On April 9, 2021, the Securities and Exchange Commission (“SEC”) announced an award of approximately $2,500,000 to a whistleblower who provided information and assistance that resulted in a successful SEC enforcement action. The whistleblower provided crucial evidence that supported charges related to a breach of fiduciary duties owed to investors,…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Hebert Frey from the securities industry for sixteen months. Mr. Frey consented to the suspension after FINRA alleged that he excessively traded a customer’s account and placed unauthorized trades. The customer was a 54-year-old disabled homemaker. FINRA also fined Mr.…
The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Louis Olave from the securities industry for three months and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Olave because he solicited seven clients to purchase $217,477 worth of Future Income Payments, LLC. This blog has previously written about…
Iorio Altamirano LLP is currently investigating Royal Alliance Associates, Inc. broker Matthew Crafa who is reportedly facing three securities arbitration claims related to recommendations to invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Joseph Ambrosole from the securities industry for six months. Mr. Ambrosole consented to the suspension after FINRA alleged that he excessively and unsuitably traded the accounts of two customers. FINRA also fined Mr. Ambrosole, who was also suspended by FINRA…
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Dawson James Securities, Inc. (“Dawson James”) for charging customers excessive commissions. On April 6, 2021, FINRA and Dawson James entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Dawson James accepted the following sanctions: a censure; a $20,000 fine; and…
**Update: August 11, 2021** On August 9, 2011, FINRA’s Office of Hearing Offices entered an order barring Frank Sapareto from associating with any FINRA member firm in any capacity for providing false or misleading testimony and written information during a FINRA investigation and for engaging in an undisclosed outside business…
FINRA has suspended former Cambridge Investment Research, Inc. broker Keith Holcomb from the securities industry for 6 months for borrowing money from a customer without notifying or receiving approval from his firm. Holcomb was also fined $7,500. The conduct is alleged to have taken place while Holcomb was registered with…
FINRA has suspended former Insigneo broker Ignacio Erhart Del Campo from the securities industry for 2 months for exercising discretion in a customer’s account without proper authorization and engaging in unauthorized trading. Erhart Del Campo was also fined $7,500 and ordered to pay restitution of $19,189 plus interest. If you…
The Financial Industry Regulatory Authority (“FINRA”) has barred broker Gregory Mancuso from the securities industry for providing false testimony during an on-the-record interview connected with an investigation into Mr. Mancuso’s handling of the brokerage accounts of two senior sisters with disabilities. The alleged conduct occurred while Mr. Mancuso was registered…