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Securities Arbitration Lawyer Blog

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UBS Ordered to Pay $1 million to Yield Enhancement Strategy (YES) Customers

On March 5, 2021, a FINRA Dispute Resolution Services arbitration panel in Denver, Colorado, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $1 million in compensatory damages.  The claims, which include breach of duty, violations of the Nebraska Securities Act, and professional negligence arising out of broker Jason…

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Investigative Report:  Iorio Altamirano LLP Investigation into Joseph Stone Capital L.L.C. Reveals Troubling Pasts for Owners, Executives, and Brokers

This post is part of a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm.  Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high-pressure or aggressive sales tactics.  Other…

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Iorio Altamirano LLP Investigates Cambridge Investment Research, Inc. Over Sale of LJM Preservation and Growth Fund

**Update: 3/29/2021** On March 29, 2021, FINRA and Cambridge Investment Research, Inc. entered into a Letter of Acceptance, Waiver, and Consent (AWC) whereby Cambridge accepted sanctions including a censure, $400,000 fine, and over $3.1 million in restitution.   FINRA alleged that Cambridge failed to reasonably supervise representatives’ recommendations of the LJM…

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Former Ameriprise Financial Services Broker, Clyde Jensen, Facing Disciplinary Charges by FINRA

**Update: September 2, 2021**  On August 27, 2021, FINRA accepted Mr. Jensen’s offer to settle disciplinary proceeding No. 2018059733101.  As a result, Mr. Jensen has been suspended from associating with any brokerage firm in any capacity for six months and fined $10,000. Original Post: Former Ameriprise Financial Services Broker, Clyde…

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Aegis Capital Fined and Censured by FINRA

**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…

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Former Kestra Investment Services, LLC Broker, Mayur Dalal, BARRED by FINRA – New Hyde Park, NY

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Mayur T. Dalal from the securities industry.  Mr. Dalal was expelled from the brokerage industry after refusing to cooperate with a FINRA investigation into allegations related to his termination from Kestra Investment Services, LLC.  Mr. Dalal was associated with Kestra Investment…

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Stockbroker George Warner BARRED by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker George Marshall Warner from the securities industry.  Mr. Warner, who has a history of customer complaints and disciplinary action, was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Warner participated in an undisclosed…

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Investor Alert: Attention Credit Suisse VelocityShares™ ETN Investors

Iorio Altamirano LLP is investigating claims on behalf of investors who invested in a notorious suite of exchange-traded notes issued by Credit Suisse. Investors who have lost money in VelocityShares™ ETN investments might have a claim. If your broker recommended that you invest in the Credit Suisse VelocityShares™ ETNs, we…

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Former JP Morgan Broker Avi Schottenstein Accused of Abuse of Fiduciary Duty and Misrepresentations – FINRA

A FINRA arbitration panel issued a $19 million award for an elderly customer, Beverley B. Schottenstein, of Bal Harbour, FL, for illegal trading in her accounts by J.P. Morgan Securities and two of her grandsons. The compensation is to be paid by J.P. Morgan Securities and her grandsons, Avi Schottenstein…

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Former JP Morgan Broker Evan Schottenstein Accused of Abuse of Fiduciary Duty and Misrepresentations – FINRA

**Update 4/13/2021**  The Financial Industry Regulatory Authority (“FINRA”) has barred broker Evan Schottenstein from the securities industry for refusing to cooperate with a FINRA investigation into issues related to his discharge from J.P. Morgan Securities, including illegal trading activity in his Grandmother’s account. Original Post: Former JP Morgan Broker Evan…

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