Close

Articles Posted in failure to supervise

Updated:

Broker Chad Mackland, Who Is Facing Felony Criminal Charges, BARRED by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Chad Mackland from the securities industry.  Mr. Mackland was barred from the brokerage industry for refusing to cooperate with a FINRA investigation into alleged theft and fraudulent sales practices. According to his BrokerCheck report, Mr. Mackland is facing four felony charges…

Updated:

Western International Securities Compliance Officer BARRED by FINRA – Pasadena, CA

The Financial Industry Regulatory Authority (“FINRA”) has barred compliance officer Corey White from the securities industry and fined him $20,000.  Mr. White was expelled from the brokerage industry for supervisory failures during his tenure as a compliance officer for Financial West Group in Westlake Village, CA, from January 2013 to…

Updated:

Trevor Rahn, Former J.P. Morgan Securities Broker, Suspended for Unauthorized Trades, Unsuitable Recommendations, and Mismarked Orders – Los Angeles, CA

FINRA has suspended financial advisor Trevor B. Rahn from the securities industry for 18 months and fined him $10,000. FINRA alleged that Mr. Rahn engaged in a pattern of breaking up customer orders for execution in violation of FINRA Rules.  Specifically, from January 2014 to September 2018, Mr. Rahn recommended…

Updated:

Former Purshe Kaplan Sterling Broker Tonya Nicole Smoake Suspended by FINRA – New York, NY

FINRA has suspended former Purshe Kaplan Sterling broker Tonya Nicole Smoake from the securities industry for 12 months for participating in private securities transactions without her firm’s knowledge or approval. Smoake was also fined $5,000. She is no longer associated with a FINRA member but remains subject to FINRA’s jurisdiction.…

Updated:

Former Aegis Capital Corp Broker, Kishan (Sean) Parikh, Facing Disciplinary Charges by FINRA for Unsuitable Investment Recommendations and Excessive Trading

**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…

Updated:

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…

Updated:

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…

Updated:

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…

Updated:

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…

Updated:

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…

Contact Us