On August 6, 2021, the Chairman and Chief Executive Officer of Energy 11 GP, LLC, the general partner of Energy 11, L.P. (“Energy 11”), sent a letter to investors of Energy 11. Despite the upbeat and optimistic tone of the letter, as well as the representations made by David Lerner…
On August 13, 2021, a FINRA arbitration panel in New York, New York, ruled in favor of a brokerage customer that invested in GPB Automotive Portfolio LP and GPB Waste Management LP at the recommendation of his financial advisor at Hightower Securities, LLC. The arbitration panel ordered Hightower Securities, LLC…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months. Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively…
The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II. Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively…
American Capital Partners, LLC is a broker-dealer headquartered in Hauppauge, New York. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB Automotive Portfolio, LP to retail investors. Upon information and belief, broker Frank Palumbo was one of the financial advisors…
In an arbitration award published by FINRA on August 5, 2021, San Francisco, CA financial advisor Amy Rogers Blodgett and brokerage firm Ameritas Advisory Services was ordered to pay over $20,000 in damages to customers that alleged “gross mismanagement of investments” in their joint account maintained at Ameritas Advisory Services.…
On July 19, 2021, UBS Financial Services Inc. (“UBS”) and the Securities and Exchange Commission (“SEC”) settled charges related to UBS’s failure to adopt and implement written policies and procedures reasonably designed to prevent unsuitable investments in volatility-linked-exchange-traded products (“ETPs”) between January 2016 and January 2018. As a result of…
**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…
**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…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Gary Bowman from the securities industry for three months and fined him $10,000. FINRA alleged that between February 2013 through December 2017, Mr. Bowman engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts. Mr.…