JEFFREY DROST RAYMOND JAMES INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Ex-Raymond James Broker in Light of Potential Unauthorized Borrowing Allegations

JEFFREY DROST RAYMOND JAMES INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Ex-Raymond James Broker in Light of Potential Unauthorized Borrowing Allegations

Jeffrey Drost Raymond James Investment Losses? Ex-Broker Barred by Securities Industry as FINRA Investigates Potential Unauthorized Borrowing National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Jeffrey Drost Raymond James Investigation”) into former Raymond James broker Jeffrey Travis Drost (CRD#4489021, San Antonio, TX) in light of a disciplinary bar disclosed by FINRA. In August 2021, FINRA barred Jeffrey Drost from the securities industry. Jeffrey Drost Raymond James Investigation and August 2021 FINRA AWC According to a FINRA Letter of Acceptance, Waiver and Consent, the financial regulator barred former Raymond James broker for his refusal to produce outstanding information or…

EUGENE MCADAMS JOSEPH STONE INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Barred Broker in Light of FINRA Suitability Investigation

EUGENE MCADAMS JOSEPH STONE INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Barred Broker in Light of FINRA Suitability Investigation

Eugene McAdams Joseph Stone Customer? Ex-Joseph Stone Capital, LLC Broker Barred by Securities Industry as FINRA Investigate Suitability Recommendations National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Eugene McAdams Joseph Stone Investigation”) into former Joseph Stone Capital, LLC broker Eugene Arthur McAdams in light of a disciplinary bar disclosed by FINRA. In August 2021, FINRA barred Eugene McAdams from the securities industry. The bar relates to Eugene McAdams’s refusal to appear for on-the-record (“OTR”) testimony to FINRA. The OTR testimony relates to FINRA’s investigation into the suitability of McAdam’s recommended securities transactions in customers’ accounts while registered…

Daniel O’Neill Aegis Capital Investor Alert: FINRA Accuses Former Broker of Excessive, Unsuitable Trading

Daniel O’Neill Aegis Capital Investor Alert: FINRA Accuses Former Broker of Excessive, Unsuitable Trading

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Daniel O’Neill Aegis Capital Investigation”) into former Aegis Capital broker Daniel J. O’Neill (“Daniel O’Neill”) in light of complaint recently filed by FINRA. In July 2021, FINRA filed a Complaint against Daniel O’Neill relating to excessively and unsuitably trading the account of one of his customers at Aegis Capital. Daniel O’Neill Aegis Capital and the July 2021 FINRA Complaint On July 29, 2021, FINRA filed a complaint against Ex-Aegis Capital broker Daniel O’Neill. The Complaint alleged that Daniel O’Neill excessively and unsuitably traded the account of one of his…

Lee Nordstrom Vorphal Wing Securities Investor Alert: FINRA Bars Broker Investigated for Excessive Trading

Lee Nordstrom Vorphal Wing Securities Investor Alert: FINRA Bars Broker Investigated for Excessive Trading

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Lee Nordstrom Vorphal Wing Securities Investigation”) into former Vorphal Wing Securities broker Lee Victor Nordstrom (“Lee Nordstrom”) in light of a disciplinary bar disclosed by FINRA. In October 2021, FINRA barred Lee Nordstrom from the securities industry. FINRA barred Lee Nordstrom for his failure to appear for on-the-record testimony requested by FINRA. The on-the-record testimony relates to whether Lee Nordstrom engaged in potential unsuitable and excessive trading in several customer accounts. Lee Nordstrom Vorphal Wing Securities and the October 2021 FINRA Disciplinary Action According to BrokerCheck, FINRA barred Lee…

ATTENTION Eric Hollifield Hamilton Investment Counsel Customers: Dacula, Georgia Investment Advisor Accused of Misappropriating $1.24M of Client Funds

ATTENTION Eric Hollifield Hamilton Investment Counsel Customers: Dacula, Georgia Investment Advisor Accused of Misappropriating $1.24M of Client Funds

