Articles Tagged with FINRA

FINRA Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on September 20, 2018 indicated that more than one dozen brokers and/or investment advisers were reported as barred from association with broker-dealer firms in that month. The representatives, or former representatives enumerated below have signed Letters of Acceptance, Waiver and Consent (AWC Letters) agreeing to FINRA’s enforcement actions without admitting to or denying the underlying allegations of misconduct. Additional information concerning these enforcement actions is available at FINRA’s disciplinary actions homepage.

 

Name Current/Former Employers
Abraham Biderman Palladium Capital Advisors
Bradley Joseph Tennison Geneos Wealth Management
Robert Joseph Flanagan Pruco Securities
Mitchell Toby Yanow Stifel Nicolaus & Company
Paul Edward Soll Western International Securities
Steven F. Coffey American Portfolios Financial Services
Michael James Gilhooly RJJ Pasadena Securities
Clarence L. McGill GWN Securities
Charles Lewis Bloom Chelsea Financial Services
Michael Quiles III LPL Financial
Sebastian Jimenez HSBC Securities
Steven Alan Horwitz Westminster Financial Services
Melanie Ann Melton AllState Financial Services
Shakela Carter Merrill Lynch

FINRA

FINRA has issued an investor alert informing investors that they may be eligible to receive partial refunds of the front-end sales charges paid on Class A mutual fund shares. According to FINRA, an “industry-wide survey” found that investors failed to receive discounts in roughly “one out of every five” eligible transactions.

While front-end sales load discounts are typically offered for bigger mutual fund investments, often beginning at $50,000, they occasionally beginning at investments “as low as $25,000,” according to the alert. FINRA requires securities firms to give refunds to customers who did not receive discounts they were entitled to receive. To determine whether you might be entitled, FINRA recommends asking the following questions: did you purchase a mutual fund with a front-end sales load? Did you purchase more funds in the same mutual fund family? Did any of your family members buy shares in this mutual fund or family of mutual funds? Does the total of all of these purchases exceed $25,000?

As FINRA’s alert explains, mutual fund breakpoint discounts are discounts that decrease the front-end sales charge on many mutual fund Class A shares. Those sales charges, or “loads,” typically vary by the amount invested. FINRA offers the example of a 5.75% front-end load at a cost of $1,000: “you’ll pay a sales load of $57.50, with the remaining $942.50 invested in the mutual fund.” Breakpoints are discounts on that load, and they increase with the size of the investment.

Wells Fargo AdvisorsNews reports by Financial Advisor IQ, the Los Angeles Times, and other outlets indicate that the Financial Industry Regulatory Authority (FINRA) has ordered Wells Fargo Advisors to pay a sum of more than $8 million dollars to the former chief executive officer of OfficeMax, the office supplies chain, in connection to Puerto Rico bond investments.

According to the Los Angeles Times, the former officer, Sam Duncan, in 2016 sued Wells Fargo and its broker Marc Rogers over the sales of Puerto Rico bonds which he alleged were unsuitable for his investment profile. He also alleged that Mr. Rogers declined to abide by the firm’s own analysis of Puerto Rico bonds as unsuitable for conservative investment profiles. Mr. Rogers’ bonds were held by a trust established for his children, according to his Times, citing his attorney, who said: ““Rogers knew this was a trust — knew this was money to be invested for future generations… It didn’t take a rocket scientist to know these were risky investments.”

In connection with Mr. Rogers’ lawsuit, a panel of FINRA arbitrators determined that Mr. Rogers and Wells Fargo Advisors owe Mr. Duncan $4.2 million to cover his losses, as well as millions in interest, punitive damages and other costs amounting to $8.6 million. A representative of Wells Fargo Advisors told the Times, “We disagree with the award and we are researching our options.” Mr. Duncan’s lawsuit also named Mr. Rogers’ former firm, RBC Capital Markets, which paid a settlement of $25,000 in May.

 Jeffrey CoburnPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 11, 2016 indicate that former Illinois-based Arete Wealth Management broker Jeffrey Coburn is currently not licensed to act as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Coburn (CRD# 6192783).

Jeffrey Coburn has spent two years in the securities industry and was most recently registered with Arete Wealth Management in Chicago, Illinois (4/2016-7/2016). Previous registrations include William Blair in Chicago, Illinois (2014-2015) and TJM Investments in Chicago, Illinois (2013-2014). He is currently not registered with any state or firm. Continue Reading

Ricardo Sanchez Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 8, 2016 indicate that Florida-based PFS Investments broker Ricardo Sanchez has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Sanchez (CRD# 2341541).

