today to speak to one of our attorneys about your options of bringing legal recourse against Morgan Stanley. The call is free with no obligation.

Mr. Weiss was registered with Prudential Securities in New York, New York from March 1996 until June 2000, Janney Montgomery Scott in Philadelphia, Pennsylvania from June 2000 until March 2006, Raymond James & Associates in Boca Raton, Florida from February 2006 until July 2010 and Morgan Stanley in Delray Beach, Florida from July 2010 until August 2016. He has four customer disputes against him. He is not licensed within the industry.

The Financial Industry Regulatory Authority’s (FINRA) Department of Enforcement recently investigated Donald Toomer, a former registered broker who was indicted for allegedly participating in a fraudulent scheme to manipulate the stocks of three low-priced, speculative securities. Toomer allegedly participated in the manipulation of the securities of NXT Nutritionals Holdings, Inc. (NXTH), Clear-Lite Holdings, Inc. (CLRH), and Mesa Energy Holdings, Inc. (MSEH). His conspiracy generated over $30 million in illicit trading profits. Mr. Toomer and three others allegedly increased the price of the three companies’ stock by engaging in coordinated trading that coincided with the dissemination of promotional materials touting the stocks, thereby encouraging investors to buy the securities. After causing the stock to go up, the men then dumped large volumes of the shares they owned or controlled. For doing this, his co-conspirators allegedly paid him hundreds of thousands of dollars in cash kickbacks and other compensation. The civil action against him was brought by the Securities and Exchange Commission (SEC). Wells Fargo, his former firm, terminated him two days after his indictment.

Toomer was registered with Painewebber Inc. in Weehawken, New Jersey from February 1997 until March 1999, Sutro & Co. in San Francisco, California from February 1999 until November 1999, Prudential Securities Inc. in New York, New York from October 1999 until June 2001, RBC Dain Rauscher in New York from June 2001 until September 2005 and Wells Fargo Advisors in Las Vegas, Nevada from September 2005 until December 2015. He has one civil pending charge against him and one criminal pending charge. His former firm, Wells Fargo, may be held responsible in the FINRA arbitration forum for losses suffered because of Mr. Toomer on a contingency fee basis. Please call today.

Did you lose money with Michael Oppenheim, formerly of JP Morgan Chase? Oppenheim was recently barred from the industry after admitting that he stole more than $20 million from clients for trading stocks online, paying personal bills and gambling on sporting events. Oppenheim settled fraud charges with the US Securities and Exchange Commission (SEC) last week. Earlier this year, he pled guilty to criminal embezzlement and securities fraud charges in US District Court for the Southern District of New York and was sentenced to five years in prison. He also agreed to pay $20,185,225 to settle the criminal charges and pay restitution to JP Morgan Chase. He allegedly took client funds to buy himself cashier’s checks, which were deposited into brokerage accounts he controlled. The money was then used to engage in options trading. In 2008, he persuaded at least two customers to withdraw more than $12 million from their accounts, and he told them the funds would be used to buy municipal bonds or municipal bond funds. Instead, he used the money to pay a home loan, gambling debts and credit card bills and to buy luxury clothing and travel. He also covered up the scam by falsifying client account statements to show bonds owned by other customers, and by moving cash from one customer account to another to inflate balances. The SEC barred him from the industry.

Oppenheim was registered with Merrill Lynch in New York, New York from April 1998 until May 1999, Prudential Securities in New York from May 1999 until July 2001, Chase Investment Services in Chicago, Illinois from February 2002 until February 2004, Wachovia Securities in St. Louis, Missouri from February 2004 until May 2004, Chase Investment Services Corp in New York from May 2004 until October 2012 and JP Morgan Securities in New York from October 2012 until April 2015. He has one customer dispute against him. He is not licensed within the industry and the SEC and the Financial Industry Regulatory Authority (FINRA) have permanently barred him.

Did you lose money with Robert Child of National Securities? If so, the securities attorneys at Stoltmann Law Offices are interested in speaking with you about your options of suing National Securities in the Financial Industry Regulatory Authority (FINRA) arbitration forum. We sue firms on a contingency fee basis so we only make money if you recover yours. National Securities has a duty to reasonably supervise Robert Child, and, if the firm does not, can be held liable for investment losses. Please call 312-332-4200 today. The call is free with no obligation.

Child is accused of making unsuitable investment recommendations, acting negligently, breaching fiduciary duty, and misrepresenting material facts, among other things. These are all against securities rules and regulations. Child was registered with JB Hanauer & Co., Smith Barney, Harris Upham & Co., EF Hutton & Co., Shearson Lehman Hutton, Prudential Securities, UBS Painewebber, and VFinance Investments. He is currently registered with National Securities Corp in Boca Raton, Florida and has been since November 2012. He has 13 customer complaints against him, three of which are currently pending.

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