Ken Welsh Wells Fargo Investor Alert: National Investor Fraud Law Firm KlaymanToskes Investigates Former Fairfield, NJ Financial Advisor

Ken Welsh Wells Fargo Investor Alert: National Investor Fraud Law Firm KlaymanToskes Investigates Former Fairfield, NJ Financial Advisor

Ex-Wells Fargo Financial Advisor Ken Welsh Wells Fargo Accused of Stealing Customer Funds National investor fraud law firm KlaymanToskes is investigating former Wells Fargo financial advisor Kenneth Welsh (“Ken Welsh Wells Fargo Investigation”) after allegations that Kenneth Welsh may have stolen funds from Wells Fargo investors. Our investigation is in light of an SEC Complaint and U.S. Attorney’s Complaint filed last month. Unauthorized Withdrawal Allegations Concerning Kenneth Welsh Wells Fargo Prior to Kenneth Welsh’s termination from Wells Fargo in July 2021, an investor’s attorney notified Wells Fargo of 76 withdrawals from the investor’s account over a 27 month period. These…

ATTENTION CURRENT AND FORMER OPPENHEIMER CUSTOMERS WHO INVESTED IN HORIZON PRIVATE EQUITY III: National Investor Fraud Law Firm KlaymanToskes Announces Investigation of Potential Claims on Behalf of Oppenheimer Customers Over Ponzi Scheme Losses

ATTENTION CURRENT AND FORMER OPPENHEIMER CUSTOMERS WHO INVESTED IN HORIZON PRIVATE EQUITY III: National Investor Fraud Law Firm KlaymanToskes Announces Investigation of Potential Claims on Behalf of Oppenheimer Customers Over Ponzi Scheme Losses

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Horizon Oppenheimer Investigation”) of potential FINRA arbitration claims on behalf of former and current Oppenheimer & Co., Inc. (“Oppenheimer”) customers who invested in the alleged Horizon Private Equity III (“Horizon”) Ponzi scheme. Horizon Oppenheimer Investigation – Oppenheimer, Southport Capital, and Horizon Private Equity III Ponzi Scheme Investors are suing Oppenheimer for its role in enabling a massive Ponzi scheme devised by Marietta, Georgia resident and former Oppenheimer registered representative, John Woods, which was operated through his firm, Southport Capital. From 2008 to 2016, John Woods and his brother Jim…

Securities America Advisors Fined Regarding Supervisory Failures and Ex-Broker Hector May

Securities America Advisors Fined Regarding Supervisory Failures and Ex-Broker Hector May

The Securities & Exchange commission recently announced that it filed an order against Securities America Advisors, Inc. (“SAA”), a Nebraska-based investment advisor, for failing to implement policies and procedures reasonably designed to protect the misappropriation of advisory client assets relating to one of its formerly registered representatives, Hector May. The failure to supervise by Securities America Advisors resulted in Hector May’s misappropriation of millions of dollars from clients’ advisory accounts at the firm. The SEC Order Against Securities America Advisors, Inc. According to the SEC Order, from November 2014 to March 2018, SAA failed to implement policies and procedures for…

NOTICE TO ROBINHOOD FINANCIAL LLC INVESTORS – KlaymanToskes Commences Investigation for Robinhood Financial LLC (“Robinhood”) Investors With Losses in Excess of $100,000 Due to Firm’s Inappropriate Options Trading Approval

NOTICE TO ROBINHOOD FINANCIAL LLC INVESTORS – KlaymanToskes Commences Investigation for Robinhood Financial LLC (“Robinhood”) Investors With Losses in Excess of $100,000 Due to Firm’s Inappropriate Options Trading Approval

KlaymanToskes (“KT”) announces an investigation on behalf of investors who sustained losses in excess of $100,000 from the inappropriate options trading approval from Robinhood Financial LLC (“Robinhood”). On June 30, 2021, the Financial Industry Regulatory Authority (“FINRA”) disclosed  that Robinhood agreed to a Letter of Acceptance, Waiver and Consent relating, in part, to inappropriately approving customers for options trading. Specifically, since Robinhood began offering options in December 2017, the firm relied on flawed computer algorithms with only limited oversight by firm principals, which resulted in inappropriately approving thousands of customers who did not satisfy the firm’s eligibility criteria or whose…

FINRA Fines Cetera $1 Million for Failure to Supervise Private Securities Transactions in Client Accounts

FINRA Fines Cetera $1 Million for Failure to Supervise Private Securities Transactions in Client Accounts

