Securities Arbitration Lawyer Blog

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

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.

Whistleblower Awards: The SEC Awards $9.5 Million to Six Whistleblowers In Less Than a Week

Published on: August 10, 2021 | by Iorio Altamirano

On August 10, 2021, the Securities and Exchange Commission (“SEC”) announced whistleblower awards of nearly $6 million to two whistleblowers who provided information and assistance to the SEC in separate enforcement proceedings. The latest awards come after the SEC revealed on August 6, 2021, an award of more than $3.5 million to three individuals in two separate proceedings.

In the first enforcement proceeding (announced on August 10, 2021), a whistleblower was awarded more than $3.5 million for providing the regulator with valuable new information that resulted in the expansion of an existing investigation into a new geographic area. The whistleblower also provided additional information and assistance to help the agency bring charges in the underlying enforcement action.

In the second enforcement proceeding (announced on August 10, 2021), a whistleblower was awarded more than $2.4 million for providing the SEC with a tip that promoted an investigation. The whistleblower also provided the SEC with documents and identified potential witnesses.

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

Whistleblower Award Alert: The SEC Awards In Excess of $4 Million to Four Whistleblowers

Published on: August 2, 2021 | by Iorio Altamirano

On August 2, 2021, the Securities and Exchange Commission (“SEC”) announced whistleblower awards of more than $4 million to four whistleblowers who provided information and assistance to the SEC in two separate enforcement proceedings.

In the first enforcement proceeding, a whistleblower was awarded more than $2 million for providing the regulator with information that launched an investigation. The informant also provided the SEC with ongoing assistance by participating in interviews and identifying key individuals and entities. Another whistleblower was issued an award of $150,000 for providing the SEC with information that resulted in an expansion of the investigation.

In the second enforcement action, the SEC awarded more than $1.6 million to two whistleblowers. The first individual provided the SEC with information that alerted the SEC to the violations and was awarded $1.1 million. The second whistleblower was awarded $500,000 for providing significant and timely information.

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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Securities Arbitration Lawyers Blog