National investment fraud lawyers KlaymanToskes investigates financial professionals suspended by FINRA (“Financial Industry Regulatory Authority”) in 2023. The stockbrokers and financial advisors investigated cannot currently work for any FINRA-regulated brokerage firms.
Many of the individuals listed also have multiple customer complaints including settlements in favor of the investors, while others have been barred from the securities industry in all capacities following their suspensions.
According to national investment fraud attorney Lawrence L. Klayman, Esq., “KlaymanToskes seeks to help the investing public by informing them of financial professionals who are currently suspended and/or barred that may be involved in customer disputes. This includes individuals previously associated with J.P. Morgan, LPL Financial, RBC Capital, UBS Financial, Spartan Capital, and others.”
Investors who have suffered investment losses at the hands of any of the individuals listed below are encouraged to contact us at 888-997-9956 or by email at lklayman@klaymantoskes.com for a free and confidential consultation to discuss their recovery options.
FINRA is the self-regulatory organization responsible for regulating all U.S. brokers and brokerage firms doing business with investors in the United States and throughout the world. FINRA’s public database, known as BrokerCheck, is a free tool for investors seeking information about their financial advisors/brokers and brokerage firms.
Through BrokerCheck, investors can access their advisor’s public disclosure history including pending and settled customer complaints, regulatory actions, judgements and liens, personal bankruptcies, and criminal history.
The following is a list of FINRA-regulated brokers and financial advisers that have been suspended and/or barred by FINRA in 2023. The list contains the individuals’ names, CRD numbers (linked to their BrokerCheck profiles), their associated brokerage firm/location, and significant disclosure history (according to their BrokerCheck reports). Some individuals have been barred from the securities industry in all capacities following their suspensions.
| Name | Suspension
& Bar Dates |
CRD #
(BrokerCheck) |
Firm/Location | Disclosure History |
| Antoine Nabih Souma | Suspended from 12/6/2021
to 2/5/2022 Barred as of 2/21/2023 |
4210987 | Galloitt Capital Advisors
Insigneo Securities Morgan Stanley Beverly Hills, CA |
1 pending customer complaint alleging damages of $2,000,000 and that Mr. Souma made unsuitable recommendations and unauthorized transactions in the investors’ account;
Barred by FINRA in connection with its investigation into his compliance with FINRA Rule 3280 concerning participation in private securities transactions. |
| Patrick
Noel Thayer |
Suspended starting 11/18/2022
Barred as of 2/21/2023 |
5735955 | LPL Financial
Parkland Securities Lebanon, OH |
2 pending customer complaints; Pending investor complaint filed 10/19/22 alleges $1.3 million in investor damages and that the advisor misappropriated funds from the investor’s account;
Pending investor complaint filed 9/28/22 alleges the advisor misappropriated funds from the investor’s account and $45,250 in investor damages. |
| Brian M. Wurdemann | Suspended starting 11/16/2022
Barred as of 2/21/2023 |
4206425 | RBC Capital Markets
New York, NY UBS Financial Services Paramus, NJ |
7 customer complaints; 4 settled; 1 investor complaint awarded $170,000 and alleged misrepresentation;
1 Pending investor complaint alleges the advisor failed to properly advise the investor of risks and failed to minimize losses, Alleges $465,097 in investor damages; 1 denied complaint. |
| Mark
Andrew Miranda |
Suspended starting 12/23/2022
Will be automaticallyBarred as of 3/03/2023 if he does not request termination of the suspension |
2793426 | Spartan Capital
Garden City, NY Network 1 Financial Securities Syosset, NY |
4 customer complaints; 6 judgments/liens; 1 investor complaint awarded $203,029 for alleged misrepresentation, omissions, unsuitable investment recommendations, lack of supervision, breach of contract and industry rules. |
| Albert Foronda | Suspended starting 12/27/2022
Will be automaticallyBarred as of 3/06/2023 if he does not request termination of the suspension |
5737620 | Spartan Capital Securities
Worden Capital Management New York, NY |
5 customer complaints; 3 settled; 2 pending complaints allege churning, unsuitability, breach of fiduciary contract, misrepresentation, unauthorized trading, failure to supervise and collective investor damages of over $85k.
AWC, sanctions, $7,500 fine and $2,765 restitution for unauthorized trading at Spartan and Worden Capital. |
| Edward
Joseph McMahon |
Suspended starting 11/18/2022
Barred as of 2/21/2023 |
1276905 | Alexander Capital
New York, NY |
1 customer complaint settled in favor of the investor for $33,000, alleged failure to execute. |
| William Aaron
Casper |
Suspended starting 12/12/2022
Barred as of 2/21/2023 |
7144028 | J.P. Morgan Securities
West Sacramento, CA |
Terminated by J.P. Morgan for allegedly accessing bank customer profiles and providing confidential bank customer information to an unauthorized third party resulting in fraudulent transactions in the bank customers’ accounts. |
| Kevin
Wai Chiu |
Suspended starting 12/08/2022
Barred as of 2/17/2023 |
6819859 | J.P. Morgan Securities
Brooklyn, NY |
Terminated by J.P. Morgan for allegedly making unauthorized withdrawals from a customer’s affiliate bank account without authorization, for his personal use. |
KlaymanToskes encourages investors who did business with any of the brokers listed above to review their accounts for signs of broker misconduct and/or investment losses.
FINRA-regulated brokers, financial advisers, and brokerage firms have a responsibility to make recommendations with their customer’s best interest in mind, based upon the client’s personal needs and preferences. Investors can still pursue investment recovery claims against financial advisers and/or brokerage firms that have been suspended or barred from the securities industry.
A Financial Industry Regulatory Authority (“FINRA”) securities arbitration claim may be the best solution to recover investment losses. FINRA arbitration is a more cost-effective process for investors, often occurring with increased speed and efficiency over a court proceeding.
Investors that suffered significant losses should contact attorney Lawrence L. Klayman, Esq., at 888-997-9956, or lklayman@klaymantoskes.com to discuss their recovery options.
Consultations are free and every case is taken on a contingency basis, meaning we do not collect a fee unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq.
888-997-9956