Articles Tagged with Royal Alliance Associates

AdobeStock_35532974-1-300x200Stoltmann Law Offices continues to investigate Dawn Bennett, a former financial advisor who had civil fraud charges brought against her by the Securities and Exchange Commission (SEC) on Monday. Bennett was once the host of a radio show called “Financial Myth Busting with Dawn Bennett,” and regularly contributed to CNBC, and Financial Advisor magazine’s website, among other sources serving the financial services industry. She was barred from the industry in July 2016 after allegedly exaggerating the amount of client assets she and her firm filed. Bennett founded and owned DJBennett, a Washington, D.C.-based retail sports apparel business. Allegedly, from December 2014 until July 2017, she offered investors promissory notes in the company by making false and misleading statements. She allegedly targeted elderly and financially unsophisticated investors by misrepresenting the company’s profitability and by claiming that the company had the resources to pay annual rates of return up to 15 percent. She also misled clients about the liabilities and risk associated with their investments. She told them that their funds would be used for “corporate” purposes, but she actually used the proceeds to pay earlier investors, to pay off debt and to purchase jewelry and an annual lease for a luxury suite at AT&T Stadium in Dallas, Texas. The SEC claims she inflated her AUM by at least $1.5 billion.
According to the Financial Industry Regulatory Authority (FINRA), Bennett was registered with Wheat, First Securities in Charlotte, North Carolina, Legg Mason Wood Walker in Baltimore, Maryland from August 1996 until February 2006, Citigroup Global Markets in New York, New York from February 2006 until February 2006, Royal Alliance Associates in Washington, D.C. from February 2006 until October 2009 and Western International Securities in Washington, D.C. from October 2009 until December 2015. She has 13 customer disputes against her, six of which are currently pending. She has been permanently barred from the industry.

AdobeStock_78306447-1-300x199According to a Decision filed with the Financial Industry Regulatory Authority (FINRA), Glenn Robert King was accused of excessively trading customer accounts and exercising discretion in customer accounts without written consent or approval. He also allegedly made fraudulent misrepresentations or omissions when he sold unit investment trusts (UITs) to customers and allegedly engaged in unsuitable short-term trading of UITs and closed-end funds. All of these things are against securities laws. He allegedly sold 44 UITs to seven customers and excessively traded the accounts of four customers. During the time period, April 2008 to March 2011 and January 2013 to December 2014, King was registered with Royal Alliance Associates. Excessive trading, also known as churning, is a particularly egregious transgression and results in unnecessary fees for the client and generates large commissions for the broker. If you or someone you know lost money with Glenn King, please contact our law firm in Chicago, Illinois for a free consultation with one of our attorneys. The call to us is free with no obligation and we take cases on a contingency fee basis only.
According to FINRA public records, King was registered with Thomas James Associates, Dean Witter Reynolds, Citigroup, Royal Alliance Associates in Lakewood, New Jersey from January 2005 until June 2011, Saxony Securities, Garden State Securities and Buckman, Buckman & Reid. He has 20 customer disputes against him, four of which are currently pending. He is currently not registered within the industry.

Did you lose money with Daniel Beech, an investment advisor with Independent Financial Group in Beverly Hills, California? If so, the attorneys at Stoltmann Law Offices would like to speak with you regarding those investments. We are securities attorneys who bring legal claims against firms such as Independent Financial Group in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Firms such as this may be responsible for losses because they did not reasonably supervise their representatives while they were employed there. According to his online FINRA BrokerCheck report, Beech was employed with Royal Alliance Associates in Los Angeles, California from November 2013 until January 2015 and Independent Financial Group in Sherman Oaks, California from December 2014 until April 2016. He is currently registered with Western International Securities in Sherman Oaks and has been since May 2016. He has one criminal disposition against him. Please call us today for your free consultation with a securities attorney. There is no obligation.

Stoltmann Law Offices is investigating Steve Walsh, a broker with H. Beck in Clive, Iowa. Mr. Walsh has been accused of recommending unsuitable investments in direct participation programs, acting negligently, committing forgery, omitting material facts related to an investment and making unsuitable recommendations. These are all against securities laws. Mr. Walsh’s brokerage firm, H. Beck, can be held responsible for investment losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis if you have suffered losses with Mr. Walsh. We help investors recover those losses by bringing claims against brokerage firms such as H. Beck. Please call us today to discuss your options with a securities attorney. The call is free with no obligation so do not delay.

According to his online FINRA BrokerCheck report, Steve Walsh was registered with Royal Alliance Associates in New York, New York from May 1994 until July 1994 and VSR Financial Services in Clive, Iowa from July 1994 until May 2016. He is currently registered with H. Beck in Clive and has been since May 2016. He has four customer disputes against him and one criminal final disposition.

Stoltmann Law Offices is investigating Kevin Dunnigan, a broker with Investment Centers of America. Dunnigan has been accused of making unsuitable investment recommendations, misrepresenting material facts related to a mutual fund investments, failed to disclose risks and commissions, acted negligently, omitted material facts and was censured and fined for his actions. These are all against securities rules and regulations. Mr. Dunnigan was registered with Integrated Resources Equity Corp from May 1984 until November 1989 and Royal Alliance Associates in New York, New York from November 1989 until December 1990. He is currently registered with Investment Centers of America in Loveland, Colorado and has been since December 1986. He has six customer disputes against him. Please call our securities law firm for a free consultation with an attorney if you lost money with Kevin Dunnigan. There is no obligation and we may be able to help you bring a claim against his firm, Investment Centers of America.

