Articles Tagged with stock

Did you or someone you know invest money with John Raleigh, a registered broker with Summit Brokerage Services in Sarasota, Florida? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you. Mr. Raleigh was accused of recommending an unsuitable investment in CNL Lifestyle Properties common stock and insurance. He also allegedly recommended an annuity whose distribution “resulted in rates going forward,” experiencing a reduction. These are against securities laws and internal firm rules and regulations. According to his profile online with the Financial Industry Regulatory Authority (FINRA), Mr. Raleigh was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from April 1993 until September 1998 and American Express Financial Advisors in Minneapolis from April 1993 until September 1998. He is currently registered with Summit Brokerage Services in Sarasota, and has been since September 1998. He has two customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Allan Roth, a Tampa man who was arrested on 34 charges of selling unrelated securities and 34 counts of selling securities without being registered. Roth raised $300,000 from clients by advising them to invest in Bizrocket.com. It was a penny stock touted as the next Facebook for children. If you would like to sue Allan Roth, please call our securities law office at 312–332–4200 to speak to an attorney. We specialize in recovering investment losses.

The Securities and Exchange Commission (SEC) charged a securities fraudster with conducting a new scheme after being released from prison. Edward Durante allegedly used fake names to solicit investors while hiding from his criminal past. Durante served a 10-year prison term following his conviction and arrest in 2001. He recently used the names Ted Wise, Efran Eisenberg and Anthony Walsh. Durante lured investors by selling shares of a shell company he secretly controlled and told them stock sale proceeds would be used to fund the company’s operations when they were actually tapped for other purposed including Durante’s personal use. The US Attorney’s Office for the Southern District of New York announced recent criminal charges against Durante.

Allegedly, while still in prison, Durante used the name Anthony Walsh to negotiate the acquisition of the shell company VGTel Inc. From 2012 until 2014, Durante defrauded at least 50 inexperienced and unsophisticated investors and sold at least $11 million shares in VGTel Inc. stock. Durante also engaged in matched trading of the stock with another stockbroker to artificially control the stock’s market price. If you invested money with Edward Durante, please call our securities law firm in Chicago to speak to one of our attorneys about your options of recoving your money in the arbitration process.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Richard Graham was accused of making unsuitable investment recommendations regarding the sale of unit investment trusts (UITs) while employed at Huntingont Investment Company. A UIT is a type of investment that represents undivided interests in a relatively fixed portfolio of securities. Many times these consist of common stock of closed-end investment companies (known as closed-end funds). UITs typically are risky and illiquid investments, not suitable for all investors. Many times they are junk bonds and these are subject to very high risk. A broker must take into account a customer’s net worth, investment objectives and age before recommending investments. If he does not, his investment firm can be liable for financial losses because of failure to supervise him.

In Graham’s case, according to his AWC, allegedly, he recommended to a customer couple who did not speak English, that they make two purchases of the Van Kampen Unit Investment Trust Closed End Strategy Master Municipal Income Portfolio Series 30 in November of 2012. The couple invested $149,994.48, and, a month later, $199,993.99. Graham was aware that the couple’s risk tolerance was “conservative” and that they had a “short” investment time horizon. They also had limited investment knowledge and sophistication. In all, the customers lost $79,297.70. On a separate occasion, Graham recommended that a 98-year-old customer invest approximately 42% of her net worth in UITs. This was highly unsuitable for a customer of her age, and she lost money in the transactions. For these transgressions, Graham was fined $10,000 and suspended from the industry for two months.

Richard Graham was registered with Woodbury Financial Services in Oakdale, Minnesota from July 2001 until October 2003, Natcity Investments in Cleveland, Ohio from October 2003 until June 2005, The Huntington Investment Company in Lafayette, Indiana from July 2005 until July 2013 and JP Morgan Securities in Indianapolis, Indiana from July 2013 until August 2016. He has seven customer disputes against him and he is not licensed within the industry, according to his online FINRA BrokerCheck report. Please call 312-332-4200 to speak to one of our attorneys today if you lost money with Richard Graham. We may be able to help you sue Huntington in the FINRA arbitration process on a contingency fee basis to recover your losses. The call is free.

Stoltmann Law Offices is investigating Gerald Cipolla, a former registered adviser with PFS Investments in Rego Park, New York. Cipolla was barred by the Financial Industry Regulatory Authority (FINRA) after failing to respond to an investigation. FINRA was investigating him regarding allegations of potential conversion of 4,000 shares of stock in an IPO using funds from co-workers; complaints from customers making allegations of unsuitable investment recommendations and his potential failure to disclose certain financial events to his broker-dealer. These are against securities rules and regulations.

Cipolla was registered with PFS Investments in Rego Park, New York from May 1993 until August 2015. He has two customer disputes against him and seven judgments/liens. He is not licensed within the industry and has been permanently barred. Please call our securities law firm in Chicago to speak to an attorney about your options of suing Gerald Cipolla in the FINRA arbitration process to recover your losses. The call to us is free with no obligation. We take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating Steven Schmulewitz, who was accused of violating securities laws including making unsuitable investment recommendations, unauthorized trading and churning accounts. Churning is a particularly egregious violation because it is excessive trading in a customer account, which can generate high fees for the client and large commissions for the broker. When a broker engages in churning, he will typically trade in and out of securities, sometimes even the same stock, many times over a short period of time. Often times the account will completely turnover every month with different securities. Shmulewitz was also accused of trading a customer’s account on margin without authorization from the client.

