FINRA has barred former Wells Fargo broker Mario Rivero, Jr. from the securities industry for failing to cooperate with a FINRA investigation into allegations made by two former customers.
If you have lost money with Mario Rivero, Jr., Wells Fargo, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Nicholas Palumbo from the securities industry. Mr. Palumbo was expelled from the brokerage industry after refusing to cooperate with a FINRA investigation into allegations related to his termination from Park Avenue Securities LLC. Mr. Palumbo was associated with Park Avenue Securities LLC from May 1999 until he was “permitted to resign” in May 2020 over allegations that he engaged in undisclosed private securities transactions.
If you have lost money with broker Nicholas Palumbo or Park Avenue Securities LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020066651001
Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by cold calling people all over the country, focusing primarily on senior and elderly customers who are small business owners and retirees. Cold-calling customers is a common tactic for “boiler room” brokerage firms.
Mr. Flower was also ordered to pay restitution plus prejudgment interest to harmed customers. However, it is unclear whether he will be able to satisfy the judgment.
Mr. Flower was associated with Spartan Capital Securities, LLC since June 2019. Previously, he was associated with SW Financial from December 2015 to June 2019.
The Securities and Exchange Commission (“SEC”) began the month of June 2021 by announcing awards of approximately $13 million and $10 million to two whistleblowers whose whistleblower tips led to successful SEC enforcement actions and related actions. In addition to the initial tips, the whistleblowers also provided the SEC and another federal agency with substantial assistance by submitted information and documents, participating in interviews, and identifying key individuals who engaged in the misconduct at issue.
According to Emily Pasquinelli, the Acting Chief of the SEC’s Office of the Whistleblower, the “whistleblowers’ information and assistance led to multiple successful enforcement actions related to a complex and fraudulent scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains.”
In total, the SEC has awarded over $928 million to 166 individuals since the whistleblower program became effective in August 2011. All awards are paid out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards.
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against brokerage firm NYPPEX, LLC (CRD No. 47654), Former Chief Executive Officer (“CEO”) Laurence Allen (CRD No. 1063970), and Chief Compliance Officer (“CCO”) Michael Schunk (CRD No. 732595). The complaint alleges:
Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while generating commissions and fees for him of more than $400,000.
The sixteen customers experienced total losses of $814,509.
If you have suffered financial losses investing with Ross Barish or Joseph Stone Capital L.L.C., or suspect that Mr. Barish 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 account or annuity contract.
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Jeffrey Warren from the securities industry. Mr. Warren was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into a gift that Mr. Warren received from a former Oppenheimer & Co. Inc. customer. Mr. Warren was associated with Oppenheimer & Co. Inc. in Boca Raton, Florida, from 2009 until 2021.
If you have suffered financial losses investing with Jeffrey Warren or Oppenheimer & Co. Inc., contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Oppenheimer & Co. Inc.
A FINRA Dispute Resolution Services arbitration panel in Richmond, Virginia, found Westpark Capital, Inc. to be liable for actions of its disgraced former broker, Lawrence Fawcett, and ordered the firm to pay nearly $800,000 to customers Charles and Karen Hailey. The award included over $545,000 in compensatory damages, $33,500 in costs, and $215,000 in attorneys’ fees. The arbitration panel found Westpark liable for failing to supervise Mr. Fawcett, who churned the Hailey’s accounts and made unsuitable investment recommendations. The unsuitable investment recommendations related to private placement investments in the following entities: Protagenic Therapeutics, Inc., Monster Digital, Inc., Miamar Labs, Inc.
The former stockbroker, Lawrence (Larry) Fawcett, was barred from the securities industry by FINRA in March 2018 for failing to cooperate with a FINRA investigation into his outside business activities. FINRA subsequently revoked Mr. Fawcett’s securities license for failing to pay a fine and suspended him for failing to comply with an arbitration award. Mr. Fawcett, who had only been in the securities industry for five years, had an extensive history of customer complaints, regulatory sanctions, associations with disreputable brokerage firms, and an employment termination after allegations of wrongdoing.
If you have lost money with Lawrence Fawcett or Westpark Capital, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA has fined and censured the O.N. Equity Sales Company, Inc. (“ONESCO”) over the firm’s failure to supervise a broker’s recommendations involving the purchase and liquidation of variable annuities. ONESCO was fined $275,000 and ordered to pay $1 million in restitution to customers.
Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options. Typically, variable annuities assess surrender charges for customers taking early withdrawals beyond a specified percentage of the annuity’s account value. Customers can also incur tax penalties and additional charges for early withdrawals. As such, they are generally not appropriate for customers with a short-term investment horizon.
If you have lost money with ONESCO, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA has fined UnionBanc Investment Services, LLC (“UBIS”) $100,000 over supervisory violations related to variable annuity transactions and exchanges.
Variable annuities are complex products, commonly marketed and sold to retirees or individuals saving for retirement, that permit customers to choose among a variety of contract features and options.
If you have lost money with UnionBanc Investment Services, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
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