SwapStar Capital Investor Alert: National Investor Fraud Law Firm KlaymanToskes Investigates New Jersey Investment Advisor Fraud in Light of SEC, CFTC Charges

SwapStar Capital Investor Alert: National Investor Fraud Law Firm KlaymanToskes Investigates New Jersey Investment Advisor Fraud in Light of SEC, CFTC Charges

Investment Losses with SwapStar Capital? KlaymanToskes Investigates Barred New Jersey Investment Adviser and Firm Swapstar Capital National investor fraud law firm is investigating SwapStar Capital in light of the SEC and Commodity and Futures Trading Commission’s actions filed against the firm and Swapnil Rege in October 2020. SwapStar Capital Fraud Investigation On October 26, 2021, the SEC charged a New Jersey-based individual with stealing money from investment advisory clients, and doing so while he was subject to a prior SEC order barring him from being in the investment advisory business. SEC Complaint The SEC’s complaint alleges that that Swapnil J.…

RICHARD WESSELT INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Announces Investigation of FINRA Barred Financial Advisor Richard Wesselt

RICHARD WESSELT INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Announces Investigation of FINRA Barred Financial Advisor Richard Wesselt

Financial Advisor Richard Wesselt has been barred by FINRA. FINRA barred financial advisor Richard Wesselt made unsuitable recommendations that did not take into account his customer’s risk tolerance, liquidity needs, and time horizon. In many cases, Richard Wesselt recommended his customers liquidate their tax-deferred retirement accounts causing them to lose the benefit of these types of accounts. Then, he recommended that those same investors use the proceeds from their retirement accounts to purchase variable annuities. Once those new accounts were established, he recommended that the investors take early withdrawals. Richard Wesselt’s recommendations lead to surrender charges, fees, and penalties. Moreover,…

JIHYE KANG AXA ADVISORS INVESTMENT LOSSES? National Investor Fraud Law Firm KlaymanToskes Investigates Ex-Broker in Light of Forgery Accusations, Securities Bar

JIHYE KANG AXA ADVISORS INVESTMENT LOSSES? National Investor Fraud Law Firm KlaymanToskes Investigates Ex-Broker in Light of Forgery Accusations, Securities Bar

Investment Losses with Jenna Kang (Los Angeles, CA) at Axa Advisors? National investor fraud law firm KlaymanToskes is investigation ex-Axa Advisors broker Jenna Kang (a/k/a Jihye Kang) (“Jihye Kang Axa Advisors Investigation”) in light of her bar from the securities industry and allegations of forgery from former customers. Forgery Allegations Against Jihye Kang According to FINRA BrokerCheck, multiple customers alleged that Jihye Kang opened customer accounts without client authorization. Customer disputes include: May 20, 2020. Client alleges that they do not recognize the signature on a retirement account application that was submitted on their behalf.May 21 2020. Client alleges Jihye…

LPL FINANCIAL, LLC MICHAEL HARTLETT  INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Announces Investigation after Financial Advisor Michael Hartlett Consents to Suspension and Fine

LPL FINANCIAL, LLC MICHAEL HARTLETT INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Announces Investigation after Financial Advisor Michael Hartlett Consents to Suspension and Fine

Michael Hartlett consents to FINRA suspension and fine for discretionary trading in an investor’s account without prior written authorization in a Letter of Acceptance, Waiver, and Consent. The consent was also based on the submission of false statements in compliance questionnaires from 2018-2020 stating that he was not exercising discretionary trading authority in his customer’s brokerage accounts. According to Michael Hartlett, after joining LPL in 2018, an investor opened three separate accounts. The investor gave verbal authority to Michael Hartlett for him to trade in the investor’s accounts. Michael Hartlett did not disclose this grant of discretionary trading authority to…

SHILLIN WEALTH MANAGEMENT MICHAEL SHILLIN INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Announces Investigation of Wisconsin Investment Advisor in Light of Pending SEC Action