Steven Shmulewitz was registered with Biltmore Securities in Ft. Lauderdale, Florida from January 1994 until August 1994, Monroe Parker Securities in Purchase, New York from August 1994 until December 1997, VTR Capital in New York, New York from January 1998 until February 1998, Fin-Atlantic Securities in Jupiter, Florida from March 1998 until January 1999, and Woodstock Financial Group in Garden City, New York from February 1999 until December 2014. He is currently registered with Craft Capital Management in Garden City and has been since May 2015. He has nine customer disputes against him. Please call our securities law offices in Chicago to speak to an attorney about your options of suing Craft Capital Management in the arbitration forum on a contingency fee basis. We sue firms such as Craft Capital Management in order to recover losses for investors.

William Wells, who pleaded guilty on securities wire fraud charges earlier this year, was sentenced Tuesday in Manhattan federal court to 46 months in prison. Wells, formerly of Manhattan and New Jersey, was ordered to pay restitution as well, in a yet-to-be-determined amount, forfeit the proceeds of his scheme and undergo three years of supervised release, according to a press release issued by the US Attorney for the Southern District of New York. Wells used his company, investment firm Promitor Capital LLC, to defraud more than 30 investors out of $1.5 million. The investors included his family, friends and colleagues. He convinced them to invest with him by telling them he had consistently achieved positive returns in the stock market. He then used their money to pay for credit card bills, car payments and private school tuition. Wells was charged after an investigation led by the office’s Securities and Commodities Fraud Task Force, with assistance from the Federal Bureau of Investigation and the US Securities and Exchange Commission.

Stoltmann Law Offices is investigating Mark Beloyan, who recently had a complaint filed against him and his firm, TradeSpot Markets, by the Financial Industry Regulatory Authority (FINRA). Beloyan was the President, Chief Operating Officer, Chief Compliance Officer and owner of TradeSpots. FINRA alleged that Beloyan and another financial advisor at the firm recommended penny stocks to customers without affirming suitability. This misconduct occurred while he and the advisor were trading shares of Mondial Ventures Inc. and STW Resources Holding Corp. Allegedly, Beloyan often entered information on customer suitability forms after the customer had signed it. For these transgressions, TradeSpot agreed to pay a $10,000 fine and will not solicit or recommend the purchase of penny stock for one year. Beloyan was suspended from the securities industry in all capacities for 10 days with an additional 50 days in a principal capacity. Penny stocks are those stocks which are typically exchanged at a relatively low price, and, therefore, highly speculative and high risk because of their lack of liquidity. They are not suitable for all investors.

Beloyan was registered with Rutherford, Brown & Catherwood from February 1986 until October 1988, Escalator Securities from November 1988 until May 1990, Sunpoint Securities in Longview, Texas from May 1990 until January 1992 and Corporate Securities Group in St. Louis from January 1992 until March 1992. He is currently registered with TradeSpot in Davie, Florida, and has been since March 1992, according to his online, public FINRA BrokerCheck report. Please call our securities law offices in Chicago, Illinois today to speak to an attorney about your options of suing Mark Beloyan and TradeSpot Markets in the FINRA arbitration forum on a contingency fee basis to recover your investment losses. The call to us is free with no obligation so please call today. 312-332-4200.

Were you sold investments in Ampio Pharmaceuticals (AMPE) by your Aegis Capital Corp broker? If so, Stoltmann Law Offices would like to speak to you about your investments, as they could be risky and you may lose money. If you did lose money, please call 312-332-4200 to speak to an attorney. Our offices are based in Chicago, Illinois and we help investors recover their financial losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis so we only make money if you recover yours. Please call today as there is a statute of limitations associated with most of these cases. Aegis Capital was the joint booking running manager for AMPE in July 2012 when the company sold additional stock to the public. The stock did not perform well. Brokers who sell securities and stocks such as AMPE to clients are required to disclose all information about the company, as well as take into account a customer’s age, net worth, investment objectives and investment sophistication before recommending said investments. If the broker does not, his or her member firm may be liable for losses.

Stoltmann Law Offices is investigating Bradley Friedmark, a former broker with ProEquities Inc. Mr. Freidmark allegedly held several lunch seminars where investors were sold real estate investment trusts (REITs) in Behringer Harvard and private placements such as Leaf Equipment. A REIT is a type of security that invests in real estate through mortgages or property and trades similar to a stock. REITs tend to be very risky and illiquid investments that are not suitable for all investors. Private placements are securities offerings exempt from registration with the SEC. Private placements are also risky investments. A client should only be sold a REIT or a private placement once a full background check of his age, net worth, investment sophistication and investment objectives are clearly stated and understood. If a broker sells a risky and unsuitable investment to a client, and that client loses money because of it, the broker’s investment firm may be responsible for investment losses because that firm was not reasonably supervising the broker.

Freidmark was registered with Mony Securities Corp in New York, New York from January 1998 until February 1999, The Lincoln National Life Insurance Company in Fort Wayne, Indiana from February 1999 until March 2000, and ProEquities Inc. in Otsego, Minnesota from March 2000 until August 2015. Please call our Chicago-based securities law firm today for a free consultation with one of our attorneys if you feel you may have a claim to bring against Freidmark and ProEquities. We may be able to take your case on a contingency fee basis to recover your investment losses.

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