Articles Tagged with South Dakota

Former Sioux Falls, South Dakota based broker Brian Smit was barred recently by the Financial Industry Regulatory Authority (FINRA) over allegations that he engaged in unapproved investments. Smit was accused of “selling away” from his firm, which is the providing of loans or promissory notes and other investments outside of a brokerage firm. This is against securities rules and regulations. His outside business activities include Pinnacle Wealth Management and Smit Holdings LLC, a rental real estate business. Smit was associated with LPL from April 2010 until August 2015. Firms such as LPL can be sued in the FINRA arbitration process for supervisory failures having to do with brokers being able to engage in unsupervised misconduct, including selling away. We assist investors in reclaiming their losses in the arbitration forum on a contingency fee basis. By calling our Chicago-based law offices and speaking to an attorney for free, we may be able to help you bring a claim against LPL if you lost money with Brian Smit. Smit was registered with LPL Financial in Sioux Fall, South Dakota from April 2010 until August 2015. He is not licensed and FINRA permanently barred him from the industry.

Did you lose money with Brian Smit, a financial advisor with LPL in Sioux Falls, South Dakota? Stoltmann Law Offices is investigating Smit and allegations made by the Financial Industry Regulatory Authority (FINRA) that he engaged in private securities transactions without approval from his brokerage firm, LPL. This is against securities rules and regulations. Please call today to discuss your options with an attorney. The call is free. He was registered with LPL in Sioux Falls from April 2010 until August 2015. He is not currently registered with any FINRA member firm. He is not licensed within the industry and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

Stoltmann Law Offices is investigating Michael Duch, a former registered broker with Cambridge Investment Research. Duch allegedly sold investments to his clients without permission from Cambridge. This is referred to as “selling away” and is when a broker solicits investment that are not held or offered by his brokerage firm. It is against securities rules and regulations. The Financial Industry Regulatory Authority (FINRA) alleged that Duch recommended that some of his clients invest in Running Springs Oil & Gas LP, an oil and gas investment product in the Bakken shale formation of North Dakota. He was also alleged to have made recommendations in Montana Victory Insurance Services, an insurance company in Montana. For these sales, he was fined $15,000 and suspended from the industry for 20 days.

Michael Duch was registered with FFP Securities in Chesterfield, Missouri from September 1992 until January 2001, Legacy Builders Securities in Fargo, North Dakota from June 2001 until August 2004, Cap Pro Brokerage Services in Columbus, Ohio from January 2001 until September 2005 and Cambridge Investment Research in Aberdeen, South Dakota from September 2005 until August 2010. He is currently registered with Kovack Securities in Aberdeen and has been since July 2010.

Brokerage firms such as Cambridge are responsible for supervising their brokers so they do not violate securities laws. If they do not, they can be held liable for your investment losses. If you invested money with Duch, please call our securities law offices in Chicago at 312-332-4200 to speak to one of our attorneys about your options. The call is free with no obligation.

Stoltmann Law Offices is investigating Michael Anthony Duch, a former registered representative with Cambrdige Investment Research. Duch entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), and was accused of participating in private securities transactions. Duch allegedly contacted a married couple, customers of Cambridge regarding an investment opportunity in Running Springs Oil and Gas. The couple was told that their investment was part of Cambridge Investment Services’ investments, when, in fact, it was not. This is commonly referred to as selling away and is when a registered representative offers and sells investments that are not sold or offered by his member firm to garner large commissions and fees for the broker himself. Selling away is against securities rules and regulations.

According to his FINRA BrokerCheck report, Duch was registered with FFP Securities in Chesterfield, Missouri from September 1992 untili January 2001, Legacy Builders Securities in Fargo, North Dakota from June 2001 until August 2004, Cap Pro Brokerage Services in Columbus, Ohio from January 2001 until September 2005 and Cambridge Investment Research in Aberdeen, South Dakota from September 2005 until August 2010. He is currently registered with Kovack Securities in Aberdeen, South Dakota and has been since July 2010. He has two customer disputes against him.

If you invested money with Duch, his former firm, Cambridge Investment Research, can be held liable for your financial losses. They had a duty to reasonably supervise him while he was employed there, so as not to allow him to sell away. Please call 312-332-4200 for a free consultation with an attorney. There is no obligation and we take cases on a contingency fee basis only.

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