Articles Posted in Broker Complaints

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Robert BerryPublic records published by the Financial Industry Regulatory Authority (FINRA) on March 16, 2017 indicate that Ohio-based Stifel Nicolaus & Company broker/adviser Robert Berry has been sanctioned by FINRA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. verry (CRD# 849285).

Robert Berry has spent 39 years in the securities industry and has been registered with Stifel Nicolaus & Company in Fairlawn, Ohio since 2009. Previous registrations include Butler Wick & Company in Fairlawn, Ohio; Wachovia Securities in Akron, Ohio; and Merrill Lynch in New York, New York. He is a registered broker and investment adviser with sixteen US states and territories.

According to his BrokerCheck report, Robert Berry has received one FINRA sanction and one customer complaint.

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The securities and investment fraud law firm, Fitapelli Kurta, is interested in speaking to investors who have complaints regarding OneAmerica Securities, Inc. or its brokers.

OneAmerica Securities, Inc. is an independent broker-dealer firm based out of Indianapolis, Indiana. OneAmerica Securities, Inc. was incorporated under the laws of Indiana in 1969. OneAmerica Securities, Inc. is registered with both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). OneAmerica Securities, Inc. has offices in 51 U.S. states and territories. OneAmerica Securities, Inc. has five regulatory events listed on its BrokerCheck Report.

In February 2015 OneAmerica Securities, Inc. was fined $75,000 for failing to supervise a broker who was making unsuitable investment recommendations and was transferring customer funds to a third party. According to the Letter of Acceptance, Waiver and Consent (AWC) a OneAmerica Securities, Inc. broker excessively traded an elderly couple’s customer accounts and made unsuitable investment recommendations.

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From May 23, 2003 through October 22, 2010, Jerod Wurn was registered with LPL Financial. Effective October 22, 2010, Mr Wurn became registered with Morgan Stanley in Roseville, CA.

On June 13, 2012, Mr. Wurn and FINRA entered into an order accepting offer of settlement in connection with Disciplinary Proceeding No. 20080153649-01. According to the order, Mr. Wurn recommended that a 53 year old widow with a modest income. In 2006 the customer refinanced her home mortgage, receiving over $300,000 in equity from the transaction. Jerod Wurn recommended that the window invest $300,000 in a variable annuity to be paid for with the proceeds of the loan. According to FINRA’s order, Mr. Wurn knew that the window had limited income and should have known that her limited retirement income and liquid assets would have been insufficient to make her mortgage payments.

In addition to this complaint, Mr. Wurn also has one disclosed customer complaint, which has settled. The complaint sought $360,000 in damages arising from the alleged sale of unsuitable investments by Jerod Wurm.

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The securities and investment fraud law firm, Fitapelli Kurta, is interested in speaking to investors who have complaints regarding First Financial Equity, Corp. or any of its brokers.

First Financial Equity, Corp. is a privately owned, full service, broker-dealer firm classified as a corporation. First Financial Equity, Corp. was incorporated in Arizona on in 1985. First Financial Equity, Corp. is registered with both the SEC and FINRA and is registered in 51 U.S. states and territories. First Financial Equity, Corp.’s main office is located at 7373 N. Scottsdale Rd. Ste. D120 Scottsdale, AZ 85253. First Financial Equity, Corp. offers the following types of investments:

  • ·         Common and Preferred Stock
  • ·         Dimensional Fund Advisors
  • ·         SEI Investment Services
  • ·         Morningstar Investment Services
  • ·         Mutual Funds and ETF’s
  • ·         Options
  • ·         Investment Advisory Services
  • ·         Annuities
  • ·         Corporate and Municipal Bonds
  • ·         U.S. Treasury & Agency Securities
  • ·         CDs and CDARS(Certificate of Deposit Account Registry Service®)
  • ·         REITS

On October 2, 2009, First Financial Equity, Corp. was fined $15,000 for failing to report information regarding numerous block purchase and sale transactions.

Also on October 2, 2009, First Financial Equity, Corp. was fined $20,000 for failing to supervise its brokers and failing to record private securities transactions.

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The investment fraud law firm of Fitapelli Kurta is currently investigating claims against the broker-dealer firm, Maxim Group, LLC.

Maxim Group, LLC has a long history of customer and regulatory complaints. Maxim Group, LLC is a licensed broker-dealer with FINRA or the Financial Industry Regulatory Authority. They have been licensed with FINRA since 2002 and their main office location is on Lexington Ave in New York, New York.

Complaints against Maxim Group, LLC are governed by FINRA. As a FINRA member, Maxim Group must arbitrate all customer complaints before FINRA. Our law firm exclusively handles FINRA arbitrations on behalf of investors. We are investigating complaints against Maxim Group, LLC and are interested in speaking to investors who have complaints against the firm.

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The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding New York-based Laidlaw broker Leonard V. Gallick, Jr.
 
Leonard V. Gallick, Jr. has spent twenty years in the securities industry and has been registered with Laidlaw & Company in New York City since 2009. Previous registrations include Gunnallen Financial in Rosalyn Heights, New York (2004-2009); J.P. Turner & Company in Atlanta, Georgia (1998-2004); Josephthal & Company in New York (2995-1998); and A.R. Baron & Company in New York (1995). Mr. Gallick is a registered broker in four US states: Connecticut, Florida, New York, and Pennsylvania.
 
According to his BrokerCheck report, Leonard V. Gallick, Jr. is the subject of seven customer complaints.
 
