Articles Tagged with Wunderlich Securities

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Peter Neary was accused of effecting approximately 130-140 discretionary transactions without written authorization in the account of one of his customers. For this he was fined $5,000 and suspended for 20 business days. Allegedly, from July 2012 through December 2014, Neary effected these transactions. This is against securities rules and regulations. According to his online FINRA BrokerCheck report, Neary was registered with John Hancock, Liberty Securities Corp, Independence One Brokerage Services, Comerica Securities, Ferris Baker Watts, RBC Capital Markets Corp and Wunderlich Securities in Plymouth, Michigan from October 2010 until February 2015. He is currently registered with IFS Securities in Livonia, Michigan and has been since Feburary 2015. He has one customer dispute against him. Please call our Chicago-based securities law firm today to speak to an attorney about your options of bringing legal action against Peter Neary and Wunderlich Securities. The firm may be responsible for losses on a contingency fee basis in the FINRA arbitration forum.

Stoltmann Law Offices is investigating former Wunderlich Securities broker Bassam Salem, relating to alleged misconduct including failure to supervise, unauthorized trading, unsuitability, and breach of fiduciary duty over multiple accounts and damages in excess of $281,000. In another dispute, a customer was granted $92,500 in damages after it was alleged that Salem recommended unsuitable stocks and failed to diversify the customer’s accounts to minimize their risk between June 1, 2007 and June 30, 2008. Wunderlich Securities has a duty to reasonably supervise their registered representatives, and, if the firm does not, can be liable for losses sustained. If you invested money with Bassam Salem, you may be able to recover your losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We represent investors who have lost money because of brokers with firms such as Wunderlich Securities.

Salem was registered with First Heritage Corp from November 1986 until November 1988, Prudential Securities Inc. in New York, New York from November 1988 until March 1992 and UBS Financial Services in Farmington Hills, MI from March 1992 until January 2011. He is currently registered with Wunderlich Securities in Birmingham, Michigan and has been since January 2011. He has two customer disputes against him, one of which is currently pending.

According to a Financial Industry Regulatory Authority (FINRA) Order Accepting Offer of Settlement against Merid Amde, Amde was accused of executing approximately 55 discretionary transactions in a customer account without obtaining prior written authorization from the client and without having the accounts accepted as discretionary accounts by his employing firm. The customer was a 54 year-old elementary school teacher who inherited a modest sum after the death of her parents. She then deposited the money in an account run by Amde, who was also her parents’ broker. Amde then became registered with Wunderlich Securities in September 2008 and transferred the client accounts to Wunderlich. From September 2008 until May 2011, Amde allegedly executed 145 trades in the customer’s account. He then inaccurately marked the order tickets as unsolicited orders for 36 of the 145 trades. He did this allegedly in order to purchase various unit investment trusts and low-priced equities such as the First Trust India Growth Portfolio, a risky unit investment trust with holdings exclusively in India and Dryships, Inc., a Greek company offering offshore drilling services. This was against securities rules and regulations. For this, Amde was fined $20,000 and suspended from the industry for three months.

According to his online FINRA BrokerCheck report, Amde was associated with Investors Center, Vanderbilt Securities, First of Michigan Corp, The Ohio Company, Roney & Co., Raymond James, Ferris, Baker Watts Inc. and Wunderlich Securities in Birmingham, Michigan from September 2008 until August 2013. He is currently registered with LM Kohn & Co. in Troy, Michigan and has been since September 2013. He has three customer disputes against him.

What is a Master Limited Partnership? (MLP)

A master limited partnership is a limited partnership that is publicly traded on an exchange that combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. There are two types of partners in this type of partnership: The limited partner is the person or group that provides the capital to the MLP and receives periodic income distributions from its cash flow and the general partner is the party responsible for managing the MLP’s affairs and receives compensation that is linked to the performance of the venture. To qualify for the tax benefit, 90% of an MLP’s income must come from activities in real estate, commodities or natural resources such as mining, timber or energy production.

Are MLPs Similar to REITs and How do they Differ?

Stoltmann Law Offices is investigating Joseph C. Schroeder, who entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA).  According to his AWC, from June 2009 until March 2010, Schroeder recommended and sold $300,000 worth of convertible promissory notes in Titan Energy to investors, 12 of whom were firm customers. The notes had one or two year maturity dates. After recommending these to customers, Schroeder wired their funds from Wunderlich Securities (where he was employed) to Titan Energy. He then received compensation from Titan for the transactions.

Also, in February 2012, Schroeder solicited and received a $10,000 loan from a firm customer without receiving written approval from his firm. For these actions, he was suspended from associating with any member firm in any capacity for 12 months and fined $20,000. A broker participating in private securities transactions is also referred to as “selling away,” and occurs when a broker solicits investors to purchase securities not offered by his member firm. This is a violation of securities regulations. Borrowing money from a firm customer is also a violation of securities industry rules and regulations.

Joseph Schroeder was registered with Dean Witter Reynolds from August 1984 until September 1987, Salomon Smith Barney in New York, New York from October 1987 until September 1999, UBS Financial Services in Weehawken, New Jersey from September 1999 until December 2005, Riverstone Wealth Management in Austin, Texas from December 2005 until September 2008 and Wunderlich Securities in Plano, Texas from August 2008 until August 2013. He is not currently registered with any firm and he has two customer disputes against him. He is not licensed within the industry. If you would like to sue Joseph C. Schroeder, please call us at 312-332-4200 to speak to an attorney. His former firm, Wunderlich Securities, may be liable for money losses, as they had a duty to reasonably supervise him while he was employed there. We are securities attorneys based in Chicago, Illinois. The call is free.

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