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Tag: Failure to Supervise

Recover Darryl Cohen Morgan Stanley Investment Losses

February 14, 2022

National investment fraud lawyers KlaymanToskes notifies NBA, MLB, and other professional athletes to protect themselves against securities fraud in light of the Financial Industry Regulatory...

AEGIS CAPITAL INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Aegis Capital after FINRA Sanctions Aegis Capital and its Melville Branch Manager For Supervisory Violations Costing Investors Millions

November 16, 2021

FINRA sanctions Aegis Capital for $2.8 million including $1.7 million in restitution to customers for excessive and unsuitable trading in Aegis’ customer accounts. The remaining...

Unit Investment Trust Early Rollovers at Merrill Lynch Prompt Millions in FINRA Fines

June 26, 2021

FINRA recently disclosed that Merrill Lynch agreed to an Acceptance, Waiver and Consent (AWC), Case #2017053437701, relating to its failure to establish and maintain a...

BDC INVESTOR ALERT: Medley Capital Corp Files for Bankruptcy Protection in the Wake of Portfolio Loan Losses Attributed to the COVID Pandemic

April 05, 2021

On March 7, 2021, Medley Capital Corp. (NYSE: MCC), a direct subsidiary of Medley Management Inc. (NYSE: MDLY), filed for Bankruptcy Protection from creditors –...

FINRA Fines VALIC Financial Advisors $350,000 for Failure to Supervise Variable Annuity Sales Practices

March 19, 2021

On January 8, 2021, VALIC Financial Advisors agreed to a Letter of Acceptance, Waiver and Consent (AWC) (Case No. 2018060548501)  which included a Fine of...

FINRA Suspends Madison Avenue Securities Broker for Mutual Fund Sales Practice Violations

February 11, 2021

In November 2020, the securities industry watchdog, the Financial Regulatory Industry Authority (“FINRA”) suspended, Vincent Anthony Virga, after an Acceptance, Waiver and Consent (AWC) Order...

KlaymanToskes Investigates JP Morgan in Light of OCC $250 Million Civil Money Penalty Against JP Morgan Chase Bank, N.A. for Inadequate Supervision of Investment Advisory Business

December 03, 2020

On November 24, 2020, the Office of the Comptroller of the Currency (“OCC”) announced it would assess a $250 million civil money penalty against JPMorgan...

KlaymanToskes Investigates David Lerner Associates Recommended Investments in Proprietary Non-Traded Investments Concentrated in Energy Sector

November 17, 2020

National securities fraud law firm, KlaymanToskes, announces  its investigation into David Lerner Associates for the unsuitable concentration in proprietary products invested non-traded Oil & Gas...

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

November 13, 2020

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...

FINRA Barred, NPB Financial Group Ex-Broker, Cynthia Diane Cowden for Unsuitable Investment Recommendations in Illiquid Non-Traded Securities

October 30, 2020

The securities industry watchdog, the Financial Regulatory Industry Authority (“FINRA”) barred, NPB Financial Group’s, Ex-Broker Cynthia Diane Cowden, for Unsuitable Investment Recommendations to a retired...

ATTENTION HERTZ EMPLOYEES/INVESTORS: KlaymanToskes Commences Investigation into Damages Sustained in Hertz Stock held with Full-Service Brokerage Firms During Coronavirus Pandemic

May 06, 2020

KlaymanToskes, www.klaymantoskes.com, announced today that it is investigating damages sustained by current and former employees and investors of Hertz Global Holdings (NYSE:HTZ) (“Hertz”) who held...

KlaymanToskes Investigated Unsuitable Covered Call Writing Strategies on Behalf of UPS Employees Who Sustained Losses from Merrill Lynch and other full Service Brokerage Firms

April 13, 2020

KlaymanToskes investigated and filed claims for UPS (NYSE: UPS) employees for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions at Merrill...

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

August 27, 2018

The Securities Arbitration Law Firm of KlaymanToskes, 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...

