Articles Tagged with Theft

If you lost money with Puerto Rico financial advisor Pedro Gonzalez-Seijo, Stoltmann Law Offices may be able to help you recover these losses. Gonzalez-Seijo, a registered representative of Transamerica Financial Advisors, Inc. from September 1991 through May 2016, solicited clients to purchase variable annuities, but instead deposited their money into his personal bank account. The Securities and Exchange Commission barred Gonzalez-Seijo from the securities industry on July 5, 2019. Through its investigation, the SEC found that he stole $480,813.15 from five clients between 2013 and 2016. He pled guilty to one count of bank fraud in the criminal action that was pending against him in the United States District Court for the District of Puerto Rico on January 31, 2019.

Rather than terminate Gonzalez-Seijo, Transamerica gave him a slap on the wrist when they discovered “unauthorized check withdrawals” in client accounts and permitted him to resign. He did not register with any other broker dealer after resigning from Transamerica in May 2016 and, given the bar imposed by the SEC last week, he will no longer be allowed to work in the securities industry in any capacity. According to his FINRA BrokerCheck Report, Gonzalez-Seijo also sold life insurance and annuities through PGS Insurance, Inc. There are two client complaints disclosed on his BrokerCheck report for this scheme, one has been closed and one is pending.

Stoltmann Law Offices is highly experienced in representing investors who lost money in similar theft and selling away, or “Ponzi” schemes. You can find information on just a few of those cases in which Stoltmann Law Offices successfully recovered their clients’ stolen assets, and in some cases attorney’s fees, costs, interest and punitive damages on our website. “Selling away” is when a broker sells an investment to clients that is either unregistered, or not approved by the brokerage firm. Common forms of these alleged investments are promissory notes, bonds, and limited partnerships. Often times the advisor uses a shell company to misappropriate client funds. In some cases the advisor will even represent that he is investing the money in publicly traded stocks and mutual funds and will go as far as creating phony account statements to hide the theft. If the broker is not properly supervised by his firm, he can engage in this scheme for a long enough time period to abscond with the money, leaving their clients with nothing by the time they discover that the investment was fake.

The Financial Industry Regulatory Authority (FINRA) recently fined Ameriprise Financial Services Inc. $850,000 for failing to detect the conversion of more than $370,000 from five customer brokerage accounts by one of its registered representatives. Ameriprise was accused of failing to adequately investigate red flags associated with nine third-party wire requests, including that the funds were being transmitted to a business bank account associated with one of Ameriprise’s representatives. This went on for two years before the misconduct was discovered. Ameriprise then paid restitution, plus interest and related fees and the representative in question was barred in June 2014.

FINRA found that from October 2011 until September 2013, a registered representative of the firm took more than $370,000 from five Ameriprise customers. The representative then submitted request forms to transfer funds from the customers’ brokerage accounts into the business bank account of the office in which he worked, allegedly for the intended purpose of making investments. He then took funds from that account in order to pay himself additional salary and commissions. This against securities rules and regulation, and, because Ameriprise allowed the transgressions to take place, the firm may be responsible for losses. If you experienced investment losses with Ameriprise Financial, please call our law firm in Chicago at 312-332-4200 today to speak with an attorney about your options. The call is free with no obligation. We sue firms such as Ameriprise in the FINRA arbitration process on a contingency fee basis, which means we don’t make money unless you recover yours.

A former investment advisor from Lake Township, Ohio, was recently charged with theft. Thomas H. Caniford was accused of stealing more than $100,000 from a client in 2008. Caniford was arrested on August 6th and charged with theft, which is a second-degree felony. There is also an investigation underway that involves Caniford and his alleged theft from his own church, St. Peter Catholic Church in Canton, Ohio. There were irregularities in a check drawn on the church’s trust account. The agencies that have been looking into Thomas H. Caniford include the Financial Industry Regulatory Authority (FINRA), the Ohio Department of Commerce’s Division of Securities, the Canton Police Department and chief financial officer of the Catholic Diocese of Youngstown, among others.

Caniford was registered with Integrated Resources Equity Corp from June 1982 until June 1983, Anchor National Financial Services from June 1983 until May 1984, Lowry Financial Services Corp in North Palm Beach, Florida from June 1984 until March 1989, Mutual Service Corp in Boston, Massachusetts from March 1989 until June 1991, Multi-Financial Securities Corp in Denver, Colorado from June 1991 until March 1997, Vestax Securities Corp in Hudson, Ohio from March 1997 until January 2004, M Holdings Securities in North Canton, Ohio from March 2004 until March 2008 and LPL Financial in North Canton from March 2008 until March 2015. He has five customer disputes against him, according to his FINRA BrokerCheck report, one of which is currently pending. He is not licensed within the industry and FINRA permanently barred him from acting as a broker.

If you invested and lost money with Thomas H. Canton, you may be able to sue his former firm, LPL Financial in the FINRA arbitration forum for losses. They may be liable for financial losses because they had a duty to reasonably supervise him while he was employed there. We are Chicago-based securities attorneys who sue firms such as LPL to help investors recover their financial losses. The call is free with no obligation. We take cases on a contingency fee basis only which means we do not make money unless you recover yours. 312-332-4200.

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