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Eric Hollifield Hamilton Investment Counsel Investigation”) into former Hamilton Investment Counsel, LLC investment advisor, Eric Shea Hollifield (“Eric Hollifield”) in light of a disciplinary bar disclosed by FINRA. In October 2021, FINRA barred Eric Hollifield from the securities industry. The bar follows a customer dispute alleging Eric Hollifield misappropriated $1,240,000 of client funds. Eric Hollifield Hamilton Investment Counsel and the October 2021 FINRA Disciplinary Action According to BrokerCheck, FINRA barred Eric Hollifield for refusing to appear for on-the-record testimony or to produce the documents and information requested pursuant in…

Eric Hollifield LPL Financial Investor Alert: FINRA Bars Dacula, Georgia Broker

Eric Hollifield LPL Financial Investor Alert: FINRA Bars Dacula, Georgia Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Eric Hollifield LPL Financial Investigation”) into former LPL Financial broker Eric Shea Hollifield (“Eric Hollifield”) in light of a disciplinary bar disclosed by FINRA. In October 2021, FINRA barred Eric Hollifield from the securities industry. The bar follows a customer dispute alleging Eric Hollifield misappropriated $1,240,000 of client funds. Eric Hollifield LPL Financial and the October 2021 FINRA Disciplinary Action According to BrokerCheck, FINRA barred Eric Hollifield for refusing to appear for on-the-record testimony or to produce the documents and information requested pursuant in connection with FINRA’s investigation into…

Jeffrey Dampf PFS Investments, Inc. Investor Alert: FINRA Bars PFS Investments, Inc. Broker

Jeffrey Dampf PFS Investments, Inc. Investor Alert: FINRA Bars PFS Investments, Inc. Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Jeffrey Dampf PFS Investments, Inc. Investigation”) into former PFS Investments, Inc. broker Jeffrey Dampf stemming from a disciplinary bar disclosed by FINRA. On October 1, 2021, FINRA barred Jeffrey Dampf for refusing to provide on-the-record testimony or produce documents and information requested by FINRA in connection with its investigation into allegations that Jeffrey Dampf misappropriated funds from elderly individuals. In 2020, Jeffrey Dampf was criminally charged with attempted theft for trying to electronically transfer money from an elderly person, with whom he held power of attorney, for Jeffrey Dampf’s…

John Kevin Barrett Emerson Equity Investor Alert: FINRA Bars Ex-Emerson Equity Broker

John Kevin Barrett Emerson Equity Investor Alert: FINRA Bars Ex-Emerson Equity Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Kevin Barrett Emerson Equity Investigation”) into former Emerson Equity broker John Kevin Barrett (“Kevin Barrett”) in light of a disciplinary bar disclosed by FINRA. In July 2021, FINRA barred Kevin Barrett for failing to request termination of his suspension within three months of notice of his suspension. The suspension relates to Kevin Barrett’s failure to respond to FINRA’s request for information.   John Barrett Emerson Equity and the July 2021 FINRA AWC According to BrokerCheck, FINRA suspended Kevin Barrett for failing to respond to FINRA request for information in…

Jeffrey Warren Oppenheimer & Co. Investor Alert: National Investor Fraud Law Firm KlaymanToskes Investigates Florida Financial Advisor in Light of Securities Bar

Jeffrey Warren Oppenheimer & Co. Investor Alert: National Investor Fraud Law Firm KlaymanToskes Investigates Florida Financial Advisor in Light of Securities Bar

National investor fraud law firm KlaymanToskes is investigating (“Jeffrey Warren Oppenheimer & Co. Investigation”) allegations made against Jeffrey Warren (CRD#2707969), arising from a beneficiary complaint regarding a gift given to Jeffrey Warren by the now deceased customer prior to their death. FINRA BrokerCheck of Jeffrey Warren Oppenheimer & Co. Jeffrey Warren was permanently barred from the securities industry after he refused to produce information and documents in response to the FINRA investigation of this customer gift to Jeffrey Warren in violation of FINRA rules.  Prior to this investigation Jeffrey Warren had received four separate customer complaints related to his handling…

David Wells Fifth Third Securities Investor Alert: FINRA Bars Broker Following Resignation, Allegations of Misappropriating Client Funds

David Wells Fifth Third Securities Investor Alert: FINRA Bars Broker Following Resignation, Allegations of Misappropriating Client Funds

