Articles Tagged with SEC

UBSAccording to reports published on Reuters and elsewhere, UBS Financial Services has agreed to pay $15 million to settle charges by the Securities and Exchange Commission (SEC) involving sales practice violations. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding UBS Financial Services, especially if those complaints involve investments in reverse convertible notes (RCNs).

The Wall Street Journal reports that UBS Financial Services “sold roughly $548 million of the financial products, known as single-stock linked reverse convertible notes, to more than 8,700 relatively inexperienced individual investors from 2011 through 2014.” However, according to the SEC, “some of UBS’s sales representatives weren’t provided adequate education and training to understand the risks of the financial products, which contained embedded derivatives, and as a result they weren’t always able to determine whether they were a good match for certain customers.”

As a consequence of this alleged inadequate training, some UBS representatives recommended products that were unsuitable for clients “who had indicated primarily moderate or conservative investment objectives, along with modest reported incomes and net worths, including some that were retired,” according to the Wall Street Journal.

ICON Capital LLCAccording to publicly available records provided by the Securities and Exchange Commission, the SEC has taken civil action against ICON Capital LLC, formerly known as ICON Capital Corporation. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding ICON Capital.

According to the company’s website, ICON Capital is an “alternative investment manager that provides innovative investment solutions to individual and institutional investors through publicly registered programs, private funds and separately managed accounts.” The company purchases and manages “big-ticket leases” of equipment to corporate customers and additionally provides specialty financing. Such equipment includes airplanes, ships, drilling rigs, trailer equipment, and telecommunications equipment. Continue Reading

Jay PeakAccording to a release published in April 2016, the Securities and Exchange Commission (SEC) has announced fraud charges and an asset freeze against a Vermont-based ski resort and associated businesses. According to the SEC, the businesses allegedly misused “millions of dollars raised through investments solicited under the EB-5 Immigrant Investor Program.”

The SEC named two businessmen, Ariel Quiros and William Stenger, who allegedly made false statements and omitted “key information” when they raised more than $350,000,000 to construct a ski resort and a biomedical research facility in Vermont. Investors were allegedly “told they were investing in one of several projects connected to Jay Peak Inc., a ski resort operated by Quiros and Stenger, and their money would only be used to finance that specific project.” According to the SEC, the funds were in fact used to “fund deficits in earlier projects,” in a scheme resembling a Ponzi scheme. Continue Reading

 Nicholas CuringaPennsylvania-based Cetera Investment Services broker/adviser Nicholas Curinga III is the subject of one customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Curinga (CRD# 4786481).

Nicholas Curinga has spent eleven years in the securities industry and has been registered with Cetera Investment Services in Monroeville and McMurray, Pennsylvania since 2014. Previous registrations include LPL Financial in Monroeville, Pennsylvania (2012-2014); CCO Investment Services in Charleroi, Pennsylvania (2009-2012); Natcity Investments in Belle Vernon, Pennsylvania (2004-2009); and Northwestern Mutual Investment Services in Milwaukee, Wisconsin (2004). He is a registered broker with Pennsylvania and Virginia. Continue Reading

Sharon FallFormer Maryland-based International Assets Advisory broker Sharon Fall has been permanently barred from acting as a broker and discharged from International Assets Advisory. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Fall (CRD# 2881765).

Sharon Fall has spent sixteen years in the securities industry and was most recently registered with International Assets Advisory in Annapolis, Maryland (2015-2016). Previous registrations include LPL Financial in Clarksville, Maryland (2007-2015); UVest Financial Services in Annapolis, Maryland (1999-2007); and GNA Securities in Richmond, Virginia (1997). She is currently not registered with any state or firm. Continue Reading

Reid MalvinNew Jersey-based National Securities Corporation broker/adviser Reid Malvin is the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Malvin (CRD# 4550756).

Reid Malvin has spent thirteen years in the securities industry and has been registered with National Securities Corporation in Tinton Falls, New Jersey since 2009. Previous registrations include Gunnallen Financial Eatontown, New Jersey; Milestone Group Management in Lake Success, New York; and Waddell & Reed in Overland Park, Kansas. He is a registered broker and investment adviser with 30 US states and territories. Continue Reading

Michael RasmovichKentucky-based Waddell & Reed broker Michael Rasmovich is currently not registered with any state or firm. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Rasmovich (CRD# 5388113).

Michael Rasmovich has spent seven years in the securities industry and was most recently registered with Waddell & Reed in Louisville, Kentucky (2007-2015). He is currently not registered with any state or firm.

According to his BrokerCheck report, Michael Rasmovich is the subject of one regulatory sanction and one customer complaint, and was discharged from Waddell & Reed. Continue Reading

Gary GrahamCalifornia-based Calton & Associates broker/adviser Gary Graham was recently suspended by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Graham (CRD# 2111230).

Gary Graham has spent 24 years in the securities industry and has been registered with Calton & Associates in Huntington Beach, California since July 2015. Previous registrations include Wedbush Securities in Ontario, California; Crowell Weedon & Company in West Covina, California; Wachovia Securities in St. Louis, Missouri; Prudential Securities in New York, New York; AG Edwards & Sons in St. Louis, Missouri; Dean Witter Reynolds in Purchase, New York; Merrill Lynch in New York, New York; Waddell & Reed in Overland Park, Kansas; and First Investors Corporation in New York, New York. He is a registered broker and investment adviser in California. Continue Reading

Christopher FlatenFormer New York-based Credit Suisse Securities broker Christopher Flaten is the subject of settled or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations against Mr. Flaten (CRD# 3255290).

Christopher Flaten has spent fifteen years in the securities industry and was most recently registered with Credit Suisse Securities in New York, New York (2007-2016). Previous registrations include Stone & Youngberg in New York, New York (2005-2007) and Charles Schwab & Company in San Francisco, California (2000-2005). He is currently not registered with any state or firm. Continue Reading

Sagepoint FinancialThe Securities and Exchange Commission (SEC) has filed a complaint against Arizona-based brokerage/advisory firm Sagepoint Financial. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Sagepoint Financial (CRD# 133763).

Formed in Delaware in 2004, Sagepoint Financial is headquartered in Phoenix, Arizona and registered with 53 US states and territories. Jeffrey Auld is Chief Executive Officer and President; Inger Fields is Vice President, Treasurer and Financial Operations Principal; Robert Guldner is Chief Compliance Officer, Investment Advisory; Erica McGinnis is Chairperson; Justin Sacca is Vice President and Chief Compliance Officer; Matthew Schlueter is Chief Operations Officer and Executive Vice President. Sagepoint Financial is indirectly owned by American Investment Group (AIG). Continue Reading