The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against former broker Steven Schisler. The complaint alleges that from April 2009 to October 2020, Steven Schisler committed nine separate violations of FINRA and NASD rules related to his dealings with two sets of retired customers…
Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky…
The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Louis Olave from the securities industry for three months and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Olave because he solicited seven clients to purchase $217,477 worth of Future Income Payments, LLC. This blog has previously written about…
FINRA has suspended financial advisor Trevor B. Rahn from the securities industry for 18 months and fined him $10,000. FINRA alleged that Mr. Rahn engaged in a pattern of breaking up customer orders for execution in violation of FINRA Rules. Specifically, from January 2014 to September 2018, Mr. Rahn recommended…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker George Marshall Warner from the securities industry. Mr. Warner, who has a history of customer complaints and disciplinary action, was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Warner participated in an undisclosed…
**Update: July 29, 2021** On July 28, 2021, Iorio Altamirano LLP announced that it is investigating potential claims involving investments in L Bonds offered by GWG Holdings (GWGH). Upon information and belief, former Wells Fargo broker Scott Reed recommended GWG “L Bonds” to customers. Customers of Scott Reed can contact…
The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Richard Scott Shelley from the securities industry for one month and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Shelley because he solicited a client to purchase $29,500 worth of Future Income Payments, LLC. This blog has previously written…
The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Sean Daniel McDevitt for six months from the securities industry over allegations that Mr. McDevitt, while associated with Woodrock Securities, L.P. in Houston, Texas, participated in four private securities transactions totaling $600,000 without notice to or approval from his firm. FINRA…
The Financial Industry Regulatory Authority (“FINRA”) has barred broker Scott Wayne Reed from the securities industry over allegations that Mr. Reed, while associated with Wells Fargo, participated in private securities transactions totaling at least $3.5 million without providing prior written notice to his firm. Mr. Reed was a financial advisor…
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Paul Francoeur from the securities industry. FINRA expelled Mr. Francoeur from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into his conduct after receiving a customer complaint. Mr. Francoeur was a financial advisor…