Securities Arbitration Lawyer Blog

Medford, Oregon Financial Advisor, Juan Ceja, Formerly of PFS Investments Inc, Barred by FINRA

Published on: July 6, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Juan Ceja from the securities industry. Mr. Ceja was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after PFS Investments, Inc. discharged Mr. Ceja in February 2021 and alleged that he “submitted term life insurance applications with questionable and/or invalid information.” Mr. Ceja was associated with PFS Investments, Inc. in Medford, Oregon, from December 2000 until February 221.

Customers of Mr. Ceja or PFS Investments, Inc., can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

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

Stu Pearl, Former David A. Noyes & Company Broker, Suspended for Making Unsuitable Non-Traditional ETF Investment Recommendations – Indianapolis, IN

Published on: July 2, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Stuart Pearl from the securities industry for three months. Mr. Pearl consented to the suspension after FINRA alleged that from March 2017 and August 2018, while associated with David A. Noyes & Company (now Sanctuary Securities, Inc.) in Indianapolis, Indiana, he recommended the purchase of leveraged and inverse exchange-traded funds (collectively “Non-Traditional ETFs”) to four customers without having a sufficient understanding of the risks and features associated with these products and thereby failing to have a reasonable basis for making these recommendations. In addition to the suspension, Mr. Pearl is also subject to a $5,000 deferred fine.

Sanctuary Securities, Inc. became a member of FINRA in December 1939 and was known as David A. Noyes & Company until March 5, 2020. The firm has 35 branch offices and approximately registered representatives. Iorio Altamirano LLP is also Sanctuary Securities, Inc. over inverse and leveraged exchange-traded funds supervisory failures. To read more about the investigation, click on the following link: Iorio Altamirano LLP Investigates Sanctuary Securities, Inc. (Formerly David A. Noyes & Company) Over Inverse and Leveraged Exchange-Traded Funds Supervisory Failures

Customers of Mr. Pearl or Sanctuary Securities, Inc./David A. Noyes & Company should consult with a securities arbitration law firm. If you or a loved one were a customer of Stuart Pearl, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation.

Broker Daniel Jossen, Formerly with NYLIFE Securities LLC, BARRED by FINRA – Bethesda, MD

Published on: July 2, 2021 | by Iorio Altamirano

FINRA has barred former NYLIFE Securities LLC broker Daniel Jossen from the securities industry. Mr. Jossen was expelled from the brokerage industry for failing to the provide information requested by FINRA pursuant to Rule 8210, in violation of Rules 8210 and 2010.

If you have lost money with Daniel Jossen, or NYLIFE Securities 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

Broker George Louis McCaffrey III, Formerly with NTB Financial Corporation, BARRED by FINRA – Englewood, CO

Published on: July 2, 2021 | by Iorio Altamirano

FINRA has barred former NTB Financial Corporation (“NTB”) broker George Louis McCaffrey III from the securities industry. Mr. McCaffrey was expelled from the brokerage industry for providing false information to FINRA during a prior investigation and for participating in $270,000 of private securities transactions without prior written disclosure to and approval from his firm.

If you have lost money with George Louis McCaffrey III, or NTB Financial Corporation, 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

Former Worden Capital Management LLC Broker, Christopher Orlando, BARRED by FINRA for Excessively Trading 13 Accounts

Published on: July 1, 2021 | by Iorio Altamirano

On July 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) and broker Christopher Orlando entered into a Letter of Acceptance, Waiver, and Consent No. 2017056432603 after FINRA alleged that from October 2015 through December 2018, Mr. Orlando excessively traded 13 accounts of 12 customers in violation of Rules 2111 and Rule 2010. The alleged conduct occurred when Mr. Orlando was associated with Legend Securities (2015-2016) and Worden Capital Management LLC (2016-2019).

As part of the settlement terms with FINRA, Mr. Orlando consented to a bar from associating with any FINRA member brokerage firm in any capacity.

If you have suffered financial losses investing with Christopher Orlando or Worden Capital Management LLC, or suspect that Mr. Orlando 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.

