**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to…
A Berthel Fisher & Company Financial Services, Inc. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that former broker Robyn D. Simons recommended unsuitable investments in real estate investment trusts (REITs) and business development companies (BDCs). The investments were reportedly purchased between 2014 and 2016. The…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ryan Ashley Raskin from the securities industry. Ryan Raskin was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Beverly Hills, California, from May 2016 until May 2020. Merrill Lynch terminated Mr. Raskin’s employment on March 4,…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Arthur Obermeier from the securities industry for 60 days and fined him $5,000. Mr. Obermeier’s sanctions arise from his execution of trades without his customers’ authorization or consent. Arthur Obermeier was registered with LPL Financial LLC in Boulder, Colorado, from…
FINRA has barred stockbroker Christopher B. Black from the securities industry. FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer. Mr. Black was a financial advisor at LPL Financial…
VALIC Financial Advisors, Inc. (“VFA”) and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 8, 2021, over supervisory and reporting violations. Specifically, FINRA found that: Between January 1, 2017, and October 31, 2018, VFA failed to establish a supervisory system and written procedures for the…
Iorio Altamirano LLP is investigating claims on behalf of Morgan Stanley customers after the firm agreed to pay restitution of more than $1.7 million over supervisory failures related to its 529 plan share-class recommendations. If you have lost money with Morgan Stanley or were advised by a Morgan Stanley representative…
A Crown Capital Securities L.P. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that broker Jeffrey Michael Warren recommended unsuitable investments in non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs). The complaint includes additional causes of action, including inadequate due diligence and…
Popular Securities broker Jose Ramon Martinez has six pending customer complaints on his CRD, including a customer complaint filed in late October 2020 claiming $500,000 in losses. The claims allege that recommendations to invest in Puerto Rico securities were unsuitable given the clients’ risk tolerance and Puerto Rico’s well-known deteriorating…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Frederick Griner from the securities industry for 15-business days and fined him $15,000. Mr. Griner’s sanctions arise from his improper use of discretion without written authorization. John Griner was registered with Morgan Stanley in Athens, Georgia from March 2011,…