On February 15, 2024, the GWG Wind Down Trust filed a status report with the United States Bankruptcy Court for the Southern District of Texas for the quarter ending December 31, 2023. Although the status report did not include an updated financial statement, there are several key takeaways: The GWG…
On September 8, 2022, FINRA announced that it had ordered Joseph Stone Capital L.L.C. (“Joseph Stone”) to pay restitution of approximately $825,000 to customers whose accounts were excessively traded by the firm’s representatives. In related settlements, FINRA suspended eight current or former Joseph Stone representatives and required them to pay, collectively,…
The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Geneos Wealth Management, Inc. (“Geneos Wealth Management”) for failing to reasonably supervise brokers’ recommendations of the LJM Preservation & Growth Fund. Geneos Wealth Management was also sanctioned for negligently omitting to tell investors in an offering related to GPB Capital Holdings, LLC…
FINRA has suspended Joseph Scott Audia, formerly with Joseph Stone Capital L.L.C., from associating with any FINRA member in all principal capacities for two months. Audia consented to the sanctions and to the entry of findings that he failed to reasonably supervise a registered representative, who excessively and unsuitably traded certain…
FINRA has suspended Joseph Stone Capital L.L.C. broker Todd Kling from the securities industry for three months. Kling consented to the sanction and to the entry of findings that he engaged in excessive and unsuitable trading, including the use of margin, in a senior customer’s account. Kling’s suspension is scheduled…
FINRA has suspended Adam Maggio, with Joseph Stone Capital L.L.C., from associating with any FINRA member in all principal capacities for five months. Maggio has been registered in multiple capacities with Joseph Stone Capital L.L.C. since February 2013, including as a General Securities Principal. Maggio consented to the sanctions and…
FINRA has suspended Anthony Graziano, with Joseph Stone Capital L.L.C., from associating with any FINRA member in all principal capacities for three months. Graziano first became registered as a General Securities Representative and General Securities Principal with Joseph Stone Capital L.L.C. in June 2015 and subsequently became registered with the…
FINRA has suspended Joseph Stone Capital L.L.C. broker Douglas Rosenberg from the securities industry for seven months. Rosenberg consented to the sanctions and to the entry of findings that he excessively and unsuitably traded the accounts of three customers. As a result of Rosenberg’s unsuitable recommendations, his customers suffered a…
FINRA has barred former Cetera Advisors LLC broker Donna Jean Hines from the securities industry. Hines consented to the sanction and to the entry of findings that she refused to appear for on-the-record testimony in connection with FINRA’s investigation into whether she facilitated a customer’s bitcoin investment for compensation. The…
FINRA has barred former Cambria Capital, LLC broker Steven Musielski from the securities industry. Musielski consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into his sales practice activity. The FINRA findings stated…