Firm Investigations

Debasish Hajra, Formerly of Wells Fargo, Suspended by FINRA – Marietta, Georgia

Published on: August 20, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Debasish Hajra from the securities industry for 30 calendar days. Mr. Hajra consented to the suspension after FINRA alleged that, while associated with Wells Fargo Clearing Services, LLC in Marietta, GA, Mr. Hajra executed nine unauthorized trades with a total principal value of $526,966 in his deceased customer’s account. FINRA also fined Mr. Hajra $5,000.

Customers of Mr. Hajra or Wells Fargo who have suffered financial losses, or suspect that Mr. Hajra did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Wells Fargo.

Two Former Woodstock Financial Group, Inc. Brokers Suspended by FINRA for Unsuitable Trades

Published on: August 20, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbrokers Alfonse Stazzone and Maxim Beliakov from the securities industry for four months. The financial advisors consented to the suspension after FINRA alleged that, while associated with Woodstock Financial Group, Inc., they excessively and unsuitably traded a customer’s account between September 2017 and August 2018. FINRA also fined both brokers $5,000 each.

Customers of Messrs. Stazzone and Beliakov or Woodstock Financial Group, Inc. who have suffered financial losses, or suspect that the brokers did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Woodstock Financial Group, Inc.

Energy 11, L.P., a Limited Partnership Sold Exclusively by David Lerner Associates, Inc., Not Likely to Resume Distributions to Investors Anytime Soon

Published on: August 20, 2021 | by Iorio Altamirano

On August 6, 2021, the Chairman and Chief Executive Officer of Energy 11 GP, LLC, the general partner of Energy 11, L.P. (“Energy 11”), sent a letter to investors of Energy 11. Despite the upbeat and optimistic tone of the letter, as well as the representations made by David Lerner Associates, Inc.’s financial advisors to customers, investors have the right to feel concerned about their investments based on Energy 11’s public filings with the United States Securities and Exchange Commission (“SEC”). Most notably for investors:

Energy 11 has not made distributions to its limited partners since March 2020.
Energy 11 owes its limited partners 18 months of unpaid distributions, totaling more than $36 million.

GPB Capital Investor Recovers Full Investment Through FINRA Arbitration Award

Published on: August 16, 2021 | by Iorio Altamirano

On August 13, 2021, a FINRA arbitration panel in New York, New York, ruled in favor of a brokerage customer that invested in GPB Automotive Portfolio LP and GPB Waste Management LP at the recommendation of his financial advisor at Hightower Securities, LLC.

The arbitration panel ordered Hightower Securities, LLC to refund $163,201 to the customer in exchange for a return of the limited partnership interests, essentially making the customer whole. The customer had purchased the limited partnership interests for $170,000 and had previously received $6,799 from the investments as a return of capital.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors.

Jason Seale of American Wealth Management, Inc. Suspended by FINRA – Novato, California

Published on: August 16, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Jason Seale from the securities industry for 15 business days. Mr. Seale consented to the suspension after FINRA alleged that, while associated with American Wealth Management, Inc. in Novato, CA, he engaged in discretionary trading without written authorization in four customer accounts between February 2016 and December 2018. FINRA also fined Mr. Seale $5,000.

Customers of Mr. Seale or American Wealth Management, Inc. who have suffered financial losses, or suspect that Mr. Seale did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as American Wealth Management, Inc.

Former Worden Capital Management LLC Broker, John Cangialosi, Suspended by FINRA for Excessively Trading 3 Accounts

Published on: August 13, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor John Cangialosi from the securities industry for nine months. Mr. Cangialosi consented to the suspension after FINRA alleged that from October 2014 through December 2014, while associated with Legend Securities, Inc., and then Worden Capital Management LLC, Mr. Cangialosi excessively traded three customers’ accounts in violation of FINRA Rules 2111 and 2010. In addition to the suspension, Mr. Cangialosi is also subject to a $7,500 fine and an order to pay $271,622 in restitution to clients. However, it is unclear whether Mr. Cangialosi will be able to satisfy the restitution order.

Customers of Mr. Cangialosi or Worden Capital Management LLC, 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 John Cangialosi or Worden Capital Management LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Worden Capital Management LLC.

World Choice Securities Broker, Thomas Stratton, Barred by FINRA – Melbourne, Florida

Published on: August 12, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Thomas Stratton from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Stratton misused customer funds with respect to the sale of promissory notes related to a third party’s life insurance policy, and misrepresentation thereto. The investigation was launched after FINRA received a tip to FINRA’s Securities Helpline for Seniors.

Mr. Stratton has been associated with World Choice Securities, Inc. in Melbourne, Florida, since January 2004.

If you or a loved one were a customer of Thomas Stratton or World Choice Securities, Inc., contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Former Worden Capital Management LLC Principal, Henry Bones II, Suspended by FINRA – New York, NY

Published on: August 12, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended former Worden Capital Management LLC supervisor Henry Bones II. Mr. Bones consented to a two-month suspension from associating with any FINRA member in all principal capacities after FINRA alleged that he failed to reasonably supervise a former broker, Christopher Orlando, that excessively traded ten customer accounts.

Earlier this year, FINRA has barred Christopher Orlando from the securities industry for excessively trading his customers’ accounts. In December 2020, Worden Capital Management LLC was sanctioned more than $1.5 million by FINRA for, among other things, failing to establish, maintain and enforce a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to excessive trading.

Mr. Bones, who was associated with Worden Capital Management LLC from November 2016 to December 2019, has a history of associations with firms that have been expelled by FINRA. He is currently registered with SW Financial in New York, NY.

Iorio Altamirano LLP Investigates American Capital Partners, LLC Over GPB Capital Funds

Published on: August 12, 2021 | by Iorio Altamirano

American Capital Partners, LLC is a broker-dealer headquartered in Hauppauge, New York. According to publicly available records filed with the SEC, the firm likely received sales compensation for selling the GPB Automotive Portfolio, LP to retail investors. Upon information and belief, broker Frank Palumbo was one of the financial advisors at American Capital Partners, LLC’s that recommend GPB Automotive Portfolio, LP to retail customers.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB Capital funds scheme. The GPB Capital funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors.

Customers who have invested in GPB Automotive Portfolio, LP with American Capital Partners, LLC, should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and to review their legal rights.

Walter Morrow Allen, Formerly with Cetera Advisors LLC, BARRED by FINRA – Suffield, CT

Published on: August 11, 2021 | by Iorio Altamirano

FINRA has barred former Cetera Advisors LLC broker Walter Morrow Allen from the securities industry for refusing to provide information and documents requested pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.

If you have lost money with Walter Morrow Allen, or Cetera Advisors LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020066785901