Securities Arbitration Lawyer Blog

William Michero, Formerly with Cambridge Investment Research, Inc., BARRED by FINRA – Fort Worth, TX

Published on: September 23, 2021 | by Iorio Altamirano

FINRA has barred former Cambridge Investment Research, Inc. broker William Michero from the securities industry. Mr. Michero consented to the sanction and to the entry of findings that from April 2018 through February 9, 2021, while associated with his firm and serving as the trustee for a senior beneficiary’s accounts at other financial institutions, he converted more than $263,000 from those accounts.

If you have suffered investment losses with William Michero, or Cambridge Investment Research, Inc., 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.

Two More Wins for UBS Yield Enhancement Strategy (YES) Customers, Fourth and Fifth Awards in 2021

Published on: September 20, 2021 | by Iorio Altamirano

First, on September 15, 2021, a FINRA Dispute Resolution Services arbitration panel in Houston, Texas, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $357,000 in compensatory damages. Then, on September 17, 2021, arbitrators in Boca Raton, Florida, awarded customers over $691,000 in compensatory damages, more than $115,000 in prejudgment interest, and nearly $41,000 in expert witness fees.

The cause of action in both arbitration cases arose out of investments in UBS’s Yield Enhancement Strategy (“YES”), a complex and highly risky options strategy.

Customers across the country have filed securities arbitration claims against UBS, alleging that the brokerage firm misrepresented the options strategy as a safe way to obtain marginally higher yield on a portfolio of securities. In actuality, the complexity and nature of YES exposed customers to a significant risk of loss. Customers have also alleged that UBS and its team of options traders conducted the YES program with virtually no supervision or compliance oversight and with inadequate risk controls.

The SEC Has Awarded Over $1 Billion to Whistleblowers

Published on: September 16, 2021 | by Iorio Altamirano

On September 15, 2021, the Securities and Exchange Commission (“SEC”) announced whistleblower awards of roughly $110 million and $4 million to two whistleblowers. With these awards, the SEC has issued more than $1 billion to 207 whistleblowers, ten years after the SECs Whistleblower Program became effective. The program has issued a whopping $500 million in the fiscal year 2021 alone.

In the SEC’s press release, SEC Chair Gary Gensler issued the following statement:

“Today’s announcement underscores the important role that whistleblowers play in helping the SEC detect, investigate, and prosecute potential violations of the securities laws. The assistance that whistleblowers provide is crucial to the SEC’s ability to enforce the rules of the road for our capital markets.

GPB Automotive Portfolio, LP to Sell Prime Automotive for $880 Million, Which Generated $1.8 Billion in Annual Revenue in 2020; GPB Automotive’ s Future Remains Uncertain

Published on: September 14, 2021 | by Iorio Altamirano

According to SEC filings, GPB Automotive Portfolio LP entered into an agreement with Group 1 Automotive, Inc. on September 12, 2021, to sell Prime Automotive for $880 million, consisting of 30 car dealerships and three collision centers located in the Northeast of the United States. According to a press release issued by Group 1 Automotive, Inc., the Prime Automotive dealerships generated $1.8 billion in annual revenues in 2020.

The future of GPB Automotive Portfolio, LP remains uncertain. Investors of GPB Automotive Portfolio LP are encouraged to act now and contact a securities arbitration law firm for a free consultation and review of their legal rights.

Iorio Altamirano LP is a securities arbitration law firm that represents GPB Automotive investors.

Adam Gerard Belardino, Formerly with MML Investors Services, LLC, BARRED by FINRA – Elmsford, NY

Published on: September 13, 2021 | by Iorio Altamirano

FINRA has barred former MML Investors Services, LLC (“MML”) broker Adam Gerard Belardino from the securities industry for failing to provide on-the-record testimony on two occasions in violation of FINRA Rules 8210 and 2010.

In April 2019, Mr. Belardino’s firm terminated his employment during a review of customer complaints made against him. After learning of the termination, FINRA initiated an investigation into the surrounding circumstances.

If you have suffered investment losses with Adam Gerard Belardino, or MML Investors Services, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Santander Investment Securities Inc. Sanctioned by FINRA for Publishing and Distributing Inaccurate and Incomplete Research Reports to Institutional Investors

Published on: September 8, 2021 | by Iorio Altamirano

On September 7, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Santander Investment Securities Inc. (“Santander”) entered into an agreement whereby Santander consented to a censure and $175,000 fine after FINRA alleged that Santander published and distributed research reports to institutional investors that omitted required disclosures or included inaccurate disclosures.

Iorio Altamirano LLP is investigating claims on behalf of institutional customers of Santander Investment Securities Inc.

Institutional clients of Santander Investment Securities Inc. that have suffered investment losses should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Scott Madison, Formerly with Merrill Lynch, BARRED by FINRA – Riverhead, NY

Published on: September 4, 2021 | by Iorio Altamirano

FINRA has barred former Merrill Lynch broker Scott Madison from the securities industry after he failed to provide information and documents requested by FINRA in connection with its investigation into the circumstances of his termination from Merrill Lynch.

If you have suffered investment losses with Scott Madison, or 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.

Jeffrey Travis Drost, Formerly with Raymond James, BARRED by FINRA – Victoria, TX

Published on: September 4, 2021 | by Iorio Altamirano

FINRA has barred former Raymond James Financial Services, Inc. broker Jeffrey Travis Drost from the securities industry after he refused to provide information and documents requested by FINRA.

If you have suffered investment losses with Jeffrey Travis Drost, or Raymond James, 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.

Dale Allen Ramsperger, Formerly with Securities America, Inc., Suspended by FINRA – Scottsdale, AZ

Published on: September 4, 2021 | by Iorio Altamirano

FINRA has suspended former Securities America, Inc. (SAI) broker Dale Allen Ramsperger from the securities industry for five months. Mr. Ramsperger consented to the sanction and to the entry of findings that he participated in a private securities transaction without prior written disclosure to his firm. His suspension is scheduled to begin on September 20, 2021, and end on February 19, 2022.

If you have suffered investment losses with Dale Allen Ramsperger, or Securities America, Inc., 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.

Deutsche Bank Securities Broker Garrett Neubart Suspended by FINRA – New York, NY

Published on: September 4, 2021 | by Iorio Altamirano

FINRA has suspended Deutsche Bank Securities Inc. broker Garrett Neubart from the securities industry for two months. Mr. Neubart consented to the sanction and to the entry of findings that he engaged in an outside business activity without providing prior written notice to his firm. His suspension is scheduled to begin on September 20, 2021, and end on November 19, 2021.

If you have suffered investment losses with Garrett Neubart, or Deutsche Bank Securities Inc., 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.

Securities Arbitration Lawyers Blog