SHILLIN WEALTH MANAGEMENT MICHAEL SHILLIN INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Announces Investigation of Wisconsin Investment Advisor in Light of Pending SEC Action

Michael Shillin Alliance Global Partners Investment Losses? FINRA Bars Appleton, Wisconsin investment advisor accused of defrauding at least 100 advisory clients. National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Shillin Wealth Management Michael Shillin Investigation”) into former Alliance Global Partners broker Michael Shillin (CRD# 5927156) in light of the recent SEC action from September 2021. September 2021 SEC Complaint and Michael Shillin Shillin Wealth Management Investigation In Litigation Release No. 25218, the SEC states as follows relating to its Complaint filed on September 23, 2021 against Michael Shillin: “Shillin, while acting as an investment adviser, fabricated documents…

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…

EDGAR KLEYDMAN AXA ADVISORS INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Ex-Axa Advisors Broker In Light of Securities Bar

EDGAR KLEYDMAN AXA ADVISORS INVESTOR ALERT: National Investor Fraud Law Firm KlaymanToskes Investigates Ex-Axa Advisors Broker In Light of Securities Bar

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Edgar Kleydman Axa Advisors Investigation”) into former Axa Advisors (n/k/a Equitable Advisors) Edgar A Kleydman (“Edgar Kleydman”) in light of a disciplinary bar disclosed by FINRA. In October 2021, FINRA barred Edgar Kleydman from the securities industry. The bar relates to Edgar Kleydman’s refusal to appear for on-the-record testimony to FINRA. The OTR testimony is in regard to whether he engaged in private securities transactions without providing written notice to Axa Advisors. Ex-Axa Advisors Broker Edgar Kleydman Barred by FINRA According to a recent FINRA Letter of Acceptance, Waiver…

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…

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 THOMAS STRATTON WORLD CHOICE SECURITIES CUSTOMERS: FINRA BARS BROKER RELATING TO ITS INVESTIGATION OF POTENTIAL MISUSE OF CUSTOMER FUNDS

ATTENTION THOMAS STRATTON WORLD CHOICE SECURITIES CUSTOMERS: FINRA BARS BROKER RELATING TO ITS INVESTIGATION OF POTENTIAL MISUSE OF CUSTOMER FUNDS

National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation (“Thomas Stratton World Choice Securities Investigation”) into World Choice Securities broker Thomas Ward Stratton in light of his recent bar from the securities industry. On August 12, 2021, FINRA disclosed in a Letter of Acceptance, Waiver and Consent that it has barred World Choice Securities broker Thomas Stratton relating to his refusal to provide information and documents requested pursuant to FINRA Rule 8210 and 2010. The matter originated from a tip to FINRA’s Securities Helpline for Seniors. What is a FINRA AWC? According to FINRA Rule 9216, if FINRA’s Department of Enforcement…

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 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…

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

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

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 couple and an individual senior investor.  The recommended investments at issue were illiquid non-traded REITs and non-traded closed end funds.  According to FINRA, the barred broker’s recommendations resulted in unsuitable, securities concentration in illiquid securities that exceeded concentration limits established by the California State Regulations designed to protect investors. FINRA required that Cynthia Diane Cowden’s investment advice should have had reasonable basis for her recommendations, based on the investor’s “age, other investments, financial situation and…

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…

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…

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

Released November 2, 2016 WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has fined eight firms, including VOYA Financial Advisors, five broker-dealer subsidiaries of Cetera Financial Group, Kestra Investment Services, LLC, and FTB Advisors, Inc., a total of $6.2 million for failing to supervise sales of variable annuities (VAs). FINRA also ordered five of the firms to pay more than $6 million to customers who purchased L-share variable annuities with potentially incompatible, complex and expensive long-term minimum-income and withdrawal riders. FINRA imposed sanctions against the following firms. VOYA Financial Advisors Inc., of Des Moines, IA, was…