Firm Investigations

Michael Miles Hartlett, Formerly with LPL Financial LLC, Suspended by FINRA – East Petersburg, PA

Published on: November 5, 2021 | by Iorio Altamirano

FINRA has suspended former LPL Financial LLC broker Michael Miles Hartlett from the securities industry for ten business days. Hartlett consented to the sanctions and to the entry of findings that he exercised discretionary trading authority in a customer’s accounts without having obtained prior written authorization of the customer.

Hartlett’s suspension is scheduled to begin on November 15, 2021, and end on November 29, 2021. He was also fined $5,000.

If you have lost money with Michael Miles Hartlett, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Glenn Brandon, Jr., Formerly with BB&T Securities, LLC, BARRED by FINRA – Birmingham, AL

Published on: November 5, 2021 | by Iorio Altamirano

FINRA has barred former BB&T Securities, LLC broker Glenn Brandon, Jr. from the securities industry. Brandon consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into whether he engaged in outside business activities (OBAs) that were not disclosed to or approved by his firm.

If you have lost money with Glenn Brandon, Jr., or BB&T Securities, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

Edgar Kleydman, Formerly with AXA Advisors, LLC, BARRED by FINRA – Brooklyn, NY

Published on: November 5, 2021 | by Iorio Altamirano

FINRA has barred former AXA Advisors, LLC broker Edgar Kleydman from the securities industry. Kleydman consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during its investigation into whether he engaged in private securities transactions without providing written notice to his member firm.

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

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

Eric Shea Hollifield, Formerly with LPL Financial LLC, BARRED by FINRA – Dacula, GA

Published on: November 2, 2021 | by Iorio Altamirano

FINRA has barred former LPL Financial LLC broker Eric Shea Hollifield from the securities industry. Hollifield consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce the documents and information requested by FINRA in connection with its investigation into Hollifield’s potential conversion of funds from an elderly customer.

If you have lost money with Eric Shea Hollifield, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

SEC Accuses Former Wells Fargo Broker Kenneth A. Welsh of Stealing Investor Funds

Published on: October 29, 2021 | by Iorio Altamirano

On October 28, 2021, the United States Securities and Exchange Commission (“SEC”) charged former Wells Fargo broker and investment advisor representative Kenneth Welsh with stealing nearly $3 million from his advisory clients and brokerage customers from January 2016 through January 2021. The SEC has accused Mr. Welsh of transferring funds that belonged to his clients and customers to himself and his family to purchase gold coins and other precious metals, buy luxury goods, and pay off personal credit cards.

Mr. Welsh was registered with Wells Fargo Clearing Services, LLC in Fairfield, NJ. Wells Fargo terminated Mr. Welsh’s employment in June 2021 after the allegations arose that Mr. Welsh misappropriated funds from Wells Fargo’s customers, including senior citizens.

Iorio Altamirano LLP is investigating potential legal claims on behalf of customers of Kenneth Welsh and Wells Fargo related to potential misconduct by Mr. Welsh.

Iorio Altamirano LLP Investigates Joseph Stone Capital Broker Leonid (Lenny) Yurovsky for Churning, Excessive Trading, and Unsuitable Investment Recommendations

Published on: October 29, 2021 | by Iorio Altamirano

According to Mr. Yurovsky’s public disclosure report, stockbroker Lenny Yurovsky received a Wells Notice from the Financial Industry Regulatory Authority (“FINRA”) on or about September 29, 2021, which made a preliminary determination to recommend that disciplinary action be brought against Mr. Yurovsky. In the Wells Notice, FINRA alleged willful violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and FINRA Rules 2020 and 2010 for churning customer accounts. In addition, FINRA alleged that Mr. Yurovsky excessively traded customers’ accounts, made trades on margin without customer authorization, and made unsuitable recommendations to trade on margin.

Mr. Yurovsky has been registered as a broker with Joseph Stone Capital L.L.C. in Mineola, New York, since April 2016.

Iorio Altamirano LLP is investigating potential legal claims on behalf of customers of Lenny Yurovsky and Joseph Stone Capital related to investment recommendations and account activity made by Mr. Yurovsky.

