Articles Tagged with South Carolina

AdobeStock_78306447-1-300x199The Financial Industry Regulatory Authority (FINRA) recently barred JJB Hilliard, WL Lyons broker Henry Watson. He was based out of the firm’s Greenville, South Carolina branch office. Watson was accused of allegedly purchasing shares of a security form without authorization and this is against securities rules. He also failed to appear for an on-the-record testimony and was subsequently barred. He was also accused of making unsuitable investments, unauthorized trading, portfolio mismanagement and excessive trading, among other claims. Brokers have an obligation to treat investors fairly which includes obligations such as making only suitable investment recommendations by taking into account such things as the client’s net worth, investment objectives and sophistication and age. He must do his due diligence on the investments as well. If he does not, his brokerage firm may be liable for investment losses on a contingency fee basis. To find out how to sue your brokerage firm, please call our securities law offices based in Chicago at 312-332-4200 today for your free consultation with an attorney.
According to his online FINRA BrokerCheck report, Watson was previously registered with Painewebber, Raymond James, NationsBanc Securities, NationsSecurities, Banc of America Investment Services, Edgar M. Norris & Co., Scott and Stringfellow in Greenville, South Carolina from August 2001 until February 2012 and JJB Hilliard WL Lyons in Greenville from January 2012 until October 2016. He has three customer disputes against him and has been barred from the industry.

A Florida executive, Navin Xavier, was charged for his role in two fraud schemes which cost 100 investors more than $30 million. Xavier was the former CEO of Essex Holdings and convinced investors to purchase interests in sugar transportation and iron ore mining in Chile, and another involving economic development funds in South Carolina. He was charged with 15 counts of wire fraud. He ran the scheme from September 2010 until May 2014 while operating Essex Holdings. Eventually, the scam turned into a ponzi scheme. Xavier also used forged documents and false promises when soliciting investments, and spent the money on jewelry, luxury vehicles and cosmetic surgery. Xavier used Essex to secure $1.2 million in funds and about $1.5 million in commercial real estate from the South Carolina Coordinating Council for Economic Development. He was supposed to develop an older industrial property into a diaper plant and rice packaging facility. Instead, Xavier spent that money on personal expenses as well.

According to publicly available records published by the Financial Industry Regulatory Authority (FINRA), former Sagepoint Financial broker Timothy Dufresne was permanently barred from associating with firms that sell securities to the public. Allegedly, Dufresne, while associated with SagePoint, misrepresented material facts related to a variable annuity. He also converted at least $400,000 from customers by improperly obtaining distributions of funds from the customers’ variable annuities, depositing the funds in his business account, and using the funds for his own benefit. For this, he was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

Timothy Dufresne was registered with Franklin Financial Services Corp in Houston, Texas from September 1999 until October 2002, American General Securities in West Bend, Wisconsin from October 2002 until October 2008 and SagePoint Financial in Bamberg, South Carolina from October 2008 until March 2016. He has two customer disputes against him, one of which is currently pending. He is not licensed within the industry and FINRA has permanently barred him.

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Did you lose money with Apostolos Nicholas Papadea, formerly of Wells Fargo Advisors? If so, the attorneys at Stoltmann Law Offices may be able to help you recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum by calling 312-332-4200. The call is free to an attorney and there is no obligation. Please call today as time is of the essence with these cases, that we take on a contingency fee basis only. You may be able to sue his firm, Wells Fargo Advisors, for losses, as they may be responsible for them.

According to his Letter of Acceptance, Waiver and Consent (AWC) with FINRA, Papadea was accused of exercising discretion in a customer’s account without written authorization from the customer. Allegedly, the misconduct took place between September 2015 and October 2015. Papadea effected 27 transactions in two customer accounts. For this, he was fined $5,000 and suspended from associating with any FINRA member firm for 20 business days in all capacities.

Papdea was registered with The Robinson-Humphrey Company in Atlanta, Georgia from June 1969 until November 2001 and Wells Fargo in Columbia, South Carolina from November 2001 until November 2015. He has three customer disputes against him.

Did you suffer investment losses with Timothy Francis Dufresne, formerly with SagePoint Financial? If so, please call our law offices based in Chicago at 312-332-4200 for a free consultation with an attorney. His former firm, SagePoint, may be responsible for financial losses incurred. We sue firms such as SagePoint in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis, so we don’t get paid unless you recover money. Please call today as time is of the essence.

Timothy Francis Dufresne entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA in connection with allegations that he engaged in misconduct with customers’ funds. He was accused of converting $400,000 from a minimum of three customers. Dufresne solicited customers to distribute funds from their variable annuities, the proceeds of which he deposited into his own business account without the knowledge of the customers. He then allegedly used the money for his own personal benefit. He was barred from the industry because of it.

According to his online FINRA BrokerCheck profile, Dufresne was registered with Franklin Financial Services, American General Securities and SagePoint Financial in Bamberg, South Carolina from October 2008 until March 2016. He has one customer dispute against him and one Judgment/Lien. He is not licensed within the industry and FINRA permanently barred him.

Stoltmann Law Offices is investigating Michael McDonald, a broker with Aegis Capital in Maitland, Florida. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he has been the subject of at least five customer complaints that included churning and excessive trading, unsuitable investment recommendations, unauthorized trading, breach of fiduciary duty and fraud, among other things. He was accused of recommending a private placement called Xyience Inc. to a customer which caused the customer $450,000 in damages. This is commonly referred to as “selling away” and is when a broker recommends a security that is not held or offered by his brokerage firm. Selling away is against securities rules and regulations.

McDonald was registered with Chatfield Dean & Co. in Greenwood Village, Colorado from February 1993 until May 1993, Ole Discount Corp in Detroit, Michigan from May 1993 until November 1995, Empire Financial Group in Longwood, Florida from December 1995 until February 1996, Southern Financial Group in Columbia, South Carolina from March 1996 until March 2002, Advest Inc. in Hartford, Connecticut from March 2002 until December 2005 and JHS Capital Advisors in Tampa, Florida from November 2005 until February 2011. He is currently registered with Aegis Capital in Maitland, Florida and has been since February 2011.

Stoltmann Law Offices is investigating Kenneth Bolton, a current broker-dealer at Sandlapper Securities in Greenville, South Carolina. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck, Bolton allegedly breached fiduciary duty, misrepresented and omitted material facts, recommended unsuitable investments, and executed unauthorized trades, among other transgressions. Bolton was registered with the following firms: American Eagle Securities, First Investors Corporation, E.F. Hutton & Co., Oppenheimer & Co., Shearson Lehman Hutton, Smith Barney, Reich & Co., Fahnestock & Co., First Montauk Securities and National Securities Corp. He is currently registered with Sandlapper in Greenville, South Carolina and has been since December 2011. He has 10 customer disputes against him, one of which is currently pending.

If you invested money with Kenneth Bolton, please call our securities law firm in Chicago, Illinois for a free consultation with an attorney. 312-332-4200. We sue firms such as Sandlapper in the FINRA arbitration forum to recover money for investors. We take cases on a contingency fee basis only.

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