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…

Joseph Todaro Worden Capital Investor Alert: Customer Files Dispute Alleging Excessive Trading Against Melville, New York Broker

Joseph Todaro Worden Capital Investor Alert: Customer Files Dispute Alleging Excessive Trading Against Melville, New York Broker

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation into former Worden Capital Management, LLC and current SW Financial registered representative Joseph Paul Todaro (Joseph Todaro Worden Capital Investigation) in light of a customer dispute filed against the Melville, NY broker alleging excessive trading. Joseph Todaro Worden Capital Investigation – BrokerCheck of Joseph Todaro According to FINRA BrokerCheck, Joseph Paul Todaro was registered as a broker with Worden Capital Management LLC from March 2018 to August 2020. He is currently a registered representative with SW Financial out of its Melville, NY branch. Joseph Todaro’s FINRA BrokerCheck contains four…

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…

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…

ATTENTION INVESTORS AT FULL-SERVICE BROKERAGE FIRMS WITH FINANCIAL ADVISORS:  FINRA Arbitration is the Best Means to Recovering Losses Suffered Due to Market Volatility Caused by COVID-19

ATTENTION INVESTORS AT FULL-SERVICE BROKERAGE FIRMS WITH FINANCIAL ADVISORS: FINRA Arbitration is the Best Means to Recovering Losses Suffered Due to Market Volatility Caused by COVID-19

KlaymanToskes (“KT”), www.klaymantoskes.com, is investigating the damages sustained by investors at full-service brokerage firms who held large, unhedged concentrated positions, margin accounts, unsuitable asset allocations, or had an account that was excessively traded (known as “Churning”) and suffered losses due to the Coronavirus (“COVID-19”) pandemic. Has COVID-19 Caused You to Suffer Losses? Covid-19 has caused significant market volatility as large populations across the world have been quarantined and/or are on lockdown.  Governments are implementing social distancing to combat COVID-19, since there is currently no vaccine or cure.  The increase in volatility has led to widespread losses. What Can I Do…

NOTICE TO INVESTORS WHO SUFFERED STOCK MARKET LOSSES DUE TO COVID-19: KlaymanToskes Commences Investigation into Damages Sustained by Investors who Held Large, Unhedged Concentrated Positions, Margin Accounts, Unsuitable Allocations, or were Excessively Traded

KlaymanToskes (“KT”), www.klaymantoskes.com, announced today that it is investigating the damages sustained by investors who held large, unhedged concentrated positions, margin accounts, unsuitable asset allocations, or had an account that was excessively traded (known as “Churning”). Investment portfolios have seen tremendous declines in the last month.  Investors quickly saw the major indices lose significant value after closing on Friday, February 21, 2020 at near 52-week highs.  Recent market volatility is being caused by the Coronavirus pandemic (“COVID-19”).  Large populations across the world have been quarantined and/or are on lockdown.  Governments are implementing social distancing to combat COVID-19, since there is…

NOTICE TO ALL NEXT FINANCIAL GROUP, INC. CLIENTS: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Launches Investigation for Failure to Supervise Excessive Trading and Unsuitable Trade Recommendations Resulting in Damages in Excess of $10 Million

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, launches an investigation against Next Financial Group, Inc. (“NEXT”) (CRD #46214) based on its failure to supervise for excessive trading, short-short term mutual fund trading, securities concentration, and elder abuse resulting in damages in excess of $10 million in a customer’s accounts.  The investigation centers around a FINRA arbitration claim K&T is preparing to file against NEXT for failure to supervise its broker in Corpus Christi, Texas.  NEXT was fined $750,000 in December of 2017 for failing to adequately supervise a broker during the same timeframe alleged (2014 and 2015), allowing excessive trading to occur in customer accounts. …

FINRA Bars Broker for Excessive Trading in Elderly Customer Accounts

FINRA Bars Broker for Excessive Trading in Elderly Customer Accounts

Released April 2017 Matthew Christopher Maczko (CRD #1888519, Downers Grove, Illinois) submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Maczko consented to the sanction and to the entry of findings that he engaged in excessive trading in an elderly customer’s accounts. The findings stated that Maczko effectively controlled these accounts, which had an average aggregate value of $3 million. Maczko’s transactions in these accounts generated approximately $581,650 in commissions, $84,270 in other fees, and approximately $397,000 in trading losses. This level of trading was unsuitable…

Broker Barred by FINRA for Excessive Trading in Client IRA Accounts

Broker Barred by FINRA for Excessive Trading in Client IRA Accounts

Released March 2017 Richard Gomez (CRD #4727721, Jackson Heights, New York) submitted an AWC in which he was suspended from association with any FINRA member in any capacity for one year.  In light of Gomez’s financial status, no monetary sanction has been imposed. Without admitting or denying the findings, Gomez consented to the sanction and to the entry of findings that he engaged in several types of misconduct in the Individual Retirement Accounts (IRAs) of three of his member firm’s customers. The findings stated that without obtaining prior written authorization from two of these customers—who are husband and wife and…

FINRA Fines Broker for Excessive Commissions from Risky Trading Strategies

FINRA Fines Broker for Excessive Commissions from Risky Trading Strategies

Released November 2016 Lucas Dylan Lichtman (CRD #5542092, Nanuet, New York) submitted an Offer of Settlement in which he was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in any capacity for nine months. Without admitting or denying the allegations, Lichtman consented to the sanctions and to the entry of findings that he made unsuitable recommendations of an active trading investment strategy to his customer. The findings stated that Lichtman recommended that his customer engage in the unsuitable active trading investment strategy, despite the fact that he failed to understand the risks of the…

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…