Articles Posted in Regulatory Sanction

Great American InvestorsPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Kansas-based brokerage firm Great American Investors has received several regulatory sanctions. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Great American Investors (CRD# 28489).

Established in Kansas in 1991, Great American Investors is headquartered in Overland Park, Kasas and registered with 22 US states and territories: Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, New Jersey, New York, Oklahoma, Tennessee, Texas, and Virginia. It is registered with two self-regulatory organizations (SROs): FINRA and the Securities and Exchange Commission.

According to the firm’s BrokerCheck report, Great American Investors has received three regulatory events.

Frost Brokerage Services

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Texas-based brokerage firm Frost Brokerage Services has received regulatory sanctions and a customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Frost Brokerage Services (CRD# 17499).

Established in Texas in 1986, Frost Brokerage Services is headquartered in San Antonio, Texas and registered with 45 US states and territories. Its parent company is Frost Bank. According to the firm’s BrokerCheck report, it has received four regulatory events and one customer complaint that evolved into arbitration.

In 2015 a customer alleged Frost Brokerage Services breached its fiduciary duty and participated in other misconduct in connection to investments in unspecified products. The complaint resulted in a non-monetary award.

SunTrust Investment ServicesPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Georgia-based brokerage firm SunTrust Investment Services has received numerous customer disputes and regulatory sanctions. Fitapelli Kurta is interested in hearing from investors who have complaints regarding SunTrust Investment Services (CRD# 17499).

Established in Georgia in 1985, SunTrust Investment Services is headquartered in Atlanta, Georgia and registered with 52 US states and territories. According to its BrokerCheck report, it has received 11 regulatory events and 12 customer complaints that evolved into arbitration.

In 2017 the Securities and Exchange Commission sanctioned the firm in connection to allegations it breached its fiduciary duty to advisory clients, “made inadequate disclosures” by failing to explain conflicts of interests, and had various deficiencies concerning its “mutual fund share class selection processes.” The firm was censured and ordered to pay a fine exceeding $1,148,000.

 Key Investment ServicesPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Ohio-based broker-dealer and advisory firm Key Investment Services has received a regulatory sanction. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Key Investment Services (CRD# 10111).

Established in Ohio in 2005, Key Investment Services is registered in Brooklyn, Ohio and registered with 51 US states and territories. The firm is owned by Keybank National Association. According to its BrokerCheck report, it has received one regulatory sanction.

In 2016 FINRA sanctioned the firm in connection to allegations it failed to identify and apply certain sales charge discounts to some clients’ eligible unit investment trust purchases, causing those clients to pay “excessive sales charges” that exceeded $95,200. FINRA’s findings stated additionally that Key Investment Services failed in its duty to establish, maintain and enforce a supervisory system, as well as written supervisory procedures, that were adequately designed to make sure customers were given those discounts on eligible unit investment trust transactions. According to FINRA’s letter of Acceptance, Waiver and Consent, FINRA issued a notice in 2004 that reminded broker dealers to “develop and implement procedures to ensure customers receive available sales charge discounts for UITs.” This notice stated additionally that such transactions should have “the most advantageous terms available to the customer” and specified that the firm was responsible for taking “appropriate steps to ensure that they and their employees understand, inform customers about, and apply correctly any applicable price breaks” for which clients are eligible. The firm was censured and issued a fine of $100,000; it was also ordered to pay restitution totaling $100,247.02 to affected customers.

Mitchell KurtzPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that former New York-based Henley & Company broker/adviser Mitchell Kurtz, who has received customer complaints, was recently discharged from his former employer in connection to alleged rule violations and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Kurtz (CRD# 1418621).

Mitchell Kurtz has spent 24 years in the securities industry and was most recently registered with Henley & Company in Roslyn Heights, New York (2010-2018). Previous registrations include Raymond James Financial Services in Roslyn Heights, New York (2006-2009) and AdVest in Hartford, Connecticut (1994-2006). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 16, 2003; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on January 31, 1994; Series 7 (General Securities Representative Examination), which he obtained on October 14, 2012; Series 24 (General Securities Principal Examination), which he obtained on March 15, 2006; and Series 4 (Registered Options Principal Examination), which he obtained on May 9, 1997. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one FINRA sanction and three customer complaints, and he was recently discharged from his former employer in connection to alleged rule violations.

Devin Wicker

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that New York-based JVB Financial Group broker Devin Wicker has been sanctioned by the SEC and named in a pending FINRA complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Wicker (CRD# 4228250).

