Articles Tagged with Wachovia Securities

Stoltmann Law Offices continues to investigate former Morgan Stanley broker Peter Doyle, who was terminated from the firm in June 2016. Allegedly, Mr. Doyle failed to adhere to industry rules and firm policies with regard to the use of trading discretion. Before he was terminated, Morgan Stanley was ordered to pay over $8 million in damages in a customer dispute concerning allegations that Doyle made unauthorized trades, failed to disclose fees, and engaged in the financial abuse of an elderly customer. These are all against securities laws and internal firm rules. Another customer alleged that Mr. Doyle made an unsuitable investment recommendation to him from 2008 until 2016. The dispute was settled for $600,000.

Firms like Morgan Stanley have an obligation to reasonably supervise their brokers, and, if they do not, can be held liable for losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

Peter J. Doyle, according to his FINRA public records, was previously registered with Prudential in New York, New York from January 1995 until July 2003, Wachovia Securities in Washington D.C. from July 2003 until July 2008, Morgan Stanley in Washington D.C. from July 2008 until June 2009, Morgan Stanley in Washington D.C. from June 2009 until July 2016 and H. Beck in Bethesda, Maryland from September 2016 until February 2017. He has three customer disputes against him, and has been permanently barred from the industry.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Kenneth Tyrell violated securities laws. Mr. Tyrrell was accused of participating in 11 undisclosed private securities transactions with a customer in violation of FINRA rules. He also allegedly engaged in five undisclosed outside business activities, all of which involved the same customer. This was in violation of FINRA rules. In May 2011, Tyrrell allegedly participated in 11 private securities transactions totaling more than $13 million with his customer without providing prior written notice to his firm, UBS. This resulted in his being barred from the industry by FINRA.

According to FINRA records, Kenneth Tyrrell was previously registered with Washington Square Securities in Des Moines, Iowa from March 1994 until March 1995, Merrill Lynch in New York, New York from March 1995 until August 1999, First Union Brokerage Services in Charlotte, North Carolina from August 1999 until October 2000, Wachovia Securities in St. Louis, Missouri from October 2000 until November 2004, Merrill Lynch in Alexandria, Virginia from October 2004 until November 2008, UBS in Vienna, Virginia from November 2008 until September 2016 and Cary Street Partners in Richmond, Virginia from August 2016 until October 2017. He has two customer disputes against him and is not currently registered as a broker.

AdobeStock_17723177-1-300x175According to the Financial Industry Regulatory Authority (FINRA), former Wachovia Securities and Northeast Securities broker Silvano Rolando Trino was accused of unauthorized use of margin, unsuitable trading and churning. These are against securities laws. Unauthorized trading occurs when a broker sells securities without the prior authority from the investor. FINRA rules require all brokers to fulfill an obligation by discussing trades with investors before execution of the trades. If he does not, his brokerage firm can be liable for losses. Excessive trading, or churning, is a similar claim and is a tactic used by brokers to generate large commissions for themselves while, at the same time, generating unnecessary fees for the client. It is a particularly egregious tactic, and is also against securities rules.
Trino was previously registered with First Union Brokerage Services in Charlotte, North Carolina from June 1996 until October 2000 and Wachovia Securities in Miami, Florida from October 2000 until November 2008. He is currently registered with Northeast Securities in Miami and has been since November 2008. He has four customer disputes against him, one of which is pending.
If you or someone you know has suffered losses with Mr. Trino, please call our law firm today at 312-332-4200 to speak with one of our securities attorneys. We may be able to help you bring a claim against Wachovia Securities or Northeast Securities in order to recover your lost investments. The call to us is free with no obligation and we take cases on a contingency fee basis only.

Stoltmann Law Offices is investigating Ciro Cavazos, a former Raymond James advisor. He was recently terminated from the firm. He allegedly borrowed money from a client without providing disclosure to Raymond James. Cavazos also allegedly misrepresented material facts related to an investment, and made unauthorized withdrawals that resulted in a tax liability. If you have lost money investing with Ciro Cavazos, also known as Nicholas Cavazos, please call our securities law firm at 312–332–4200 to speak to an attorney. The call is free. We may be able to help you bring a claim against his former firm, Raymond James. Cavazos was registered with Merrill Lynch in Chico, California from October 2007 until November 2007, A.G. Edwards & Sons in Paradise, California from October 2001 until January 2008, Wachovia Securities in Chico from January 2008 until November 2008, Edward Jones in Paradise from October 2008 until July 2011 and Raymond James in Chico from July 2011 until March 2016.

AdobeStock_49363801-1-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Todd Pilosi was accused of borrowing a total of $150,000 from a customer while registered with RBC Capital. This occurred between 2009 and 2012. Allegedly, on four occasions between July 2009 and March 2012, there were checks given to Pilosi which were not documented. This is against securities rules and regulations. Todd Pilosi was terminated from LPL Financial after leaving RBC Capital. For this, he was suspended from the industry for four months and fined $5,000.

Mr. Pilosi was registered with Lehman Brothers, Salomon Smith Barney, Prudential Securities, Wachovia Securities, RBC Capital Markets in Fresno, California from May 2006 until July 2012 and LPL Financial in Fresno from July 2012 until October 2016. He has two customer disputes against him, one of which is currently pending. He is not currently registered within thei industry. Please call 312-332-4200 today to speak to an attorney about your Todd Pilosi losses. We may be able to help you bring a claim against RBC Capital in the arbitration forum on a contingency fee basis. The call is free with no obligation.

