Articles Tagged with Walnut Street Securities

Did you or someone you know lose money with broker Robert Magee, of Cetera Advisor Networks in Tarentum, Pennsylvania? If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about those losses. Mr. Magee was accused of misrepresenting material facts related to a variable universal life insurance policy, recommending an unsuitable limited partnership, mutual fund and annuity purchase that resulted in losses and recommending unsuitable limited partnership investments. These securities can be unsuitable for many investors, because of their age, net worth, investment risk tolerance and sophistication. A broker must do his due diligence on every security he recommends or sells, based on the above factors, and others, in order to try to prevent losses in the customer’s portfolios. If he does not, his brokerage firm may be liable for losses on a contingency fee basis. You may be able to bring a claim against Cetera Advisor Networks in the Financial Industry Regulatory Authority (FINRA) arbitration forum.

Robert Magee was previously registered with Waddell & Reed from September 1983 until November 1983, Merrill Lynch in New York, New York from October 1983 until February 1992, Nathan & Lewis Securities in New York from February 1992 until August 2003 and Walnut Street Securities in Tarentum, Pennsylvania from August 2003 until September 2013. He is currently registered with Cetera Advisor Networks in Tarentum, and has been since September 2013. He has four customer disputes against him, and 16 judgment/liens, according to public, online BrokerCheck records with FINRA.

Stoltmann Law Offices is investigating Kenneth Saunders, who is currently associated with National Planning Corporation (NPC). Saunders has been subject to six customer complaints, some of which involve direct participation products (DPPs) such as non-traded real estate investment trusts (REITs) and other alternative investments. Saunders has also disclosed outside business activities, including Saunders Investment & Tax Advisory Group, Inc., Heron Bay Association and Parke Place HOA. Most recently, a complaint was filed against him alleging that he recommended unsuitable investments causing $150,000 in damages. That claim is currently pending. All of these are against securities rules and regulations. A broker must take into account a customer’s age, net worth, investment sophistication and investment objectives, among other things, when recommending an investment. If he does not, his brokerage firm may be held responsible for losses. Please call our securities law firm today to speak to an attorney about your options of bringing legal recourse against NPC if you suffered losses with Kenneth Saunders.

According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Saunders was registered with First American National Securities in Duluth, Georgia from May 1986 until July 1990, North American Management in Sioux Falls, South Dakota from August 1990 until June 1996, Walnut Street Securities in El Segundo, California from June 1996 until December 1996 and Investors Capital Corp in Coral Springs, Florida from January 1997 until November 2013. He is currently registered with NPC in Coral Springs and has been since October 2013. He has six customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Jerry McCutchen, a former financial adviser at Berthel Fisher & Company in Mobile, Alabama. The Financial Industry Regulatory Authority (FINRA) was investigating him because of allegations that he made unsuitable investment recommendations to his customers to invest in alternative investments, including private placements, limited partnerships and real estate investments. These investments can be especially risky for many clients, as they tend to be illiquid. A broker must base his investment recommendation on many factors such as a client’s net worth, age, investment objectives and investment savvy. If he does not, his brokerage firm can be held liable for investment losses because of not being able to reasonably supervise him while he was employed there. The call to our Chicago-based securities law offices is free if you believe you have a claim against Jerry McCutchen and would like to sue his former firm, Berthel Fisher, in the FINRA arbitration forum on a contingency fee basis to recover your financial losses.

McCutchen was registered with Bay City Securities, First Funds Inc., Central Brokerage Services, MML Investors Services, Walnut Street Securities, ProEquities, Commonwealth Equity Services, FSC Securities Corp, Next Financial Group, and Berthel, Fisher & Company in Mobile, Alabama from January 2007 until December 2014. He has 25 customer disputes against him, eight of which are currently pending. He is not licensed and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

Jerome Bonnett, formerly with Bonnett Wealth Management, and Securities America, committed suicide in May after Bonnett Wealth Management collapsed and he was charged with first-degree forgery and insurance fraud. On May 20, Bonnett Wealth Management had its assets frozen by the state of Nebraska. Bonnett was being investigated for mismanaging investor funds for personal use. The fraud he orchestrated was estimated at $1.35 million. Many of his victims were his close friends and family members. Eight of his investors were named as beneficiaries of a $3.2 million life insurance policy he took out more than two years before his suicide. According to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Bonnett was registered with Fortis Investors in Oakdale, Minnesota from May 1991 until November 1994, Walnut Street Securities in El Segundo, California from October 1994 until January 1995 and Securities America in Omaha, Nebraska from January 1995 until October 2015. He has one customer dispute against him and was not licensed within the industry before his death.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Robert M. Lyons, a former registered broker with Cambridge Investment Research, was accused of executing 14 unsuitable mutual fund switches in three customer accounts. Allegedly from January 2011 until December 2013, Lyons made the mutual fund switches in three customer accounts, switching customer assets from shares in one fund family to shares in a different fund family. He recommended that his customers purchase Class A shares that were only advantageous if the customers held them on a long-term basis. These are typically held for several years or longer. Lyons held the shares for less than 12 months, and did not have a reasonable basis to recommend the shares, nor to liquidate him. The customers were made to pay fees for these transactions and Lyons made commissions because of the transactions. For this, Lyons was fined $5,000 and suspended for 15 business days. A broker must have a reasonable basis to recommend and/or sell a security to a customer, and must take into account a customer’s age, net worth, investment savvy and investment objectives. If he does not, his firm may be responsible for investment losses.

