Articles Tagged with Smith Barney

AdobeStock_762441-1-300x225Former Washington, D.C.-based Success Trade Securities broker Fuad Ahmed was barred from the industry by the Securities and Exchange Commission (SEC). He and Success Trade were ordered to pay, jointly and severally, $13, 684,105.19, plus prejudgment interest, in restitution to investors. The SEC sustained these sanctions following an appeal of a National Adjudicatory Council (NAC) decision. Allegedly, Success Trade and Ahmed made misrepresentations and omissions of material fact when they sold $19.4 million of their parent company’s promissory notes to investors. This is against securities laws and internal firm rules.
Fuad Ahmed was previously registered with Thomas James Securities (expelled by FINRA) in Rochester, New York from June 1994 until July 1994, Stratton Oakmont (expelled by FINRA) in Lake Success, New York from July 1994 until September 1994, Smith Barney in New York, New York from October 1994 until November 1996, Clearing Services of America in St. Louis, Missouri from November 1996 until January 1997, Smith Barney in New York from March 1997 until August 1998 and Success Trade Securities (expelled by FINRA) in Washington, D.C. from March 1999 until March 2015. He has six customer disputes against him, and six regulatory matters. He has been permanently barred from the industry, according to his online, public FINRA BrokerCheck report.

AdobeStock_35532974-1-300x200Stoltmann Law Offices is investigating James Ham, a former registered broker with First Independent Financial Services in Dallas, Texas. Mr. Ham was recently barred from the industry after he allegedly deposited a customer’s deposit of $170,000 into his own undisclosed outside business. He was also accused of making reallocations in the sub accounts of variable annuities owned by customers, without obtaining written authorization from the customers, made unauthorized discretionary transactions, and made unsuitable investment recommendations, among other things. These are all against securities laws.

According to his FINRA BrokerCheck report, Mr. Ham was registered with Smith Barney in New York, New York from September 1988 until January 1992, Rauscher Pierce Refsnes in Dallas, Texas from January 1992 until January 1997, Everen Securities in St. Louis, Missouri from January 1997 until June 1999, CIBC World Markets in New York, New York from June 1999 until April 2002, Butler Freeman Tally Financial in Bedford, Texas from April 2002 until November 2005 and First Independent Financial Services in Dallas from March 2006 until October 2014. He has two customer disputes against him and has been permanently barred from the industry. Please call our Chicago-based law firm today at 312-332-4200 to find out how you may be able to recover your investment losses on a contingency fee basis. The call is free with no obligation.

Stoltmann Law Offices continues to investigate Stephen Eubanks, a former broker at Bright Trading LLC in Massachusetts. Eubanks was arrested yesterday on charges of wire fraud. Earlier this month, the Massachusetts Securities Division alleged that Eubanks ran a ponzi scheme in which he took money from investors, many of them neighbors and friends. The state alleged that Eubanks ran a purported hedge fund, Eubiquity Capital LLC, of which Eubanks was the alleged hedge fund manager. In reality, Eubanks spent most of the investor money on vacations, boat payments, restaurants, and payment of a federal tax lien. If you fell victim to Stephen Eubanks, you may be able to recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Please call our law offices based in Chicago, Illinois today at 312-332-4200 to speak to one of our attorneys about your options. The call is free with no obligation.

According to his online FINRA BrokerCheck report, Eubanks was registered with IDS Life Insurance Company in Minneapolis, Minnesota from October 1992 until May 1994, American Express Financial Advisors in Minneapolis from October 1992 until May 1994, Smith Barney in New York, New York from June 1994 until September 1997, UBS in Weehawken, New Jersey from September 1997 until May 2004, Bear, Stearns in New York from April 2004 until April 2005, Oppenheimer & Co. in Boston, Massachusetts from April 2005 until May 2006 and Bright Trading in Las Vegas, Nevada from March 2010 until August 2016. He has three customer disputes against him. He is no longer licensed within the industry.

Stoltmann Law Offices is investigating Marc Kalter, a broker with Dawson James Securities in New York, New York. According to complaints made against him with the Financial Industry Regulatory Authority (FINRA), Kalter allegedly made unsuitable investments, participated in unauthorized trading, breach of fiduciary duty, fraud, negligence and churning, among other things. Churning, or excessive trading, is a tactic used by brokers to generate large commissions for themselves. It is against securities rules and regulations and often results in costing the investor large fees. Please call our Chicago-based securities law firm today at 312-332-4200 to speak to one of our attorneys if you suffered losses with Marc Kalter. We may be able to bring a claim against Dawson James Securities for not reasonably supervising him and allowing him to churn accounts. The call is free with no obligation. We take cases on a contingency fee basis only.

