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…
FINRA has suspended James Alan Schumaker from the securities industry for nine months for allowing a former registered representative, who had been barred from the securities industry in 2014, to conduct a securities business. The barred registered representative was identified as Mr. Schumaker’s father. In addition to his suspension, Mr.…
FINRA has suspended Stewart Schram from the securities industry for four-months for engaging in outside business activity and private securities transactions without firm approval. In addition to his suspension, Mr. Schram was also fined $7,500. FINRA began its investigation after receiving a regulatory tip. Mr. Schram is no longer associated…
Iorio Altamirano LLP is investigating The GMS Group LLC (“GMS”) after the firm was censured and fined $90,000 for charging unfair and unreasonable prices to customers in 49 transactions involving below investment grade municipal bonds. As part of the AWC, GMS was also ordered to pay approximately $42,446 plus interest…
The Financial Industry Regulatory Authority (“FINRA”) has barred broker Scott Wayne Reed from the securities industry over allegations that Mr. Reed, while associated with Wells Fargo, participated in private securities transactions totaling at least $3.5 million without providing prior written notice to his firm. Mr. Reed was a financial advisor…