Securities Arbitration Lawyer Blog

Purshe Kaplan Sterling Broker Lee Taylor BARRED by FINRA – Skippack, PA

Published on: September 30, 2021 | by Iorio Altamirano

FINRA has barred Purshe Kaplan Sterling Investments (PKS) broker Lee Taylor from the securities industry. Mr. Taylor consented to the sanctions and to the entry of findings that he refused to produce documents and information requested by FINRA in connection with its investigation into his potential undisclosed private securities transactions with PKS customers, including participating in trading for them for compensation in brokerage accounts outside of the firm.

If you have suffered investment losses with Lee Taylor, or Purshe Kaplan Sterling Investments, 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.

FINRA Files Enforcement Action Against Former Edward Jones Broker Alan Price – Frankfort, IN

Published on: September 30, 2021 | by Iorio Altamirano

FINRA’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Alan Price for borrowing $150,000 from a 72-year-old Edward Jones customer in violation of firm policies.

If you have suffered investment losses with Alan Price or Edward Jones, 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.

Robert Joseph Boyer III, Formerly with MML Investors Services, LLC, BARRED by FINRA – Holyoke, MA

Published on: September 29, 2021 | by Iorio Altamirano

FINRA has barred former MML Investors Services, LLC broker Robert Joseph Boyer III from the securities industry. Mr. Boyer consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA related to a matter that originated from a Form U4 amendment filed by MML Investors Services.

The amendment disclosed a customer complaint alleging that Mr. Boyer established multiple accounts that the complainant wasn’t in a financial position to purchase and that the complainant never reviewed nor signed some of the applications for these products, which were later found to contain false information.

If you have suffered investment losses with Robert Joseph Boyer III, or MML Investors Services, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

David Wells, Formerly with Fifth Third Securities, Inc., BARRED by FINRA – Chicago, IL

Published on: September 29, 2021 | by Iorio Altamirano

FINRA has barred former Fifth Third Securities, Inc. broker David Wells from the securities industry. Mr. Wells consented to the sanction and to the entry of findings that he failed to appear for on-the-record testimony or to produce documents requested by FINRA in connection with its investigation into his potential misconduct while at Fifth Third Securities.

Mr. Wells “voluntarily resigned” from Fifth Third Securities after he admitted to misappropriating funds from three clients.

If you have suffered investment losses with David Wells, or Fifth Third Securities, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Jerry Rice, Formerly with Raymond James, Suspended by FINRA – Tinton Falls, NJ

Published on: September 29, 2021 | by Iorio Altamirano

FINRA has suspended former Raymond James broker Jerry Rice from the securities industry for six months. Mr. Rice consented to the sanctions and to the entry of findings that he circumvented Raymond James’ procedures prohibiting, without the firm’s approval, representatives from receiving gifts from customers and being named as a beneficiary in a customer’s will.

Mr. Rice’s suspension began on September 20, 2021, and is scheduled to end on March 19, 2022. He was also fined $10,000.

If you have suffered investment losses with Jerry Rice, or Raymond James, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Whistleblower Award Alert: The SEC Awards $36 Million to Whistleblower

Published on: September 24, 2021 | by Iorio Altamirano

The Securities and Exchange Commission (“SEC”) announced a whistleblower award of roughly $36 million to a whistleblower that provided information to the SEC on an illegal scheme. The information led to successful regulatory enforcement actions by the SEC and another federal agency.

In total, $161 million has been awarded to whistleblowers this month. On September 17, 2021, the SEC announced an award of $11.5 million to two whistleblowers. On September 15, 2021, the SEC announced two awards totaling $114 million. That award marked a milestone for the SEC’s 10-year-old whistleblower program, as it put the total amount of awards issued to over $1 billion.

In total, the SEC has awarded over $1.1 billion to 214 individuals since the whistleblower program became effective in August 2011. The awards are paid out of an investor protection fund established by Congress financed entirely through monetary sanctions paid to the SEC by securities law violators. Money is not taken or withheld from harmed investors to pay whistleblower awards.

Robert Nyilas, Formerly with Advisory Group Equity Services, BARRED by FINRA – Westport, CT

Published on: September 23, 2021 | by Iorio Altamirano

FINRA has barred former Advisory Group Equity Services broker Robert Nyilas from the securities industry. Mr. Nyilas 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 made unsuitable securities recommendations in customer accounts.

If you have suffered investment losses with Robert Nyilas, or Advisory Group Equity Services, 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.

Ronald Daley, Formerly with W&S Brokerage Services, Inc., BARRED by FINRA – West Chester, OH

Published on: September 23, 2021 | by Iorio Altamirano

FINRA has barred former W&S Brokerage Services, Inc. broker Ronald Daley from the securities industry. Mr. Daley consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce documents and information requested by FINRA in connection with its investigation into his potential conversion of funds from elderly customers.

If you have suffered investment losses with Ronald Daley, or W&S Brokerage Services, 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.

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.

Securities Arbitration Lawyers Blog