best interest

StockCross Financial Services, Inc. (now Muriel Siebert & Co., Inc.) Sanctioned by FINRA for Failing to Properly Supervise Solicited Transactions for Excessive Trading

Published on: July 20, 2021 | by Iorio Altamirano

StockCross Financial Services, Inc. (“StockCross Financial”), which was acquired by Muriel Siebert & Co., Inc. (“Muriel Siebert”), consented to a censure and $250,000 fine in connection with FINRA’s findings that between July 2009 and December 2019, StockCross Financial had no reasonable surveillance system to review solicited transactions for excessive trading and suitability.

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

If you have lost money with StockCross Financial Services, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

UBS Settles with SEC Over Unsuitable VXX Investments

Published on: July 19, 2021 | by Iorio Altamirano

On July 19, 2021, UBS Financial Services Inc. (“UBS”) and the Securities and Exchange Commission (“SEC”) settled charges related to UBS’s failure to adopt and implement written policies and procedures reasonably designed to prevent unsuitable investments in volatility-linked-exchange-traded products (“ETPs”) between January 2016 and January 2018. As a result of UBS’s supervisory failures, financial advisors in UBS’s discretionary Portfolio Management Program (“PMP”) purchased and held an exchange-traded product called iPath S&P 500 VIX Short-Term Futures ETN (“VXX”) for their advisory clients for durations that were inconsistent with the purpose of the product, as described in the offering documents, and as described to UBS in a meeting with representatives of the issuer of VXX.

Without admitting to the SEC’s findings, UBS agreed to a censure, and disgorgement and prejudgment interest of $112,274 and a civil penalty of $8 million, which will be distributed to investors harmed by UBS’s conduct.

Advisory customers of UBS who have suffered losses due to VXX investments in their discretionary or “managed” accounts that have not been made whole should contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Another Aegis Capital Corp. Broker (Douglas Szempruch) Suspended for Excessive Trading and Unauthorized Trading

Published on: July 12, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Original Post:

Update: Former Aegis Capital Corp Broker, Kishan (Sean) Parikh, SUSPENDED by FINRA for Excessive Trading and Unauthorized Trading

Published on: July 9, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Original Post:

GWN Securities Broker, Ronald Giovino, Barred by FINRA – Clearwater, Florida

Published on: July 9, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ronald Giovino from the securities industry for refusing to cooperate with a FINRA investigation into whether Mr. Giovino converted customer funds. FINRA launched the investigation after it received information through the FINRA Securities Helpline for Seniors. Mr. Giovino has been registered with GWN Securities Inc. in Clearwater, Florida, since March 2004.

Customers of Mr. Giovino or GWN Securities Inc. can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

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

SagePoint Financial Broker, Gary Bowman, Suspended by FINRA for Short-Term Trading of Unit Investment Trusts in Customer Accounts

Published on: July 7, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Gary Bowman from the securities industry for three months and fined him $10,000. FINRA alleged that between February 2013 through December 2017, Mr. Bowman engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts.

Mr. Bowman has been a stockbroker at SagePoint Financial, Inc. in Corona, CA, since February 2013.

Iorio Altamirano LLP has also been investigating SagePoint Financial, Inc. over Unit Investment Trusts (UIT) early rollover practices.

Former Wells Fargo Broker, Tyler Rigsbee, Barred by FINRA

Published on: July 7, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Tyler Rigsbee from the securities industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after Wells Fargo terminated Mr. Rigsbee in April 2021 and alleged that he “was terminated during the course of an internal review where documents appear to show that client funds were received in his personal bank account after being transferred from Wells Fargo to a third-party broker-dealer, and then to his bank account, without permission from clients.”

Mr. Rigsbee was associated with Wells Fargo Clearing Services, LLC in Sacramento, CA, from October 2016 until April 2021.

Customers of Mr. Rigsbee or Wells Fargo can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Bloomington, Minnesota Financial Advisor, John Swon, Formerly of Royal Alliance Associates and Focus Financial, Barred by FINRA

Published on: July 6, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor John Swon from the securities industry. Mr. Swon was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA launched the investigation after a customer complained that Mr. Swon misappropriated or mismanaged funds entrusted to him as an investment advisory representative of Focus Financial Network, Inc.

Mr. Swon was associated with both brokerage firm Royal Alliance Associates, Inc. and registered investment advisor Focus Financial in Bloomington, MN, from October 2012 until he was discharged by both firms in April 2021 for allegedly violating the firms’ policies regarding disclosure and approval of outside business activities.

Customers of Mr. Swon or Royal Alliance Associates, Inc., can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

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.