FINRA

Investor Alert: Iorio Altamirano LLP Investigates Former Oppenheimer Broker Frederick Levine and Oppenheimer Over Unit Investment Trust (UIT) Early Rollover Practices

Published on: December 16, 2020 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Oppenheimer customers who invested in Unit Investment Trusts (UITs) at the firm through former Oppenheimer broker Frederick Levine and other financial advisors. If you have lost money with Oppenheimer or former Oppenheimer broker Frederick Levine contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Financial Advisor Frederick Levine (CRD#: 1765119)

FINRA has suspended financial advisor Frederick Levine from the securities industry for the 3-month period ending on December 20, 2020. He was also fined $5,000.

Investor Alert: Iorio Altamirano LLP Investigates Stifel, Nicolaus & Company Over Unit Investment Trust (UIT) Early Rollover Practices

Published on: December 16, 2020 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Stifel, Nicolaus & Company customers who invested in Unit Investment Trusts (UITs). If you have lost money with Stifel, Nicolaus & Company, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Stifel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on May 27, 2020, over allegations that between January 2012 and December 2016, Stifel violated FINRA rules. Specifically, that it:

Failed to establish and maintain a supervisory system, and failed to establish, maintain, and enforce written supervisory procedures (“WSPs”) that were reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to early rollovers of UITs.

Investor Alert: Iorio Altamirano LLP Investigates SagePoint Financial, Inc. Over Unit Investment Trust (UIT) Early Rollover Practices

Published on: December 16, 2020 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of SagePoint Financial customers who invested in Unit Investment Trusts (UITs). If you have lost money with SagePoint, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

SagePoint and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on June 10, 2020, over allegations that between January 2013 and December 2017, SagePoint violated FINRA rules. Specifically, that it:

Failed to establish and maintain a supervisory system, and failed to establish, maintain, and enforce written supervisory procedures (WSPs) that were reasonably designed to supervise the suitability of representatives’ recommendations to customers for early rollovers of Unit Investment Trusts (UITs).

R.F. Lafferty & Co., Inc. and Financial Advisor Jay Clint Tomlinson Sanctioned by FINRA – New York, NY

Published on: December 15, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Jay Clint Tomlinson from the securities industry for three months and fined him $7,500. Mr. Tomlinson’s sanctions arise from his improper use of discretion without written authorization when placing 379 trades in three customers’ accounts.

FINRA has also censured Tomlinson’s employer, New York financial services firm R.F. Lafferty & Co., Inc., and ordered the firm to pay a fine of $55,000. R.F. Lafferty & Co., Inc. (“R.F. Lafferty”) failed to maintain order memoranda that accurately reflected whether trades were solicited or unsolicited for more than 56,000 trades in customer accounts. R.F. Lafferty also failed to establish and maintain a supervisory system, and failed to enforce written supervisory procedures, reasonably designed to achieve compliance with applicable recordkeeping laws, regulations, and rules pertaining to review and retention of order memoranda.

This is not the first time Mr. Tomlinson and R.F. Lafferty have been sanctioned by FINRA. In November 2012, Mr. Tomlinson was suspended for 30 days and fined $7,500 for failing to timely provide documents and information to FINRA. At the time, Mr. Tomlinson was the Chief Compliance Officer at Brimberg & Co. Brimberg & Co. was expelled from the securities industry by FINRA for failing to pay its monetary fines.

Former Ameriprise and Edward Jones Broker Drew R. Mantel Suspended by FINRA for Exercising Discretion Without Written Authorization In Customers’ Accounts – Ohio

Published on: December 15, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Drew R. Mantel from the securities industry for three months and fined him $5,000. Drew Mantel was registered with Ameriprise Financial Services, LLC in Miamisburg, Ohio, from March 2018 until November 2018. At that time, Ameriprise terminated his employment. Previously, he was registered with Edward Jones in Franklin, Ohio, from August 2003 until April 2018.

If you have lost money with Drew R. Mantel, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Drew R. Mantel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 15, 2020, over allegations related to Mr. Mantel’s conduct between June 2017 to September 2019, specifically that he:

Dario Suarez, with UBS Financial Services Inc. of Puerto Rico, facing twenty-three pending customer disputes over Puerto Rico investments

Published on: December 11, 2020 | by Iorio Altamirano

UBS broker Dario Suarez has twenty-three pending customer complaints on his CRD, including three customer complaints filed in 2020, totaling over $1.3 million in claimed losses.

