Articles Tagged with Wachovia

AdobeStock_1800313-1-300x204According to AdvisorHub online, former UBS broker Kenneth Tyrrell has been ordered to pay back UBS the balance on his hiring-bonus “loan” plus interest, and UBS’ legal bill. He owes UBS $262,773 on his loan and $9,000 in costs and lawyer fees, according to an award decision published Tuesday that affirmed UBS’ claim of breach of promissory note and unjust enrichment. Tyrrell was discharged from UBS in 2016 after being with the firm for seven years, after he was accused of undisclosed private securities transactions, outside business activities and compliance certifications. FINRA threw him out of the securities industry in December, citing 11 private securities transactions and his role as a business advisor to trusts and charities associated with a client, believed to be pitcher Justin Verlander. These are all against securities laws and internal firm rules. A broker participates in outside business activities so he does not have to share those commissions he receives with his firm. This is sometimes referred to as “selling away.” Tyrrell’s former firm, UBS, may be liable for losses on a contingency fee basis. Please call today to find out how you may be able to bring a claim against the firm. Attorneys are standing by.
According to FINRA records online, Kenneth Tyrrell was previously registered with Washington Square Securities, Merrill Lynch, First Union Brokerage Services, Wachovia Securities, 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 alleging unsuitable investments and unauthorized trades, and one regulatory matter. He has been permanently barred from the industry.

AdobeStock_17493500-1-300x102Stoltmann Law Offices is investigating John Moy, a registered broker with Merrill Lynch in West Palm Beach, Florida. Moy allegedly placed $313,000 of a client couple’s money into high-risk investments that were inappropriate for the clients, based on their ages, net worth and investment objectives. The clients were elderly. He placed many of their investments into securities such as Memorial Production Partners (MEMP) and OCH-ZIFF Cap Management Group (OZM). The clients told Moy that they were looking to generate an income to sustain them through retirement without risking their principal. In the lawsuit against him, Moy allegedly allocated a high percentage of the Claimants net worth into MEMP and OZM. On all positions, Moy did not use stop losses or do anything to protect the downside even when the stocks were going negative. Maintaining the over-concentrated positions like Moy did, was unsuitable for the clients. Oil concentrations especially are extremely volatile and unsuitable for many investors. The lawsuit against Humphrey alleges negligence, breach of fiduciary duty, negligent supervision and breach of contract.
According to his online FINRA BrokerCheck report, Mr. Moy was registered with Salkin, Welch & Co., Brokers Exchange, Wheat, First Securities, Prudential-Bache Securities, Painewebber Inc., Laidlaw Adams & Peck, E.F. Hutton & Co., Lehman Brothers, Dean Witter Reynolds, Prudential Securities and Wachovia Securities. He is currently registered with Merrill Lynch in West Palm Beach, Florida and has been since September 2005. He has six customer disputes against him. Please call our securities law firm today at 312-332-4200 to find out how you may be able to sue Merrill Lynch in the arbitration forum on a contingency fee basis if you suffered losses with Mr. Moy. The call to us is free with no obligation. We are based in Chicago, Illinois.

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating William Gillis, a broker with National Securities Corp in Seattle, Washington. Mr Gillis has been accused of making poor recommendations and providing poor advice, breaching fiduciary duty, acting negligently, misrepresenting and omitting material facts, among other things. These are all against securities rules and regulations. Please call us today if you have suffered losses with Mr. Gillis. We may be able to help you recover your losses by suing National Securities Corp in the Financial Industry Regulatory Authority (FINRA) arbitration forum. The call to us is free with no obligation. We take cases on a contingency fee basis only.

Mr. Gillis was registered with E.F. Hutton & Co. from July 1986 until February 1988, CIBC World Markets Corp in New York, New York from January 1988 until February 2001, Wachovia Securities in Seattle, Washington from February 2001 until August 2008 and National Securities Corp in Seattle, Washington from August 2008 until June 2015. He has 22 customer disputes against him, seven of which are currently pending. He is not registered within the industry.

