failure to supervise

Investor Alert: Iorio Altamirano LLP Investigates B. Riley Wealth Management Inc. Over 529 Savings Plans

Published on: January 8, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of B. Riley Wealth Management Inc. (“BRWM”) customers after the firm was ordered to pay more than $250,000 in restitution to clients by the Financial Industry Regulatory Authority (“FINRA”) for supervisory failures related to its 529 plan share-class recommendations. If you have lost money with BRWM or were advised to purchase particular share classes of 529 savings plans, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

B. Riley Wealth Management Inc. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 30, 2020, following findings that between January 1, 2013, and June 30, 2018, the firm lacked a system reasonably designed to supervise representatives’ recommendations to customers to purchase certain share classes of 529 savings plans, in violation of MSRB Rule G-27. The AWC pointed out that BRWM:

Failed to provide adequate guidance to its registered representatives about the importance of considering share-class differences when recommending 529 plans.

Springfield, IL Financial Advisor Dustin P. Shafer BARRED by FINRA After Allegedly Borrowing Money from an Elderly Customer

Published on: January 8, 2021 | by Iorio Altamirano

**Update 4/14/2021** Iorio Altamirano LLP is currently investigating Newbridge Securities Corporation, Money Concepts Capital Corp, and Dustin Shafer for recommending that clients invest in private placement securities issued by GPB Capital. The GPB funds, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

If you have suffered financial losses as a result of any of the following GPB private placement offerings, contact Iorio Altamirano LLP for a free and confidential review of your legal rights:

GPB Automotive Portfolio, LP

Former Ameriprise Broker Angel Bardeche Suspended by FINRA – Cincinnati, Ohio

Published on: January 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Angel Wynette Bardeche (CRD# 4698117) from the securities industry for nine months and fined her $10,000. Ms. Bardeche was also ordered to return $5,000 worth of commissions to customers. Angel Bardeche was registered with Ameriprise Financial Services, LLC in Cincinnati, Ohio, from August 2012 until May 2019. At that time, Ameriprise terminated her employment.

Ms. Bardeche has also received at least three customer complaints alleging that she did not disclose the surrender charges or annual fees associated with variable annuities purchases between 2013 and 2015.

If you have suffered financial losses investing with Angel Bardeche or suspect that Ms. Bardeche did not have your best interest in mind when recommending investments, mutual funds, mutual fund switches, 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.

$3.9 Million Customer Claim Involving Former LPL Financial and Ameriprise Financial Broker Filed with FINRA – Boca Raton, FL

Published on: January 7, 2021 | by Iorio Altamirano

A recently filed FINRA customer complaint alleges that a former LPL Financial and Ameriprise Financial Services broker recommended unsuitable investments in a number of business development companies (BDCs) and real estate investment trusts (REITs), as well as other high-commission illiquid investment recommendations. The allegations focus on the broker’s time with LPL Financial from 2006 to 2015 and with Ameriprise Financial Services from 2015 to 2016. Claimants’ statement of claim, which was filed on or around September 9, 2020, seeks damages of $3.9 million.

Iorio Altamirano LLP is interested in speaking with any customers who may have suffered losses in their business development companies (BDCs) and real estate investment trusts (REITs) investments. If you have lost money with LPL Financial or Ameriprise Financial Services, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Business Development Companies (BDCs)

Jason Collichio, with Worden Capital Management LLC, Suspended by FINRA Over Supervisory Failures

Published on: January 4, 2021 | by Iorio Altamirano

FINRA has suspended Jason Collichio from associating with any FINRA member in any principal capacity for three months. Mr. Collichio has been registered with Worden Capital Management LLC (“WCM”) in Garden City, New York, since 2009. He has been registered as a principal with the firm since 2012. Mr. Collichio initially registered with FINRA in 2003.

Iorio Altamirano LLP is currently investigating claims on behalf of WCM customers after the firm was sanctioned more than $1.5 million by FINRA, including restitution, for making unsuitable recommendations and excessively trading customers’ accounts. A FINRA restitution order does not preclude investors from pursuing their own claims to seek restitution or other available remedies. Investors harmed by WCM’s supervisory failures may have a claim against the firm. You can read more about it here.

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

Transamerica Financial Advisors, Inc. Sanctioned by FINRA and Ordered to Pay $8.8 Million for Supervisory Violations Related to Variable Annuities, Mutual Funds, and 529 Plans

Published on: December 21, 2020 | by Iorio Altamirano

FINRA has sanctioned Transamerica Financial Advisors, Inc. (“Transamerica Financial”) for its failure to reasonably supervise its financial advisors’ recommendations of three different products – variable annuities, mutual funds, and 529 plans. These recommendations resulted in significant customer harm and financial loss. Transamerica Financial was ordered to pay $4.4 million in restitution to approximately 2,400 affected customers and also fined an additional $4.4 million.

Investors who have received partial restitution from Transamerica Financial through FINRA’s order may still be entitled to additional recovery. A FINRA partial restitution order does not preclude investors from pursuing their own claims to seek restitution or other available remedies.

If you have lost money with Transamerica Financial Advisors, Inc., contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. Iorio Altamirano LLP represents investors with disputes with their financial advisors or brokerage firms, such as Transamerica Financial Advisors, Inc.

Former Ameriprise and Edward Jones Broker Drew R. Mantel Suspended by FINRA for Exercising Discretion Without Written Authorization In Customers’ Accounts – Ohio

Published on: December 15, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Drew R. Mantel from the securities industry for three months and fined him $5,000. Drew Mantel was registered with Ameriprise Financial Services, LLC in Miamisburg, Ohio, from March 2018 until November 2018. At that time, Ameriprise terminated his employment. Previously, he was registered with Edward Jones in Franklin, Ohio, from August 2003 until April 2018.

If you have lost money with Drew R. Mantel, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Drew R. Mantel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 15, 2020, over allegations related to Mr. Mantel’s conduct between June 2017 to September 2019, specifically that he:

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.

Financial Advisor Richard Michael Wesselt BARRED by FINRA for Recommendations in Unsuitable Variable Annuity Investments to 78 Customers – Collegeville, PA

Published on: November 11, 2020 | by Iorio Altamirano

**Update: 3/22/2021** On December 21, 2020, the state of Maryland revoked Mr. Wesselt’s registration. In addition, in December 2020, two additional customers filed complaints concerning the suitability of recommendations made by Mr. Wesselt.

Original Post:

Financial Advisor Richard Michael Wesselt BARRED by FINRA for Recommendations in Unsuitable Variable Annuity Investments to 78 Customers – Collegeville, PA

Financial Advisor Cynthia Diane Cowden (CRD# 2054676) BARRED by FINRA for Recommending High- Risk Investments to Three Senior Customers – Lake Isabella, CA

Published on: October 23, 2020 | by Iorio Altamirano

**Update: 3/22/2021** Ms. Cowden has been the subject of two additional customer disputes since November 2020. First, in November 2020, a customer filed a securities arbitration complaint alleging $400,000 in damages concerning a real estate security recommendation. The causes of action included breach of fiduciary duty, unauthorized trading, and elder abuse. Second, in January 2021, a customer filed a written complaint with NPB Financial Group, LLC alleging $350,000 in damages related to an unsuitable investment recommendation. The customer has not yet filed a securities arbitration complaint. If you or a loved one were a customer of Diane Cowden, contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of the investment or retirement accounts.

Original Post:

Financial Advisor Cynthia Diane Cowden (CRD# 2054676) BARRED by FINRA for Recommending High- Risk Investments to Three Senior Customers – Lake Isabella, CA