AdobeStock_99700100-2-300x200Stoltmann Law Offices is investigating Ane Plate, a former Wells Fargo registered representative out of the firm’s Deltona, Florida office. Plate was recently barred from the securities industry for the alleged and unauthorized sale of securities from elderly clients’ investment accounts, according to a settlement order with the Securities and Exchange Commission (SEC). Plate was also sentenced to 27 months in federal prison earlier this month. She allegedly used the money from 15 unauthorized trades to pay her mortgage. These are all against securities rules and regulations. If you invested money with Ane Plate, please call our Chicago-based securities law firm at 312-332-4200 to speak to one of our attorneys. We may be able to help you recover your losses on a contingency fee basis by bringing a claim against her former firm, Wells Fargo, in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

Plate was registered with Morgan Stanley in Purchase, New York from March 1999 until July 2001, Prudential Securities in New York, New York from July 2001 until July 2003, Wachovia Securities in St. Louis, Missouri from July 2003 until May 2005 and Wells Fargo in Orlando, Florida from May 2005 until June 2014. She has one customer dispute against her and one criminal final disposition. She has been permanently barred from the industry.

AdobeStock_50775754-2-300x200Stoltmann Law Offices is interested in speaking to those clients who may have invested with Steven Finkel of Merrill Lynch in Florham Park, New Jersey. In November 2016, a customer alleged that Mr. Finkel recommended unsuitable investments, executed unauthorized trades and misrepresented material facts. Another customer alleged that Mr. Finkel, while employed at UBS, purchased unsuitable preferred stocks, among other transgressions. All of these are against securities rules and regulations. Merrill Lynch, Finkel’s former firm, can be held responsible for investment losses because the firm was supposed to reasonably supervise its brokers. Please call our securities law firm in Chicago today at 312-332-4200 to speak to an attorney about how you might be able to bring a claim against Merrill Lynch. We take cases on a contingency fee basis only.

Steven Finkel was registered with Smith Barney from March 1983 until October 1983, J.B. Hanauer & Co. from February 1977 until February 1988, First Miami Securities in Boca Raton, Florida from February 1979 until July 1991, First Miami Securities from October 1983 until July 1991, Prudential Securities in New York, New York from June 1991 until July 2003, Wachovia Securities in St. Louis, Missouri from July 2003 until October 2003 and UBS Financial Services in Florham Park, New Jersey from October 2003 until March 2010. He is currently registered with Merrill Lynch in Florham Park, New Jersey and has been since February 2010. He has four customer disputes against him, three of which are currently pending.

Stoltmann Law Offices is investigating Joseph Likens, a former LPL Financial broker. Likens has been permanently barred by the Financial Industry Regulatory Authority (FINRA) from acting as a broker or otherwise associating with firms that sell securities to the public. Likens was accused of allegations that he violated firm policy regarding trading away and unreported holdings. This is sometimes referred to as “selling away,” and is when a broker solicits, purchases or sells a security not offered by his member firm. It is against securities rules and regulations. Please call our securities law offices today if you lost money because of Joseph Likens. We may be able to bring a legal claim against his former firm, LPL Financial, for not properly supervising him while he was registered there. Please call today.

Likens was registered with Edward Jones, Prudential Securities, Wachovia Securities, Morgan Stanley, Merrill Lynch and LPL Financial in Des Peres, Missouri from January 2015 until May 2015. He has one customer dispute against him and is not licensed. FINRA has permanently barred him from the industry.

According to a recent InvestmentNews article, Kathleen Kincade, a former broker for Wells Fargo, was fined $5,000 and suspended for 30 days. According to the Financial Industry Regulatory Authority (FINRA), Ms. Kincade was the victim of a phishing scam that hacked and targeted financial advisers, where the fraudster hacked into her client’s email, pretended to be the client and then requested an electronic transfer of cash to an outside, overseas account. In Ms. Kincade’s case, she did not verify the request before making the transfer, as is required of investment advisers before making such a transfer. Ms. Kincade improperly caused two domestic wire disbursements totaling $349,947.53 to be effected from the account of the customer to accounts held by third parties. Wells Fargo, Ms. Kincade’s firm, may be responsible for her transgressions if you lost money with Ms. Kincade. The firm had a duty to reasonably supervise her, and, because it did not, may be responsible for financial losses. Please call our Chicago-based law firm today to speak to an attorney about your options of taking legal action against Wells Fargo in the FINRA arbitration forum on a contingency fee basis. According to her online FINRA BrokerCheck report, Kincade was registered with Wachovia Securities in Newport Beach, California from February 2006 until May 2007, and Wells Fargo Advisors in Irvine, California from May 2007 until January 2016. She is not currently licensed within the industry.

The Securities and Exchange Commission (SEC) has issued an enforcement order against Karl Hahn for the $2 million fraud scheme he orchestrated in New Hampshire. Hahn allegedly convinced three customers to buy “high-value life insurance policies” from his neighbor, while failing to disclose to them that $600,000 in commissions went to his father. The order also pointed to a separate wrongdoing which involved a $2.2 million fraud Hahn committed against a local filmmaker. According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Hahn was registered with Salomon Smith Barney in New York, New York from January 1997 until February 2001, Prudential Securities in New York from February 2001 until July 2003, Wachovia Securities in St. Louis, Missouri from July 2003 until October 2004, Merrill Lynch in Portsmouth, New Hampshire from September 2004 until February 2008, Deutsche Bank in Boston, Massachusetts from February 2008 until June 2009 and Oppenheimer in Portsmouth, New Hampshire from June 2009 until March 2011. He has eight customer disputes against him. He is not licensed within the industry and has been permanently barred. Please call our securities law offices today to speak to an attorney about recovering your losses with Mr. Hahn.

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