Robert Lyons, according to his FINRA online BrokerCheck profile, was registered with The Robinson-Humphrey Company, Walnut Street Securities, Buckhead Financial Corp., Capital Research Corp., Allen C. Ewing & Co. and Cambridge Investment Research in Augusta, Georgia from December 2001 until October 2014. He is not currently registered with any member firm. Please call us today to speak to an attorney about your options of suing Cambridge for your investment losses on a contingency fee basis in the FINRA arbitration forum.

The attorneys at Stoltmann Law Offices are investigating Clark Gardner, a former broker at Cetera Advisors. Gardner was recently permanently barred from the industry by the Financial Industry Regulatory Authority (FINRA). Gardner was accused of taking a $243,000 check from a customer and depositing it directly into his personal bank account. The money was supposed to go into an investment opportunity. Gardner then used the funds for his own personal use. FINRA also alleged that he worked as an agent for a real estate investment company without his firm’s knowledge or consent, which is against securities rules and regulations. Gardner allegedly facilitated a customer’s $150,000 real estate property investment through the company, and for this, received $20,000 in commission for his facilitation of the transaction. Gardner entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on September 4, 2014.

According to his online FINRA BrokerCheck report, Gardner was registered with Walnut Street Securities in El Segundo, California from June 1997 until February 2002, Sammons Securities Company in Orem, Utah from February 2002 until December 2013 and Cetera Advisors in Orem from December 2013 until May 2014. He has two customer disputes against him, one of which is currently pending. He is not licensed within the industry and FINRA and the Securities and Exchange Commission (SEC) have both permanently barred him from acting as a broker and investment adviser, or otherwise associating with firms that sell securities or provide investment advice to the public. If you or someone you know invested money with Clark Gardner, you may be able to sue his former firm, Cetera Advisors, in the FINRA arbitration forum on a contingency fee basis. Please call our law offices today at 312-332-4200. Your call with one of our attorneys is free and with no obligation.

Did you invest money with Richard L. Brown? If so, you may be able to recover your losses by suing his former firm, Brookstone Securities, in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. The call to us is free and there is no obligation. We have represented thousands of investors in this process. Richard L. Brown has one pending and one final criminal charge, according to his FINRA online, public BrokerCheck page. He has one pending civil event and one pending customer dispute. He has been accused of Conspiracy to Commit Securities Fraud, Securities Fraud, Money Laundering Conspiracy and Conspiracy to commit wire fraud. A customer of Brown’s is alleging damages of $72,133 for churning and suitability, stemming from when Brown was registered at Brookstone Securities. Four prior complaints alleged damages of $120,000 for excessive trading and unsuitable recommendations.

Richard L. Brown was registered with H.D. Vest Investment Securities in Irving, Texas from July 1990 until April 1993, Walnut Street Securities in El Segundo, California from April 1993 until October 2005 and Mutual Service Corp in Richardson, Texas from September 2005 until September 2009. He is currently registered with LPL Financial in Richardson and has been since September 2009.

Did you lose money with financial advisor Thomas Skypeck in Scarborough, Maine? The Securities and Exchange Commission (SEC) recently barred Skypeck from the securities industry after he pled guilty to theft and violations of the Maine Uniform Securities Act in October 2015. Allegedly, he failed to disclose his relationship with a precious metals dealer when he was registered with O.N. Equity Sales Company. It was also alleged that he stole coins worth $1,000 from a client and that between March 2009 and January 2013, he excessively traded or churned the account of an inexperienced investor. Churning is against securities rules and regulations and is a tactic used by brokers to generate large commissions and fees for themselves. Their brokerage firms have a duty to reasonably supervise them, and, if they do not, can be sued for investment losses.

Skypeck was registered with Merrill Lynch, Prudential, Gruntal & Co., Winslow Investment Co., Robert Thomas Securities, Guardian Investor Services, Royal Alliance Associates, Walnut Street Securities, Sammons Securities, Woodbury, Cambridge Investment Research, The O.N. Equity Sales Company in Saco, Maine from July 2010 until April 2013 and Brokers International Financial Services. He has one criminal disposition against him.

The Financial Industry Regulatory Authority (FINRA) has complaints against Charles Geraci. They allege that he violated securities laws that include making unsuitable investments, breach of fiduciary duty, fraud, misrepresentations, and negligence, among other claims. Most of the claims tend to relate to allegations regarding the inappropriate sale of direct participation products such as limited partnerships, equipment leasing, oil and gas investments and non-traded real estate investment trusts (non-traded REITs) and variable annuities. The complaints specify certain oil and gas programs and United Mortgage Trust (UMT).

Many of these products are very unsuitable for investors, as they are risky and illiquid. A broker has a duty to only recommend those investments that are suitable for clients, and his firm may be liable if the client loses money in these investments. Please call our law firm today if you have suffered similar losses, and you may speak to an attorney for free about your options of suing to recover losses in the FINRA arbitration forum on a contingency fee basis.

According to his online BrokerCheck report, Geraci was registered with The Variable Annuity Marketing Company, The Prudential Insurance Company of America, Pruco Securities Corp, Cadaret, Grant & Co., Sun Investment Services Company, Signal Securities Inc., Walnut Street Securities, D.H. Hill Securities, VSR Financial Securities and SagePoint Financial. He is currently registered with VSR Financial Services in The Woodlands, Texas and has been since January 2014. He has six customer disputes against him, one of which is currently pending.

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