FINRA

Former Broker Ryan Tarjanyi Barred by FINRA – Kettering, OH

Published on: March 7, 2021 | by Iorio Altamirano

FINRA has barred former Bankers Life Securities broker Ryan Tarjanyi from the securities industry for providing inaccurate information during on-the-record testimony regarding a customer’s execution of an annuity partial withdrawal form, in violation of FINRA Rules 8210 and 2010.

FINRA initially opened an examination of Tarjanyi’s sales practices in 2019. At that time, Bankers Life Securities reported that customers complained about Tarjanyi, alleging forgery and falsification of information on an insurance application and annuity withdrawal forms.

On September 24, 2020, FINRA made a preliminary determination to recommend that disciplinary action be brought against Tarjanyi, alleging that Tarjanyi falsified documents, forged customer signatures, and misrepresented the terms of an insurance policy (the forgeries facilitated unauthorized withdrawals from customer funds), in violation of FINRA Rules.

Former Broker Lang Phu Nguyen Suspended by FINRA for Exercising Discretion in Customer Accounts without Prior Written Authorization – Campton Hills, IL

Published on: March 7, 2021 | by Iorio Altamirano

FINRA has suspended former Edward Jones broker Lang Phu Nguyen from associating with any FINRA member for 45 days for exercising discretion in customer accounts without prior written authorization and violating firm policies prohibiting the use of personal email for business purposes.

Nguyen was also fined $5,000. He is no longer associated with a FINRA member but remains subject to FINRA’s jurisdiction.

If you have lost money with Lang Phu Nguyen, or Edward Jones, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Update: Broker Scott Reed, Formerly of Wells Fargo in Scottsdale, Arizona, Appears to Have a History of Recommending High Risk and High Commission Investments to Customers

Published on: March 6, 2021 | by Iorio Altamirano

**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 Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights. To read more about Iorio Altamirano LLP’s investigation into GWG “L Bonds,” click on the following link: Iorio Altamirano LLP Investigates L Bonds offered by GWG Holdings (GWGH)

Original Post:

Update: Broker Scott Reed, Formerly of Wells Fargo in Scottsdale, Arizona, Appears to Have a History of Recommending High Risk and High Commission Investments to Customers

Palm City, Florida Financial Advisor, Richard Shelley, Formerly of Packerland Brokerage Services, Inc., Suspended by FINRA

Published on: March 5, 2021 | by Iorio Altamirano

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 about Future Income Payments, LLC.

Mr. Reed was a financial advisor with Packerland Brokerage Services, Inc. (“Packerland”) in Palm City, Florida, from December 2002 until December 2020.

Iorio Altamirano LLP is interested in speaking with customers of Mr. Shelley or Packerland Brokerage Services, Inc. Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.

How to Recover Puerto Rico Bond Losses From David Lerner Associates, Inc.

Published on: March 3, 2021 | by Iorio Altamirano

Numerous stockbrokers at David Lerner Associates Inc. (“David Lerner Associates”) recommended risky and speculative Puerto Rico municipal bonds to customers.

An investor may be able to recover financial losses if the recommendation was not suitable for the customer or if David Lerner misrepresented or omitted material facts about the bonds in connection with making the recommendation.

Iorio Altamirano LLP, a securities arbitration law firm based in New York, has recently filed an arbitration claim against David Lerner Associates, alleging that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto Rico municipal bonds. The claim also alleges that Mr. Walcoe made material misrepresentations and omitted material facts concerning the risk and safety of the bonds. The recommendations occurred at a time when credit rating agencies were downgrading Puerto Rico municipal bonds and indicated that further credit downgrades were imminent. At the time of the recommendations, Mr. Walcoe was an investment counselor and branch manager.

Rodgers, Arkansas Financial Advisor Rhett Bedwell BARRED by FINRA

Published on: March 3, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Rhett Douglas Bedwell from the securities industry. Mr. Bedwell was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation in whether Mr. Bedwell moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.

Mr. Bedwell was a financial advisor with LPL Financial LLC (“LPL Financial”) in Rodgers, Arkansas, from November 2017 until his employment ended in August 2019. On September 9, 2020, LPL Financial disclosed that Mr. Bedwell had been identified in a pending customer arbitration alleging that in 2019, he moved a client’s IRA to a different administrator and used forged documentation to invest the client’s money into a Ponzi Scheme.

Before his employment with LPL Financial, Mr. Bedwell was a financial advisor at Arvest Wealth Management in Bentonville, Arkansas, from July 2015 until November 2017.

Broker Megurditch Mike Patatian, Formerly of Western International Securities, Inc. Facing Disciplinary Charges by FINRA for Recommending Unsuitable Illiquid REITs to 59 Customers, Including 21 Elderly Customers – Westlake Village, California

Published on: March 1, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including:

making 81 unsuitable recommendations to purchase over $7.8 million in non-traded Real Estate Investment Trusts (REITs) to 59 customers, including 21 senior investors;
recommending illiquid non-traded REIT to six customers that also needed liquidity;

Great Nation Investment Corporation President and CEO, Bryon Pat Treat, BARRED by FINRA – Amarillo, Texas

Published on: March 1, 2021 | by Iorio Altamirano

FINRA has barred Great Nation Investment Corporation President, and CEO Bryon Pat Treat from the securities industry. Mr. Treat has been barred from associating with any FINRA member firm in any capacity because he refused to provide information and documents connected with FINRA’s investigation into whether he reasonably supervised the sale of illiquid “church bonds.”

Earlier this year, FINRA also barred financial advisor David A. Jenson from the securities industry for failing to cooperate with an investigation into whether Mr. Jenson recommended customers invest in an unsuitable concentration of church bonds. To read more about Mr. Jenson’s expulsion, please click here.

Great Nation Investment Corporation is an SEC-registered brokerage firm headquartered in Amarillo, Texas. The firm’s primary business activity is the offer and sale of church bonds.

Former LPL Financial Broker Bradley Allen Goodbred BARRED by FINRA – Roselle, IL

Published on: March 1, 2021 | by Iorio Altamirano

FINRA has barred former LPL stockbroker Bradley Allen Goodbred from the securities industry for refusing to respond to an information request issued pursuant to FINRA Rule 8210.

On February 1, 2021, LPL terminated Goodbred’s registration by filing a Form U5, stating that Goodbred had been terminated because he failed to disclose and obtain the firms’ approval to act as power of attorney for a customer, in violation of firm policy. LPL stated that as a power of attorney, Mr. Goodbred requested and facilitated distributions of funds from his customer’s outside advisory accounts and deposited the funds into the customer’s bank account. He then had the customer provide him with personal checks totaling $430,000. The checks were made payable to a real estate company representative owned and operated as an outside business activity. Goodbred and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on February 16, 2021.

FINRA indicated that the matter originated from a tip received by FINRA staff on January 13, 2021.

Broker Ricky Alan Mantei Suspended by FINRA For Violating Firm Prearranged Trading Prohibitions – Lexington, SC

Published on: March 1, 2021 | by Iorio Altamirano

FINRA has suspended Ricky Alan Mantei from the securities industry for 30 business days. According to an Office of Hearing Officers (“OHO”) decision from February 18, 2021, Mantei violated his firm’s prearranged trading prohibition and circumvented its cross-trade procedures by directing prearranged trading with intermediaries in order to facilitate and disguise cross trades. Mantei was fined a total of $15,000 for violating FINRA Rule 2010 and MSRB Rule G-17.

If the OHO decision becomes FINRA’s final disciplinary action, Mantei’s 30-day suspension will run from April 19, 2021, to June 1, 2021.

If you have invested with Ricky Alan Mantei, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.