FINRA recently disclosed that Cetera Advisor Networks LLC, Cetera Advisors, LLC and Cetera Financial Specialists, LLC, (Cetera Firms) agreed to an Acceptance, Waiver and Consent (AWC) Case #2015046716901.  The Cetera Firms were fined $1 million and were ordered to review and revise, their systems, policies and procedures with respect to the supervision of “private securities” transactions in client accounts, for brokers who were dually-registered. According to FINRA, “From January 2011 through December 2018, Networks and Advisors, and from November 2012 through January 2018, Specialists (the relevant time periods) each failed to establish, maintain and enforce a supervisory system and written…

SEC Charges Broker-Dealers and Investment Advisory Firms for the Sales of Complex Exchange-Traded Products With More than $3 Million Returned to Retail Investors

SEC Charges Broker-Dealers and Investment Advisory Firms for the Sales of Complex Exchange-Traded Products With More than $3 Million Returned to Retail Investors

The securities industry watchdog, the Securities and Exchange Commission (“SC”) filed settled actions against three investment advisory firms and two dually-registered broker-dealer and advisory firms for violations that related to unsuitable sales of complex exchange-traded products (“ETFs”) to retail investors for the period between January 2016 and April 2020. According to SEC, “The actions were filed against American Portfolios Financial Services/American Portfolios Advisors Inc., Benjamin F. Edwards & Company Inc., Royal Alliance Associates Inc., Securities America Advisors Inc., and Summit Financial Group Inc. – will result in the return of over $3 million to harmed investors’.  According to a news release by the SEC on…

NOTICE TO MORGAN STANLEY CLIENTS: Klayman & Toskes, P.A. Announces Investigation of Morgan Stanley Following $8 Million in SEC Fines for Exchange Traded Fund Violations

NOTICE TO MORGAN STANLEY CLIENTS: Klayman & Toskes, P.A. Announces Investigation of Morgan Stanley Following $8 Million in SEC Fines for Exchange Traded Fund Violations

New York, NY — February 21, 2017 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A.,(K&T) www.klaymantoskes.com, announces an investigation into sales practice violations by Morgan Stanley (NYSE:MS) following $8 million in fines levied by the Securities Exchange Commission (SEC) related to Exchange Traded Funds (ETFs). On February 14, 2017, the SEC imposed a Cease and Desist Order and Remedial Actions against Morgan Stanley for sales practice violations related to recommended investments in single-inverse ETFs for advisory clients in non-discretionary accounts.  According to Morgan Stanley compliance procedures, recommended investments in single-inverse ETFS had two requirements: Advisory clients were…

SEC Bars LPL Financial advisor, Paul Lebel for Churning Client Mutual Fund Investments

SEC Bars LPL Financial advisor, Paul Lebel for Churning Client Mutual Fund Investments

On October 18, 2016, the Securities Exchange Commission (SEC) barred LPL Financial advisor, Paul Lebel for churning and excessively trading mutual funds in customer accounts for the sole purpose of his own personal enrichment.   The excessive trading, also known as “churning” occurred during the period from 2008 to 2014, “during his employment with LPL, he defrauded four customers by churning several of their accounts,” according to the SEC administrative proceeding. According to the SEC which imposed Remedial Sanctions and a Cease and Desist Order which was a Paul Lebel. “In particular, Lebel exercised de facto control over these customers’ accounts…

Notice to All United Development Funding IV Investors with Losses in Excess of $250,000 from the Securities Arbitration Law Firm of Klayman & Toskes, P.A.

New York (Globe Newswire) – March 2, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, provides notice to all United Development Funding IV (NASDAQ:UDF) investors with full-service brokerage accounts. Class action lawsuits have been filed against company and its officers only.  Investors with full-service brokerage firms should consider all investment loss recovery options including, claims filed with the Financial Industry Regulatory Authority (“FINRA”) for sales practice violations. According to a study conducted by K&T, investors can expect to recover only a small fraction of their estimated damages through participation in a class action lawsuit. According…

The Securities Arbitration Law Firm of Klayman & Toskes, PA Continues to Investigate UBS V10 Enhanced FX Carry Strategy Notes Following UBS Settlement with SEC for $19.5 Million

Boca Raton, Florida (BUSINESSWIRE) October 14, 2015 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.klaymantoskes.com announced today that it continues to investigate UBS Financial Services (UBS) in connection with the sale of senior unsecured notes, issued by affiliated banks of parent company UBS AG (NYSE: UBS). In response to a Securities Exchange Commission (SEC) Cease and Desist Order, UBS AG submitted an Offer of Settlement which included payment of $19.5 million for violations of securities laws related to the issue and sale of senior unsecured notes linked to the V10 Currency Index. According to the SEC,…