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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.

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.

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.”

 CDsMarket-linked CDs are certificates of deposit whose returns are based on either the performance of a market index, a basket of equities, or both. They are also known as index-linked CDs or equity-linked CDs. In general, the principal amount one invests in a market-linked CD is FDIC-insured up to $250,000. Market-linked CDs have obvious advantages for investors. They are principal-protected, diversified, and offer returns based on the market. As with any product, however, they come with their share of risks, and due to a variety of factors may often fall short of conventional CDs. Here are the chief risks you should know about when considering an investment in market-linked CDs.

1) The returns on a market-linked CD are not treated as taxable gains, but as interest. This means your tax rate on the product will probably exceed the 15% rate applied to long-term capital gains, and investors are also required to declare the interest on a market-linked CD annually as opposed to only when the investment matures.

2) Market-linked CDs generally do not pay dividends, which means investors do not have the opportunity to reinvest their dividends.

Andrea Golis

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 25, 2017 indicate that Minneapolis-based Thrivent Investment Management broker Andrea Golis has been named in a pending complaint by state regulatory authorities. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Golis (CRD# 1401462).

Andrea Golis has spent 19 years in the securities industry and has been registered with Thrivent Investment Management in Minneapolis, Minnesota since 2007. She was previously registered with Piper Jaffray & Company in Minneapolis, Minnesota. She is currently not registered with any US state.

According to her BrokerCheck report, she has received one pending regulatory complaint.

Jeffrey Delaney

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 16, 2017 indicate that former South Carolina-based Pruco Securities broker Jeffrey Delaney 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. Delaney (CRD# 4199148).

Jeffrey Delaney has spent 2 years in the securities industry and was most recently registered with Pruco Securities in Columbia, South Carolina (2015-2016). He was previously registered with Sagepoint Financial in Columbus, Georgia (2014-2015). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination) and Series 6 (Investment Company Products/Variable Contracts Representative Examination).

According to his BrokerCheck report, Jeffrey Delaney has been sanctioned by FINRA, has received one customer complaint, and was discharged from his former employer.

Mike Milne Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on July 20, 2017 indicate that former Florida-based Kovack Securities broker/adviser Mike Milne has received a pending customer dispute and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Milne (CRD# 1842992).

Mike Milne has spent 26 years in the securities industry and was most recently registered with Kovack Securities in Ocala, Florida (2011-2015). Previous registrations include BrokersXPress in Ocala, Florida; Raymond James Financial Services in Ocala, Florida; Raymond James & Associates in Gainesville, Florida; SunTrust Securities in Atlanta, Georgia; Banc of America Investment Services in Boston, Massachusetts; Barnett Investments in Jacksonville, Florida; JMC Financial Corporation in Boston, Massachusetts; and PFS Investments in Duluth, Georgia. 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, and was discharged from a former employer in connection to alleged rule violations.

Matthew KocsisPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on July 18, 2017 indicate that North Carolina-based Cambridge Investment Research broker/adviser Matthew Kocsis has received customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kocsis (CRD# 4787057).

Matthew Kocsis has spent 13 years in the securities industry and has been registered with Cambridge Investment Research in Charlotte, North Carolina since 2011. Previous registrations include Valic Financial Advisors in Greensboro, North Carolina (2008-2011) and Equity Services in Charlotte, North Carolina (2004-2008). 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 13 US states and territories: Connecticut, Hawaii, Illinois, Louisiana, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah and Virginia.

In 2013 a customer alleged Matthew Kocsis, while employed a Equity Services, misrepresented and omitted material facts related to a private placement program. The complaint settled in 2014 for $152,000.

Christopher SinkulaPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on July 18, 2017 indicate that Florida-based Janney Montgomery Scott broker/adviser Christopher Sinkula has received customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Sinkula (CRD# 2001512).

Christopher Sinkula has spent 27 years in the securities industry and has been registered with Janney Montgomery Scott in Stuart, Florida since 2008. Previous registrations include Citigroup Global Markets in Stuart, Florida; AG Edwards & Sons in St. Louis, Missouri; and Blinder Robinson & Company. He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent 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 23 US states and territories: California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.

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

Michael SpolarPublic records published by the Financial Industry Regulatory Authority (FINRA) on July 18, 2018 indicate that Florida-based International Assets Advisory broker/adviser Michael Spolar 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. Spolar (CRD# 2192992).

Michael Spolar has spent 25 years in the securities industry and has been registered with International Assets Advisory in Orlando, Florida since April 2015. Previous registrations include LPL Financial in Beachwood, Ohio; Morgan Stanley in Pepper Pike, Ohio; Morgan Stanley & Company in Beachwood, Ohio; Merrill Lynch in Pepper Pike, Ohio; Citigroup Global Markets in New York, New York; and Lehman Brothers in New York, New York. He is a registered broker and investment adviser with ten US states: Florida, Idaho, Indiana, Massachusetts, Missouri, North Carolina, Ohio, Pennsylvania, Texas, and Wisconsin.

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