Did you lose money with Kevin Dunnigan of Investment Centers of America in Loveland, Colorado? If so, the attorneys of Stoltmann Law Offices would like to speak with you about your investment losses. Dunnigan’s firm, Investment Centers of America, may be responsible for financial losses because of the firm’s inability to supervise him. We may be able to help you bring an arbitration claim against Investment Centers of America in the FINRA arbitration forum on a contingency fee basis. Dunnigan was accused of providing false and misleading information, making unsuitable investment recommendations and failing to conduct due diligence. He was also accused of misrepresenting material facts related to a mutual fund investment and failed to disclose risks and commissions. All of these are against securities rules and regulations. Dunnigan was registered with Integrated Resources Equity Corp from May 1984 until November 1989 and Royal Alliance Associates in New York, New York from November 1989 until December 1990. He is currently registered with Investment Centers of America in Loveland, Colorado and has been since December 1986. He has six customer disputes against him.

Stoltmann Law Offices is investigating Linda Dowd, a former broker with WFG Investments. Dowd was accused by the Financial Industry Regulatory Authority (FINRA) of having a customer in New Mexico sign blank account distribution forms to effectuate verbal requests to make withdrawals. This was against securities rules and regulations. Dowd also falsely stated that the customer received the distribution requests by email, when, in fact, she did not. For this, FINRA fined her $5,000 and suspended her for one year.

Dowd was previously registered with Hanifen, Imhoff, Investors Center, The Stuart-James Company, Jesup, Josephthal Securities, DE Frey & Co., WFG Investments in Boulder, Colorado from September 1995 until February 2015, Securities Service Network from February 2015 until March 2015 and Royal Alliance Associates in Lakewood, Colorado from March 2015 until December 2015. She has one customer dispute against her.

Former Royal Alliance Associates broker Darrin Farrow was suspended from the industry for one year and fined $25,000 by the Financial Industry Regulatory Authority (FINRA) for setting up a marijuana-growing business and asking his customers to invest in it without his firm’s approval. Farrow opened a pot business called MAD Farmaceuticals in Rocky River, Ohio in 2012 and in early 2015, raised around $1 million from six clients who bought membership interests in an affiliate called MAD Oregon. He was suspended by FINRA because he did not disclose his outside business activity, which is against securities rules and regulations. Farrow was permitted to resign from Royal Alliance in May 2015. Ohio’s state securities division then suspended him in July 2015 for 45 days. At that time, he was working with Triad Advisors, but left the firm last month.

Farrow was registered with The Equitable Life Assurance Society, Equico Securities, Vestax Securities, Linso/Private Ledger, Waterstone Financial Group, Triad Advisors in Westlake, Ohio from August 2009 until February 2010, Royal Alliance Associates in Rocky River, Ohio from February 2010 until June 2015 and Triad in Rocky River from June 2015 until May 2016. He has one customer dispute against him. He is not licensed within the industry.

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Stoltmann Law Offices is investigating Darrin B. Farrow, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Allegedly, between 2012 and 2015, while registered with Royal Alliance, Farrow participated in two undisclosed outside business activities. He also participated in six undisclosed private securities transactions with firm customers involving the sale of $1 million of membership interests in one of his outside business activities. Farrow founded MAD Farmaceuticals (MAD Farma) in June 2012. In February 2015, Farrow formed MAD Oregon LLC as a Delaware limited-liability company. It grows cannabis and supplies it to dispensaries throughout Oregon. In early 2015, he solicited six Royal Alliance customers to invest in MAD Oregon. These six investors paid a total of $1 million to purchase membership interests in MAD Oregon. These six paid a total of $1 million to purchase membership interests in MAD Oregon. This is against securities rules and regulations. For this he was suspended for 12 months and fined $25,000.

Farrow was registered with The Equitable Life Assurance Society of the United States, Equico Securities, Vestax Securities Corp, Linsco/Private Ledger Corp, Waterstone Financial Group, Triad Advisors, Royal Alliance Associates and Triad Advisors in Rocky River, Ohio from June 2015 until May 2016. He has one customer dispute against him. He is not licensed within the industry, according to his FINRA BrokerCheck report. Please call our law firm at 312-332-4200 to speak to an attorney about your options of recovering money you may have lost with Farrow. The call is free.

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Richard Hawkes, a former Valic Financial Advisors broker in California, is not currently licensed to act as a broker or an investment adviser. He was terminated from both Valic Financial Advisors and E*Trade Securities. Hawkes was discharged for “selling away,” which means he sold an investment product not offered or sold by his member firm. This is against securities rules and regulations and is a tactic used by brokers to make large commissions for themselves, without having to share the money with their firm. Hawkes was accused of other securities violations as well.

Richard Hawkes was registered with Equity Services in Montpelier, Vermont from November 1985 until January 2001, WS Griffith Securities in Hartford, Connecticut from February 2001 until October 2001, Morgan Stanley in Purchase, New York from October 2011 until July 2002, Royal Alliance Associates in New York from August 2002 until April 2004, Worthmark Financial Services in St. Paul, Minnesota from April 2004 until December 2004, E*Trade Securities in New York from May 2005 until November 2005 and Valic Financial Advisors in Orange, California from April 2006 until May 2016. He has one customer dispute against him and he is not licensed within the industry. Please call our Chicago-based law firm today to speak to an attorney about your options of bringing an arbitration claim against Valic Financial Advisors. We may be able to help you recover your investment losses on a contingency fee basis.

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