Firm Investigations

FINRA Arbitration Award: San Francisco Financial Advisor Amy Blodgett and Firm Ameritas Advisory Services Ordered to Pay $20,000 to Customers

Published on: August 11, 2021 | by Iorio Altamirano

In an arbitration award published by FINRA on August 5, 2021, San Francisco, CA financial advisor Amy Rogers Blodgett and brokerage firm Ameritas Advisory Services was ordered to pay over $20,000 in damages to customers that alleged “gross mismanagement of investments” in their joint account maintained at Ameritas Advisory Services.

Iorio Altamirano LLP, an investor advocate law firm, is investigating claims on behalf of customers of Amy Blodgett and Ameritas Advisory Services. Customers of Ms. Blodgett or Ameritas can contact Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Ameritas Advisory Services.

Former Joseph Stone Capital L.L.C. Broker, Eugene McAdams, BARRED by FINRA

Published on: August 10, 2021 | by Iorio Altamirano

On August 3, 2021, the Financial Industry Regulatory Authority (“FINRA”) and former Joseph Stone Capital L.L.C. stockbroker Eugene McAdams entered into a Letter of Acceptance, Waiver, and Consent No. 2020066887801 whereby Mr. McAdams consented to a bar from the securities industry. Mr. McAdams consented to the expulsion after refusing to cooperate with a FINRA investigation into whether he made suitable investment recommendations to customers while registered with Joseph Stone Capital.

Mr. McAdams, associated with Joseph Stone Capital from September 2015 to June 2020, has also been the subject of at least two customer complaints. The causes of action of the two complaints, which resulted in monetary compensation to the customers, included excessive trading on margin, elder abuse, false and misleading statements, fraud, negligent misrepresentation, breach of fiduciary duty, and unauthorized trading.

If you have suffered financial losses investing with Eugene McAdams or Joseph Stone Capital L.L.C., or suspect that Mr. McAdams 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 legal rights.

FINRA Arbitration Award: Boca Raton Financial Advisor William Friedman Ordered to Pay $250,000

Published on: August 6, 2021 | by Iorio Altamirano

In an arbitration award published by FINRA on July 30, 2021, Boca Raton, Florida financial advisor William Friedman was ordered to pay $250,000 in damages to a Claimant.

Notably, Mr. Friedman was suspended by FINRA on July 2, 2021, over his failure to respond to a FINRA request for information. He is currently facing a potential bar from the securities industry on October 5, 2021, if he fails to request the termination of his suspension.

If you have lost money with Boca Raton, Florida financial advisor William Friedman, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Files Enforcement Action Against Aegis Capital Broker Daniel O’Neill – Melville, New York

Published on: August 4, 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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Jeffrey Scott Anderson, Former NYLife Securities LLC Broker, Barred by FINRA – Bloomington, IL

Published on: August 4, 2021 | by Iorio Altamirano

FINRA has barred former NYLife Securities LLC broker Jeffrey Scott Anderson from the securities industry after he converted $26,579 from his elderly NYLife customer and used the funds to pay for personal expenses.

If you have lost money with Jeffrey Scott Anderson, or NYLife Securities LLC, contact investment fraud lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020067888701

Aegis Capital Broker Gilbert Kuta Suspended by FINRA – Timonium, MD

Published on: July 29, 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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Iorio Altamirano LLP Investigates L Bonds offered by GWG Holdings (GWGH)

Published on: July 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating potential claims involving investments in L Bonds offered by GWG Holdings (Nasdaq: GWGH).

On July 26, 2021, GWG Holdings canceled its Combined 2020/2021 Annual Meeting of Stockholders originally convened and adjourned on May 28, 2021.

Prior to this cancellation, on July 7, 2021, Nasdaq warned GWG Holdings that it risked the potential delisting of its stock over the company’s failure to hold an annual meeting of shareholders and file its most recent Forms 10-K and 10-Q on time.

Former Fusion Analytics Securities, LLC Chief Compliance Officer Suspended by FINRA – Ft. Lauderdale, FL

Published on: July 27, 2021 | by Iorio Altamirano

FINRA has suspended Fusion Analytics Securities, LLC’s former Chief Compliance Officer Luis Fernando Restrepo from the securities industry for a six-month period over compliance and supervisory failures related to, among other things, the sale of private placements. Mr. Restrepo consented to a six-month suspension from associating with any FINRA member in all principal capacities and will have to requalify as a principal prior to acting in that capacity with any FINRA member.

During his association with Fusion, Mr. Restrepo was the firm’s Chief Compliance Officer (CCO) and Anti-Money Laundering Compliance Officer (AMLCO).

Mr. Restrepo’s suspension is scheduled to begin on August 2, 2021, and end on February 1, 2022.

Former LPL Financial LLC Broker Jason LaBelle Barred by FINRA – Pittsfield, MA

Published on: July 26, 2021 | by Iorio Altamirano

FINRA has barred former LPL Financial LLC broker Jason LaBelle from the securities industry. Mr. LaBelle was expelled from the brokerage industry for failing to provide information requested pursuant to FINRA Rule 8210, in connection with a FINRA investigation of Mr. LaBelle’s possible violation of a prior AWC.

Back in January 2020, FINRA accepted an AWC in which Mr. LaBelle consented to the entry of findings that, while associated with LPL, he participated in an outside business activity without having provided prior written notice to his firm. The AWC suspended Mr. LaBelle from associating with any FINRA member firm in all capacities for three months and imposed a $5,000 fine.

By refusing to produce information and documents, Mr. LaBelle violated FINRA Rules 8210 and 2010.

Former Valic Financial Advisors, Inc. Broker, Enoch Booth, BARRED by FINRA – Columbia, South Carolina

Published on: July 21, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Enoch Booth from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Booth engaged in unauthorized private securities transactions and outside business activities. FINRA launched the investigation after Valic Financial Advisors, Inc. terminated Mr. Booth’s employment in December 2020 and alleged that Mr. Booth failed to disclose a series of private securities transactions, failed to disclose a self-directed IRA, and provided gift cards to clients in violation of firm policy. Mr. Booth was associated with Valic Financial Advisors, Inc. in Columbia, South Carolina, from May 2001, until December 2020.

When a financial advisor participates in a private securities transaction that is not approved by a firm, it is referred to as “selling away.” The prohibitions on selling away are designed to protect investors by ensuring that all brokers’ activities are reasonably supervised by firms that employ them. Further, securities that are sold away from a firm have not been vetted by the firm.

Customers of Mr. Booth or Valic Financial Advisors, Inc. that have suffered financial losses can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.