You worked hard, opened a brokerage or retirement account, and invested your savings with a financial advisor or stockbroker, only to suffer financial losses due to bad investment advice, misleading sales pitches, or brokers that were driven by commissions. Now what? Can I Sue My Financial Advisor Over Losses? Yes,…
On May 10, 2021, the Securities and Exchange Commission (“SEC”) announced an award of approximately $22 million to two whistleblowers whose information and assistance aided the SEC that resulted in successful SEC enforcement actions brought against a financial services firm. The first whistleblower, who was the initial source of the…
On Thursday, January 28, 2021, Robinhood designated specific stocks “position closing only,” meaning that customers could not purchase additional shares in those stocks. The targeted stocks included GameStop (NYSE: GME), AMC (NYSE: AMC), Blackberry (NYSE: BB), Nokia (NYSE: NOK), Koss Corporation (NYSE: KOSS), and Express, Inc. (NYSE: EXPR). Robinhood was…
AEON Capital Inc. is a broker-dealer headquartered in Middletown, New Jersey. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB funds to retail investors. AEON Capital Inc. is a firm subject to FINRA Rule 3170. The Rule is referred to…
Pariter Securities, LLC is a broker-dealer based in Guaynabo, Puerto Rico. In September 2019, the Commissioner of Financial Institutions of the Government of Puerto Rico (“OCFI”) found that the firm failed to put into place a supervisory system that was reasonably designed to achieve compliance with suitability rules and regulations…
Cabot Lodge Securities LLC is a midsize independent broker-dealer headquartered in New York, NY. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB funds to retail investors. Cabot Lodge Securities LLC is under common control with Purshe Kaplan through holding…
Calton & Associates, Inc. is a Florida-based broker-dealer. According to publicly available records, the firm is facing a $500,000 customer complaint from an investor who suffered losses in his account. The investor’s account held positions in the GPB funds. Iorio Altamirano LLP is investigating claims on behalf of defrauded investors…
Capital Investment Group, Inc. is a broker-dealer headquartered in Raleigh, North Carolina. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB funds to retail investors. Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in…
A FINRA customer complaint involving Dempsey Lord Smith broker Raymond Sun alleges elder financial abuse as defined by the Welfare and Institutions Code under California law. The claim seeks $1.2 million in damages, including $900,000 in punitive damages. The claim, which was filed on August 28, 2020, is related to…
FINRA has suspended International Assets Advisory, LLC broker Ronald Patrick Cameron from the securities industry for five weeks for engaging in an outside business activity without providing prior written notice to his firm. The suspension is scheduled to start on May 17, 2021, and end on June 20, 2021. Cameron…