Ricardo Sanchez has spent 3 years in the securities industry and has been registered with PFS Investments in Miami, Florida since 2000. Previous registrations include WM Financial Services in Irvine, California; Nationsbanc Investments in Boston, Massachusetts; Nations Securities; First Union Brokerage Services in Charlotte, North Carolina; Great Western Financial Securities in Northridge, California; and GKN Securities in New York, New York. He is a registered broker in Florida, Illinois, and New York. Continue Reading

Richard ColemanPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 8, 2016 indicate that New York-based Salomon Whitney Financial broker Richard Coleman has been the subject of customer complaints and regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Coleman (CRD# 2720422).

Richard Coleman has spent 19 years in the securities industry and has been registered with Salomon Whitney Financial in Farmingdale, New York since February 2016. Previous registrations include Legend Securities in Miller Place, New York; Tryco Securities in Melville, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Melville, New York; John Thomas Financial, which has since been expelled by FINRA, in New York, New York; Woodstock Financial Group in Farmingdale, New York; Rockwell Global Capital in Port Jefferson, New York; Aura Financial Services in East Setauket, New York; A&F Financial Services in Mount Dora, Florida; New Castle Financial Services, which has since been expelled by FINRA, in Melville, New York; Benson York Group in Melville, New York; LH Ross & Company in Boca Raton, Florida; Granite Associates in Del Ray Beach, Florida; Continental Broker-Dealer, which has since been expelled by FINRA, in Carle Place, New York; Whitehall Wellington Investments in Port Washington, New York; and Gaines Berland in Bethpage, New York. He is a registered broker with 16 US states and territories: California, Connecticut, the District of Columbia, Georgia, Iowa, Louisiana, Minnesota, Nebraska, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, and Wyoming. Continue Reading

Dalas Gunderson Public records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that California-based Kovack Securities broker/adviser Dalas Gunderson has received customer complaints and a regulatory sanction. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Gunderson (CRD# 3107187).

Dalas Gunderson has spent 17 years in the securities industry and has been registered with Kovack Securities in Willows, California since May 2015. Previous registrations include Edward Jones in Willows, California; Merrill Lynch in Chico, California; and Painewebber in Weehawken, New Jersey. He is a registered broker and investment adviser in California. Continue Reading

John SaccentePublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that New York-based Cova Capital Partners broker John Saccente has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Saccente (CRD# 2581445).

John Saccente has spent 11 years in the securities industry and has been registered with Cova Capital Partners in New York, New York since April 2016. Previous registrations include Legend Securities in Syosset, New York; Tryco Securities in Melville, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Melville, New York; John Thomas Financial, which has since been expelled by FINRA, in New York, New York; Meyers Associates in New York, New York; Blackwall Capital Partners in New York, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Uniondale, New York; EKN Financial, which has since been expelled by FINRA, in Melville, New York; New Castle Financial Services, which has since been expelled by FINRA, in New York, New York; and Great Eastern Securities in New York, New York. He is a registered broker and investment adviser with 18 US states and territories: California, the District of Columbia, Illinois, Indiana, Iowa, Kansas, Louisiana, Minnesota, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Vermont, Washington, and West Virginia. Continue Reading

Arlon Enmeier Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that California-based Securities America broker/adviser Arlon Enmeier has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Enmeier (CRD# 1000999).

Arlon Enmeier has spent 34 years in the securities industry and has been registered with Securities America in San Clemente, California since 1994. Previous registrations include Linsco/Private Ledger Corporation in Boston, Massachusetts; EBM World Network Incorporated; IDM Securities Corporation; All Services Financial Center; and University Securities. He is a registered broker and investment adviser with 23 US states and territories: Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Mississippi, Montana, Nebraska, Nevada, New York, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Washington, and Wisconsin. Continue Reading

James MirendaPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that New York-based Legend Securities broker James Mirenda has been the subject of customer complaints and a regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Mirenda (CRD# 2585792).

James Mirenda has spent eight years in the securities industry and has been registered with Legend Securities in Miller Place, New York since April 2015. Previous registrations include Tryco Securities in Miller Place, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Miller Place, New York; John Thomas Financial, which has since been expelled by FINRA, in New York, New York; JD Nicholas & Associates in Lake Grove, New York; EKN Financial Services, which has since been expelled by FINRA, in Melville, New York; Joseph Gunnar & Company in Medford, New York; EKN Financial Services, which has since been expelled by FINRA, in Farmingville, New York; KC Ward Financial in Ronkonkoma, New York; American Capital Partners in Medford, New York; Clark Dodge & Company in Dodge City, New York; and World Equity Group in Garden City, New York. He is a registered broker with seven US states: California, Connecticut, Iowa, Minnesota, New York, Oklahoma, and Wyoming. Continue Reading