AdobeStock_50775754-2-300x200Stoltmann Law Offices is investigating Jennifer Lynn Steele, who was accused of outside business activity. Steele was the sole owner and managing member of the outside business activity, for which she was compensated. The company was formed for tax-and-asset protection purposes, and Steele received a salary and distributions from the outside business. She did not provide written notice to her firm, Harbor Light Securities, regarding her outside business activities, which is against securities laws. For this, she was suspended for one month and fined $5,000.

Steele was registered with Wachovia Securities in St. Louis, Missouri from August 2000 until March 2003, Gunnallen Financial in Tampa, Florida from March 2003 until December 2009, JP Turner & Co. in Tampa from December 2009 until July 2012 and Harbor Light Securities in Tampa from July 2012 until December 2016. She has one customer dispute against her. Please call our Chicago-based law firm at 312-332-4200 for a free consultation with one of our attorneys about any losses you may have suffered with Jennifer Lynn Steele. You may be able to recover those losses by bringing a claim against her former firm, Harbor Light Securities in the FINRA arbitration claims process. We take cases on a contingency fee basis only.

AdobeStock_762441-1-300x225Stoltmann Law Offices is investigating Norman Sicard, who was recently charged by the Financial Industry Regulatory Authority (FINRA) for alleging a customer’s investments including variable annuity and exchange-traded fund products and incurring losses. This is against securities laws and the customer is seeking $1,000,000 in damages in the pending complaint. Many times, brokers fail to disclose the risks associated with these variable annuities, and the customer sustains losses. Sicard’s investment firm, Broker Dealer Financial Services, can be held responsible for losses. Please call our securities law firm today at 312-332-4200 to find out how you can bring a claim against the firm. The call is free with no obligation. Sicard was registered with Chatfield Dean & Co., JWGenesis Financial Group, Wachovia Securities, Capital Securities of America, Wunderlich Securities and Broker Dealer Services in West Des Moines, Iowa from May 2011 until December 2016. He has one pending customer dispute against him.

You can sue former UBS broker Phil Fiore Jr. in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis if you suffered losses with him. UBS may be liable for those losses because the firm had a responsibility to supervise him while he was employed there. The attorneys of Stoltmann Law Offices sue firms such as UBS to recover losses for investors. Please call us today at 312-332-4200 for your free consultation. There is no obligation.

According to a recent InvestmentNews article, Phil Fiore Jr. was terminated from UBS at the end of November. He was accused of no disclosing an unpaid directorship at a not-for-profit entity affiliated with a client, not seeking approval to operate a charity golf tournament and not seeking firm approval to make blog posts. He also failed to disclose to his firm (UBS) that a new client had made an investment in Mr. Fiore’s outside business, which had been approved by the firm. Last May, Mr. Fiore was suspended for 30 days by FINRA and fined $5,000 for having an outside business activity and acting as a business consultant at an electric utility company without providing written knowledge to UBS. Fiore was also put on heightened supervision as a condition stipulated by the Massachusetts Securities Division after UBS sought to register him as a broker there one year ago.

According to his BrokerCheck report, Fiore was registered with Prudential Securities in New York, New York from November 1994 until July 2003, Wachovia Securities in St. Louis, Missouri from July 2003 until November 2005, Merrill Lynch in Fairfield, Connecticut from November 2005 until May 2009 and UBS in Stamford, Connecticut from April 2009 until December 2016. He has five customer disputes against him and is not currently registered with any FINRA member firm.

Stoltmann Law Offices is investigating Jeremy Hare. Allegedly, Hare negligently misrepresented material facts, breached fiduciary duty, breached contract, committed fraud, churned accounts, breached fiduciary duty, executed unauthorized trades, made unsuitable recommendations and charged “exorbitant” commissions, among other things. All of these are against securities rules and regulations. Churning, otherwise known as excessive trading, is a particularly egregious transgression, as it charges the client unnecessary fees and garners large commissions for the broker. Jeremy Hare’s former firm, Gilford Securities, can be held liable for investment losses suffered by investing with him. We may be able to help you bring a claim against the firm in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. Please call today for your free consultation with one of our Chicago-based attorneys.