Devin Wicker has spent 16 years in the securities industry and has been registered with JVB Financial Group in New York, New York since November 2017. Previous registrations include Tribal Capital Markets in Summit, New Jersey (2016-2017); Bonwick Capital Partners in New York, New York (2012-2016); Odeon Capital Group in New York, New York (2010-2012); and Goldman Sachs & Company in New York, New York (2000-2010). He has passed eight securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on November 13, 2000; Series 87 (Research Analyst Exam – Part II Regulations Module), which he obtained on October 21, 2013; Series 55 (Limited Representative-Equity Trader Exam), which he obtained on May 25, 2011; Series 7 (General Securities Representative Examination), which he obtained on October 23, 2000; Series 4 (Registered Options Principal Examination), which he obtained on June 22, 2011; Series 27 (Financial and Operations Principal Examination), which he obtained on May 3, 2011; Series 53 (Municipal Securities Principal Examination), which he obtained on February 1, 2011; and Series 24 (General Securities Principal Examination), which he obtained on September 17, 2010. He is a registered broker with the state of New York.

According to his BrokerCheck report, Devin Wicker has received one regulatory sanction, one pending customer complaint, and one pending regulatory sanction. He was also discharged from a former employer in connection to alleged rule violations.

Alex Herrera

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2018 indicate that former Florida-based UBS Financial Services broker/adviser Alex Herrera has been sanctioned by FINRA and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Herrera (CRD# 3204779).

Alex Herrera has spent 18 years in the securities industry and was most recently registered with UBS Financial Services in Coral Gables, Florida (2012-2018). Previous registrations include HSBC Securities in Coral Gables, Florida (2006-2012); Atlas One Financial Group in Miami, Florida (2005-2006); Citicorp Investment Services in Long Island City, New York (2002-2005); and MML Investors Services in Springfield, Massachusetts (1999-2002). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on December 29, 2004; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on May 3, 2003; Series 7 (General Securities Representative Examination), which he obtained on February 4, 2002; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on June 21, 1999. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received two regulatory sanctions and one pending customer complaint.

Charles DorainePublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 23, 2018 indicate that Texas-based Next Financial Group broker/adviser Charles Doraine has been involved in resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Doraine (CRD# 70411).

Charles Doraine has spent 45 years in the securities industry and has been registered with Next Financial Group in Corpus Christi, Texas since 2007. Previous registrations include Merrill Lynch in Corpus Christi, Texas (1978-2007) and Merrill Lynch (1972-1978). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on August 7, 1995; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on April 21, 1989; PC (AMEX Put and Call Exam), which he obtained on May 1, 1977; and Series 1 (Registered Representative Examination), which he obtained on December 13, 1972. He is a registered broker and investment adviser with eleven US states and territories: California, Connecticut, Florida, Georgia, Illinois, Maryland, Nevada, New Jersey, New York, Texas, and Washington.

According to his BrokerCheck report, he has received four customer complaints, one pending customer complaint, and one regulatory sanction.

Suhail KhanPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 17, 2018 indicate that former Illinois-based LPL Financial broker/adviser Suhail Khan, who has been sanctioned by FINRA and barred from acting as a broker or otherwise associating with a broker-dealer firm, is involved in a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Khan (CRD# 3168241).

Suhail Khan has spent 14 years in the securities industry and was most recently registered with LPL Financial in Chicago, Illinois (2013-2017). Previous registrations include Vision in Chicago, Illinois (2009-2011); US Financial Investments in Chicago, Illinois (2008-2009); World Group Securities in Duluth, Georgia (2002-2006); and WMA Securities in Duluth, Georgia (1999-2002). He has passed seven securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on November 26, 2007; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 17, 1999; Series 3 (National Commodity Futures Examination), which he obtained on June 1, 2010; Series 7 (General Securities Representative Examination), which he obtained on May 18, 2010; Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on March 17, 1999; Series 30 (NFA Branch Manager Examination), which he obtained on September 22, 2010; and Series 26 (Investment Company Products/Variable Contracts Principal Examination), which he obtained on May 31, 2000. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one FINRA sanction and one pending customer complaint.

Xavier PatinoPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 16, 2018 indicate that Illinois-based Newbridge Securities Corporation broker/adviser Xavier Patino, also known as Javier Patino, has been sanctioned by FINRA in connection to alleged rule violations and received a customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Patino (CRD# 5528139).

Xavier Patino has spent ten years in the securities industry and has been registered with Newbridge Securities in Oakbrook Terrace, Illinois since June 2017. Previous registrations include JP Morgan Securities in Elmhurst, Illinois (2012-2017) and Chase Investment Services Corporation in North Riverside, Illinois (2008-2012). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on February 22, 2012; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on July 8, 2008; Series 7 (General Securities Representative Examination), which he obtained on January 18, 2012; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on May 29, 2008. He is a registered broker and investment adviser with five US states: California, Illinois, Indiana, South Carolina, and Wisconsin.

According to his BrokerCheck report, he has received one FINRA sanction and one customer complaint, and he was recently discharged from his former employer in connection to alleged rule violations.