Articles Tagged with Scottsdale

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), Johnny Burris, while registered with Chase Investment Services, failed to execute a trade for his customers, a married elderly couple. The failed trade resulted in their IRS tax payment to be rejected for insufficient funds. Burris then created and sent unapproved misleading correspondence to the customers and the IRS. This is against securities rules and regulations. Burris was registered with BA Investment Services in Oakland, California from April 1997 until July 1999, Banc of America Investment Services in Boston, Massachusetts from July 1999 until October 1999, Investors Capital Corp in Sun City West, Arizona from January 2000 until December 2005, Chase Investment Services Corp in Sun City West from July 2010 until October 2012, JP Morgan Securities in Sun City West from October 2012 until December 2012, Oppenheimer & Co. in Scottsdale, Arizona from February 2013 until March 2014 and Southeast Investmnets in Charlotte, North Carolina from March 2014 until June 2015. He has three customer disputes against him. Please call our securities law firm today to find out how you might be able to sue Chase Investment Services for financial losses. The call is free with no obligation.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert B. Silva, a former registered representative with Arete Wealth Management, allegedly engaged in outside business activity while registered there. Silva as the owner and sole officer and director of Premier Standard Equities Inc. Between January and February 2015, Silva, acting through Premier, demanded payment for forensic analysis he conducted, prior to joining Arete, of an individual’s investment portfolio held at another FINRA member and pension plan assets, with the expectation of receiving compensation in the amount of $10,000. For this he was suspended for 20 business days and fined $5,000.

Silva was registered with First Allied Securities in Pasadena, California from January 2007 until March 2009, Western International Securities in Pasadena from March 2009 until August 2012, GBS Financial Corp in Pasadena from July 2012 until December 2013, Arete Wealth Management in Chicago, Illinois from December 2013 until March 2015, MS Howells & Co. in Scottsdale, Arizona from April 2015 until April 2015 and Newport Coast Securities in New York, New York from October 2015 until November 2015. He has one customer dispute against him and is not licensed within the industry. Please call our Chicago-based law offices today to speak to an attorney about your options of recovering financial losses.

Stoltmann Law Offices is investigating Angela Strauss, a registered representative with JCC Advisors in Pasadena, California. Strauss is accused of failing to perform adequate due diligence in connection to an investment in tenant-in-common interests (TICs). TICs are co-owners of an undivided interest in real property. TICs each own a separate and undivided interest in the same real property and each has an equal right to the possession and use of the property. TICs can be risky investments, and a broker’s duty is to take into account the client’s age, net worth, investment objectives and risk tolerance before recommending a security. If the broker does not, her brokerage firm can be held liable for investment losses, if she is not properly supervised by her member firm.

Strauss was registered with Empire Securities Corp in El Segundo, California from March 2006 until May 2006, Evergreen Realty Securities in Pasadena, California from June 2006 until October 2006, AFA Financial Group in Calabasas, California from August 2007 until April 2010, Dimirak Securities Corporation in Vista, California from November 2010 until April 2011 and ARI Financial Services in Scottsdale, Arizona from April 2013 until December 2013. She is currently registered with JCC Advisors in Pasadena, California and has been since September 2015.

Stoltmann Law Offices is investigating Robert Turpin, a former registered representative with Source Capital Group. Turpin is accused of engaging in outside business activities, also commonly referred to as “selling away.” This is when a broker solicits and/or sells an investment that is not held or offered by his member firm. It is used exclusively to garner large commissions for the broker. Turpin is accused of selling the following products: Tartesso West Multi Family LLC, Tartesso West Commercial Mixed Us, LLC, Tartesso West High Density Reidential II, Tampa Bay Investors LLC, Tampa Bay Investors II, LLC, Tampa Bay Investors III, LLC, Alliance Equity Investors, Alliance Equity Investors Colorado LLC, and New Alliance Opportunity Investors LLC.

Robert Turpin was registered with Stiteler Investments from September 1982 until August 1985, First Financial Equity Corp in Scottsdale, Arizona from August 1985 until October 1991, M.F. Diessner Securities Corp in Phoenix, Arizona from January 1992 until July 1992, FSC Securities Corp in Atlanta, Georgia from July 1992 until February 1997, Uinta Investments in Gilbert, Arizona from March 1997 until August 1997, Desert Star Capital in Phoenix from July 1997 until August 2001, and Source Capital Group in Scottsdale from February 2010 until September 2015. He is not licensed within the industry. If you invested money with Turpin or one of the aforementioned investments, please call our securities law offices in Chicago to speak to an attorney for free. You may be able to sue his firm, Source Capital Group, for failing to reasonably supervise him. They can be held liable for investment losses.

Stoltmann Law Offices is investigating Robert J. Kerrigan, a former advisor with Personal Wealth Management Group in Scottsdale, Arizona. The Securities Division of the Arizona Corporation Commission alleged that Kerrigan solicited investors to invest in a company called USA Barcelona Realty Advisors LLC, which Kerrigan was an executive. The Commission alleged that Kerrigan solicited investors at his firm, First Financial Equity Corp, to invest in promissory notes of USA Barcelona Realty Advisors. It was a REIT (real estate investment trust) with a maturity date in December 2014. Allegedly, Kerrigan misrepresented the risks of the REIT. It is a broker’s duty and obligation to take into consideration a client’s risk tolerance, portfolio, age, and net worth among other factors when recommending a security. If he does not, his firm can be held liable for investment losses. REITs tend to be risky investments and are not suitable for every investor.

