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 SPAC INVESTORS: KlaymanToskes Investigates Losses in Excess of $250,000 from Investments in Electric Vehicle Industry Stocks Recommended by Full-Service Brokerage Firms

ATTENTION SPAC INVESTORS: KlaymanToskes Investigates Losses in Excess of $250,000 from Investments in Electric Vehicle Industry Stocks Recommended by Full-Service Brokerage Firms

KlaymanToskes (“KT”) announces an investigation on behalf of investors who sustained losses in excess of $250,000 in Electric Vehicle Industry Stock investments funded through Special Purpose Acquisition Companies (SPACs) Initial Public Offerings (IPOs).  According to the U.S. Securities and Exchange Commission (SEC), a blank check or Special Purchase Acquisition Company (SPAC) is a “development stage company that has no specific business plan or purpose or has indicated its business plan is to engage in a merger or acquisition with an unidentified company or companies, other entity, or person. These companies typically involve speculative investments and often fall within the SEC’s definition…

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

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

On March 7, 2021, Medley Capital Corp. (NYSE: MCC), a direct subsidiary of Medley Management Inc. (NYSE: MDLY), filed for Bankruptcy Protection from creditors – mostly investors.  Medley Management Inc., is an “alternative asset management firm offering yield solutions to retail and institutional investors” through two Business Development Companies (“BDCs”), Medley Capital and Sierra Income Corp., a non-traded BDC. Medley Capital Corp and Sierra Income Corp, invested in non-public companies, under the direction and advice of Medley Management’s affiliate SIC Advisors, LLC.  The two BDCs made loans to non-public companies that did not have access to the traditional publicly traded…

LORDSTOWN MOTORS CORP CLASS ACTION ALERT: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Truck Manufacturer

LORDSTOWN MOTORS CORP CLASS ACTION ALERT: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Truck Manufacturer

Boca Raton, Florida — March 22, 2021 — The Securities Law Firm of KlaymanToskes (“KT”) provides a Lordstown Motors Corp. (NASDAQ:RIDE) Alert to shareholders concerning the Class Action Lawsuit (Case 21-CV-00616) filed March 18, 2021 in the United States District Court of the Northern District of Ohio, Youngstown Division, for the class period from August 3, 2020 and March 17, 2021.   Lordstown Motors Corp. is a nascent company with a limited history of operating as manufacturer of Electric Vehicle (EV) trucks.  According to the class action lawsuit, “Throughout the Class Period, Defendants made materially false and misleading statements regarding the…

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

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

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 $350,000 by the Financial Industry Financial Authority (FINRA), the securities industry regulator established to protect investors.  According to the agreement with FINRA, VALIC Financial Advisors “consented to the sanctions and to findings that it failed to establish a reasonably designed system and written procedures for the surveillance of rates of variable annuity replacements and for corrective action in the case of inappropriate replacements”.  FINRA also determined. “The procedures also failed to provide guidance as to…

NOTICE TO WORKHORSE GROUP SHAREHOLDERS: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Company

NOTICE TO WORKHORSE GROUP SHAREHOLDERS: Securities Law Firm KlaymanToskes Comments on Recent Class Action Lawsuit in Electric Vehicle Company

Boca Raton, Florida — March 16, 2021 — The Securities Law Firm of KlaymanToskes (“KT”) provides notice to all Workhorse Group, Inc. (NYSE:WKHS) shareholders concerning the Class Action Lawsuit (Case 2:21-cv-02072) filed March 8, 2021 in the United States District Court of the Central District of California, for the class period from July 7, 2020 and February 23, 2021.   Workhorse Group is an Electric Vehicle (EV) stock which represents a highly speculative investment.  According to the class action lawsuit, “Defendants made materially false and/or misleading statements, and failed to disclose that: (1) the Company was merely hoping that USPS…

DAVID LERNER INVESTOR ALERT: KlaymanToskes Investigates Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000

DAVID LERNER INVESTOR ALERT: KlaymanToskes Investigates Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000

National securities fraud law firm, KlaymanToskes (“KT”), announces  its investigation into David Lerner Associates for the unsuitable concentration in proprietary products invested in non-traded Oil & Gas Investments offered exclusively to its clients.  The concentrated investments include the Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ:SOAEX).  In addition to the precipitous loss in value, most of the interest payments received by investors are now considered return of capital. According to securities attorney, Lawrence L. Klayman, “David Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.”  According to the Energy 11…

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

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

National securities fraud law firm, KlaymanToskes (“KT”), announces  its investigation into David Lerner Associates for the unsuitable concentration in proprietary products invested non-traded Oil & Gas Investments offered exclusively to its clients.  The concentrated investments include the Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund (SOAEX).  In addition to the precipitous loss in value, the majority of the interest payments received by investors are now considered, return of capital. According to securities attorney, Lawrence L. Klayman, “David Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors”.  According to the Energy 11…

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…

ATTENTION CARNIVAL EMPLOYEES/INVESTORS:  KlaymanToskes Commences Investigation into Damages Sustained by Investors in Carnival Stock held with Full-Service Brokerage Firms During Coronavirus Pandemic

ATTENTION CARNIVAL EMPLOYEES/INVESTORS: KlaymanToskes Commences Investigation into Damages Sustained by Investors in Carnival Stock held with Full-Service Brokerage Firms During Coronavirus Pandemic

