Articles Tagged with RBC Capital Markets

AdobeStock_199789587-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), RBC Capital Markets broker Cheryl George has violated securities laws and internal firm rules. Allegedly, George received an email from an individual purporting to be a customer of RBC requesting that she transfer funds for a wire transfer. In order to generate funds for that request, Cheryl George sold securities from the customer’s account without authorization from the customer or from the firm. She told RBC that she had received the customer’s transfer request verbally, when, in fact, she had only received the request over email. This is against securities laws. A broker must receive a verbal request from a customer in order to transfer funds. This misconduct occurred in June of 2017. She was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity for 20 days and was fined $5,000.
According to her online, FINRA BrokerCheck report, Cheryl A. George was previously registered with Citigroup Global Markets in Williamsville, New York from March 2001 until June 2009, Morgan Stanley in Williamsville from June 2009 until December 2009, and RBC Capital Markets in Williamsville from December 2009 until April 2018. She is not currently registered as a broker within the industry.

AdobeStock_66548440-1-300x169This week, a Financial Industry Regulatory Authority (FINRA) arbitration panel comprised of three arbitrators, ordered RBC Capital Markets, and its broker, Bruce Cameron, to pay a former client $723,000 for losses sustained. The client was an elderly woman, and her portfolio suffered losses because of an overconcentration of oil and gas master limited partnerships (MLP) which included:

Breitburn Energy Partners

Enable Mistream Partners

AdobeStock_49363801-1-300x200Stoltmann Law Offices continues to investigate Patrick Hudson, a former RBC Capital Markets broker based out of Maryland. In July 2017, the Financial Industry Regulatory Authority (FINRA) sanctioned him following allegations that he “participated in private securities transactions, in the form of promissory notes, without providing proper written notice to RBC and participated in multiple outside businesses without providing prior written notice to RBC in violation of FINRA and NASD rules. Mr. Hudson was actively engaged in an outside real estate business in and around Baltimore, Maryland. With various business partners, Hudson invested in real estate projects, including investments in single-family homes, apartment complexes and other properties, for the purpose of receiving capital gains or rental income. Some of his business partners and real estate investors later became his customers at RBC.” He was terminated from his position at RBC following allegations he “borrowed money from several clients and made investments in multiple outside business without firm knowledge or approval and did not follow the firm’s procedure regarding verification of deposits, nor did he obtain supervisory approval and retain copies of such forms of correspondence.”
According to his online BrokerCheck report with FINRA, Hudson was registered with First Union Capital Markets in Charlotte, North Carolina from September 1990 until June 1999, Tucker Anthony Inc. in Boston, Massachusetts from June 1999 until March 2002 and RBC Capital Markets in Baltimore, Maryland from March 2002 until July 2015. He is currently not registered within the industry. If you or someone you know suffered losses with Mr. Hudson, you may be entitled to recover them in the FINRA arbitration forum on a contingency fee basis. Please call us today at 312-332-4200 to find out how. Attorneys are standing by and the call is free with no obligation.

AdobeStock_50775754-2-300x200Stoltmann Law Offices continues to investigate Paul Vincent Blum, who recently entered into Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) for not appearing for an on-the-record testimony with the regulatory authority. For this, he was barred from the industry. According to FINRA records, Blum allegedly misrepresented bonds, recommended unsuitable investments, over-concentrated investments in the energy sector, never informed the client of the risk in his portfolio, never stated investment objective and risk tolerance to his client, failed to provide ongoing material information regarding investments, and other things. He has 23 customer disputes against him, nine of which are currently pending. He is currently not registered within the industry. Please call us today if you suffered losses with Paul Blum and would like to bring a claim against the firm on a contingency fee basis. Attorneys are standing by to take your call. There is no obligation and the call is free. Blum was previously registered with J.B. Hanauer & Co. in Parsippany, New Jersey from July 1981 until September 1990, Prudential-Bache in New York, New York from September 1990 until February 1991, J.B. Hanauer in West Palm Beach, Florida from February 1991 until October 2009 and RBC Capital Markets in West Palm Beach from October 2009 until November 2015. He is currently not registered within the industry.

AdobeStock_1800313-1-300x204Stoltmann Law Offices is investigating Phillip Hinze, a former broker with Oak Ridge Financial Services. Hinze was recently fined $5,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member for one month. He allegedly placed four orders over a one-week period to buy securities for a client without her authorization. Allegedly, Hinze entered an order for one of his clients to buy 100 shares of an exchange-traded fund. He then entered orders for the same client to buy 260 shares of each of two other exchange-traded funds and 210 shares of a fourth exchange-traded fund. The client did not authorize the purchases. According to FINRA, Hinze was registered with RBC Capital Markets in Shoreview, Minnesota from March 2002 until April 2014 and The Oak Ridge Financial Services Group in Golden Valley, Minnesota from March 2014 until October 2016. He is currently not registered within the industry. Please call our securities law firm in Chicago if you suffered losses with Phillip Hinze. Oak Ridge may be liable for losses on a contingency fee basis. Please call 312-332-4200 today to find out how you may be able to recover your investments.

