FINRA has sanctioned Transamerica Financial Advisors, Inc. (“Transamerica Financial”) for its failure to reasonably supervise its financial advisors’ recommendations of three different products – variable annuities, mutual funds, and 529 plans. These recommendations resulted in significant customer harm and financial loss. Transamerica Financial was ordered to pay $4.4 million in…
FINRA has suspended financial advisor Timothy James Pandekakes (CRD No. 4890164) from the securities industry for three months and ordered him to pay partial restitution of $20,000. FINRA alleged that between January 2016 and April 2018, while employed by Cadaret, Grant & Co., Inc. in Bronxville, New York, Mr. Pandekakes…
FINRA has barred financial advisor Michael Edward Magill (CRD #2024663) from the securities industry. Michael Magill was a stockbroker at Foreside Fund Services, LLC, in Portland, Maine, from August 2017 until January 2019. If you have lost money with Michael Magill, contact New York securities arbitration lawyers Iorio Altamirano LLP…
Iorio Altamirano LLP is investigating whether registered stockbrokers and financial advisors inappropriately recommended that customers purchase common stock of Eastman Kodak Company (KODK). Iorio Altamirano LLP is an investor advocate law firm based in New York, NY. We help investors recover financial losses due to wrongful conduct by financial advisors…
In June 2020, FINRA permanently barred financial advisor Dee Dee Brooks (CRD #2559233) from the securities industry. Ms. Brooks was a financial advisor at Signator Investors, Inc. in Huntington Beach, California. FINRA’s disciplinary action arose from Ms. Brook’s solicitation of two private securities transactions, Woodbridge Group of Companies LLC (“Woodbridge”)…
**Update: 5/13/2021** On May 12, 2021, Long Island investment advisor, Mark Lisser, pleaded guilty in federal court to securities fraud conspiracy. As part of his plea, Mr. Lisser admitted to lying to customers about investments in shares of several companies prior to the initial public offering of those companies. As…
FINRA has suspended financial advisor Kurt Jason Gunter (CRD No. 2747789) from the securities industry for three months and fined him $10,000. FINRA alleged that between July 2013 through December 2016, Kurt Gunter engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts. FINRA also…
In October 2020, FINRA suspended financial advisor Neemit M. Shah (CRD #4812480) for six months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Shah’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC. FINRA…
In June 2020, FINRA suspended financial advisor Micha W. Patterson (CRD #5562392) for one month from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Patterson’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC. FINRA…
FINRA has suspended financial advisor Douglas William Stopkey from the securities industry for a 30-day period, which began on November 16, 2020, and runs through December 15, 2020. Douglas Stopkey was registered with Merrill Lynch, Pierce, Fenner & Smith in Richmond, VA, from March 1992 until September 2018, when he…