FINRA has barred former Cetera Advisors LLC broker Donna Jean Hines from the securities industry. Hines consented to the sanction and to the entry of findings that she refused to appear for on-the-record testimony in connection with FINRA’s investigation into whether she facilitated a customer’s bitcoin investment for compensation. The…
FINRA has barred former Cambria Capital, LLC broker Steven Musielski from the securities industry. Musielski consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into his sales practice activity. The FINRA findings stated…
Over the past calendar year, GPB Capital investors have won over $2.4 million in monetary awards in 10 out of 11 (nearly 91%) arbitration claims that have proceeded to a final hearing. According to public records, many other claims filed against broker-dealers who sold the private placements offered by GPB…
Energy 11, L.P. is an illiquid, non-traded limited partnership sold as private placement security exclusively by broker-dealer David Lerner Associates, Inc. The limited partnership invests in the oil, gas, and energy sector, which has been extremely volatile the past several years. Energy 11 was not suitable for most conservative or…
Between July 2013 and June 2018, limited partners invested $675 million into GPB Automotive Portfolio, LP, which was sold as a private placement offering by broker-dealers and registered investment advisory firms across the country. Financial advisors, who received large commissions for selling limited partnership units of GPB Automotive, lured investors…
Iorio Altamirano LLP, a leading securities arbitration law firm, has filed a case through the Financial Industry Regulatory Authority (FINRA) Dispute Resolution Services’ arbitration forum against Aegis Capital Corp. The claim, which Iorio Altamirano LLP filed on behalf of an investor in the GPB Automotive Portfolio, LP fund, seeks to…
On November 8, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Aegis Capital Corp. (“Aegis Capital”) entered into Letter of Acceptance, Waiver, and Consent No. 2016051704305 (the “AWC”). After conducting an investigation, FINRA alleged in the AWC that from July 2014 through December 2018, Aegis Capital failed to establish, maintain,…
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Leonard Marzocco from the securities industry. Mr. Marzocco consented to the suspension after FINRA alleged that between June 2019 and December 2019, while associated with Woodstock Financial Group, Inc. (“Woodstock Financial Group”), Mr. Marzocco excessively and unsuitable traded a customer’s account,…
The Financial Industry Regulatory Authority (“FINRA”) has barred a former Cambridge Investment Research, Inc. stockbroker from the securities industry for refusing to cooperate with a FINRA investigation into whether he, among other things, exercised discretion without written authorization in a customer’s account. The investigation was launched after Cambridge Investment Research,…
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Michael May from the securities industry. Mr. May consented to the suspension after FINRA alleged that between June 2017 and May 2018, while associated with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”), Mr. May excessively and unsuitable traded a customer’s account,…