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Former NBA Players Chandler Parsons and Courtney Lee Reportedly File a $5 Million Securities Arbitration Claim Against Morgan Stanley and Broker Darryl Cohen

Professional basketball players Chandler Parsons and Courtney Lee, who have both played in the National Basketball Association, have reportedly filed a $5 million securities arbitration complaint against Morgan Stanley.  According to broker Darryl Cohen’s CRD report, the complaint alleges that Morgan Stanley made payments from the players’ accounts without prior…

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Iorio Altamirano LLP Files Securities Arbitration Claim Against David Lerner Associates, Inc. Related to Unsuitable Recommendations Made by President and CEO Martin Walcoe

On behalf of a client, securities arbitration law firm Iorio Altamirano LLP has filed an arbitration claim through FINRA Dispute Resolution Services against David Lerner Associates Inc. (“David Lerner”).  The claim alleges that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto…

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Former Wells Fargo Broker in Scottsdale, Arizona, Scott Reed, Barred by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Scott Wayne Reed from the securities industry over allegations that Mr. Reed, while associated with Wells Fargo, participated in private securities transactions totaling at least $3.5 million without providing prior written notice to his firm. Mr. Reed was a financial advisor…

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Charleston, SC Financial Advisor Paul Halvorson, Formerly of Morgan Stanley, BARRED by FINRA

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Paul John Halvorson from the securities industry.  FINRA expelled Mr. Halvorson from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Morgan Stanley in November 2020.…

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Broker Spotlight:  Michael Hernandez of Arive Capital Markets – Brooklyn, New York

Michael Joseph Hernandez is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, New York.  Mr. Hernandez has a history of associations with disreputable broker-dealers and at least one customer complaint, employment termination, and regulatory sanction. If you have lost money with broker Michael Hernandez or Arive…

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Arive Capital Markets Broker, Mirsad Muharemovic, Accused of Churning, Excessive Trading, and High-Pressure Sales Tactics

Mirsad Muharemovic is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers. Mr. Muharemovic has 22 years of experience in the securities industry.  He has been associated with nine different broker-dealers, including a past association…

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Broker Spotlight:  Daniel Silverstein of Arive Capital Markets – Miami, Florida

Daniel Louis Silverstein is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in North Miami Beach, Florida.  Mr. Silverstein has a history of associations with disreputable broker-dealers, financial liens, and at least one customer complaint. Mr. Silverstein has 16 years of experience in the securities industry and has…

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Investigative Report:  Iorio Altamirano LLP Investigation into Arive Capital Markets Reveals Troubling Pasts for Owners, Executives, and Brokers

This post is the first in 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…

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Former David Lerner Associates Financial Advisor, Charles Bonilla, Suspended by FINRA for Unsuitable Energy-Sector Securities – Boca Raton, FL

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Charles Bonilla from the securities industry for five months, fined him $5,000, and ordered him to disgorge $22,417 in commissions. FINRA suspended Mr. Bonilla for recommending energy-sector securities to customers without having a reasonable basis to believe those investments were…

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Portland Financial Advisor, Lisa Brumm, Suspended by FINRA for Unsuitable Variable Annuity Recommendations, Borrowing from a Client, and Negligent Misrepresentation  

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Lisa Ann Brumm (also known as Lisa Am Brumm and Lisa Ann Moon) from the securities industry for six months and fined her $7,500.  Lisa Brumm was registered with Woodbury Financial Services, Inc. in Portland, Oregon, from April 2017 until…

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