Texas E&P Partners Expelled By FINRA for Misconduct Related to Chestnut Exploration Partners

March 30, 2017

Released March 2017 Texas E&P Partners, Inc. fka Chestnut Exploration Partners, Inc. (CRD #127228 , Richardson, Texas) and Mark Allan Plummer (CRD #4608699 Richardson, Texas)....

Broker Barred by FINRA for Excessive Trading in Client IRA Accounts

March 28, 2017

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...

NOTICE TO MORGAN STANLEY CLIENTS: KlaymanToskes Announces Investigation of Morgan Stanley Following $8 Million in SEC Fines for Exchange Traded Fund Violations

February 21, 2017

New York, NY -- February 21, 2017 – The Securities Arbitration Law Firm of KlaymanToskes www.klaymantoskes.com, announces an investigation into sales practice violations by Morgan...

Another Investor Lawsuit Filed Over Puerto Rico Bonds

January 17, 2017

Caribbean News January 16, 2017 SAN JUAN, Puerto Rico -- A securities arbitration law firm on Friday filed a claim against UBS Financial Services Inc....

NOTICE TO WELLS FARGO BROKERAGE CLIENTS: KlaymanToskes Launches Investigation into Wells Fargo Advisors’ Envision Investment Analysis Tool, Following $1 Million FINRA Fine for Failing to Supervise Client Presentation Reports

December 16, 2016

New York, NY  – December 16, 2016 -- The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, has launched an investigation into Wells Fargo Advisors, a wholly-owned brokerage...

FINRA Fines Broker $219,000 for Private Placement Violations

November 14, 2016

Thomas Edward Brenner Jr. (CRD #1489233, Orrville, Ohio) submitted an AWC in which he was assessed a deferred fine of $30,000, suspended from association with...

NOTICE TO CURRENT AND FORMER WELLS FARGO EMPLOYEES AND CUSTOMERS – KlaymanToskes Continues to Investigate Wells Fargo Cross Selling Incentive Programs Following Regulatory Probes

November 04, 2016

New York, NY – November 4, 2016 -- The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, continues to inv estigate Wells Fargo (NYSE:WFC) and its broker dealer, Wells Fargo Advisors, for potential...

FINRA Fines Eight Firms a Total of $6.2 Million for Supervisory Failures Related to Variable Annuity L-Shares

November 03, 2016

Released November 2, 2016 WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined eight firms, including VOYA Financial Advisors, five...

NOTICE TO WELLS FARGO AND MORGAN STANLEY CLIENTS – KlaymanToskes Investigates Cross Selling Incentive Programs Following FINRA Targeted Examination Letter to Brokerage Industry

October 31, 2016

New York, NY – October 31, 2016 -- The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, has opened an industry-wide investigation of brokerage firms into...

FINRA Submits Rule to SEC to Protect Against Elderly Financial Fraud

October 25, 2016

The Financial Industry Regulatory Authority (FINRA) has submitted new rule changes for the Securities Exchange Commission (SEC) to approve which is designed to help prevent...

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

October 24, 2016

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...

NOTICE TO WELLS FARGO BROKERAGE CUSTOMERS — The Securities Arbitration Law Firm of KlaymanToskes Continues Wells Fargo Advisors Investigation — California AG Issues Search Warrant

October 21, 2016

New York, NY -- October 21, 2016 -- The Securities Arbitration Law Firm of KlaymanToskes, www.klaymantoskes.com, continues to investigate Wells Fargo Advisors for potential Financial...

The Securities Arbitration Law Firm of KlaymanToskes Investigates Claims of Customer Losses from Concentrated UPS Stock Positions Managed in Merrill Lynch’s Rampart Options Management Service (ROMS) Program

September 18, 2015

Boca Raton, Florida (GLOBE NEWSWIRE) September 18, 2015 -- The securities arbitration law firm of KlaymanToskes, www.klaymantoskes.com, announced today that it is investigating Financial Industry...

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