Takeaways from Robinhood’s IPO Filing

Published on: July 1, 2021 | by Iorio Altamirano

On July 1, 2021, a day after incurring a record-breaking $70 million from its regulator, FINRA, Robinhood filed a registration statement with the U.S. Securities and Exchange Commission (“SEC”) indicating its intention to go public. The IPO filing reveals that the company plans to list its share on the Nasdaq stock exchange under the symbol HOOD.

The public filing also revealed that the firm has experienced rapid growth and became profitable in 2020. In 2020, Robinhood generated net income of $7.45 million on net revenue of $959 million, compared with 2019, when the firm lost $107 million on $278 million in revenue.

Robinhood’s also disclosed the following information:

Whistleblower Awards, Week of June 21 – 25, 2021

Published on: June 30, 2021 | by Iorio Altamirano

During the week of January 21, 2021, the Securities and Exchange Commission (“SEC”) awarded approximately $6.3 million to five whistleblowers.

First, on June 21, 2021, the SEC announced awards of nearly $4 million to an informant whose information led to the initiation of an SEC investigation that resulted in a successful enforcement action. According to the SEC’s press release, the whistleblower provided extraordinary assistance, participating in hours of telephonic interviews and communicating dozens of times with investigative staff. The whistleblower also identified key witnesses and provided documents to the staff.

Also, on June 21, 2021, the SEC awarded approximately $1.3 million to three whistleblowers who provided the SEC with information that prompted the opening of an investigation.

Breaking News: Robinhood Ordered to Pay $70 Million, the Largest Financial Penalty Ever Ordered by FINRA

Published on: June 30, 2021 | by Iorio Altamirano

On June 30, 2021, the Financial Industry Regulatory Authority (“FINRA”) announced that it ordered Robinhood Financial LLC to pay approximately $70 million for systemic supervisory failures and significant harm suffered by millions of customers. The sanctions included an order to pay a $57 million fine and $12.6 million in restitution, plus interest, to thousands of harmed customers. According to the FINRA press release, the sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations.

Robinhood agreed to the sanctions to settle broad regulatory allegations that the firm misled customers, approved ineligible traders for risky strategies, and did not supervise technology that failed and locked millions out of trading.

In determining the appropriate sanctions, FINRA stated that it “considered the widespread and significant harm suffered by customers, including millions of customers who received false or misleading information from the firm, millions of customers affected by the firm’s systems outages in March 2020, and thousands of customers the firm approved to trade options even when it was not appropriate for the customers to do so.”

Joseph Stone Capital L.L.C. Broker Suspended by FINRA

Published on: June 30, 2021 | by Iorio Altamirano

On June 29, 2021, the Financial Industry Regulatory Authority (“FINRA”) and a Joseph Stone Capital L.L.C. stockbroker entered into a Letter of Acceptance, Waiver, and Consent No. 2020066888001 whereby the broker consented to a three-month suspension, $5,000 fine, and to pay $7,653.21 in restitution to a customer. The broker consented to the sanctions after FINRA alleged that between May 2018 and March 2019, the broker excessively and unsuitably traded a customer’s account in violation of FINRA Rules 2111 and 2010.

FINRA previously suspended the broker in 2019 after FINRA alleged that he exercised discretion in customers’ accounts without prior authorization from the customers and without seeking or obtaining approval from his firm.

If you have suffered financial losses investing with Joseph Stone Capital L.L.C., or suspect that Joseph Stone Capital L.L.C. 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.

Broker Cesar Gabriel Hernandez, Formerly with Gentem Capital, BARRED by FINRA – Miami, FL

Published on: June 29, 2021 | by Iorio Altamirano

FINRA has barred former Gentem Capital broker Cesar Gabriel Hernandez from the securities industry. Mr. Hernandez was expelled from the brokerage industry for refusing FINRA’s request to appear for on-the-record testimony pursuant to FINRA Rule 8210.

Previously, on October 19, 2010, FINRA had accepted AWC No. 2009016158801, in which Mr. Hernandez consented to a three-month principal capacity suspension and a $25,000 fine for violations of NASD Rules 3011(a) and (b) and 2110 and FINRA Rule 2010.

Without admitting or denying the findings, Mr. Hernandez agreed to the entry of findings that he failed to adequately implement the firm’s Anti-Money Laundering (AML) compliance program and also failed to establish and implement an adequate customer identification program.

Securities Arbitration Lawyers Blog