The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Rhett Douglas Bedwell from the securities industry. Mr. Bedwell was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to invest…
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including: making 81 unsuitable recommendations to purchase over $7.8 million…
FINRA has barred Great Nation Investment Corporation President, and CEO Bryon Pat Treat from the securities industry. Mr. Treat has been barred from associating with any FINRA member firm in any capacity because he refused to provide information and documents connected with FINRA’s investigation into whether he reasonably supervised the…
FINRA has barred former LPL stockbroker Bradley Allen Goodbred from the securities industry for refusing to respond to an information request issued pursuant to FINRA Rule 8210. On February 1, 2021, LPL terminated Goodbred’s registration by filing a Form U5, stating that Goodbred had been terminated because he failed to…
FINRA has suspended Ricky Alan Mantei from the securities industry for 30 business days. According to an Office of Hearing Officers (“OHO”) decision from February 18, 2021, Mantei violated his firm’s prearranged trading prohibition and circumvented its cross-trade procedures by directing prearranged trading with intermediaries in order to facilitate and…
**Update: 4/19/21** In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc. The customer has alleged over $515,000 in damages as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX). The complaint alleged…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Scott Richard Hansen for three months from the securities industry over allegations that Mr. Hansen, who is not a lawyer and did not attend law school, prepared a will and trust agreement for an elderly client who was in hospice…
The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Sean Daniel McDevitt for six months from the securities industry over allegations that Mr. McDevitt, while associated with Woodrock Securities, L.P. in Houston, Texas, participated in four private securities transactions totaling $600,000 without notice to or approval from his firm. FINRA…
Morgan Stanley’s Global Sports and Entertainment Group is a division of Morgan Stanley Wealth Management that targets professional athletes and entertainers. The group consists of approximately 168 financial advisors across the country that hold the designation “Global Sports and Entertainment Directors.” Morgan Stanley promotes that these advisors are uniquely qualified…
Professional basketball players Chandler Parsons and Courtney Lee, who have both played in the National Basketball Association, have reportedly filed a $5 million securities arbitration complaint against Morgan Stanley. According to broker Darryl Cohen’s CRD report, the complaint alleges that Morgan Stanley made payments from the players’ accounts without prior…