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“David Wells Fifth Third Securities”) into former Fifth Third Securities, Inc. broker David S. Wells in light of a recent disciplinary action disclosed by FINRA. On September 20, 2021, FINRA disclosed in a Letter of Acceptance, Waiver and Consent that it has barred former Fifth Third Securities broker David Wells (Chicago, IL) relating to his refusal to appear for on-the-record testimony and to provide information and documents requested pursuant to FINRA Rule 8210 and 2010. What is a FINRA AWC? According to FINRA Rule 9216, if FINRA’s Department of…

ATTENTION STEPHEN SULLIVAN SPARTAN CAPITAL SECURITIES CUSTOMERS: KlaymanToskes Investigates Broker in Light of Pending FINRA Investigation of Churning, Unsuitable Recommendations

ATTENTION STEPHEN SULLIVAN SPARTAN CAPITAL SECURITIES CUSTOMERS: KlaymanToskes Investigates Broker in Light of Pending FINRA Investigation of Churning, Unsuitable Recommendations

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Stephen Sullivan Spartan Capital Investigation”) into Spartan Capital Securities broker Stephen James Sullivan in light of a recent preliminary determination by FINRA to recommend disciplinary action to be brought against him relating to, in part, churning, excessive trading and unsuitable recommendations. Stephen Sullivan Spartan Capital Investigation and FINRA’s Preliminary Determination According to FINRA BrokerCheck, on August 10, 2021, FINRA made a preliminary determination to recommend that disciplinary action be brought against Stephen Sullivan alleging violations of Section 10(b) of the Exchange Act, Exchange Act Rule 10b-5, and FINRA Rules…

ATTENTION CASEY KEMERLY EDWARD JONES CUSTOMERS: The Securities Arbitration Law Firm of KlaymanToskes Announces Investigation of Former Edward Jones Broker Barred by FINRA

ATTENTION CASEY KEMERLY EDWARD JONES CUSTOMERS: The Securities Arbitration Law Firm of KlaymanToskes Announces Investigation of Former Edward Jones Broker Barred by FINRA

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Casey Kemerly Edward Jones Investigation”) into former Edward Jones broker Casey Kemerly in light of a recent disciplinary action disclosed by FINRA. On August 4, 2021, FINRA disclosed in a Letter of Acceptance, Waiver and Consent that it has barred former Edward Jones broker Casey Kemerly relating to his refusal to provide information and documents requested pursuant to FINRA Rule 8210 and 2010. What is a FINRA AWC? According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or associated person has committed a violation,…

ATTENTION FELIX CHU NYLIFE SECURITIES CUSTOMERS: KlaymanToskes Announces Investigation of Former California-Based NYLife Securities Broker

ATTENTION FELIX CHU NYLIFE SECURITIES CUSTOMERS: KlaymanToskes Announces Investigation of Former California-Based NYLife Securities Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (Felix Chu NYLife Securities Investigation) into former NYLife Securities broker Felix Chu in light of allegations of him running a Ponzi scheme involving promissory notes. Felix Chu was formerly registered out of NYLife’s Pleasant Hill, California branch location. Felix Chu, Derek Chu, and Promissory Note Ponzi Scheme Allegations Former customers of Felix Chu allege that the former NYLife broker recommended them to invest life insurance proceeds, retirement funds, and other assets in the purchase of unregistered promissory notes issued by Felix Chu and his son, Derek Chu, or entities…

ATTENTION WALTER ALLEN CETERA ADVISORS SUFFIELD CT CUSTOMERS: FINRA Bars Former Cetera Advisors Broker

ATTENTION WALTER ALLEN CETERA ADVISORS SUFFIELD CT CUSTOMERS: FINRA Bars Former Cetera Advisors Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Walter Allen Cetera Advisors Suffield CT Investigation”) into former Cetera Advisors broker Walter Allen in light of a recent disciplinary action disclosed by FINRA. On August 4, 2021, FINRA disclosed in a Letter of Acceptance, Waiver and Consent that it has barred former Cetera Advisors broker Walter Allen (Suffield, Connecticut) relating to his refusal to provide information and documents requested pursuant to FINRA Rule 8210 and 2010. What is a FINRA AWC? According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or…

Former Aegis Capital Broker Douglas Szempruch Under KlaymanToskes Investigation

Former Aegis Capital Broker Douglas Szempruch Under KlaymanToskes Investigation

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation into former Aegis Capital broker Douglas Szempruch in light of his recent suspension by FINRA. On July 9, 2021, FINRA disclosed that it suspended former Aegis Capital broker Douglas Szempruch relating to him recommending and effecting excessive and unsuitable trading, per a FINRA Letter of Acceptance, Waiver and Consent (AWC), Case # 2017054317401. What is a FINRA AWC? According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or associated person has committed a violation, and that member or associated person does not…