The claims allege that recommendations to invest in Puerto Rico municipal bonds and closed-end funds were unsuitable and led to overconcentration of the accounts in these securities. Further, the claims allege that Mr. Suarez and UBS misrepresented the safety of the investments.

Iorio Altamirano LLP es un bufete de abogados de arbitraje de valores con experiencia representando a inversionistas en todo el país ante el foro de pleitos de arbitraje de FINRA. Iorio Altamirano LLP tiene experiencia en pleitos de arbitraje sobre bonos municipales de Puerto Rico y fondos de bonos de Puerto Rico. Puede conocer más sobre nuestro bufete aquí.

Robert Lapetina, formerly with UBS Financial Services Inc. of Puerto Rico, facing seventeen pending customer disputes over Puerto Rico investments

Published on: December 11, 2020 | by Iorio Altamirano

Former UBS broker Robert Lapetina has seventeen pending customer complaints on his CRD, including three customer complaints filed in 2020, totaling over $1.3 million in claimed losses.

The claims allege that recommendations to invest in Puerto Rico municipal bonds and closed-end funds were unsuitable and led to overconcentration of the accounts in these securities. Further, the claims allege that Mr. Lapetina and UBS misrepresented the safety of the investments.

Iorio Altamirano LLP es un bufete de abogados de arbitraje de valores con experiencia representando a inversionistas en todo el país ante el foro de pleitos de arbitraje de FINRA. Iorio Altamirano LLP tiene experiencia en pleitos de arbitraje sobre bonos municipales de Puerto Rico y fondos de bonos de Puerto Rico. Puede conocer más sobre nuestro bufete aquí.

Miguel Pascual, formerly with UBS Financial Services Inc. of Puerto Rico, facing five pending customer disputes over Puerto Rico investments

Published on: December 11, 2020 | by Iorio Altamirano

Former UBS broker Miguel Pascual has five pending customer complaints on his CRD, including two customer complaints filed in 2020, totaling over $3 million in claimed losses.

The claims allege that recommendations to invest in Puerto Rico municipal bonds and closed-end funds were unsuitable and led to overconcentration of the accounts in these securities. Further, the claims allege that Mr. Pascual and UBS misrepresented the safety of the investments.

Iorio Altamirano LLP es un bufete de abogados de arbitraje de valores con experiencia representando a inversionistas en todo el país ante el foro de pleitos de arbitraje de FINRA. Iorio Altamirano LLP tiene experiencia en pleitos de arbitraje sobre bonos municipales de Puerto Rico y fondos de bonos de Puerto Rico. Puede conocer más sobre nuestro bufete aquí.

Angel Canabal, with UBS Financial Services Inc. of Puerto Rico, facing seventeen pending customer disputes over Puerto Rico investments

Published on: December 11, 2020 | by Iorio Altamirano

UBS broker Angel Canabal has seventeen pending customer complaints on his CRD, including three customer complaints filed in 2020, totaling over $1 million in claimed losses.

The claims allege that recommendations to invest in Puerto Rico municipal bonds and closed-end funds were unsuitable and led to overconcentration of the accounts in these securities. Further, the claims allege that Mr. Canabal and UBS misrepresented the safety of the investments.

Iorio Altamirano LLP es un bufete de abogados de arbitraje de valores con experiencia representando a inversionistas en todo el país ante el foro de pleitos de arbitraje de FINRA. Iorio Altamirano LLP tiene experiencia en pleitos de arbitraje sobre bonos municipales de Puerto Rico y fondos de bonos de Puerto Rico. Puede conocer más sobre nuestro bufete aquí.

Jose David Mendez, with UBS Financial Services Inc. of Puerto Rico, facing fifteen pending customer disputes over Puerto Rico investments

Published on: December 11, 2020 | by Iorio Altamirano

UBS broker Jose David Mendez has fifteen pending customer complaints on his CRD, including three customer complaints filed in 2020, totaling over $4 million in claimed losses.

The claims allege that recommendations to invest in Puerto Rico municipal bonds and closed-end funds were unsuitable and led to overconcentration of the accounts in these securities. Further, the claims allege that Mr. Mendez and UBS misrepresented the safety of the investments.

Iorio Altamirano LLP es un bufete de abogados de arbitraje de valores con experiencia representando a inversionistas en todo el país ante el foro de pleitos de arbitraje de FINRA. Iorio Altamirano LLP tiene experiencia en pleitos de arbitraje sobre bonos municipales de Puerto Rico y fondos de bonos de Puerto Rico. Puede conocer más sobre nuestro bufete aquí.