Kerrigan was registered with Cigna Securities from October 1967 until May 1985, Incor Securities from October 1984 until August 1985, Ernst, Diessner Securities Corp from July 1985 until August 1987, First Financial Equity Corp from July 1987 until October 1988, Prime Financial Securities in Denver, Colorado from October 1988 until July 1990, M.F. Diesnner Securities Corp in Phoenix, Arizona from September 1990 until September 1994 and First Financial Equity Corp in Scottsdale, Arizona from October 2008 until August 2015. He has four customer disputes against him. He is not currently licensed within the industry.

If you or someone you know lost money with Robert J. Kerrigan, please call our securities law firm at 312-332-4200 for a free consultation with an attorney. There is no obligation. His former firm, Prime Financial Securities, may be liable for investment losses because of their inability to reasonably supervise him. Please call as soon as possible because time is of the essence in these cases.

The Arizona Corporation Commission has made allegations against Michael J. Blake, former broker with Ameritas Investment Corp. The Commission alleged that Blake solicited investors to invest in commercial real estate ventures called the Longest Drive LLC and the Longest Drive II LLC. His former firm, Ameritas, did not give him permission to do so. This is also referred to as “selling away,” and is when a broker solicits clients to purchase securities that are not regulated or approved by their current brokerage firm, resulting in high commissions for the broker. The Commission suspended him for one year in 2013, and have now barred him from holding a securities or advisory license in the state of Arizona.

Blake was registered with The Equitable Life Assurance Society of The United States in New York, New York from February 1990 until January 2000, AXA Advisors in New York, New York from February 1990 until November 1992, Carillon Investments in Scottsdale, Arizona from November 2002 until June 2006, Ameritas Investment Corp in Scottsdale, from June 2006 until April 2013 and Mid Atlantic Capital Corp in Paradise Valley, Arizona from May 2013 until October 2013. He has four customer disputes against him, one of which is currently pending. He is no longer licensed within the industry.

Blake’s former firm, Ameritas, can be sued to recover investment losses because of their failure to reasonably supervise him while he was employed there. Please call Stoltmann Law Offices at 312-332-4200 to speak with an attorney about recovering your losses. The call is free with no obligation.

According to a complaint filed by the Financial Industry Regulatory Authority (FINRA) against Lawrence LaBine, from April 2009 until August 2009, LaBine allegedly sold senior debentures issued by Domin-8. He allegedly made fraudulent misrepresentations and omissions of material fact to five customers in connection with the sale of the senior debentures. He failed to disclose to his customers that Domin-8 was financially poor and not sound, and agreed to receive personal compensation for not disclosing their true statistics. The complaint also alleges that LaBine made unsuitable recommendations of non-traded real estate investment trusts (REITs) and other alternative investments to elderly investors. Most of the investments were not suitable for the clients because of their age, investment objectives and investment sophistication.

Lawrence LaBine was registered with Southmark Financial Services from March 1985 until October 1985, Anchor National Financial Services from February 1986 until May 1992, SunAmerica Securities from May 1992 until April 1997, Linsco/Private Ledger Corp from April 1997 until July 2002, Associated Securities Corp from July 2002 until June 2007 and DeWaay Financial Network in Scottsdale, Arizona from June 2007 until October 2010. He is currently registered with Newbridge Securities Corporation in Scottsdale and has been since November 2010. He has 19 customer disputes against him, three of which are currently pending.

Elderly investors can sue brokerage firms like UBS and Morgan Stanley for claims related to the financial abuse of the elderly. A recent case illustrates how firms like UBS and Morgan Stanley can be held liable through the FINRA arbitration process. Stoltmann Law Offices is investigating John Anthony Waszolek, a former broker with UBS Wealth Management, for allegedly attempting to make himself a beneficiary in the will of an 81-year old wealthy client with Alzheimer’s disease and dementia, who was also legally blind. Waszolek attempted to inherit more than $1.8 million from the client’s estate. Waszolek allegedly did succeed in becoming a successor trustee of the client’s trust, and he did become healthcare power of attorney over said client. Waszolek did not disclose to his current firm at the time, UBS Wealth Management, that he he became a successor trustee, or that he was healthcare power of attorney. His other former firm, Morgan Stanley Smith Barney, provided him with a questionnaire, on which he was supposed to disclose those facts, but did not. The questionnaire also specifically asked whether he had been named a beneficiary of any other non-family member account or whether he functioned as a fiduciary for any firm customer, and he answered no to both questions, which was a false statement.

The client was diagnosed with Alzheimer’s disease in 2008, and one month after her diagnosis, Waszolek met with an estate planning attorney to have himself named as her agent and power of attorney, as well as to have her trust be amended to name him as a residual beneficiary. The attorney declined because of his knowledge of the client’s dementia diagnosis and her alleged diminished capacity to have the foresight to allow Waszolek to be a beneficiary of her estate. Upon securing his beneficiary status after contacting another attorney, Waszolek immediately resigned from UBS and went to work for Morgan Stanley.

Mr. Waszolek was registered with Merill Lynch, Security First Financial, Paine, Webber, Jackson & Curtis Inc., UBS and Morgan Stanley and has been a registered representative within the industry since October 1974. He is currently registered with Raymond James & Associates in Scottsdale, Arizona, and has been since February 2012. He has two customer disputes against him, neither of which is pending.

CNBC
FOX Business
The Wall Street Journal
Bloomberg
CBS
FOX News Channel
USA Today
abc NEWS
DATELINE
npr
Contact Information