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…
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Steven Schisler. The complaint alleges that from April 2009 to October 2020, Steven Schisler committed nine separate violations of FINRA and NASD rules related to his dealings with two sets of retired customers…
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 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 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…
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…
**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…
**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…
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including: making 81 unsuitable recommendations to purchase over $7.8 million…
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…