VXX Investor Through UBS? KlaymanToskes Investigates Firm's VXX Sales Practices in Light of Recent SEC Settled Action

VXX Investor Through UBS? KlaymanToskes Investigates Firm's VXX Sales Practices in Light of Recent SEC Settled Action

Invest with UBS and VXX ETN? The Securities and Exchange Commission recently settled charges against UBS Financial Services Inc. for its failure to supervise relating to sales of iPath S&P 500 VIX Short-Term Futures ETN (“VXX”) in UBS’s Portfolio Management Program (“PMP”). VXX is a volatility linked exchange-traded product. From January 2016 to January 2018, certain financial advisors in UBS’s discretionary Portfolio Management Program purchased and held VXX for their advisory clients for durations that were inconsistent with the purpose of the product, as described in its offering documents, and as described to UBS in a meeting with VXX representatives.…

Adam Belardino, Ex-MML Investors Services Rep., Named In FINRA Complaint

Adam Belardino, Ex-MML Investors Services Rep., Named In FINRA Complaint

FINRA recently named Adam Belardino of New Rochelle as a Respondent in a Complaint. FINRA alleges that Belardino failed to appear for on-the-record testimony. Belardino was employed at Barnum Financial Group in Elmsford, New York from 2007 to March 2019. During that time, Belardino was a registered representative for MML Investors Services, LLC, which is an affiliate of Massachusetts Mutual Life Insurance Co. He was terminated in March 2019 relating to his firm’s investigation into a customer complaint against him. Adam Belardino & FINRA Complaint The Complaint alleges that FINRA began investigating Belardino’s termination from MML Investors Services in April…

FINRA Bars Former Wells Fargo Broker Tyler Rigsbee

FINRA Bars Former Wells Fargo Broker Tyler Rigsbee

FINRA recently disclosed that it barred former Wells Fargo Clearing Services, LLC broker Tyler Rigsbee from associating with any FINRA member in all capacities relating to receiving client funds in his bank account without the clients’ authorization, per a FINRA Letter of Acceptance, Waiver and Consent (AWC), Case # 2021071026301. What is a FINRA AWC? According to FINRA Rule 9216, if FINRA’s Department of Enforcement has reason to believe a member or associated person has committed a violation, and that member or associated person does not dispute the violation, the Department of Enforcement may prepare and request that the member…

FINRA Orders Sanctuary Securities, Inc. to Pay $530K for Non-Traditional ETF Supervisory Failures

FINRA Orders Sanctuary Securities, Inc. to Pay $530K for Non-Traditional ETF Supervisory Failures

FINRA recently disclosed that Sanctuary Securities, Inc. (formerly known as David A. Noyes & Company) agreed to submit a Letter of Acceptance, Waiver and Consent (AWC) relating to its failure to supervise its solicited sales of inverse and leveraged exchange traded funds (Non-Traditional ETFs or NT-ETFs) in that the firm’s supervisory system was not sufficiently tailored to address the unique features and risks of these products. What is a Non-Traditional ETF? Non-traditional ETFs are designed to return a multiple of an underlying index or benchmark, the inverse of that benchmark, or both, over only the course of one trading session—…

FINRA Suspends Former Merrill Lynch Broker Scott Ryland Mathews for Early Rollovers of Unit Investment Trusts

FINRA Suspends Former Merrill Lynch Broker Scott Ryland Mathews for Early Rollovers of Unit Investment Trusts

FINRA recently disclosed that former Merrill Lynch broker Scott Ryland Mathews agreed to a Letter of Acceptance, Waiver and Consent (AWC), Case # 2018060359901, relating to engaging in an unsuitable pattern of early rollovers of Unit Investment Trusts (“UITs”). Because of the long-term nature of UITs, their structure, and their costs, short-term trading of UITs may be unsuitable. As discussed on our recent blog post, FINRA also recently disclosed that Merrill Lynch agreed to an Acceptance, Waiver and Consent (AWC), Case #2017053437701, relating to its failure to establish and maintain a supervisory system that was reasonably designed to achieve compliance…