The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Adam Belardino. The complaint alleges that Mr. Belardino failed to cooperate with a FINRA investigation, which was initiated in Aril 2019 after Mr. Belardino’ s employment was terminated by MML Investors Services, LLC…
This post is part of a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm. Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high-pressure or aggressive sales tactics. Other…
You worked hard, opened a brokerage or retirement account, and invested your savings with a financial advisor or stockbroker, only to suffer financial losses due to bad investment advice, misleading sales pitches, or brokers that were driven by commissions. Now what? Can I Sue My Financial Advisor Over Losses? Yes,…
On Thursday, January 28, 2021, Robinhood designated specific stocks “position closing only,” meaning that customers could not purchase additional shares in those stocks. The targeted stocks included GameStop (NYSE: GME), AMC (NYSE: AMC), Blackberry (NYSE: BB), Nokia (NYSE: NOK), Koss Corporation (NYSE: KOSS), and Express, Inc. (NYSE: EXPR). Robinhood was…
AEON Capital Inc. is a broker-dealer headquartered in Middletown, New Jersey. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB funds to retail investors. AEON Capital Inc. is a firm subject to FINRA Rule 3170. The Rule is referred to…
Pariter Securities, LLC is a broker-dealer based in Guaynabo, Puerto Rico. In September 2019, the Commissioner of Financial Institutions of the Government of Puerto Rico (“OCFI”) found that the firm failed to put into place a supervisory system that was reasonably designed to achieve compliance with suitability rules and regulations…
Cabot Lodge Securities LLC is a midsize independent broker-dealer headquartered in New York, NY. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB funds to retail investors. Cabot Lodge Securities LLC is under common control with Purshe Kaplan through holding…
Calton & Associates, Inc. is a Florida-based broker-dealer. According to publicly available records, the firm is facing a $500,000 customer complaint from an investor who suffered losses in his account. The investor’s account held positions in the GPB funds. Iorio Altamirano LLP is investigating claims on behalf of defrauded investors…
Capital Investment Group, Inc. is a broker-dealer headquartered in Raleigh, North Carolina. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB funds to retail investors. Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in…
Geneos Wealth Management, Inc. is a Colorado-based broker-dealer. According to publicly available records, the firm is facing a $1 million customer complaint over a former broker’s recommendations to a client to invest in three GPB Capital funds: GPB Holdings II, GPB Automotive Portfolio, and GPB Waste Management. Iorio Altamirano LLP…