Hare was registered with American Eagle Investments in Philadelphia, Pennsylvania from June 1995 until May 1997, First Union Capital Markets in Charlotte, North Carolina from April 1997 until October 1999, Wachovia Securities in Philadelphia from October 1999 until April 2008, Oppenheimer in Philadelphia from April 2008 until August 2011 and Gilford Securities in Bala Cynwyd, Pennsylvania from August 2011 until August 2012. He has 19 customer disputes against him, two of which are currently pending. He has one criminal disposition 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), Mark Tauzin was accused of engaging in a pattern of unsuitable short-term trading of front-loaded Unit Investment Trusts (UITs) in connection with the accounts of 14 households. This is against securities rules and regulations. The alleged transgressions took place between November 2012 and November 2014. Tauzin also allegedly maintained and signed forms in his files in violation of FINRA policies. UITs are investment companies that offer shares of fixed portfolios of securities in a one-time public offering, and terminate at a specific date. They are not designed to be trading vehicles and Tauzin recommended these products to investors. They had maturity dates of two years or longer. Instead of holding them, Tauzin allegedly effected 215 UIT transactions that were sold within a one-year period and the transactions resulted in sales charges to customers of over $316,840.50. At the same time, Tauzin allegedly made over $205,115.02 in commissions for himself. For this, Tauzin was suspended for eight months and fined $20,000.

Tauzin was registered with Sherwood Capital, Merrill Lynch, AG Edwards, Wachovia, Raymond James and LPL Financial in Lafayette, Louisiana from September 2009 until November 2014. He has one customer dispute pending against him. A broker must take into account a customer’s age, net worth, objectives and sophistication, among other factors, before recommending a security. If he does not, his brokerage firm or former brokerage firm may be held responsible for losses. Please call our securities law firm today to find out how you may be able to bring legal recourse against LPL Financial for losses sustained with Mark Tauzin. The call to us is free so please call today. 312-332-4200.

Did you lose money with Michael Oppenheim, formerly of JP Morgan Chase? Oppenheim was recently barred from the industry after admitting that he stole more than $20 million from clients for trading stocks online, paying personal bills and gambling on sporting events. Oppenheim settled fraud charges with the US Securities and Exchange Commission (SEC) last week. Earlier this year, he pled guilty to criminal embezzlement and securities fraud charges in US District Court for the Southern District of New York and was sentenced to five years in prison. He also agreed to pay $20,185,225 to settle the criminal charges and pay restitution to JP Morgan Chase. He allegedly took client funds to buy himself cashier’s checks, which were deposited into brokerage accounts he controlled. The money was then used to engage in options trading. In 2008, he persuaded at least two customers to withdraw more than $12 million from their accounts, and he told them the funds would be used to buy municipal bonds or municipal bond funds. Instead, he used the money to pay a home loan, gambling debts and credit card bills and to buy luxury clothing and travel. He also covered up the scam by falsifying client account statements to show bonds owned by other customers, and by moving cash from one customer account to another to inflate balances. The SEC barred him from the industry.

Oppenheim was registered with Merrill Lynch in New York, New York from April 1998 until May 1999, Prudential Securities in New York from May 1999 until July 2001, Chase Investment Services in Chicago, Illinois from February 2002 until February 2004, Wachovia Securities in St. Louis, Missouri from February 2004 until May 2004, Chase Investment Services Corp in New York from May 2004 until October 2012 and JP Morgan Securities in New York from October 2012 until April 2015. He has one customer dispute against him. He is not licensed within the industry and the SEC and the Financial Industry Regulatory Authority (FINRA) have permanently barred him.

According to a recent OnWallStreet article, Angela Ostendarp, a Wells Fargo certified planner invested hundreds of thousands of dollars of a client’s money in mutual funds. The client needed the money to pay for his children’s education, buy a small farm and cover his living expenses. Ostendarp invested his money in a margin account and had a margin balance of more than $100,000. Ostendarp then had to sell off securities to pay off the heavily margined account. Ostendarp also told the client that his account was doing well, when it was not. The client suffered massive losses because of Ostendarp’s transgressions.

Angela Ostendarp was registered with Wachovia Brokerage Service, Wachovia Securities, Robert W Baird, and Northwestern Mutual Investment Services. She is currently registered with Wells Fargo Advisors in Charlotte, North Carolina and has been since June 2002. She has two customer disputes against her, one of which is currently pending.

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