Articles Posted in Broker Misconduct

Published on: | by

FINRA has suspended Crown Capital Securities, L.P. broker Kevin Barton from the securities industry for four months for engaging in an outside business activity, exercising discretion in customers’ accounts without prior written authorization, and mismarking trades as unsolicited. Barton was also fined $17,500.

If you have lost money with Kevin Barton, or Crown Capital Securities, L.P., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors in disputes with their financial advisors and brokerage firms, such as Crown Capital Securities, L.P.

Continue reading

Published on: | by

FINRA has barred Kayan Securities, Inc. broker Sun Hyung Kim from the securities industry.

If you have lost money with Sun Hyung Kim, or Kayan Securities, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.  

Iorio Altamirano LLP represents investors in disputes with their financial advisors and brokerage firms, such as Kayan Securities, Inc.

Continue reading

Published on: | by

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Constantinos Maniatis from the securities industry for 30 days.  Mr. Maniatis consented to the suspension after FINRA alleged that he engaged in discretionary trading without written authorization in seven customer accounts between May 4, 2018, and February 27, 2019.  FINRA also fined Mr. Maniatis $5,000.

The alleged conduct occurred while Morgan Stanley employed Mr. Maniatis in Dallas, Texas.   Morgan Stanley discharged Mr. Maniatis in May 2019, alleging misconduct related to a non-discretionary account and diverting of revenue from “assigned rep code.”

If you have suffered financial losses investing with Constantinos Maniatis, or suspect that Mr. Maniatis did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your brokerage account.

Continue reading

Published on: | by

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker David Martirosian from the securities industry.  Mr. Martirosian was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into potentially unsuitable and excessive trading and his potential participation in private securities transactions while associated with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”).

Mr. Martirosian, who had only 13 years of experience in the securities industry, had a history of associations disreputable broker-dealers, customer complaints, and tax liens.

Mr. Martirosian was employed by Joseph Stone Capital in New York from July 2016 until April 26, 2021

Continue reading

Published on: | by

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Frederick Rock from the securities industry for five months and ordered him to pay a $5,000 fine.  FINRA sanctioned Mr. Rock because he solicited clients to purchase $409,200 worth of securities that were not approved by his firm, Pruco Securities LLC.

Mr. Rock was a financial advisor with Pruco Securities LLC (“Pruco Securities”) in Tampa, Florida, from July 2014 until August 2019.

Iorio Altamirano LLP is interested in speaking with past customers of Mr. Rock or Pruco Securities LLC.  Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your investment or retirement account.

Continue reading

Published on: | by

Iorio Altamirano LLP is investigating claims on behalf of Independent Financial Group, LLC customers after the firm was censured and fined $200,000 by FINRA.

The sanctions involve supervisory failures related to a registered representative’s unsuitable recommendations to customers, including seniors. In addition to the censure and fine, the firm also agreed to implement supervisory systems and written supervisory procedures reasonably designed to, among other things, achieve compliance with suitability requirements for alternative investments. The registered representative is no longer with the firm.

Alternative investments include non-traded real estate investment trusts (REITs) and structured notes.

Continue reading

Published on: | by

FINRA has barred former LPL Financial LLC broker John Scott from the securities industry. According to FINRA, the matter originated from an investigation of Mr. Scott’s potential participation in certain private placement offerings.

If you have lost money with John Scott, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors in disputes with their financial advisors and brokerage firms, such as LPL Financial LLC.

Continue reading

Published on: | by

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Elias Hakimian from the securities industry for three months.  Mr. Hakimian consented to the suspension after FINRA alleged that he borrowed $120,000 from a customer without notice to or obtaining written pre-approval from his employing brokerage firm, LPL Financial LLC, in violation of FINRA Rules 3240 and 2010.  FINRA also fined Mr. Hakimian $5,000.

LPL Financial LLC allowed Mr. Hakimian to “voluntarily resign” after a customer alleged that he engaged in churning in the customer’s accounts and invested the customer’s funds in speculative ventures contrary to the customer’s objectives and risk tolerance, in addition to taking loans from the customer.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.

Continue reading

Published on: | by

**Update: November 8, 2021**  On April 15, 2021, FINRA’s Department of Enforcement filed disciplinary proceeding No. 2019063626703 against former Joseph Stone Capital broker Abdul Rahmani.  On October 28, 2021, Mr. Rahmani submitted an Offer of Settlement to FINRA’s Department of Enforcement.  On November 2, 2021, FINRA’s Department of Enforcement and the National Adjudicatory Council (NAC),  a Review Subcommittee of the NAC, or the Office of Disciplinary Affiars (ODA) have accepted Mr. Rahmani’s offer of settlement.  Under the terms of the settlement, Mr. Rahmani has consented to a bar from the securities industry.

Original Post:

FINRA Files Enforcement Action Against Former Joseph Stone Capital, LLC. Broker Abdul Rahmani

Continue reading

Published on: | by

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Dellaporta, Jr. from the securities industry.  Mr. Dellaporta was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into an outside business activity.

Mr. Dellaporta, who was a broker for over forty years, most recently worked at B.B. Graham & Company, Inc. in Fort Lauderdale, Florida, from August 2018 to August 2019.  Previously, he was affiliated with Fusion Analytics Securities LLC, from 2015 until 2018, and Ameriprise Financial Services, Inc, from 2010 to 2015.

Since 2009, Mr. Dellaporta has been the subject of numerous customer disputes.

Continue reading
Contact Information
1 World Trade Center, 85th Floor
New York, NY 10007
Toll Free: (855) 430-4010
Iorio Altamirano LLP represents clients throughout the nation, including, but not limited to, those in the following localities: Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Cincinnati, Cleveland, Dallas–Fort Worth, Denver, Detroit, Honolulu, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, Pittsburgh, Portland, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, Tampa–St. Petersburg, and Washington, D.C. View More

ATTORNEY ADVERTISING
Prior results do not guarantee a similar outcome.
*We do not collect a fee unless we obtain a recovery via settlement or judgment. You may, however, be responsible for costs and expenses the firm has advanced according to the terms of your agreement with the firm. Advanced costs and expenses may be recovered by the firm by deducting the expense from the gross recovery of any settlement or judgment.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The contact form sends information by non-encrypted email, which is not secure. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship.

Copyright © 2024, Iorio Altamirano LLP
JUSTIA Law Firm Blog Design