Articles Posted in Suspended Brokers

Ricardo Urrutia (CRD#: 5719923), a former broker with Mutual of Omaha Investor Services, Inc. (CRD#: 611) in Paramus, New Jersey,  has been suspended by the Financial Industry Regulatory Authority (FINRA) after he failed to comply with an arbitration award, according to his BrokerCheck record accessed on April 21, 2020. 

Ricardo Urrutia
On March 31, 2020, FINRA suspended Ricardo Urrutia after he failed to comply with an arbitration award and did not satisfactorily respond to FINRA’s request for information after the self-regulatory organization looked into his compliance. Ricardo Urrutia lost an arbitration with AXA Advisors LLC and AXA Network LLC, his former employers. In the Statement of Claim, AXA Advisors and AXA Network alleged that Ricardo Urrutia breached his promissory note agreement with the firm. The firms are also seeking the return of unearned commissions from Ricardo Urrutia. The arbitration award mandated that Ricardo Urrutia pay the firms $56,746.34 plus interest and attorneys’ fees. A copy of the arbitration award can be viewed here. Ricardo Urrutia’s suspension will begin on March 31, 2020 and continue indefinitely until he pays the arbitration award.

Ricardo Urrutia has passed the Series 65 – Uniform Investment Adviser Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 7 – General Securities Representative Examination, and the Series 6 – Investment Company Products/Variable Contracts Representative Examination. 

Jerry Wells (CRD#: 1015358), a registered representative with Sagepoint Financial, Inc. (CRD#: 133763) in Rochester, New York, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on January 22, 2020.

Jerry Wells
On December 4, 2019, Jerry Wells entered into an Acceptance, Waiver, and Consent (AWC) with FINRA, the Financial Industry Regulatory Authority, consenting to FINRA’s findings that he “falsely represented that variable annuities purchases were not variable annuities replacements.” FINRA found that he submitted variable annuity applications that falsely stated that the recommended variable annuities would not alter or replace any existing variable annuities. However, Wells knew that proceeds from other variable annuities were funding the recommended variable annuities. He also caused his firm to maintain inaccurate books and records by failing to complete the proper replacement forms. As a result, FINRA suspended Jerry Wells from the securities industry from January 6, 2020 to March 5, 2020. A copy of Jerry Wells’s AWC can be viewed here.

This is not the first time Jerry Wells has come under fire for potential misconduct related to variable annuities. On April 7, 2008, a client filed a customer complaint against Jerry Wells, alleging that a variable annuity she purchased in December 2007 was not suitable because of a seven-year surrender charge. The matter was settled for $7,860.62.

FINRA Suspends 20+ RepresentativesAccording to publicly available records published by the Financial Industry Regulatory Authority and accessed on June 18, 2018, more than two dozen brokers and/or investment advisers were reported in that month as suspended from association with FINRA member firms. The representatives listed have signed letters of Acceptance, Waiver and Consent (AWC Letters) consenting to FINRA’s sanctions, however, they have not admitted or denied the alleged underlying actions. Some have been suspended from operating in a principal capacity; some in all capacities; some in both. Additionally, certain sanctions may have lifted before or since FINRA’s report was published. The fines enumerated below may not represent the total monetary penalties paid by the individuals, some of whom were also ordered to pay disgorgement to affected investors. Additional information is available on FINRA’s disciplinary action homepage.

