Articles Posted in Broker Complaints

Financial Planning AdvisorsPublicly available records provided by the New Jersey Bureau of Securities and accessed on June 20, 2018 indicate that the Bureau has sanctioned New Jersey-based advisory firm Financial Planning Advisors, as well as its owner, Richard Belott, in connection with allegations they defrauded elderly customers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Financial Planning Advisors and/or Mr. Belott (CRD# 4725262).

According to the Bureau, Richard Belott participated in sales of unregistered securities “to at least eight investors,” including elderly and retired customers. He then allegedly used at least $1.55 million of the investors’ funds on personal expenses, “including his daughter’s college tuition, extravagant trips for himself and his wife, and mortgage payments on the couple’s beach house.”

The Bureau’s findings state that Mr. Belott and Financial Planning Advisors, from 2008 until 2015, offered and sold “at least 24 promissory notes” which they represented as issued by local diners as well as a developer; he allegedly represented to customers that their funds were investments in the businesses in question. However, according to the Bureau, his investors did not receive promissory notes from the diners or the developer, but instead from the owners of the businesses in question, “who had undisclosed business relationships with Belott.” The Bureau states that at least one note was issued by Mr. Belott himself. As for the promissory notes, according to the Bureau, they came with a term of one year, or longer, and their interest rates ranged from 5% annually to 18% annually. The diners, developer and Financial Planning Associates made interest and principal payments from their bank accounts.

bill downingPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 20, 2018 indicate that former Texas-based Coastal Equities broker/adviser William Downing, also known as Bill Downing, has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Downing (CRD# 1529382).

William Downing has spent 31 years in the securities industry and was most recently registered with Coastal Equities in Wimberley, Texas (2017-2018). Previous registrations include JW Cole Financial in Wimberley, Texas (2012-2017); Merrill Lynch in Austin, Texas (2010-2012); Wells Fargo Advisors in Austin, Texas (2008-2010); AG Edwards & Sons in Austin, Texas (2000-2008); Morgan Keegan & Company in Memphis, Tennessee (1995-2001); Painewebber in Weehawken, New Jersey (1991-1995); Rotan Mosle (1989-1991); and Shearson Lehman Hutton in New York, New York (1986-1989). He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one customer complaint and two pending customer complaints, and he has been terminated from two former employers in connection to alleged rule violations.

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.

James SpringerThe securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Florida-based Stifel Nicolaus broker/adviser James Springer (CRD# 2535792).

James Springer has spent twenty years in the securities industry and has been registered with Stifel Nicolaus & Company in Sarasota, Florida since 2014. Previous registrations include UBS Financial Services in Sarasota (2002-2014); Huntington Investment Company in Columbus, Ohio (1998-2002); NationsBanc Investments in Boston, Massachusetts (1998); Barnett Investments in Jackson, Florida (1997-1998); and First Union Brokerage Services in Charlotte, North Carolina (1994-1997). Mr. Springer is a broker and investment adviser registered in 21 US states and territories.

According to his BrokerCheck report, James Springer is the subject of sixteen customer complaints, two pending customer complaints, and was discharged from UBS Financial Services.

Calvin MooresIn 2015 a customer alleged Calvin Moores, while employed at Crowell, Weedon & Company, recommended unsuitable investments for a retired individual, ultimately causing substantial losses in her account. The customer additionally alleged that Mr. Moores concentrated her portfolio in speculative stocks. The claimant is seeking $374,585 in damages in the pending complaint.

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding California-based IFG broker/adviser, Calvin Moores (CRD# 1009137).

Calvin Moores has spent 32 years in the securities industry and has been registered with Independent Financial Group in Irvine, California since 2014. Previous registrations include Centaurus Financial in Fullteron, California (2012-2014); Crowell, Weedon & Company in West Covina, California (1983-2012); and Freeman Financial Services Corporation (1983). Mr. Moores is a broker and investment adviser registered in ten US states.

Glenn Guthrie
According to the Financial Industry Regulatory Authority (FINRA), former Alabama-based Raymond James broker Glenn Guthrie is currently not licensed to act as a broker or otherwise associate with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Guthrie (CRD# 1517090).

Glenn Guthrie has spent 28 years in the securities industry and was most recently registered with Raymond James Financial Services in Birmingham, Alabama (2008-2015). Previous registrations include Wachovia Securities in Birmingham (2003-2008); Prudential Securities in New York, New York (2001-2003); UBS Painewebber in Weehawken, New Jersey (2000-2001); JC Bradford & Company in New York (1994-2000); Smith Barney in New York (1991-1994); and JC Bradford in New York (1986-1991).

According to his BrokerCheck report, Glenn Guthrie is the subject of one customer complaint and one employment separation after allegations.

IGI LaboratoriesThe securities and investment fraud law firm, Fitapelli Kurta, is interested in speaking to investors who have complaints regarding IGI Laboratories, Inc. (IG) offered by Maxim Group, LLC

IGI Laboratories, Inc. (IG) is a generic pharmaceutical company traded on the New York Stock Exchange (NYSE). In April 2015 IGI shares lost 30% of their value. Jason Grenfell-Gardner is the CEO of IGI Laboratories, Inc. (IG).

Maxim Group, LLC is a New York based independent broker-dealer firm registered with the SEC and FINRA. Maxim Group, LLC has offices in 53 U.S. states and territories. Maxim Group, LLC has 15 regulatory events disclosed on its BrokerCheck Report.

Four Points CapitalThe securities and investment fraud law firm Fitapelli Kurta is investigating allegations against brokers and investment advisers registered with New York-based brokerage firm Four Points Capital (CRD# 43149).

Formed in Texas in 1997, Four Points Capital is headquartered in New York, New York and registered in 53 US states and territories. Michael Steven Avnett is Chief Compliance Officer; John Clarke Gray is Chief Financial Operations Officer; Michael Christopher Martino is Chief Executive Officer; Gene Ryan Murphy is Chief Operating Officer.

According to the firm’s BrokerCheck report, Four Points Capital itself is not the subject of any customer complaints. However, Chief Executive Officer Michael Martino is the subject of two customer complaints and one regulatory sanction.

Wunderlich SecuritiesThe securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding the Tennessee-based brokerage and advisory firm Wunderlich Securities (CRD# 2543).

Formed in Tennessee in 1992, Wunderlich Securities is headquartered in Memphis, Tennessee and registered in 53 US states. Gary Kent Wunderlich is Chief Executive Officer; Philip Richard Zanone Stephen Joseph Bonema is Chief Operating Officer; Stacy Malinda Hodges is Chief Financial Officer; William David Woodward is Chief Compliance Officer.

According to the firm’s BrokerCheck report, Wunderlich Securities is the subject of fourteen regulatory sanctions and three customer complaints that evolved into arbitration.

The securities and investment fraud law firm, Fitapelli Kurta, is interested in speaking to investors who have complaints regarding CryoPort, Inc. (CYRX).

CryoPort, Inc. (CYRX) is an over the counter stock that provides frozen shipping logistics solutions to the biotechnology and life science industries” CryoPort, Inc. (CYRX)  sells to companies like stem cell manufacturers, bio-pharmaceutical companies, in-vitro fertilization companies, and other producers that require dry freeze to ship their goods.

CryoPort, Inc. (CYRX) President and CEO is Jerrell W. Shelton.  (CYRX) has been offered to investors through various broker-dealer firms, including Maxim Group, LLC.