Articles Posted in Broker Complaints

Yvonne SilgueroYvonne Silguero (CRD#: 3211495), a registered representative with LPL Financial LLC in McAllen, Texas and Brownsville, Texas, is currently involved in a $500,000 dispute over misrepresentation, according to her BrokerCheck report accessed on October 2, 2019. A client, who filed a complaint on August 9, 2019, alleges that Yvonne Silguero engaged in “negligence, gross negligence, misrepresentation, omission of material facts, breach of fiduciary duty through failure to supervise, and breach of contract” from July 2014 to October 2018.

Yvonne Silguero is also currently involved in a second customer dispute. Filing a complaint on April 12, 2017, a customer alleged that he was sold “unsuitable products for which he was not eligible.”

Yvonne Silguero has enjoyed a 20-year career in the securities industry. Before joining LPL Financial LLC (CRD#: 6413) in 2008, Yvonne Silguero worked for Raymond James Financial Services, Inc. (CRD#: 6694) in Pharr, Texas.

Maria Hendershott (CRD#: 818681), a registered representative with Raymond James & Associates in Houston, Texas, is currently engaged in a customer dispute in which a client alleges “unsuitable investments, misrepresentations and omissions, [and] overconcentration,” among other allegations, according to her BrokerCheck report accessed on October 3, 2019. The client, who filed the complaint on August 5, 2019, is seeking $175,000 in damages. This is not the only disclosure on Maria Hendershott’s BrokerCheck record. This is an update to our previous article on Maria Hendershott.

Maria Hendershott
To review, one of Maria Hendershott’s clients filed a complaint on November 27, 2018, alleging that she engaged in “breach of contract and warranties, promissory estoppel, [and violated] provisions of the Texas state securities statues,” among other allegations. The client originally requested $500,000 in damages, but the matter was settled for $55,000.

On October 3, 2017, a client alleged “gross mismanagement of accounts, investor abuse, churning, breach of fiduciary duty, negligence, [and] violation of industry rules.” The client requested $100,000 in damages, but the matter was settled for $75,000.

Rob Burns (CRD#: 4066393), a registered representative with Cetera Advisor Networks in Greenwood Village, Colorado, is currently involved in a pending customer dispute in which a client alleges that Rob Burns overconcentrated their portfolio and recommended unsuitable investments in alternative products, according to Rob Burns’ BrokerCheck record accessed on October 2, 2019. They also alleged that Rob Burns’ firm failed to do proper due diligence regarding the alternative investments. The client, who filed the customer dispute on August 9, 2019, is seeking $500,000 in damages.

Rob BurnsAlso known as private placements, alternative investments are only suitable for a small percentage of investors. “Accredited investors” have a high degree of financial literacy and at least an annual income of $200,000 or more. A problem has arisen, however, because these income and net worth guidelines have not changed since 1983. Thus, many individuals and families qualify as accredited investors based on their income but may find themselves in over their heads when it comes to these investments.

On August 3, 2018, a client alleged that Rob Burns recommended unsuitable investments, acted negligently, and breached his fiduciary duty.

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.