**Update: July 26, 2021** FINRA has barred Hugues Guirand from the securities industry after Mr. Guirand failed to respond to FINRA’s Department of Enforcement’s complaint.
Original Post:
FINRA Files Enforcement Action Against Hugues Guirand, Formerly of Woodstock Financial Group, Inc. – Virginia Beach, VA
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 and IFS Securities, the firm that employed him. Specifically, the FINRA complaint alleges:
Iorio Altamirano LLP is currently investigating MSC – BD, LLC, and veteran stockbroker Robert Fehrman for recommending that clients invest in private placement securities issued by GPB Capital. Mr. Fehrman and MSC – BD, LLC are currently the subject of a customer dispute related to his recommendation of GPB Automotive Portfolio, LP, one of the private placement funds issued by GPB Capital.
The GPB funds, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Bob Fehrman has been registered as a financial consultant with MSC – BD, LLC in Cumming, Georgia, since June 2013. According to his LinkedIn profile, Mr. Fehrman is located in Florissant, Missouri.
Iorio Altamirano LLP is currently investigating former Axiom Capital Management, Inc. broker Michael Packman, 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 investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Mr. Packman was a broker at Axiom Capital Management, Inc. in Westbury, New York, from May 2015 to March 2018. Before he joined Axiom Capital Management, Inc. in 2018, he was associated with several disreputable brokerage firms, including Financial West Group and Continental Broker-Dealer Corp., both of which were expelled from the industry by FINRA.
Iorio Altamirano LLP is also investigating the sales practices and due diligence of Axiom Capital Management, Inc. related to its sale of GPB Capital funds. It is believed, according to reports, that Axiom Capital Management, Inc. has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.
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 investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Mr. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction. In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000. Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients. In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.
Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds. It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.
Iorio Altamirano LLP is currently investigating former Coastal Equities, Inc. broker Kevin Canterbury who is facing three securities arbitration claims related to recommendations to invest in Direct Participation Program and Limited Partnership interests, believed to be private placement securities issued by GPB Capital. Kevin Canterbury operated his own independent advisory firm, Redstone Capital.
The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Mr. Canterbury was a broker at Coastal Equities, Inc. from 2012 until 2020. Iorio Altamirano LLP is also investigating the sales practices and due diligence of Coastal Equities, Inc. related to its sale of GPB Capital funds. Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings.
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Hebert Frey from the securities industry for sixteen months. Mr. Frey consented to the suspension after FINRA alleged that he excessively traded a customer’s account and placed unauthorized trades. The customer was a 54-year-old disabled homemaker. FINRA also fined Mr. Frey $15,000 and ordered him to disgorge $76,137 in commissions.
The alleged conduct occurred while Mr. Frey was employed by Lincoln Douglas Investments, LLC in Mt. Vernon, Ohio, and Union Capital Company in Tucson, Arizona.
As discussed more fully below, Mr. Frey has a long history of customer complaints, run-ins with regulators, and employment terminations. Throughout his career, Mr. Frey has been suspended six times by regulators, ordered to pay nearly $50,000 in fines, and been the subject of at least six customer complaints.
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 Future Income Payments, LLC.
Mr. Olave was a financial advisor with Questar Capital Corporation at the time of the alleged conduct. He has since moved to Lincoln Investment.
Iorio Altamirano LLP is interested in speaking with customers of Mr. Olave or Questar Capital Corporation. Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.
Iorio Altamirano LLP is currently investigating Royal Alliance Associates, Inc. broker Matthew Crafa who is reportedly facing three securities arbitration claims related to recommendations to 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 investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
Mr. Crafa has been a broker at Royal Alliance Associates, Inc. since 2011. Iorio Altamirano LLP is also investigating the sales practices and due diligence of Royal Alliance Associates related to its sale of GPB Capital funds. Earlier this year, the SEC charged three people and their affiliated entities with running a “Ponzi-like scheme” that raised more than $1.7 billion by selling private placements issued by alternative asset management firm GPB Capital Holdings. Royal Alliance Associates has faced numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who can navigate the arbitration process and effectively advocate on their behalf.
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Joseph Ambrosole from the securities industry for six months. Mr. Ambrosole consented to the suspension after FINRA alleged that he excessively and unsuitably traded the accounts of two customers. FINRA also fined Mr. Ambrosole, who was also suspended by FINRA in 2017 for unethical sales practices, $5,000 and ordered him to pay $147,031.50 in restitution.
Mr. Ambrosole, who has only eight years of experience in the securities industry, has a history of associations disreputable broker-dealers, customer complaints, and regulatory sanctions.
The alleged conduct occurred while Mr. Ambrosole was employed by Joseph Stone Capital L.L.C. in New York, New York.
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