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Two More Wins for UBS Yield Enhancement Strategy (YES) Customers, Fourth and Fifth Awards in 2021

First, on September 15, 2021, a FINRA Dispute Resolution Services arbitration panel in Houston, Texas, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $357,000 in compensatory damages. Then, on September 17, 2021, arbitrators in Boca Raton, Florida, awarded customers over $691,000 in compensatory damages, more than $115,000 in…

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GPB Automotive Portfolio, LP to Sell Prime Automotive for $880 Million, Which Generated $1.8 Billion in Annual Revenue in 2020; GPB Automotive’ s Future Remains Uncertain

According to SEC filings, GPB Automotive Portfolio LP entered into an agreement with Group 1 Automotive, Inc. on September 12, 2021, to sell Prime Automotive for $880 million, consisting of 30 car dealerships and three collision centers located in the Northeast of the United States.  According to a press release…

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Santander Investment Securities Inc. Sanctioned by FINRA for Publishing and Distributing Inaccurate and Incomplete Research Reports to Institutional Investors

On September 7, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Santander Investment Securities Inc. (“Santander”) entered into an agreement whereby Santander consented to a censure and $175,000 fine after FINRA alleged that Santander published and distributed research reports to institutional investors that omitted required disclosures or included inaccurate disclosures.…

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SW Financial Broker, Joseph Lianzo, Suspended by FINRA for Excessively Trading Customers’ Accounts and Placing Unauthorized Trades

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Joseph Lianzo from the securities industry for eight months.  Mr. Lianzo consented to the suspension after FINRA alleged that from March 2016 through November 2019, while associated with Laidlaw & Company (UK) LTD. and SW Financial, Mr. Lianzo excessively traded four…

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Did Robinhood Employees Trade GameStop and AMC Before Robinhood’s Public Announcement to Restrict Trading on January 28, 2021?

On September 1, 2021, Robinhood ($Hood) filed its first amendment to its Form S-1 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”). The public filing, which amends the registration statement that Robinhood filed in connection with its July 2021 initial public offering (IPO), discloses that the SEC’s Division…

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Robinhood’s Amended Registration Statement Discloses That Robinhood Is Facing Numerous Lawsuits, Customer Arbitrations, and Regulatory Investigations

On September 1, 2021, Robinhood ($Hood) filed Amendment No 1 to its Form S-1 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”).  Form S-1 is the registration statement that Robinhood filed in connection with its July 2021 initial public offering (IPO). Robinhood’s latest public filing discloses that Robinhood…

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Former Worden Capital Management LLC Broker, Donald Fowler, BARRED by FINRA for Churning and Excessively Trading Four Customers’ Accounts

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Donald Fowler from the securities industry.  Mr. Fowler consented to the suspension after FINRA alleged that from December 2014 through December 2018, while associated with Worden Capital Management LLC, Mr. Fowler churned and excessively traded four customers’ accounts in violation of…

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Another Win for UBS Yield Enhancement Strategy (YES) Customers, Third Award in 2021

On August 23, 2021, a FINRA Dispute Resolution Services arbitration panel in Baltimore, Maryland, ordered UBS Financial Services, Inc. (“UBS”) to pay $405,000 to customers who invested in UBS’s Yield Enhancement Strategy (“YES”).  The award included $300,000 in compensatory damages, $30,000 in costs, and $75,000 in attorneys’ fees.  The customers…

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GPB Automotive Portfolio, LP to Sell Prime Automotive as Its Future Remains Uncertain; Investors Encouraged to Act Now

August 24, 2021 – This morning, investors of GPB Automotive Portfolio LP woke up to more worrisome news, as the Wall Street Journal reported that the GPB Capital Holdings LLC, is looking to sell its largest dealership group, Prime Automotive, raising speculation that the GPB Automotive is running out of…

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Former National Securities Corporation Broker, William Wright, Barred by FINRA – New York, NY

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker William Wright from the securities industry.  Mr. Wright consented to the bar after FINRA alleged that he failed to cooperate with a FINRA investigation into whether Mr. Wright inappropriately borrowed money from a customer.  Mr. Wright was associated with National Securities…

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