FINRA

Boulder, Colorado Financial Advisor, Formerly of LPL Financial LLC, Suspended by FINRA

Published on: January 13, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Arthur Obermeier from the securities industry for 60 days and fined him $5,000. Mr. Obermeier’s sanctions arise from his execution of trades without his customers’ authorization or consent.

Arthur Obermeier was registered with LPL Financial LLC in Boulder, Colorado, from June 2002 until his employment was terminated in May 2019. LPL Financial LLC fired Mr. Obermeier, alleging that he exercised discretion in clients’ accounts without authorization.

If you have suffered financial losses investing with Arthur Obermeier or suspect that Mr. Obermeier executed trades in your account without authorization, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Statesboro, Georgia Financial Advisor Christopher B. Black BARRED by FINRA

Published on: January 13, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Christopher B. Black from the securities industry. FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer. Mr. Black was a financial advisor at LPL Financial LLC in Statesboro, Georgia, from October 2017 until his employment was terminated in April 2020 for violating firm policy for not disclosing the loan arrangements. Mr. Black has also been affiliated with the following business entities: Renasant Financial Services and LPL Business.

Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC. First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor. A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments. Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020. No further details are publicly available regarding this pending complaint.

Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.

VALIC Financial Advisors, Inc. Fined $350,000 by FINRA Over Variable Annuity Supervisory Violations

Published on: January 13, 2021 | by Iorio Altamirano

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 surveillance variable annuity rates exchanges and for corrective action in case of inappropriate exchanges.
During this period, VFA also failed to establish a supervisory system and procedures for the review of transactions where a registered representative recommended that a customer invest additional funds into existing variable annuities.

Investor Alert: Iorio Altamirano LLP Investigates Morgan Stanley Over 529 Savings Plans

Published on: January 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Morgan Stanley customers after the firm agreed to pay restitution of more than $1.7 million over supervisory failures related to its 529 plan share-class recommendations. If you have lost money with Morgan Stanley or were advised by a Morgan Stanley representative to purchase particular share classes of 529 savings plans, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Morgan Stanley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 30, 2020, over findings that between January 1, 2013, and June 30, 2018, the firm failed to establish and maintain a system reasonably designed to supervise representatives’ recommendations to customers to purchase certain share classes of 529 savings plans, in violation of MSRB Rule G-27. Specifically, the FINRA AWC stated that Morgan Stanley’s supervisory system was not reasonably designed to supervise 529 share-class recommendations executed 1) in certain legacy Smith Barney accounts or 2) through transactions made directly with plans.

Morgan Stanley is headquartered in Purchase, New York, and has been a FINRA member firm since May 2009. As of December 2020, Morgan Stanley had approximately 720 branches and over 23,500 registered persons.

Crown Capital Securities, L.P. Customer Filed FINRA Arbitration Complaint About Non-Traded Real Estate Investment Trusts (REITs) and Non-Traded Business Development Companies (BDCs)

Published on: January 12, 2021 | by Iorio Altamirano

A Crown Capital Securities L.P. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that broker Jeffrey Michael Warren recommended unsuitable investments in non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs). The complaint includes additional causes of action, including inadequate due diligence and breach of fiduciary duty.

Mr. Warren has been registered with Crown Capital Securities, L.P. in San Ramon, California, since February 2013.

If you have suffered financial losses investing with Jeffrey Michael Warren or Crown Capital Securities, L.P., or suspect that Mr. Warren did not have your best interest in mind when recommending investments, including REITs and BDCs, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Jose Ramon Martinez, with Popular Securities, LLC, facing six pending customer disputes over Puerto Rico investments

Published on: January 11, 2021 | by Iorio Altamirano

Popular Securities broker Jose Ramon Martinez has six pending customer complaints on his CRD, including a customer complaint filed in late October 2020 claiming $500,000 in losses. The claims allege that recommendations to invest in Puerto Rico securities were unsuitable given the clients’ risk tolerance and Puerto Rico’s well-known deteriorating financial condition.

Mr. Martinez (CRD#: 1402991) has been in the securities industry for 33 years. He has been registered with Popular Securities in San Juan, Puerto Rico, since 2008.

Mr. Martinez has been the subject of twenty-one customer complaints, most of which allege violations similar to those outlined in the pending case filed in 2020: unsuitable recommendations, overconcentration, and misrepresentation related to Puerto Rico municipal bonds and closed-end funds.

Former Morgan Stanley Financial Advisor John Griner Suspended by FINRA – Athens, Georgia

Published on: January 11, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Frederick Griner from the securities industry for 15-business days and fined him $15,000. Mr. Griner’s sanctions arise from his improper use of discretion without written authorization.

John Griner was registered with Morgan Stanley in Athens, Georgia from March 2011, until his employment was terminated in October 2019. Morgan Stanley allowed Mr. Griner to voluntarily resign after allegations arose concerning whether certain options trades were properly confirmed with the client before they were placed.

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

Investor Alert: Iorio Altamirano LLP Investigates B. Riley Wealth Management Inc. Over 529 Savings Plans

Published on: January 8, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of B. Riley Wealth Management Inc. (“BRWM”) customers after the firm was ordered to pay more than $250,000 in restitution to clients by the Financial Industry Regulatory Authority (“FINRA”) for supervisory failures related to its 529 plan share-class recommendations. If you have lost money with BRWM or were advised to purchase particular share classes of 529 savings plans, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

B. Riley Wealth Management Inc. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 30, 2020, following findings that between January 1, 2013, and June 30, 2018, the firm lacked a system reasonably designed to supervise representatives’ recommendations to customers to purchase certain share classes of 529 savings plans, in violation of MSRB Rule G-27. The AWC pointed out that BRWM:

Failed to provide adequate guidance to its registered representatives about the importance of considering share-class differences when recommending 529 plans.

Springfield, IL Financial Advisor Dustin P. Shafer BARRED by FINRA After Allegedly Borrowing Money from an Elderly Customer

Published on: January 8, 2021 | by Iorio Altamirano

**Update 4/14/2021** Iorio Altamirano LLP is currently investigating Newbridge Securities Corporation, Money Concepts Capital Corp, and Dustin Shafer for recommending that clients invest in private placement securities 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.

If you have suffered financial losses as a result of any of the following GPB private placement offerings, contact Iorio Altamirano LLP for a free and confidential review of your legal rights:

GPB Automotive Portfolio, LP

Former Ameriprise Broker Angel Bardeche Suspended by FINRA – Cincinnati, Ohio

Published on: January 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Angel Wynette Bardeche (CRD# 4698117) from the securities industry for nine months and fined her $10,000. Ms. Bardeche was also ordered to return $5,000 worth of commissions to customers. Angel Bardeche was registered with Ameriprise Financial Services, LLC in Cincinnati, Ohio, from August 2012 until May 2019. At that time, Ameriprise terminated her employment.

Ms. Bardeche has also received at least three customer complaints alleging that she did not disclose the surrender charges or annual fees associated with variable annuities purchases between 2013 and 2015.

If you have suffered financial losses investing with Angel Bardeche or suspect that Ms. Bardeche did not have your best interest in mind when recommending investments, mutual funds, mutual fund switches, annuities, or annuity switches, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.