FINRA has barred former Wells Fargo broker Mario Rivero, Jr. from the securities industry for failing to cooperate with a FINRA investigation into allegations made by two former customers. If you have lost money with Mario Rivero, Jr., Wells Fargo, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano…
Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by…
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against brokerage firm NYPPEX, LLC (CRD No. 47654), Former Chief Executive Officer (“CEO”) Laurence Allen (CRD No. 1063970), and Chief Compliance Officer (“CCO”) Michael Schunk (CRD No. 732595). The complaint alleges: Allen continued to serve as…
Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while…
FINRA has fined and censured the O.N. Equity Sales Company, Inc. (“ONESCO”) over the firm’s failure to supervise a broker’s recommendations involving the purchase and liquidation of variable annuities. ONESCO was fined $275,000 and ordered to pay $1 million in restitution to customers. Variable annuities are complex products, commonly marketed…
FINRA has fined UnionBanc Investment Services, LLC (“UBIS”) $100,000 over supervisory violations related to variable annuity transactions and exchanges. Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. If you…
Iorio Altamirano LLP is investigating claims on behalf of customers of Calton & Associates, Inc. after the firm was censured, fined $250,000, and ordered to pay $472,007 in restitution to harmed investors by FINRA. The sanctions involve supervisory failures between February 2014 and February 2020 related to suitability obligations connected…
Martin Lerner is a stockbroker with David Lerner Associates, Inc. (“David Lerner Associates”) in Boca Raton, Florida, with a history of customer complaints. Martin Lerner has been the subject of six customer complaints, which include one pending dispute and five resolved disputes that ended with monetary compensation being paid to…
On May 17, 2021, a FINRA arbitration panel issued an award in favor of customer Donna Wagner in a securities arbitration against Brokers International Financial Services, LLC and former broker Mark Christopher Perry. Brokers International Financial Services and Mr. Perry (the “Respondents”) were held jointly and severally liable for $795,929…
On Friday, May 14, 2021, GPB Capital Holdings LLC (“GPB Capital”), a private equity firm based in New York, registered some units in its GPB Automotive Portfolio, LP (“GPB Automotive”) with the Securities and Exchange Commission. As part of its filing, GPB Automotive disclosed that it had substantial doubt of…