Kalter was registered with Smith Barney, Stratton Oakmont, Windsor Reynolds Securities, Biltmore Securities, Monitor Investment Group, Meyers Pollock Robbins and Woodstock Financial Group. He is currently registered with Dawson James Securities in New York, New York and has been since February 2016. He has six customer disputes against him, two of which are currently pending.

According to recent records with the Financial Industry Regulatory Authority (FINRA), John Hoekman has been permanently barred from the industry. Hoekman was accused of engaging in certain outside business activities and participating in private securities transactions. He was also accused of misrepresenting and recommending unsuitable investments, misrepresenting material facts, breaching fiduciary duty, breaching contract, committing fraud, acting negligently and failing to supervise. These are all against securities rules and regulations.

John Hoekman was registered with Smith Barney Inc. in New York, New York from March 1994 until August 1994, CIBC Oppenheimer in New York from September 1994 until May 1998, Morgan Stanley in Purchase, New York from May 1998 until September 2004, Stephens in New York from August 2004 until October 2012 and Wells Fargo Advisors in New York from October 2012 until September 2015. He is not currently registered with any member firm, is not licensed and has been barred from the industry. If you would like to find out how to bring a claim against his former firm, Morgan Stanley, please call our Chicago-based law offices today. Your consultation with one of our attorneys is free with no obligation.

Stoltmann Law Offices is investigating Joanne Astle, a broker with California-based Commonwealth Financial Network in San Diego. According to her online, public Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Astle was alleged to have executed unauthorized trades, engaged in excessive trading involving closed-end funds and misrepresented and omitted material facts related to an investment. These are all against securities rules and regulations. Astle was registered with Dean Witter Reynolds, Smith Barney, Harris Upham, Drexel Burnham Lambert Inc., Sutro & Co., Prudential Securities Inc., Citigroup Global Markets, Merrill Lynch and Raymond James. She is currently registered with Commonwealth Financial Network in San Diego, and has been since August 2015. She has four customer disputes against her. Please call our Chicago-based securities law firm today to speak to an attorney for a free consultation about your options of suing Commonwealth in the FINRA arbitration forum. The call to us is free with no obligation. 312-332-4200.

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.

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.

The Financial Industry Regulatory Authority (FINRA) ruled a former employee of Morgan Stanley, Matthew Celenza, must pay back the bank $1.7 million in promissory notes. Celenza alleged in a counterclaim that the firm committed fraud, negligent misrepresentation and breach of contract, among other transgressions. Celenza argued that Morgan Stanley “did not treat him fairly” when it took over Smith Barney, which is where Celenza had been a registered broker for 13 years. He also claimed that loans to high-net-worth and private-equity customers caused him to miss out on millions of dollars in revenue. The firm had sought $2.9 million in repaid promissory notes from Celenza.

Stoltmann Law Offices is investigating David J. Sullivan, a former broker with J.P. Morgan Securities. Sullivan recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). He is accused of effecting numerous transactions in three accounts of a customer without obtaining prior written authorization from the client. This is against securities rules and regulations. For this, he was suspended from associating with any FINRA member firm in any and all capacities for a period of 15 business days and fined $5,000.

Sullivan was registered with Smith Barney, Harris Upham & Co Inc. from July 1987 until August 1988, A.G. Edwards & Sons in St. Louis, Missouri from August 1988 until January 1990, Lehman Brothers in New York, New York from January 1990 until July 1993, Smith Barney in New York from July 1993 until September 1994, Janney Montgomery Scott in Philadelphia, Pennsylvania from September 1994 until December 1997, UBS Painewebber in Weehawken, New Jersey from December 1997 until May 2002, RBC Dain Rauscher in Wellesley Hills, Massachusetts from May 2002 until October 2007, Banc of America Investment Services in Newton, Massachusetts from October 2007 until October 2009, Merrill Lynch in Newton from October 2009 until September 2011 and J.P. Morgan Securities in Boston, Massachusetts from September 2011 until January 2015. He is currently registered with Winslow, Evans & Crocker in Boston and has been since February 2015. He has two customer disputes against him, according to his FINRA BrokerCheck report.

If you invested money with David J. Sullivan, you may be able to sue his former firm, J.P. Morgan Securities, in the FINRA arbitration forum. They had a duty to reasonably supervise him while he was employed there. They may be responsible for investment losses. Please call our securities law firm in Chicago for a free consultation with an attorney.

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