The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Nicholas Palumbo from the securities industry. Mr. Palumbo was expelled from the brokerage industry after refusing to cooperate with a FINRA investigation into allegations related to his termination from Park Avenue Securities LLC. Mr. Palumbo was associated with Park Avenue Securities…
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Boiler Room Broker, James Flower, Barred by FINRA for Excessive Trading, Churning, Unauthorized Trading, Mismarking Orders, and Targeting Elderly Investors
Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by…
Investor Alert: FINRA Files Enforcement Action Against Broker-Dealer NYPPEX, LLC, and Two Executives Alleging They Made Material Misrepresentations And Omissions to Prospective Investors of NYPPEX Holdings
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against brokerage firm NYPPEX, LLC (CRD No. 47654), Former Chief Executive Officer (“CEO”) Laurence Allen (CRD No. 1063970), and Chief Compliance Officer (“CCO”) Michael Schunk (CRD No. 732595). The complaint alleges: Allen continued to serve as…
Broker Spotlight: Ross Barish of Joseph Stone Capital L.L.C. – Mineola, NY
Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while…
Former Oppenheimer Broker, Jeffrey Warren, Barred by FINRA – Boca Raton, Florida
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Jeffrey Warren from the securities industry. Mr. Warren was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into a gift that Mr. Warren received from a former Oppenheimer & Co. Inc. customer. Mr. Warren was associated…
FINRA Arbitration Award: Westpark Capital, Inc. Ordered to Pay Customers Nearly $800,000 for Actions of Former Broker, Lawrence Fawcett, Including Churning and Recommending Risky Private Placements
A FINRA Dispute Resolution Services arbitration panel in Richmond, Virginia, found Westpark Capital, Inc. to be liable for actions of its disgraced former broker, Lawrence Fawcett, and ordered the firm to pay nearly $800,000 to customers Charles and Karen Hailey. The award included over $545,000 in compensatory damages, $33,500 in…
Broker Spotlight: Robert Yasnis of Worden Capital Management LLC – New York, NY
Robert Yasnis is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Mr. Yasnis has a history of customer disputes, regulatory actions, and association with disreputable brokerage firms that have been expelled by FINRA. If you have lost money with broker Robert Yasnis or…
Broker Spotlight: Kevin Wilson of Worden Capital Management LLC – New York, NY
Kevin Wilson is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Since December 2017, Mr. Wilson has been the subject of at least eleven customer complaints, most involving allegedly unsuitable recommendations of private placements. If you have lost money with broker Kevin Wilson…
Triad Advisors LLC Broker, Mark Just, Suspended by FINRA – Indianapolis, Indiana
The Financial Industry Regulatory Authority (“FINRA”) has suspended Triad Advisors LLC broker Mark Just from the securities industry for three months for willfully failing to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose two state tax liens, which totaled $37,333.80. Mr. Just was…
Pinehurst, North Carolina Broker, Mercer Hicks III, Barred by FINRA for Making Unsuitable Recommendations to Five Senior Customers
Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker Mercer (“Toby”) Hicks III from the securities industry for making unsuitable investment recommendations to five elderly customers ranging in age from 73 to 88 years old. The recommendations involved non-traded Real Estate Investment Trusts (“REITS”) and a Business…