Iorio Altamirano LLP Investigates Investment Recommendations Made by Former UBS Broker Patrick Murray – Sandusky, Ohio

Published on: October 21, 2021 | by Iorio Altamirano

**Update: July 6, 2022** On June 24, 2022, former UBS broker Patrick R. Murray was suspended by the Financial Industry Regulatory Authority (FINRA). Mr. Murray, who is not currently associated with a brokerage firm, consented to the suspension after FINRA alleged that from March 2018 to January 2019, Murray violated FINRA Rules 3270 and 2010 by engaging in an outside business activity without providing prior written notice to his firm. As part of the agreement, Mr. Murray also agreed to pay a fine of $5,000.

Specifically, FINRA alleged that in March 2018, Mr. Murray and two other individuals established a company called Integrity Salt, LLC to buy and sell rock salt. Mr. Murray made capital contributions to Integrity Salt, LLC and made at least one vendor payment on behalf o the company by wiring more than a million dollars from his personal account directly to the vendor. Mr. Murray also earned approximately $78,704 in compensation from his activities related to Integrity Salt, LLC.

Iorio Altamirano LLP is investigating other potential claims related to Mr. Murray’s conduct and encourages anyone with information about Mr. Murray’s conduct or practices to contact our law firm. All conversations are confidential and privileged.

GPB Capital Founder Seeks Millions in Distributions from Fund Investors That He Allegedly Defrauded

Published on: October 7, 2021 | by Iorio Altamirano

David Gentile, the disgraced founder of GPB Capital Holdings LLC, who is facing criminal and civil fraud charges, is seeking to obtain millions of dollars from GPB. Despite being accused of running a Ponzi-like scheme when he was running GPB Capital, Mr. Gentile is asking for court-supervised mediation to obtain a distribution of more than $5 million to cover his personal tax liability from last year. Meanwhile, limited partners of GPB Capital private placement funds, such as GPB Automotive Portfolio LP, have not received distributions since 2019. Worse, their investments remain illiquid, as there is no secondary market to sell their units.

Mr. Gentile claims to be “entitled to distributions” under the private equity firm’s operating agreements. He also claims that GPB Capital and its funds, including GPB Holdings, LP / GPB Holdings Qualified, LP, GPB Automotive Portfolio, LP, GPB Holdings II, LP, and GPB Waste Management, LP, are responsible for paying his legal fees. He is essentially asking investors who have been defrauded to pay his legal fees to defend him against numerous allegations of wrongdoing.

Lawyers for the U.S. Securities and Exchange Commission (SEC) argue that Mr. Gentile’s request should be denied because he does not qualify for mediation according to rules issued by the court.

Merrill Lynch Fined $1.5 million by FINRA – New York, NY

Published on: October 6, 2021 | by Iorio Altamirano

FINRA has fined Merrill Lynch $1.5 million over its alleged breach of supervisory and disclosure-related rules involving short positions in municipal securities. The firm was censured, fined, and required to certify that its supervisory systems and written procedures are reasonably designed to achieve compliance with Municipal Securities Rulemaking Board (MSRB) Rules G-17 and G-27 and Rule 15C3-3(D)(4) of the Securities Exchange Act of 1934 (Exchange Act). The firm was also required to certify that its revised written supervisory procedures have been distributed to all firm personnel with responsibilities for compliance with MSRB Rules G-17 and G-27 and Exchange Act Rule 15C3-3(D)(4).

If you have suffered investment losses with Merrill Lynch, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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

Lee Victor Nordstrom, Formerly with Vorpahl Wing Securities, BARRED by FINRA – Spokane, WA

Published on: October 6, 2021 | by Iorio Altamirano

FINRA has barred former Vorpahl Wing Securities broker Lee Nordstrom from the securities industry. Nordstrom consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during the course of an investigation into whether he engaged in potential unsuitable and excessive trading in several customer accounts.

If you have suffered investment losses with Lee Nordstrom, or Vorpahl Wing Securities, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.