best interest

Former LPL Financial LLC Financial Advisor, Michael Anthony Tavel, Suspended by FINRA for Selling Away, Making an Unsuitable Recommendation, and Misrepresentation – Indianapolis, IN

Published on: December 18, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Michael Anthony Tavel (CRD #4862463) from the securities industry for 18 months and fined him $20,000. Michael Tavel was a stockbroker at LPL Financial LLC, in Indianapolis, Indiana, from September 2004 until April 2019. He has also been affiliated with Charter Advisory Corporation and Tavel Insurance & Financial Services, LLC.

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

Michael Tavel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 17, 2020, over allegations related to Mr. Tavel recommending private securities transactions to three investors. One of the transactions involved a senior customer. Mr. Tavel did not have a reasonable basis to believe that the recommendation that the senior invest in the private security was suitable. Mr. Tavel also provided misleading materials to the customers and, after the customer orally complained, improperly attempted to settle the complaint away from the firm.

Former Cadaret, Grant & Co., Inc. Financial Advisor Timothy James Pandekakes Suspended for Unsuitable Variable Annuity Recommendations – Westchester, New York

Published on: December 10, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Timothy James Pandekakes (CRD No. 4890164) from the securities industry for three months and ordered him to pay partial restitution of $20,000.

FINRA alleged that between January 2016 and April 2018, while employed by Cadaret, Grant & Co., Inc. in Bronxville, New York, Mr. Pandekakes recommended four unsuitable exchanges of variable annuities, in violation of FINRA Rules 2111, 2330, and 2010.

Timothy Pandekakes was a financial advisor at Cadaret, Grant & Co., Inc. from December 2004 through June 2019. During the same period, he was also affiliated with MDIC Investment Company in Bronxville, New York. According to public records, Mr. Pandekakes’ employment was terminated by Cadaret, Grant & Co., Inc. in June 2019 for engaging in investment practices inconsistent with firm expectations.

INVESTIGATION: Kodak Stock Investment Losses

Published on: December 7, 2020 | by Iorio Altamirano

Iorio Altamirano LLP is investigating whether registered stockbrokers and financial advisors inappropriately recommended that customers purchase common stock of Eastman Kodak Company (KODK).

Iorio Altamirano LLP is an investor advocate law firm based in New York, NY. We help investors recover financial losses due to wrongful conduct by financial advisors and brokerage firms.

If you suffered financial losses from an investment in Kodak stock recommended to you or purchased on your behalf by a stockbroker or financial advisor, contact New York investor protection attorney August Iorio of Iorio Altamirano LLP. August Iorio, a native of Rochester, New York, can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.

Dee Dee Brooks BARRED by FINRA – Huntington Beach, California

Published on: December 7, 2020 | by Iorio Altamirano

In June 2020, FINRA permanently barred financial advisor Dee Dee Brooks (CRD #2559233) from the securities industry. Ms. Brooks was a financial advisor at Signator Investors, Inc. in Huntington Beach, California. FINRA’s disciplinary action arose from Ms. Brook’s solicitation of two private securities transactions, Woodbridge Group of Companies LLC (“Woodbridge”) and Future Income Payments, LLC. Both Woodbridge Group of Companies LLC and Future Income Payments, LLC were purportedly Ponzi schemes.

This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between July 2016 and December 2017, Dee Dee Brooks participated in undisclosed and unapproved private securities transactions totaling $1.77 million. Specifically, FINRA alleged:

Former Stifel, Nicolaus & Company, Inc. Financial Advisor Kurt Gunter Suspended by FINRA for Short-Term Trading of Unit Investment Trusts in Customer Accounts

Published on: November 23, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Kurt Jason Gunter (CRD No. 2747789) from the securities industry for three months and fined him $10,000.

FINRA alleged that between July 2013 through December 2016, Kurt Gunter engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts. FINRA also alleged that Mr. Gunter signed switch letters that were sent to customers that contained inaccurate or missing information about the costs that the customers’ incurred due to early rollovers of Unit Investment Trusts.

Kurt Gunter was a stockbroker at Stifel, Nicolaus & Company, Inc. from June 2013 through August 2017. He was registered with Stifel, Nicolaus & Company, Inc.’s branch offices in St. Louis, Missouri, and Austin, Texas.

INVESTIGATION: Former Edward Jones Financial Advisor Matthew Jennings Barred by FINRA– Johnston, Iowa

Published on: November 21, 2020 | by Iorio Altamirano

FINRA has barred financial advisor Matthew Jennings (CRD# 6762685) from the securities industry for refusing to cooperate with a FINRA investigation. Mr. Jennings was fired by Edward Jones in August 2019 due to concerns that he introduced clients to investments not offered through the firm. This type of conduct is often referred to as “selling away.”

What is “selling away?”

“Selling away” is when a financial advisor solicits a customer to participate in a private securities transaction that is not offered or approved by the brokerage firm where the financial advisor is employed or registered.

David T. Phillips Suspended for Nine Months for Future Income Payments, LLC Solicitation – Gilbert, Arizona

Published on: November 18, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker David T. Phillips (CRD #3094195) for nine months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Phillips’ solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between May 2017 and April 2018, David Phillips participated in private securities transactions totaling $876,636, without prior disclosure and approval from his employer at the time, ProEquities, Inc. Specifically, FINRA alleged:

Between May 2017 and April 2018, Mr. Phillips solicited eight investors to purchase $876,363 in securities of Future Income Payments, LLC.

Troy R. Baily Suspended for Recommending Future Income Payments, LLC – Omaha, Nebraska

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker Troy R. Baily (CRD #4458930) for six months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Baily’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between February and May 2017, Troy Baily participated in private securities transactions totaling $210,000, without prior disclosure and approval from his employer at the time, Sagepoint Financial, Inc. Specifically, FINRA alleged:

Between February and May 2017, Mr. Baily solicited investors to purchase $210,000 in securities of Future Income Payments, LLC.

Lonna R. Dehn Ristvedt Suspended for Soliciting Customers to Buy Future Income Payments, LLC – Fargo, North Dakota

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker Lonna Rae Dehn Ristvedt (CRD #2277778) for four months from the securities industry and ordered her to pay a $5,000 fine. These sanctions arose from Ms. Dehn Ristvedt’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that in June 2015, Lonna Rae Dehn Ristvedt participated in private securities transactions totaling $163,320 without prior disclosure and approval from her employer at the time, National Planning Corporation. Specifically, FINRA alleged:

In June 2015, Ms. Dehn Ristvedt solicited two investors to purchase $163,320 in securities of Future Income Payments, LLC.

John Westbrook Suspended for Future Income Payments, LLC Solicitation – Montgomery, Alabama

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker John A. Westbrook (CRD #1846059) for five months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Wesbrook’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between October 1, 2016, and May 9, 2017, John Westbrook participated in private securities transactions totaling $350,335, without prior disclosure and approval from his employer at the time, Center Street Securities, Inc. Specifically, FINRA alleged:

Between October 1, 2016, and May 9, 2017, Mr. Westbrook solicited three investors to purchase $350,335 in securities of Future Income Payments, LLC.