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Presidential Brokerage

Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Colorado-based brokerage and advisory firm Presidential Brokerage has received several customer disputes and a regulatory sanction. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Presidential Brokerage (CRD# 28784).

Established in California in 1991, Presidential Brokerage is headquartered in Greenwood Village, Colorado and registered with 50 US states and territories. According to its BrokerCheck report, it has received one regulatory event and four customer complaints that evolved into arbitration.

In 2015 a customer alleged Presidential Brokerage breached its fiduciary duty, recommended unsuitable investments, breached contract, failed in its supervisory duties, and acted negligently. The complaint resulted in an award to the customer of more than $654,000.

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Ameriprise Financial Services SecuritiesPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Minnesota-based brokerage and advisory firm Ameriprise Financial Services Securities has received almost 200 regulatory sanctions and customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ameriprise Financial Services (CRD# 6363).

Established in Delaware in 1971, Ameriprise Financial Services is headquartered in Minneapolis, Minnesota and registered with 53 US states and territories. According to the firm’s BrokerCheck report, it has received 76 regulatory events and 105 customer complaints that evolved into arbitration.

In July 2018 the California Department of Business Oversight sanctioned the firm in connection to allegations it violated state regulations when its representatives sold non-traded real estate investment trusts “on at least 90 occasions.” The firm was ordered to cease and desist and to pay the cost of the investigation, a sum of $115,000.

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NYLife Securities

Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that New York-based brokerage firm NYLife Securities has received numerous customer disputes and regulatory sanctions. Fitapelli Kurta is interested in hearing from investors who have complaints regarding NYLife Securities (CRD# 5167).

Established in Delaware in 2007, NYLife Securities is headquartered in New York, New York and registered with 51 US states and territories. It is registered with two self-regulatory organizations (SROs): FINRA and the Securities and Exchange Commission (SEC). According to the firm’s BrokerCheck report, it has received ten regulatory events and nine customer complaints that evolved into arbitration.

In March 2017 the New Hampshire Bureau of Securities Regulation sanctioned the firm in connection to allegations it failed to take steps to ensure the shutdown of the office of a terminated representative in accordance with the firm’s supervisory manual. The firm was censured and issued a fine of $3,750.

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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.

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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.

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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.

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 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.

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PFS InvestmentsPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Georgia-based broker-dealer and advisory firm PFS Investments has received regulatory sanctions and customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding PFS Investments (CRD# 10111).

Established in George in July 1981, PFS Investments is headquartered in Duluth, Georgia and registered with 53 US states and territories. It is owned by Primerica Finance Corporation. According to the firm’s BrokerCheck report, it has received 17 regulatory events and three customer complaints that evolved into arbitration.

In 2013 the State of Nevada sanctioned PFS Investments in connection to allegations the firm accepted the the representation by one of its representatives, Chris Howard, that he had served a role in another company as a “as passive investment when, in fact, it had evolved over time,” and that the firm did not have a procedure that required representatives to disclose compensation they received from “outside motivational speakers in connection with seminars” that firm representatives are required to pay to attend. The firm was issued a fine of $9,000.

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Kenneth McDonaldPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 23, 2018 indicate that California-based Western International Securities broker Kenneth McDonald has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. McDonald (CRD# 816699).

Kenneth McDonald has spent 30 years in the securities industry and has been registered with Western International Securities in Westlake Village, California since August 2015. Previous registrations include Newport Coast Securities in New York, New York (2013-2015); Crown Capital Securities in Rancho Mirage, California (2003-2009; 2010-2013); Girard Securities in San Diego, California (2003); Pacific West Securities in Renton, Washington (2002-2003); Sentra Securities in Phoenix, Arizona (1998-2002); United Pacific Securities in Carlsbad, California (1994-1998); NIF Securities in Newport Beach, California (1994); Shearson/American Express (1982-1983); Drexel Burnham Lambert (1982); Wedbush Noble Cooke (1980-1982); Paine Webber Jackson & Curtis (1980); Blythe Eastman Dillon & Company (1978-1980); and Bateman Eichler Hill Richards (1976-1978). He has passed five securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on December 14, 1993; Series 7 (General Securities Representative Examination), which he obtained on May 9, 1994; Series 22 (Direct Participation Programs Representative Examination), which he obtained on January 14, 1994; Series 3 (National Commodity Futures Examination), which he obtained on November 11, 1982; and Series 24 (General Securities Principal Examination), which he obtained on January 27, 1995. He is a registered broker with one US state: California.

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

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William BridgersPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 23, 2018 indicate that South Carolina-based Morgan Stanley broker/adviser William Bridgers is involved in a pending customer dispute. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Bridgers (CRD# 30367).

William Bridgers has spent 52 years in the securities industry and has been registered with Morgan Stanley in Charleston, South Carolina since 2009. Previous registrations include Citigroup Global Markets in Hilton Head, South Carolina (2001-2009); the Robinson-Humphrey Company in Atlanta, Georgia (1990-2001); Smith Barney Harris Upham & Company in New York, New York (1985-1990); Merrill Lynch (1978-1985); and Merrill Lynch (1965-1978). He has passed five securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on July 7, 1982; Series 5 (Interest Rate Options Examination), which he obtained on October 26, 1981; PC (AMEX Put and Call Exam), which he obtained on September 8, 1977; Series 1 (Registered Representative Examination), which he obtained on September 17, 1965; and Series 40 (Registered Principal Examination), which he obtained on June 23, 1978. He is a registered broker and investment adviser with 28 US states and territories.

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