Broker Misconduct

St. Augustine, Florida Financial Advisor Charles Thomas Stevens, Formerly of D.H. Hill Securities, LLP, BARRED by FINRA

Published on: March 29, 2021 | by Iorio Altamirano

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 to disclose a judgment and three tax liens on his Uniform Application for Securities Industry Registration or Transfer (Form U4). The second cause of action alleged that Mr. Stevens falsely represented to his firm that he did not have any unreported liens. The third cause of action alleged that Mr. Stevens failed twice to appear and testify at an on-the-record interview.

Mr. Stevens then failed to appear at two-pear hearing conferences scheduled by the hearing officer. FINRA’s Department of Enforcement then requested a default decision, which the hearing officer granted.

Lake Forest, Illinois Financial Advisor Victor A. Rigoni, III, Formerly of Summit Brokerage Services, Inc., Suspended by FINRA

Published on: March 29, 2021 | by Iorio Altamirano

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 August 2012 through March 2019, Mr. Rigoni willfully failed to timely amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose six unsatisfied federal and state tax liens totaling $164,521. On average, Mr. Rigoni disclosed his tax liens almost three-and-a-half years late. Mr. Rigoni also never disclosed a state tax lien of $11,304.

Mr. Rigoni has been associated with the following broker-dealers:

Cetera Advisor Networks LLC in Lake Forest, Illinois, from September 2019 to August 2020.

Broker, Jeremy Johnson, Formerly of Torch Securities, LLC, BARRED by FINRA – Murrieta, CA

Published on: March 29, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Jeremy Taylor Johnson from the securities industry. FINRA expelled Mr. Johnson from the brokerage industry for refusing to cooperate with a FINRA investigation into the suitability and potential misrepresentations and omissions related to Johnson’s offer and sale of two securities offerings while associated with Torch Securities, LLC.

Mr. Johnson entered the securities industry in 2019 when he associated with Torch Securities, LLC (“Torch Securities”) and registered with FINRA as a Private Securities Offerings. His employment ended in April 2021.

Securities and Exchange Commission Settlement

Former RBC Capital Markets Broker Jeffrey Fladell Suspended by FINRA – Florham Park, NJ

Published on: March 26, 2021 | by Iorio Altamirano

FINRA has suspended former RBC Capital Markets broker Jeffrey Fladell from associating with any FINRA member for three months over unsuitable recommendations he made to a retired senior over 100 years old, which resulted in her extreme overconcentration in high-yield municipal bonds. In addition to his suspension, Fladell was fined $5,000.

If you have lost money with Jeffrey Fladell, or RBC Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Jeffrey Fladell (CRD#: 209278)

Cantor Fitzgerald & Co. Trader, Riaz Haidri, Suspended for Disclosing a Customer’s Confidential Trading Strategy to Another Customer

Published on: March 25, 2021 | by Iorio Altamirano

FINRA has suspended a Senior Managing Director at Cantor Fitzgerald & Co., Riaz Haidri, for three weeks for disclosing confidential information regarding a customer’s trading strategy and later confirming the customer’s identity to another customer. Mr. Haidri was the co-head of Cantor Fitzgerald’s high yield fixed income trading desk at the time of the alleged conduct. FINRA also fined Mr. $15,000 and ordered him to complete five hours of training.

Cantor Fitzgerald has employed Mr. Haidri since May 2013.

FINRA Letter of Acceptance, Waiver, and Consent No. 2017054288401

Another Day, Another Disciplinary Action Against Aegis Capital Corp.

Published on: March 24, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

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Santa Barbara Financial Advisor, Mark Delgadillo, Formerly of D.A. Davidson & Co., Suspended by FINRA

Published on: March 24, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Mark Larry Delgadillo from the securities industry for one month. Mr. Delgadillo consented to the suspension after FINRA alleged that he engaged in discretionary trading without written authorization for 16 customers between August 1, 2019, and October 31, 2019, executing approximately 100 transactions. FINRA also fined Mr. Delgadillo $5,000.

The alleged conduct occurred while Mr. Delgadillo was employed by D.A. Davidson & Co. in Santa Barbara, California. D.A. Davidson & Co. allowed Mr. Delgadillo to voluntarily resign in April 2020 after discovering that he was making trades without first contacting clients.

If you have suffered financial losses investing with Mark Delgadillo, or suspect that Mr. Delgadillo 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 account or annuity contract.

West Des Moines, Iowa Broker, John O’Bannon, Formerly of Edward Jones, Suspended by FINRA

Published on: March 23, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John O’Bannon for 15 business days over allegations that Mr. O’Bannon, while registered with Edward Jones in West Des Moines, Iowa, attempted to settle a customer complaint without the knowledge or approval of his firm. FINRA also fined Mr. Hansen $5,000.

Mr. O’Bannon was associated with Edward Jones from April 2017 to October 2020. Edward Jones terminated his employment on October 1, 2020, alleging that Mr. O’Bannon had been discharged for concerns that he tried to remedy a processing error in a client account by providing personal funds to the client.

Mr. O’Bannon has been registered with FSC Securities Corporation in West Des Moines, Iowa, since October 2020.

Broker Chad Mackland, Who Is Facing Felony Criminal Charges, BARRED by FINRA

Published on: March 23, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Chad Mackland from the securities industry. Mr. Mackland was barred from the brokerage industry for refusing to cooperate with a FINRA investigation into alleged theft and fraudulent sales practices.

According to his BrokerCheck report, Mr. Mackland is facing four felony charges in the District Court of Pottawattamie County in Iowa. He is accused of committing fraudulent sales practices and theft by deception.

Mr. Mackland was associated with Lion Street Financial, LLC in Council Bluff, Iowa, from December 2018 to February 2020.

Western International Securities Compliance Officer BARRED by FINRA – Pasadena, CA

Published on: March 23, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred compliance officer Corey White from the securities industry and fined him $20,000. Mr. White was expelled from the brokerage industry for supervisory failures during his tenure as a compliance officer for Financial West Group in Westlake Village, CA, from January 2013 to July 2017. Among other things, Mr. White was accused of failing to respond to red flags that indicated brokers were excessively trading customer’s accounts. FINRA previously barred Financial West Group from the securities industry in February 2020.

Mr. White left Financial West Group in August 2017 to become a compliance officer at Western International Securities, Inc. in Pasadena, CA.

Financial West Group and Western International Securities Inc. seem to be cut from the same cloth. Earlier this month, FINRA filed a disciplinary proceeding complaint against former Western International Securities broker Megurditch Patatian (aka Mike Patatian), alleging that he unsuitably recommended illiquid REITs to 59 customers. Mr. Patatian worked out of the firms’ branch office in Westlake Village, CA. You can read more about the charges here: