Securities Arbitration Lawyer Blog

Arive Capital Markets Broker, Mirsad Muharemovic, Accused of Churning, Excessive Trading, and High-Pressure Sales Tactics

Published on: February 15, 2021 | by Iorio Altamirano

Mirsad Muharemovic is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Muharemovic has 22 years of experience in the securities industry. He has been associated with nine different broker-dealers, including a past association with a firm expelled by FINRA.

Mr. Muharemovic has been the subject of three customer complaints, including one dispute that is still pending and another one resulting in an arbitration award for the complaining customer.

Broker Spotlight: Daniel Silverstein of Arive Capital Markets – Miami, Florida

Published on: February 12, 2021 | by Iorio Altamirano

Daniel Louis Silverstein is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in North Miami Beach, Florida. Mr. Silverstein has a history of associations with disreputable broker-dealers, financial liens, and at least one customer complaint.

Mr. Silverstein has 16 years of experience in the securities industry and has been associated with eight different broker-dealers. He averages just two years at each stop. In September 2018, he was hired by Arive Capital Markets.

If you have lost money with broker Daniel Silverstein or Arive Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

J.H. Darbie & Co., Inc. Fined $25,000 by FINRA Over Best Execution Rule Violations

Published on: February 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of J.H. Darbie & Co., Inc. customers after the firm was censured and fined $25,000 by FINRA for best execution rule violations. Specifically, FINRA found that the firm’s publicly available reports on its order routing practices for non-directed orders contained inaccurate and incomplete information. FINRA also found that the firm had submitted inaccurate and incomplete Order Audit Trail System (OATS) data. FINRA’s Order Audit Trail System (OATS) is an integrated audit trail of order, quote, and trade information for all NMS stocks and OTC equity.

If you have lost money with J.H. Darbie & Co., Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

J.H. Darbie & Co., Inc. is headquartered in New York, New York, and has been a FINRA member since February 1998. The firm provides retail brokerage services and employs 36 registered representatives.

Investor Alert: Iorio Altamirano LLP Investigates Triad Advisors LLC Over Supervisory Violations Related to Mutual Funds Trading and Variable Annuity Exchanges

Published on: February 10, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Triad Advisors LLC customers after the firm was censured and fined $150,000 by FINRA. The sanctions involve supervisory failures related to i) switches and short-term trading of A-share mutual funds in customer accounts and ii) variable annuity exchanges.

Triad Advisors LLC was also ordered to pay restitution of $43,998 plus interest to customers identified by FINRA.

If you have lost money with Triad Advisors LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Investigative Report: Iorio Altamirano LLP Investigation into Arive Capital Markets Reveals Troubling Pasts for Owners, Executives, and Brokers

Published on: February 8, 2021 | by Iorio Altamirano

This post is the first in a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm. Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high pressure or aggressive sales tactics. Other brokerage firms have a propensity for broker misconduct, such as excessive trading, churning, unauthorized trades, and misrepresentation. Iorio Altamirano LLP is a securities arbitration law firm based in New York City. We represent investors nationwide who have suffered investment losses due to wrongful conduct by financial advisors and brokerage firms. We are investor advocates.

SUMMARY:

In 2017, in collaboration with Columbia Law School, Reuters analyzed FINRA data and identified 48 firms whose brokers have been flagged for serious incidents. In 2021, our firm set out to update that analysis.

Former David Lerner Associates Financial Advisor, Charles Bonilla, Suspended by FINRA for Unsuitable Energy-Sector Securities – Boca Raton, FL

Published on: February 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Charles Bonilla from the securities industry for five months, fined him $5,000, and ordered him to disgorge $22,417 in commissions.

FINRA suspended Mr. Bonilla for recommending energy-sector securities to customers without having a reasonable basis to believe those investments were suitable. Mr. Bonilla was a broker with David Lerner Associates, Inc. in Boca Raton, FL when the alleged conduct occurred.

If you have suffered financial losses investing with Mr. Bonilla or suspect that Mr. Bonilla did not have your best interest in mind when recommending investments, including energy-sector mutual funds or limited partnerships, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Key Investor Issues Outlined in FINRA 2021 Exam Priorities – Part Two

Published on: February 5, 2021 | by Iorio Altamirano

We are continuing our discussion of FINRA’s 2021 Report on Risk Monitoring and Examination Activities. In Part Two, we will focus on FINRA’s comments and findings related to Variable Annuities, Outside Business Activities, and Private Securities Transactions and Private Placements. These are all areas of interest that directly affect retail investors, and in which FINRA found deficiencies following its examination of member-firms.

If you are interested in FINRA’s comments regarding Regulation Best Interest (Reg BI), Communications with the Public, and Best Execution, you can read Part One of our discussion here.

Variable Annuities

Portland Financial Advisor, Lisa Brumm, Suspended by FINRA for Unsuitable Variable Annuity Recommendations, Borrowing from a Client, and Negligent Misrepresentation

Published on: February 5, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Lisa Ann Brumm (also known as Lisa Am Brumm and Lisa Ann Moon) from the securities industry for six months and fined her $7,500. Lisa Brumm was registered with Woodbury Financial Services, Inc. in Portland, Oregon, from April 2017 until December 2020. She was previously registered with AXA Advisors, LLC (now known as Equitable Advisors LLC) from July 2011 to May 2017. Ms. Brumm is also the CEO and founder of My Financial Girlfriend (Moon & Bear LLC).

FINRA suspended Ms. Brumm for recommending two unsuitable variable annuities to a customer, borrowing $40,000 from the same customer, and negligently misrepresenting the effect of a withdrawal from a variable annuity to another customer.

If you have suffered financial losses investing with Lisa Brumm or suspect that Ms. Brumm did not have your best interest in mind when recommending investments, annuities, or annuity switches, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Somersworth, NH Financial Advisor Michael Francoeur, Formerly of Cambridge Investment Research, Inc, BARRED by FINRA

Published on: February 5, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Paul Francoeur from the securities industry. FINRA expelled Mr. Francoeur from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into his conduct after receiving a customer complaint.

Mr. Francoeur was a financial advisor at Cambridge Investment Research, Inc. in Somersworth, New Hampshire, from January 2012 until his employment was terminated in March 2020. Cambridge Investment Research fired Mr. Francoeur, alleging that he assisted a client with an investment that was not approved by the firm and that he used an unapproved email account, both against the firm’s policies.

If you have suffered financial losses investing with Michael Francoeur or suspect that Mr. Francoeur did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Arive Capital Markets Broker, Lon Faccini, Facing Two Pending Disputes Alleging Excessive Trading, Churning, Misrepresentation, and Unsuitability

Published on: February 5, 2021 | by Iorio Altamirano

Lon Charles Faccini Jr. is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Faccini has been the subject of seven customer complaints, which include two pending disputes. The pending disputes are securities arbitration claims filed by customers of Mr. Faccini. At least one of the customers was also a client of Arive Capital Markets. The Arive Capital Markets customer alleged excessive trading, churning, and unsuitability. The second customer alleged misrepresentation and unsuitability.

If you have lost money with broker Lon Faccini or Arive Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Securities Arbitration Lawyers Blog