Did you lose money with Ralph DeRose and Wunderlich Securities? If so, please call the securities attorneys of Stoltmann Law Offices at 312-332-4200 for a free consultation to find out how you can recover your losses. There is no obligation. We may be able to help you bring a claim against Wunderlich for money losses on a contingency fee basis which means we don’t get paid unless you recover. There is a statute of limitations on most cases so please call today.
DeRose was accused of mismanaging a customer account, breaching fiduciary duties, failing to follow instructions to sell, failing to diversify the account holdings and overly concentrated the account in energy related securities. These are all violations of industry rules, and Wunderlich may be responsible for your losses because it failed to properly supervise him. A three person arbitration panel decided to award the clients of DeRose $1,045,000 in compensatory damages and assessed all costs and fees of the arbitration against Wunderlich.
According to his online public record with the Financial Industry Regulatory Authority (FINRA), DeRose was previously registered with Painewebber, Roney & Co., Raymond James, Ferris, Baker Watts and RBC Capital Markets. He is currently registered with Wunderlich in Beachwood, Ohio and has been since October 2010. He has three customer disputes against him.

AdobeStock_49363801-1-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Todd Pilosi was accused of borrowing a total of $150,000 from a customer while registered with RBC Capital. This occurred between 2009 and 2012. Allegedly, on four occasions between July 2009 and March 2012, there were checks given to Pilosi which were not documented. This is against securities rules and regulations. Todd Pilosi was terminated from LPL Financial after leaving RBC Capital. For this, he was suspended from the industry for four months and fined $5,000.

Mr. Pilosi was registered with Lehman Brothers, Salomon Smith Barney, Prudential Securities, Wachovia Securities, RBC Capital Markets in Fresno, California from May 2006 until July 2012 and LPL Financial in Fresno from July 2012 until October 2016. He has two customer disputes against him, one of which is currently pending. He is not currently registered within thei industry. Please call 312-332-4200 today to speak to an attorney about your Todd Pilosi losses. We may be able to help you bring a claim against RBC Capital in the arbitration forum on a contingency fee basis. The call is free with no obligation.

AdobeStock_9577728-1-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Phillip Hinze was accused of placing four orders over a one week period to buy securities for a customer without her authorization. This is against securities laws. Hinze allegedly entered an order for his customer to buy 100 shares of an exchange-traded fund and then entered orders for the same customer to buy 260 shares of two other exchange-traded funds. The customer did not authorize this purchase. For this, Hinze was suspended for one month from the industry and fined $5,000.

Hinze was registered with RBC Capital Markets in Shoreview, Minnesota from March 2002 until April 2014 and The Oak Ridge Financial Services Group in Golden Valley, Minnesota from March 2014 until October 2016. He is not currently registered within the industry, according to his online, FINRA BrokerCheck report. If you suffered losses with Mr. Hinze, you may be able to recover them by calling our securities law firm at 312-332-4200 to speak to an attorney. We take cases on a contingency fee basis to help investors recover their losses. We bring claims against firms such as Oak Ridge in the FINRA arbitration forum. Please do not delay in calling as there is a statute of limitations on most of these cases.

Stoltmann Law Offices is investigating John S. Simpson, who was recently barred from the securities industry. He allegedly recommended unsuitable, unauthorized investments and over-concentrated portfolios in oil and gas investments. Oil and gas investments can be especially risky for investors because they tend to be illiquid. If you or someone you know was recommended oil and gas investments by John S. Simpson, you may be able to bring legal recourse against his former firm, RBC, in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Please call today for a free consultation with one of our attorneys. There is no obligation.

Simpson was registered with Painewebber Inc. in Weehawken, New Jersey from November 1980 until July 1992, UBS Painewebber in Weehawken from August 1992 until May 2003, Ferris, Baker Watts in Baltimore, Maryland from May 2003 until March 2009 and RBC Capital Markets in Hunt Valley, Maryland from March 2009 until February 2016. He has six customer disputes against him, one of which is currently pending. He has one criminal disposition against him, according to his online, FINRA BrokerCheck report.

Stoltmann Law Offices is investigating Jeffrey Grayson, a registered broker with Wells Fargo Advisors in Florham Park, New Jersey. Allegedly, Grayson misrepresented and recommended an unsuitable unit investment trust (UIT), recommended an unsuitable limited partnership investment, breached fiduciary duty, acted negligently, breached contract and made unsuitable recommendations. These securities are not suitable for all investors, and a broker must take into account a customer’s net worth, age, investment objectives and investment sophistication before recommending or selling a security. If he does not, his brokerage firm, Wells Fargo, may be responsible for money losses. Please call us today for your free consultation with one of our attorneys to discuss how we might be able to help you bring a claim against Wells Fargo for Grayson’s transgressions. The call is free, so please call today. There is no obligation.

Grayson was registered with Gibraltar Securities in Florham Park, New Jersey from April 1981 until September 1999, Tucker Anthony Inc. in Boston, Massachusetts from September 1999 until March 2002, RBC Dain Rauscher in New York, New York from March 2002 until October 2002, JB Hannauer in Parsippany, New Jersey from September 2002 until October 2009 and RBC Capital Markets in Parsippany, New Jersey from October 2009 until April 2011. He is currently registered with Wells Fargo in Florham Park and has been since April 2011. He has five customer disputes against him, one of which is currently pending.

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