Name Current/Former Employers Length of Suspension Fines paid
Jeffery Allen Fanning Liberty Partners Financial Services 6 months (any capacity), then 12 months (principal capacity) $20,000
Richard Hunt Crockett Cova Capital Partners, Spencer Clark 2 months (principal capacity) $5,000
Bret Lee Niemuth Voya Financial Advisors 8 months $5,000
Thomas W. Hinson Wealthforge Securities 5 months n/a
Brent Van Lott Cetera Advisor Networks 4 months $20,000
Philip Marcus Winstead Commonwealth Financial Network 2 months $5,000
David W. Ingle Moors & Cabot 18 months $10,000
Wolf Alexander Popper JA Darbie & Company, Wolf A. Popper Inc. 30 days $5,000
Mason Wayne Gann Berthel Fisher & Company 20 days $5,000
Julie Rae Steinbauer AXA Advisors 18 months $5,000
Jonathan Russell Belden Merrill Lynch 60 days $10,000
Mina Alfred Mishrikey Deutsche Bank Securities 3 months $5,000
Peter Alan Svigel Jr. AXA Advisors 18 months $5,000
Richard Anthony McCollam National Planning Corporation 9 months $10,000
John Scot Galinsky First Dominion Capital Corporation 10 days $7,500
Arthur Meunier-Breitman Morgan Stanley & Company 2 years $20,000
Dung Thanh Nguyen Callaway Financial Services 2 months n/a
Walter Warren Parker Titan Securities 1 month $7,500
Denise Marie DeBlasio National Securities Corporation 4 months $10,000
Stephen Johnathan Hoshimi Crescent Securities Group 3 months $5,000
Kenneth Joseph Mathieson Laidlaw & Company 6 months $50,000
Ahmed Ghassan Gheith Paulson Investment Company 12 months $10,000
Kevin Stephen Fitzpatrick Stifel Nicolaus & Company 15 days $5,000
Richard Kyle Taylor PFS Investments 3 months $5,000
Don Wade Traywick Crown Capital Securities 3 months $5,000

 

Arthur Meunier-Breitman Morgan Stanley & Company 2 years $20,000
  Dung Thanh Nguyen Callaway Financial Services 2 months n/a
  Walter Warren Parker Titan Securities 1 month $7,500
  Denise Marie DeBlasio National Securities Corporation 4 months $10,000
  Stephen Johnathan Hoshimi Crescent Securities Group 3 months $5,000
  Kenneth Joseph Mathieson Laidlaw & Company 6 months $50,000
  Ahmed Ghassan Gheith Paulson Investment Company 12 months $10,000
  Kevin Stephen Fitzpatrick Stifel Nicolaus & Company 15 days $5,000
  Richard Kyle Taylor PFS Investments 3 months $5,000
  Don Wade Traywick Crown Capital Securities 3 months $5,000

Reynold VaughanPublic records published by the Financial Industry Regulatory Authority (FINRA) on May 22, 2018 indicate that New York-based SW Financial broker Reynold Vaughan III has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Vaughan (CRD# 1025788).

Reynold Vaughan has spent 24 years in the securities industry and has been registered with SW Financial in Melville, New York since 2009. Previous registrations include Prestige Financial Center in Garden City, New York (2008-2009); Maximum Financial Investment Group in Hicksville, New York (2007-2008); Great Eastern Securities in Syosset, New York (2004-2007); Kirlin Securities in Syosset, New York (1996-2004); Fahnestock & Company in New York, New York (1994); Reich & Company (1991-1994); Dean Witter Reynolds in Purchase, New York (1990-1991); Shearson Lehman Hutton in New York, New York (1988-1990); and Merrill Lynch (1982-1988). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 16, 1988; Series 5 (Interest Rate Options Examination), which he obtained on January 26, 1982; and Series 7 (General Securities Representative Examination), which he obtained on December 19, 1981. He is a registered broker with eleven US states: Arizona, California, Indiana, Iowa, Montana, New Jersey, New York, Pennsylvania, South Carolina, Texas, and West Virginia.

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

Myriad GeneticsPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 25, 2018, as well as a news report published on April 23, 2018 indicate that former California-based Ameriprise broker/adviser Li-Lin Hsu has been sanctioned by FINRA, barred from acting as a broker, and arrested in connection with an alleged embezzlement scheme. Fitapelli Kurta is investigating allegations of misconduct against Ms. Hsu (CRD# 4706509).

Li-Lin Hsu has spent nine years in the securities industry and was most recently registered with Ameriprise Financial Services in Los Angeles, California (2006-2015). She was previously registered with Ameriprise Financial Services in Minneapolis, Minnesota (2005). She has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which she obtained on May 1, 2006; Series 65 (Uniform Investment Adviser Law Examination), which she obtained on April 14, 2006; and Series 7 (General Securities Representative Examination), which she obtained on November 18, 2005. She is currently not registered with any state, firm, or self-regulatory organization (SRO).

According to her BrokerCheck report and news reports, she has received three FINRA sanctions and one customer complaint, and she was recently arrested in connection to alleged embezzlement of customer funds.

Daniel WilsonPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on December 23, 2017 indicate that Iowa-based Northwestern Mutual Investment Services broker Daniel Wilson has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Wilson (CRD# 1033853).

Daniel Wilson has spent 35 years in the securities industry and has been registered with Northwestern Mutual Investment Services in Cedar Rapids, Iowa since 1092. He was previously registered with Robert W. Baird & Company in Milwaukee, Iowa (1988-1990; 1991); 1997-2002). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on November 30, 1998, and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on April 13, 1982. He is a registered broker with six US states: Florida, Georgia, Iowa, Missouri, New York, and Pennsylvania.

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

Dion PadillaPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 17, 2017 indicate that former Texas-based Next Financial Group broker/adviser Dion Padilla has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Padilla (CRD# 4432230).

Dion Padilla has spent fourteen years in the securities industry and was most recently registered with Next Financial Group in San Antonio, Texas (2016-2017). Previous registrations include Securities America in La Vista, Nebraska; UBS Financial Services in Weehawken, New Jersey; Valic Financial Advisors in Houston, Texas; and Merrill Lynch in New York, New York. He is currently not registered with any state or firm.

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

Dennis CoralPublic records published by the Financial Industry Regulatory Authority (FINRA) on March 17, 2017 indicate that former Florida-based Kovack Securities broker/adviser Dennis Coral has been sanctioned by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Coral (CRD# 4561718).

Dennis Coral has spent fourteen years in the securities industry and was most recently registered with Kovack Securities in Fort Lauderdale, Florida (2017). Previous registrations include Suntrust Investment Services in Fort Lauderdale, Florida; Morgan Stanley in Aventura, Florida; Morgan Stanley & Company in Aventura, Florida; Morgan Stanley DW in Aventura, Florida; Ladenburg Thalmann & Company in New York, New York; and Ladenburg Capital Management in Bethpage, New York. He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 31 (Futures Managed Funds Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, Dennis Coral has been sanctioned and suspended by FINRA.

Leigh GarberPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on February 24, 2017 indicate New York-based National Securities and Adirondack Trading Group broker Leigh Garber has been sanctioned by FINRA. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Garber (CRD# 2768572).

Leigh Garber has spent eighteen years in the securities industry and has been registered with National Securities in New Woodstock, New York since 2015. Previous registrations include Adirondack Trading Group in New Woodstock, New York; Clayton Lowell & Conger in New Woodstock, New York; Newbridge Securities Corporation in New Woodstock, New York; and IBN Financial Services in Liverpool, New York. She is a registered broker in New York.

According to her BrokerCheck report, Leigh Garber has received two FINRA sanctions and one NASD sanction.

James SpenoPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on January 26, 2017 indicate that former New York-based Morgan Stanley broker/adviser James Speno has been suspended by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Speno (CRD# 431912).

James Speno has spent 45 years in the securities industry and was most recently registered with Morgan Stanley in New York, New York (2013-2015). Previous registrations include Oppenheimer & Company in New York, New York; RBC Capital Markets in New York, New York; Salomon Smith Barney in New York, New York; Lehman Brothers in New York, New York; Merrill Lynch; Sussex Securities; and Lehman Brothers Kuhn Loeb. He is currently not registered with any state or firm.

According to his BrokerCheck report, James Speno has been sanctioned by FINRA and was terminated from Morgan Stanley in connection to alleged rule violations.

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