**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…
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…
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…
**Update: July 29, 2021** On July 28, 2021, Iorio Altamirano LLP announced that it is investigating potential claims involving investments in L Bonds offered by GWG Holdings (GWGH). Upon information and belief, former Wells Fargo broker Scott Reed recommended GWG “L Bonds” to customers. Customers of Scott Reed can contact…
The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Richard Scott Shelley from the securities industry for one month and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Shelley because he solicited a client to purchase $29,500 worth of Future Income Payments, LLC. This blog has previously written…
Numerous stockbrokers at David Lerner Associates Inc. (“David Lerner Associates”) recommended risky and speculative Puerto Rico municipal bonds to customers. An investor may be able to recover financial losses if the recommendation was not suitable for the customer or if David Lerner misrepresented or omitted material facts about the bonds…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Rhett Douglas Bedwell from the securities industry. Mr. Bedwell was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to invest…
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…
FINRA has barred Great Nation Investment Corporation President, and CEO Bryon Pat Treat from the securities industry. Mr. Treat has been barred from associating with any FINRA member firm in any capacity because he refused to provide information and documents connected with FINRA’s investigation into whether he reasonably supervised the…
**Update: 4/19/21** In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc. The customer has alleged over $515,000 in damages as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX). The complaint alleged…