The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Charles Thomas Stevens from the securities industry for failing to appear and provide on-the-record testimony. On December 1, 2020, FINRA’s Department of Enforcement filed a three-cause complaint against Mr. Stevens. The first cause of action charged that Mr. Stevens willfully failed…
The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Victor A. Rigoni, III from the securities industry for three months. FINRA accepted an Offer of Settlement submitted by Mr. Rigoni after FINRA’s Department of Enforcement filed a disciplinary complaint against Mr. Rigoni in August 2020. The complaint alleged that from…
Iorio Altamirano LLP is investigating claims on behalf of Triad Advisors LLC customers after the firm was censured and fined $150,000 by FINRA. The sanctions involve supervisory failures related to i) switches and short-term trading of A-share mutual funds in customer accounts and ii) variable annuity exchanges. Triad Advisors LLC…
We are continuing our discussion of FINRA’s 2021 Report on Risk Monitoring and Examination Activities. In Part Two, we will focus on FINRA’s comments and findings related to Variable Annuities, Outside Business Activities, and Private Securities Transactions and Private Placements. These are all areas of interest that directly affect retail…
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Lisa Ann Brumm (also known as Lisa Am Brumm and Lisa Ann Moon) from the securities industry for six months and fined her $7,500. Lisa Brumm was registered with Woodbury Financial Services, Inc. in Portland, Oregon, from April 2017 until…
VALIC Financial Advisors, Inc. (“VFA”) and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 8, 2021, over supervisory and reporting violations. Specifically, FINRA found that: Between January 1, 2017, and October 31, 2018, VFA failed to establish a supervisory system and written procedures for the…
Investing your money is a great way to grow your wealth, save for retirement, and reach your financial goals. If you invest in the appropriate products, you can also receive income from investments, build on-pre-tax dollars, or reduce taxable income. If you do not invest, you miss out on opportunities…
Iorio Altamirano LLP is investigating claims on behalf of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC customers (together “Wells Fargo” or the “Firm”) who received recommendations to switch from variable annuities to investment company products. If you have lost money with Wells Fargo, contact New…
FINRA has suspended financial advisor Paul Zakhary (CRD No. 6399894) from the securities industry for three months and fined him $5,000. FINRA alleged that between January and August 2018, while employed by J.P. Morgan Securities LLC in The Villages, Florida, Mr. Zakhary made unsuitable recommendations to three customers to sell…
When an investor suffers harm, including investment losses, due to misconduct by a financial advisor or broker-dealer, the investor can file a securities arbitration claim against their financial advisor and/or broker-dealer in an effort to be compensated. The case will be presented and defended in an arbitration proceeding to a…