In 2014 a customer alleged Leonard V. Gallick, Jr, while employed at Gunnallen Financial, executed excessive trades to generate commission. The customer seeks $8,000,000 in damages in the pending complaint.
 
In 2013 a customer alleged Leonard V. Gallick, Jr, while employed at Laidlaw & Company, executed unsuitable trades. The complaint settled for $350,000.
 
In 2002 a customer alleged Leonard V. Gallick, Jr, while employed at Josephthal & Company, recommended an unsuitable investment, breached contract, misrepresented material facts related to an investment, breached his fiduciary duty, and executed unauthorized margin trades. The complaint resulted in an award to the customer of $90,000.
 
In 2001 a customer alleged Leonard V. Gallick, Jr, while employed at J.P. Turner & Company, executed an unauthorized trade. The complaint settled for $5,250.
 
In 2001 a customer alleged Leonard V. Gallick, Jr, while employed at J.P. Turner & Company, recommended unsuitable investments, made unauthorized transactions, breached his fiduciary duty, and fraudulently induced the customer. The complaint resulted in an award to the customer of $56,000.
 
In 2000 a customer alleged Leonard V. Gallick, Jr, while employed at Josephthal & Company, recommended unsuitable investments. The customer seeks $142,000 in damages in the pending complaint.
 
In 1998 a customer alleged Leonard V. Gallick, Jr. misrepresented material facts related to an investment. The customer sought $28,125 in damages in the complaint, which was denied.
 
If you have complaints regarding Leonard V. Gallick, Jr, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.
 

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Jan Laux worked for LPL from 2007 to 2008 before being “permitted to resign” for violation of firm policy regarding signing customer names to customer documents, according to Laux’s BrokerCheck Report.

An AWC entered into by Laux on November 18, 2009 sheds more light on the situation. According to the AWC, while employed at LPL, Laux signed the names of seven customers on ten account related documents without the customer’s permission or consent. These documents included new account applications, contribution instruction forms, a prospectus delivery form, a variable annuity disclosure form, and financial institution acknowledgment forms.

In addition to being terminated from LPL, Laux was fined $5,000 and suspended from the financial industry for one year.

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Fitapelli Kurta is investigating customer complaints and potential lawsuits related to broker recommendations of ProShares UltraPro Short S&P 500 ETF (SPXU), which is a short term inverse leveraged ETF.  ProShares UltraPro Short S&P 500 ETF (SPXU) is an extremely speculative and risky product, which is often misunderstood by the brokers who recommend its purchase.    Specifically, ProShares UltraPro Short S&P 500 ETF (SPXU) is designed to be held for only one day and we are interested in speaking to investors who lost money by holding the product for periods longer than one day.

ProShares UltraPro Short S&P 500 ETF (SPXU) is a type of ETF known as an “inverse, leveraged ETF.”  ETFs, or exchange traded funds, like mutual funds, offer investors an opportunity to pool their money into a fund that makes investments in a particular asset class (i.e. all utility stocks).  Unlike mutual funds, ETFs are traded on an exchange and at market prices.  The goal of ETFs, such as ProShares UltraPro Short S&P 500 ETF (SPXU), is to track a particular index or asset class.  Inverse ETFs are a type of ETF, which track the opposite of an index (i.e. when the market decreases these funds increase and vice versa).  Leveraged ETFs, such as ProShares UltraPro Short S&P 500 ETF (SPXU), are ETFs that use leverage so the tracking effect is multiplied.  So for example, an inverse 2X leveraged ETF should increase 2X the decrease of the index that it is tracking.

Inverse leveraged ETFs, such as ProShares UltraPro Short S&P 500 ETF (SPXU), “reset” daily, which means that they are designed to achieve their stated objectives (i.e. tracking an index) only on a daily basis and no longer than one day.  In fact the prospectus for ETFs, such as ProShares UltraPro Short S&P 500 ETF (SPXU), warns investors that if the ETF is held for periods longer than one day, returns will begin to differ from the underlying index.  It is possible, therefore for an index to be flat (i.e. returning a zero return), but the ETF that is held over the same period may be down considerably.

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The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding the New York-based brokerage and advisory firm Wellington Shields & Company, LLC (CRD# 149021).

Formed in New York in 2008, Wellington Shields & Company is headquartered in New York and registered in 52 US states and territories. Ralph Joseph Scarpa is co-Chief Executive Officer; Stephen John Portas is Chief Compliance Officer; Philip Michael Curcuru is Chief Financial Officer and Chief Operating Officer; Joseph Vincent Shields, Jr. is Chairman; David Vincent Shields is Vice Chairman; Charles Wellington is Vice Chairman.

According to the firm’s BrokerCheck report,Wellington Shields & Company is the subject of two regulatory sanctions and one customer complaint that evolved into arbitration.

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Dawson James has a history of customer and regulatory complaints. Dawson James is a licensed broker-dealer registered with FINRA, or the Financial Industry Regulatory Authority. Dawson James has been a FINRA member firm since 2004.

Complaints against Dawson James are governed by FINRA, or the Financial Industry Regulatory Authority. As a FINRA member firm, Dawson James must arbitrate all customer complaints before FINRA. Our securities law firm exclusively handles FINRA arbitrations on behalf of investors who were wronged by stockbrokers or brokerage firms. We are investigating complaints against Dawson James and are interested in hearing from aggrieved investors regarding their allegations against the firm.

Dawson James has a number of regulatory events disclosed on its securities license. Below are examples of such conduct: