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Patrick DeverPublic records provided by the Financial Industry Regulatory Authority (FINRA) on July 17, 2018 indicate that Pennsylvania-based Stifel Nicolaus & Company broker/adviser Patrick Dever has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Dever (CRD# 2202204).

Patrick Dever has spent 26 years in the securities industry and has been registered with Stifel Nicolaus & Company in West Chester, Pennsylvania since 2014. Previous registrations include Morgan Stanley in West Chester, Pennsylvania (2009-2014); Morgan Stanley & Company in West Chester, Pennsylvania (2007-2009); Morgan Stanley DW in West Chester, Pennsylvania (2006-2007); Citigroup Global Markets in Media, Pennsylvania (1993-2006); and Lehman Brothers in New York, New York (1992-1993). He has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 22, 1992; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on February 6, 1992; and Series 7 (General Securities Representative Examination), which he obtained on January 22, 1992. He is a registered broker and investment adviser with seven US states and territories: Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia. He is registered with six self-regulatory organizations (SROs): Cboe BZX Exchange, FINRA, NYSE American LLC, Nasdaq PHLX LLC, the Nasdaq Stock Market, and the New York Stock Exchange.

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

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Richard CaccamisePublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on April 12, 2018 indicate that Florida-based Raymond James & Associates broker/adviser Richard Caccamise has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Caccamise (CRD# 2203585).

Richard Caccamise has spent 25 years in the securities industry and has been registered with Raymond James & Associates in Aventura and Fort Lauderdale, Florida since 1998. Previous registrations include Prudential Securities in New York, New York (1994-1998); Duke & Company in New York, New York (1993-1994); and Prudential Securities in New York, New York (1992-1993). He has passed seven securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on March 11, 1994; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 10, 1993; Series 31 (Futures Managed Funds Examination), which he obtained on September 10, 2007; Series 7 (General Securities Representative Examination), which he obtained on December 15, 1992; Series 10 (General Securities Sales Supervisor – General Module Examination), which he obtained on September 16, 2005; Series 9 (General Securities Sales Supervisor – Options Module Examination), which he obtained on September 9, 2005; and Series 24 (General Securities Principal Examination), which he obtained on September 28, 1993. He is registered with 47 US states and territories and with five self-regulatory organizations (SROs): FINRA, NYSE American LLC, Nasdaq PHLX LLC, the Nasdaq Stock Market, and the New York Stock Exchange.

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

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Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 14, 2017 indicate that Maryland-based Morgan Stanley broker/adviser Sumitro Pal has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Pal (CRD# 4763364).

Sumitro Pal has spent 13 years in the securities industry and has been registered with Morgan Stanley in Bethesda, Maryland since 2009. Previous registrations include Morgan Stanley & Company in Bethesda, Maryland and Morgan Stanley DW in Bethesda, Maryland. He has passed three securities industry examinations: 66 (Uniform Combined State Law Examination); Series 31 (Futures Managed Funds Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 32 US states and territories.

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

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Adele Polakoff Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on March 1, 2018 indicate that New Jersey-based Morgan Stanley broker/adviser Adele Polakoff has received a customer complaint and was recently named in a state regulatory investigation. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Polakoff (CRD# 865402).

Adele Polakoff has spent 38 years in the securities industry and has been registered with Morgan Stanley in Paramus, New Jersey since 2009. Previous registrations include Morgan Stanley & Company in Paramus, New Jersey (2007-2009); Morgan Stanley DW in Paramus, New Jersey (2002-2007); UBS Painewebber in Weehawken, New Jersey (1996-2002); Prudential Securities in New York, New York (1989-1996); and Thomson McKinnon Securities in New York, New York (1979-1989). She has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which she obtained on March 7, 1994; Series 63 (Uniform Securities Agent State Law Examination), which she obtained on January 29, 1983; and Series 7 (General Securities Representative Examination), which she obtained on April 21, 1979. She is a registered broker and investment adviser with 19 US states and territories: Arizona, California, Connecticut, the District of Columbia, Florida, Georgia, Hawaii, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, and Virginia.

According to his BrokerCheck report, she has received one customer complaint, two denied customer complaints, and one pending state regulatory investigation.

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iStock_000006693339Medium-300x300Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on October 26, 2017 indicate that former Concord Wealth Partners and Ameriprise Financial Services broker/adviser Jon Dabareiner has received several customer disputes and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Dabareiner (CRD# 1893076).

Jon Dabareiner has spent 29 years in the securities industry and was most recently registered with Concord Wealth Partners in Hardy, Virginia (2013-2017). Previous registrations include Ameriprise Financial Services in Hardy, Virginia (1988-2013) and IDS Life Insurance Company in Minneapolis, Minnesota (1988-2006). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination) and Series 7 (General Securities Representative Examination). He is currently not affiliated with any state or firm.

According to his BrokerCheck report, Jon Dabareiner has received six customer complaints and one regulatory sanction, and resigned from two former employers.

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Michael Velarde

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on October 20, 2017 indicate that Texas-based Wells Fargo Clearing Services broker/adviser Michael Velarde has received several customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Velarde (CRD# 1707166).

Michael Velarde has spent 30 years in the securities industry and has been registered with Wells Fargo Clearing Services in El Paso, Texas since 2011. Previous registrations include Merrill Lynch in El Paso, Texas; Citigroup Global Markets in New York, New York; Lehman Brothers in New York, New York; and Merrill Lynch in New York, New York. He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 3 (National Commodity Futures Examination); Series 31 (Futures Managed Funds Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 13 US states and territories: Arkansas, California, Colorado, Florida, Louisiana, Mississippi, Montana, New Mexico, New York, Ohio, South Dakota, Texas and Washington.

According to his BrokerCheck report, he has received four customer complaints.

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Beaumont Financing AuthorityPublicly available records provided by the Securities and Exchange Commission (SEC) and accessed on September 22, 2017 indicate that the SEC has charged a California-based municipal financing authority called the Beaumont Financing Authority in connection to alleged false statements regarding five bond offerings. Fitapelli Kurta is interested in hearing from investors who have complaints regarding the Beaumont Financing Authority.

According to an SEC press release published on August 23, 2017, the SEC announced that the Beaumont Financing Authority “and its then-executive director have agreed to settle charges that they made false statements about prior compliance with continuing disclosure obligations in five bond offerings.” This settlement was concurrent to a settlement by the offerings’ underwriting firm, O’Connor & Company Securities (CRD# 146787), and its co-founder.

The SEC’s complaint states: “the Beaumont Financing Authority had issued approximately $260 million in municipal bonds in 24 separate offerings from 2003 to 2013 for the development of public infrastructure. For each of those offerings, a community facilities district established by Beaumont agreed to provide investors with annual continuing disclosures, including important financial information and operating data. From at least 2004 to April 2013, the district regularly failed to provide investors with the promised information. The Beaumont Financing Authority failed to disclose this poor record of compliance when it conducted the 2012 and 2013 offerings totaling more than $32 million. As a result, the bonds appeared more attractive and investors were misled about the likelihood that the district would comply with its continuing disclosure obligations in the future.”

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Rance CarlsonPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 17, 2017 indicate that Missouri-based CommunityAmerica Financial Solutions broker/adviser Rance Carlson has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Carlson (CRD# 5110433).

Rance Carlson has spent 11 years in the securities industry and has been registered with CommunityAmerica Financial Solutions in Kansas City, Missouri since 2014. Previous registrations include CUSO Financial Services in Kansas City, Missouri (2007-2014) and Edward Jones in Liberty, Missouri (2006-2007). He has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); and Series 7 (General Securities Representative Examination). He is a registered broker and investment adviser with 37 US states and territories.

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

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Equity-Linked CDsAccording to the Securities and Exchange Commission (SEC), an equity-linked certificate of deposit (CD) is an “FDIC-insured certificate of deposit that ties the rate of return to the performance of a stock index such as the S&P 500 Composite Stock Price Index.” Conditions vary by investment, but an equity-linked generally has a term of five years, and a rate of return calculated on the date of maturity dependent on the terms of the contract. “Therefore,” the SEC cautions, “there is no guarantee that any payment in excess of the guaranteed payment will be paid.”

Like any investment products, equity-linked CDs have their share of upsides and downsides. Here are some of the risks you should consider before investing in equity-linked CDs.

“Liquidity Risk.” the SEC notes that “Investors typically will have limited opportunities, if any to redeem their equity-linked CDs prior to maturity.” There’s no guarantee of a secondary market, and many CDs don’t allow investors to make early withdrawals without the approval of the issuing institution. Early withdrawals, furthermore, will likely incur penalties, as well as the loss of interest you would earn in a normal CD.

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Envoy AdvisoryPublicly available records provided by the Securities and Exchange Commission (SEC) as well as an Investment News report published on September 11, 2017 indicate that the SEC has censured Colorado-based advisory firm Envoy Advisory in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Envoy Advisory.

According to Investment News, Envoy Advisory was issued a cease-and-desist order as well as a censure for allegedly “recommending Class A mutual fund shares to its clients when lower-cost institutional shares of the same funds were available.” The conduct allegedly took place from January 2013 through March 2017.

The SEC’s proceedings say of the alleged conduct: “Envoy recommended, and plan participants and IRA Holders held, Class A mutual fund shares when less expensive institutional share classes of the same mutual funds were available. In contrast to institutional shares, Class A shares may charge investors marketing and distribution fees, typically 25 basis points per year, pursuant to Section 12(b) of the Investment Company Act of 1940 and Rule 12b-1 thereunder (“12b-1 fees”). The 12b-1 fees (also commonly known as “trail” or “trailer” fees) are paid out of the assets of the fund. Here, the 12b-1 fees paid by mutual funds held by plan participants and IRA Holders went to Envoy’s affiliated broker-dealer, Envoy Securities, LLC (“Envoy Securities”). During the Relevant Period, Envoy Securities received at least $24,893.26 in 12b-1 fees in connection with investments in higher-fee share classes by plan participants and IRA Holders.”