KlaymanToskes (“KT”), www.klaymantoskes.com, announced today that it is investigating damages sustained by current and former employees and investors of Carnival Corporation (NYSE:CCL) (“Carnival”) who held large, unhedged concentrated positions in Carnival stock and/or received margin calls resulting in the forced sale of stock.  The recent losses were the result of unsuitable advice during the Coronavirus (“COVID-19”) pandemic.  The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of concentrated, leveraged positions in Carnival stock. Investment portfolios holding large, concentrated stock positions carry significant downside risks, especially when leveraged by a margin loan. Full-service brokerage firms whose…

ATTENTION ROYAL CARIBBEAN EMPLOYEES/INVESTORS:  KlaymanToskes Commences Investigation into Damages Sustained in Royal Caribbean Stock held with Full-Service Brokerage Firms During Coronavirus Pandemic

ATTENTION ROYAL CARIBBEAN EMPLOYEES/INVESTORS: KlaymanToskes Commences Investigation into Damages Sustained in Royal Caribbean Stock held with Full-Service Brokerage Firms During Coronavirus Pandemic

KlaymanToskes (“KT”), www.klaymantoskes.com, announced today that it is investigating damages sustained by current and former employees and investors of Royal Caribbean Cruises (NYSE:RCL) (“Royal Caribbean”) who held large, unhedged concentrated positions in Royal Caribbean stock and/or received margin calls resulting in the forced sale of stock.  The recent losses were the result of unsuitable advice during the Coronavirus (“COVID-19”) pandemic.  The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of concentrated, leveraged positions in Royal Caribbean stock. Investment portfolios holding large, concentrated stock positions carry significant downside risks, especially when leveraged by a margin loan.…

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…

Recover Investment Losses Sustained in Coronavirus (COVID-19) Pandemic

Recover Investment Losses Sustained in Coronavirus (COVID-19) Pandemic

Since February 21, 2020, the stock market indexes have all been suffering from staggering losses and volatility seen only few times before. Investors have suffered losses across their portfolios with certain sectors affected worse than others. The cause:  novel coronavirus (“COVID-19”). However, full-service brokerage firms may still be liable for your losses. The securities industry is governed by rules and regulations to protect investors during historic periods of economic volatility, economic turmoil, and from external shocks, such as COVID-19. COVID-19 currently has no vaccine and has created a global health pandemic. As a result of the COVID-19 pandemic, the U.S.…

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…

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

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

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). The firm was expelled from FINRA® membership. Plummer was barred from association with any FINRA member in any capacity and ordered to pay $ 513,961, plus interest, in restitution to customers. The sanctions were based on findings that Plummer misused customer funds by misusing the portion of a completion assessment (certain assessments that were levied on investors for prospective oil and gas well investments) attributable to a prospective well. The findings stated that Plummer collected…

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…

NOTICE TO UPS EMPLOYEES/SHAREHOLDERS: Klayman & Toskes, P.A. Files $1,000,000 FINRA Arbitration Claim on Behalf of Retired UPS Employee for Losses Suffered as a result of Merrill Lynch’s Unsuitable Recommendation to Invest in Rampart Strategy

NOTICE TO UPS EMPLOYEES/SHAREHOLDERS: Klayman & Toskes, P.A. Files $1,000,000 FINRA Arbitration Claim on Behalf of Retired UPS Employee for Losses Suffered as a result of Merrill Lynch’s Unsuitable Recommendation to Invest in Rampart Strategy

NEW YORK, March 13, 2017 (GLOBE NEWSWIRE) — The securities arbitration law firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, has filed a $1,000,000 FINRA arbitration claim [FINRA Case No. 17-00599] on behalf of retired United Parcel Service (“UPS”) (NYSE: UPS) employee for losses suffered as a result of Merrill Lynch’s unsuitable recommendation to invest in Rampart Strategy. According to K&T, the investigation focuses on Merrill Lynch’s sales practices for customers who acquired UPS stock through UPS’ Employee Stock Purchase Plan or Managers Incentive Program and were advised by Merrill Lynch to implement a covered call strategy on their concentrated…

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…

Klayman & Toskes, P.A. Comments on President Trump's Executive Orders Targeting DOL Retirement Advice Rule and Dodd-Frank Wall Street Reform

Klayman & Toskes, P.A. Comments on President Trump's Executive Orders Targeting DOL Retirement Advice Rule and Dodd-Frank Wall Street Reform

New York, NY – February 3, 2017 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, comments on President Trump’s executive orders targeting the Department of Labor’s (“DOL”) retirement advice rule and Dodd-Frank Wall Street Reform.  President Donald Trump will be signing executive orders today instructing the DOL to halt implementation of its retirement advice rule and review Dodd-Frank Wall Street Reform. The DOL’s retirement advice rule, also known as the fiduciary rule, was issued in 2016 by former president Barack Obama’s administration and is scheduled to take effect in April 2017. The DOL’s rule was…

Another Investor Lawsuit Filed Over Puerto Rico Bonds

Another Investor Lawsuit Filed Over Puerto Rico Bonds

Caribbean News January 16, 2017 SAN JUAN, Puerto Rico — A securities arbitration law firm on Friday filed a claim against UBS Financial Services Inc. of Puerto Rico and UBS Financial Services, Inc. (collectively “UBS”) for $8.5 million. According to the claim, the claimant entrusted assets to UBS with the investment objective of capital preservation. However, UBS ultimately concentrated the account in Puerto Rico government bonds (PRGBs) and its proprietary Puerto Rico closed-end bond funds (UBS PR CEBFs), which are leveraged and concentrated in PRGBs. UBS purchased and held for the claimant PRGBs and UBS PR CEBFs, both of which…