Articles Posted in FINRA Complaint

Wells Fargo AdvisorsNews reports by Financial Advisor IQ, the Los Angeles Times, and other outlets indicate that the Financial Industry Regulatory Authority (FINRA) has ordered Wells Fargo Advisors to pay a sum of more than $8 million dollars to the former chief executive officer of OfficeMax, the office supplies chain, in connection to Puerto Rico bond investments.

According to the Los Angeles Times, the former officer, Sam Duncan, in 2016 sued Wells Fargo and its broker Marc Rogers over the sales of Puerto Rico bonds which he alleged were unsuitable for his investment profile. He also alleged that Mr. Rogers declined to abide by the firm’s own analysis of Puerto Rico bonds as unsuitable for conservative investment profiles. Mr. Rogers’ bonds were held by a trust established for his children, according to his Times, citing his attorney, who said: ““Rogers knew this was a trust — knew this was money to be invested for future generations… It didn’t take a rocket scientist to know these were risky investments.”

In connection with Mr. Rogers’ lawsuit, a panel of FINRA arbitrators determined that Mr. Rogers and Wells Fargo Advisors owe Mr. Duncan $4.2 million to cover his losses, as well as millions in interest, punitive damages and other costs amounting to $8.6 million. A representative of Wells Fargo Advisors told the Times, “We disagree with the award and we are researching our options.” Mr. Duncan’s lawsuit also named Mr. Rogers’ former firm, RBC Capital Markets, which paid a settlement of $25,000 in May.

Frederick HollowayPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 25, 2018 indicate that Maryland-based Holloway & Associates broker Frederick Holloway has been named in a pending FINRA complaint in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Holloway (CRD# 248814).

Frederick Holloway has spent 44 years in the securities industry and has been registered with Holloway & Associates in Easton, Maryland since 1982. Previous registrations include Royal Alliance Associates in Jersey City, New Jersey (1989-1999); Integrated Resources Equity Corporation (1985-1989); Cardell & Associates (1980-1982); IDS Life Insurance Company (1973-1980); IDS Marketing Corporation (1973-1980); and Investors Diversified Services (1973-1980). He has passed three securities industry examinations: Series 1 (Registered Representative Examination), which he obtained on August 28, 1983; Series 24 (General Securities Principal Examination), which he obtained on March 19, 1991; and Series 26 (Investment Company Products/Variable Contracts Principal Examination), which he obtained on December 16, 1981. He is registered as a broker in Maryland.

According to his BrokerCheck report, he has received one customer complaint and was recently named in a pending FINRA complaint.

Michael ChristiansPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 8, 2018 indicate that Texas-based Morgan Stanley broker/adviser Michael Christians has been named in a pending FINRA complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Christians (CRD# 2773112).

Michael Christians has spent 21 years in the securities industry and was most recently registered with Morgan Stanley in Plano, Texas (2009-2018). Previous registrations include Morgan Stanley & Company in Plano, Texas (2007-2009); Morgan Stanley DW in Dallas, Texas (1999-2007); and Morgan Keegan & Company in Memphis, Tennessee (1996-1999). He has passed seven securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on October 4, 1996; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on September 13, 1996; Series 3 (National Commodity Futures Examination), which he obtained on December 13, 2001; Series 31 (Futures Managed Funds Examination), which he obtained on September 21, 1998; Series 7 (General Securities Representative Examination), which he obtained on September 10, 1996; Series 10 (General Securities Sales Supervisor – General Module Examination), which he obtained on August 4, 2000; and Series 9 (General Securities Sales Supervisor – Options Module Examination), which he obtained on July 28, 2000. He is currently not registered with any state or firm.

According to his BrokerCheck report, Michael Christians was recently discharged from his former employer and has been named in a pending FINRA complaint.

Peter OrlandoPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 6, 2018 indicate that former Massachusetts-based SCF Securities broker/adviser Peter Orlando has been named in a pending FINRA complaint and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Orlando (CRD# 1142715).

Peter Orlando has spent 27 years in the securities industry and was most recently registered with SCF Securities in Fall River, Massachusetts (2014-2018). Previous registrations include MetLife Securities in Warwick, Rhode Island (2010-2014); Morgan Stanley Smith Barney in Providence, Rhode Island (2009-2010); Morgan Stanley & Company in Providence, Rhode Island (2008-2009); Investors Capital Corporation in Providence, Rhode Island (2007-2008); Investors Capital Corporation in Lynnfield, Massachusetts (2001-2003; 2005); Schneider Securities in Denver, Colorado (1999-2001); Prudential Securities in New York, New York (1996-1998); Locust Street Securities in Des Moines, Iowa (1995-1996); and John Hancock Distributors (1988-1993). He is currently not registered with any state or firm.

According to his BrokerCheck report, he has been named in a pending FINRA complaint.