Articles Tagged with Prudential

Stoltmann Law Offices continues to investigate former Morgan Stanley broker Peter Doyle, who was terminated from the firm in June 2016. Allegedly, Mr. Doyle failed to adhere to industry rules and firm policies with regard to the use of trading discretion. Before he was terminated, Morgan Stanley was ordered to pay over $8 million in damages in a customer dispute concerning allegations that Doyle made unauthorized trades, failed to disclose fees, and engaged in the financial abuse of an elderly customer. These are all against securities laws and internal firm rules. Another customer alleged that Mr. Doyle made an unsuitable investment recommendation to him from 2008 until 2016. The dispute was settled for $600,000.

Firms like Morgan Stanley have an obligation to reasonably supervise their brokers, and, if they do not, can be held liable for losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

Peter J. Doyle, according to his FINRA public records, was previously registered with Prudential in New York, New York from January 1995 until July 2003, Wachovia Securities in Washington D.C. from July 2003 until July 2008, Morgan Stanley in Washington D.C. from July 2008 until June 2009, Morgan Stanley in Washington D.C. from June 2009 until July 2016 and H. Beck in Bethesda, Maryland from September 2016 until February 2017. He has three customer disputes against him, and has been permanently barred from the industry.

AdobeStock_17493500-1-300x102Stoltmann Law Offices is investigating John Moy, a registered broker with Merrill Lynch in West Palm Beach, Florida. Moy allegedly placed $313,000 of a client couple’s money into high-risk investments that were inappropriate for the clients, based on their ages, net worth and investment objectives. The clients were elderly. He placed many of their investments into securities such as Memorial Production Partners (MEMP) and OCH-ZIFF Cap Management Group (OZM). The clients told Moy that they were looking to generate an income to sustain them through retirement without risking their principal. In the lawsuit against him, Moy allegedly allocated a high percentage of the Claimants net worth into MEMP and OZM. On all positions, Moy did not use stop losses or do anything to protect the downside even when the stocks were going negative. Maintaining the over-concentrated positions like Moy did, was unsuitable for the clients. Oil concentrations especially are extremely volatile and unsuitable for many investors. The lawsuit against Humphrey alleges negligence, breach of fiduciary duty, negligent supervision and breach of contract.
According to his online FINRA BrokerCheck report, Mr. Moy was registered with Salkin, Welch & Co., Brokers Exchange, Wheat, First Securities, Prudential-Bache Securities, Painewebber Inc., Laidlaw Adams & Peck, E.F. Hutton & Co., Lehman Brothers, Dean Witter Reynolds, Prudential Securities and Wachovia Securities. He is currently registered with Merrill Lynch in West Palm Beach, Florida and has been since September 2005. He has six customer disputes against him. Please call our securities law firm today at 312-332-4200 to find out how you may be able to sue Merrill Lynch in the arbitration forum on a contingency fee basis if you suffered losses with Mr. Moy. The call to us is free with no obligation. We are based in Chicago, Illinois.

AdobeStock_112465076-1-300x164You can recover Scott Sibley investment losses by calling our Chicago and Barrington, Illinois-based law firm at 312-332-4200 to speak with an attorney for a no-cost, no-obligation consultation. We sue firms like Raymond James, Sibley’s former firm, in the Financial Industry Regulatory Authority (FINRA) arbitration process on a contingency fee basis, which means we only make money if you recover yours. Please call today as there is a statute of limitations on most cases. Attorneys are standing by.
Scott Allen Sibley was recently barred from the securities industry by FINRA after allegedly making unauthorized trades for one customer, and making unsuitable recommendations to 10 customers and then creating false records of the trades, according to a recent InvestmentNews article. He was terminated from Raymond James, where he worked from November 2007 until February 2015, after the firm received multiple complaints that he allegedly used “unauthorized trading and improper use of time and price discretion.” In on instance, Mr. Sibley initiated 900 securities purchases and sales in the cutomer’s two accounts without authorization, knowledge or consent. 139 of these involved equity options where Sibley sold uncovered put option contracts or closed put options contracts without written authorization, causing a margin debt balance. The particular customer was 67 years and wanted to preserve his capital and general income. This is against securities laws.
According to his BrokerCheck report, Sibley was registered with Prudential Securities Inc., Salmon Smith Barney, Janney Montgomery Scott, Raymond James in Fort Lauderdale, Florida and Moors & Cabot. He has 17 customer disputes against him, two of which are currently pending. He has been permanently barred from the industry.

