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The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Salvatore Pizzimenti from the securities industry.  Mr. Pizzimenti was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation related to improper trading in customer accounts while associated with Worden Capital Management LLC in New York.

According to a 2017 investigation by Reuters, Worden Capital Management hired more brokers with a history of significant disclosures than all but twenty-three other firms in the country. In 2021, Iorio Altamirano LLP set out to update that analysis.

The investigation revealed that fifty-four percent (54%) of Worden Capital Management’s brokers and supervisors have significant “red flag” public disclosures.  Significant red flag disclosures include:

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Philip Connors is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York.  Mr. Connors has a history of customer disputes and a past association with a disreputable brokerage firm that has been expelled by FINRA.

If you have lost money with broker Philip Connors or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your account.

Worden Capital Management

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David Murray is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York.  Mr. Murray has a history of customer disputes and associations with disreputable brokerage firms that have been expelled by FINRA.

If you have lost money with broker David Murray or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of  your account.

Worden Capital Management

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On June 8, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Titan Securities entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Titan Securities consented to a censure and $20,000 fine.  The sanctions are a result of Titan Securities’ failure to properly conduct an evaluation of a broker’s proposed sale of Future Income Payments to customers.

Unrelatedly, just last week, Titan Securities CEO and owner Brad Brooks was suspended for one year for failing to supervise a broker’s outside business activities between 2009 and 2012.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019061705101

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On June 2, 2021, FINRA’s National Adjudicatory Council modified a FINRA’s Office of Hearing Officers decision from 2019 that was filed by FINRA’s Department of Enforcement against Titan Securities, Brad Brooks, and broker Richard Demetriou.   The modified order has resulted in a one-year suspension of Titan Securities’ CEO and owner Mr. Brooks.

The enforcement action arose out of alleged misconduct of Mr. Demetriou’s involvement with a private placement of preferred units in a limited partnership, RBCP Preferred, LLC (“RBCP”).  RBCP was organized by the owner of Mr. Demetriou’s previous member firm, who employed Mr. Demetriou to solicit investments from Mr. Demetriou’s previous firm, and Mr. Demetrious represented that RBCP was offered to them as a means of recouping those losses.   Mr. Demetriou recommended RBCP, made misrepresentations concerning the supposed collateral securing the investments, and told customers that an investment of 10 percent of their previous losses would result in recovery of their lost investments, plus a profit – alleged returns of more than 1,000 percent.  The investors did not recoup their losses but instead lost an additional $337,000 when RBCP failed, and the alleged collateral was not foreclosed.

FINRA’s National Adjudicatory Council made the following findings:

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FINRA has barred former Wavecrest Securities, LLC and Pickwick Capital Partners, LLC broker Louis Kreisberg from the securities industry for failing to cooperate with a FINRA investigation.

The matter originated from a FINRA investigation of Kreisberg’s potential participation in private placement offerings.

If you have lost money with Louis Kreisberg, Wavecrest Securities, LLC, or Pickwick Capital Partners, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Ricardo Turlan from the securities industry for two months.  Mr. Turlan consented to the suspension after FINRA alleged that he engaged in discretionary trading without written authorization in two customer accounts between June 2017 and February 2019.  Mr. Turlan also allegedly mismarked approximately 72 trades as “unsolicited” when the trades should have been marked as “solicited.”  FINRA also fined Mr. Turlan $7,500.

The alleged conduct occurred while UBS Financial Services Inc. (“UBS”) employed Mr. Turlan in San Antonio, Texas.  UBS discharged Mr. Turlan in July 2019, alleging misconduct related to a non-discretionary account and trading in accounts that reached levels that could be considered unsuitable.

If you have suffered financial losses investing with Ricardo Turlan, or suspect that Mr. Turlan 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 brokerage account.

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FINRA has barred former SagePoint Financial, Inc. broker Grant Birkley from the securities industry for failing to cooperate with a FINRA investigation of the Form U5 filed by SagePoint Financial, which stated that the firm had discharged Birkley after he admitted making referrals to an outside asset manager without the firm’s approval.

The Form U5 is the Uniform Termination Notice for Securities Industry Registration, and broker-dealers use it to terminate the registration of an individual in the appropriate jurisdictions and/or self-regulatory organizations (“SROs”).

If you have lost money with Grant Birkley, or SagePoint Financial, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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FINRA has barred former SagePoint Financial, Inc. broker Cynthia Komarek from the securities industry for failing to cooperate with a FINRA investigation of the Form U5 filed by SagePoint Financial, which stated that the firm had discharged Komarek after she admitted making referrals to an outside asset manager without the firm’s approval.

The Form U5 is the Uniform Termination Notice for Securities Industry Registration, and broker-dealers use it to terminate the registration of an individual in the appropriate jurisdictions and/or self-regulatory organizations (“SROs”).

If you have lost money with Cynthia Komarek, or SagePoint Financial, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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The Financial Industry Regulatory Authority “(FINRA”) has suspended Cadaret, Grant & Co., Inc. broker Matthew Zanowiak from the securities industry for ten business days for exercising discretion without written authorization in approximately 15 customer accounts. Mr. Zanowiak was also fined $5,000.

If you have lost money with Matthew Zanowiak or Cadaret, Grant & Co., Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors who have disputes with their financial advisors or brokerage firms, such as Cadaret Grant & Co., Inc.

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