 

Did you lose money with Ann Comcowich of Prudential Investment Management Services? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your losses. Ms. Comcowich was recently barred from the securities industry after she failed to respond to a Financial Industry Regulatory Authority (FINRA) investigation against her. She is accused of making 13 unauthorized withdrawals from her customers’ accounts at Prudential Investment Management Services. This is against securities rules and regulations. Brokers like Ms. Comcowich have an ironclad obligation to only recommend and sell securities that are suitable for their customers. If they do not, their brokerage firm may be liable for investment losses. Please call our securities law firm today at 312-332-4200 to find out how to sue Prudential Investment Management Services to recover your investment losses. The call is free with no obligation. Ms. Comcowich was registered with Prudential Investment Mangament Services in Scranton, Pennsylvania from March 2000 until November 2016. She has been permanently barred from the industry.

AdobeStock_82110313-1-300x125Stoltmann Law Offices is investigating Kevin Butler, who has been registered with Morgan Stanley in Woodland Hills, California since 2010. Butler was accused of recommending unsuitable products, recommending unsuitable investments in corporate debt and equity listed products and also recommended unsuitable exchange-traded fund products. He also allegedly committed fraud, misrepresented and omitted material facts, acted negligently, made unsuitable recommendations and breached fiduciary duty while employed at Wachovia Securities. These are all against securities rules and regulations. He was previously registered with Wells Fargo, Prudential Securities, and Dean Witter Reynolds. Please call our securities law offices in Chicago at 312-332-4200 to speak to one of our attorneys for free. You may be able to bring a claim against Morgan Stanley if you lost money with Kevin Butler. There is no obligation. We sue firms in the arbitration forum on a contingency fee basis.

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.

The Financial Industry Regulatory Authority (FINRA) fined Prudential Annuities Distributors, Inc. $950,000 for failing to detect and prevent a scheme that resulted in the theft of $1.3 million from an 89-year-old customer’s variable annuity account. FINRA alleged that Prudential Annuities failed to safeguard customers from a former registered sales assistant at LPL Financial, Travis Wetzel. Mr. Wetzel transferred money from the customer’s account to a third-party bank account in his wife’s name. For this, Wetzel was barred from the industry and is a convicted felon. FINRA fined Prudential, stating that the firm should have been privy to “red flags” that should have appeared to the firm. Please call our law firm today to speak to an attorney for free at 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 Randall A. Heller, a stock broker who is currently employed by KCD Financial, Inc. Heller is accused of making an unsuitable investment recommendation in a real estate investment trust (REIT). REITs tend to be risky, illiquid investments that are not suitable for all investors. A broker must take into account an investor’s net worth, age, investment sophistication and portfolio objectives before recommending an investment. If he does not, his firm or former firm can be held liable for investment losses for not reasonably supervising its brokers. Please call our Chicago-based law offices today to speak to an attorney about your investment losses to find out how we may be able to help you bring a claim against KCD Financial for Heller losses. The call to us is free. 312-332-4200.

Heller was registered with Waddell & Reed, Pruco Securities, Metropolitan Life Insurance Company, MetLife Securities, The Prudential Insurance Company, Fortis Investors, and Waterstone Financial Group. He is currently registered with KCD Financial in Oak Lawn, Illinois and has been since March 2005. He has one customer dispute against him, which is currently pending.

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.

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