financial advisor malpractice

Financial Advisor Anthony Tricarico Suspended by FINRA for Excessive Trading While Employed at Aegis Capital Corp. – New York, NY

Published on: January 26, 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.

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After Merrill Lynch Has Paid Over $66 Million to Settle Churning Allegations Against Former Broker Charles Kenahan, FINRA Has Barred Kenahan From the Industry.

Published on: January 25, 2021 | by Iorio Altamirano

Summary:

FINRA has barred financial advisor Charles Kenahan from the securities industry after he refused to cooperate with FINRA’s investigation.
In 2019, Bank of America Merrill Lynch agreed to pay $40 million to settle with Robert Levine, co-founder of Cabletron Systems, over churning allegations.

Fort Lauderdale Financial Advisor Bryan Mazliach BARRED by FINRA For Excessive Trading and Unauthorized Trades

Published on: January 25, 2021 | by Iorio Altamirano

On January 20, 2021, a Financial Industry Regulatory Authority Hearing Officer barred Bryan G. Mazliach from the securities industry for:

Recommending and effecting an unsuitable investment strategy to five customers involving in-and-out, short-term, and excessive trading.
Executing unauthorized trades in the accounts of eight customers.

Sparks, Nevada Financial Advisor, Javelin Mikol San Nicolas, Formerly of Edward Jones, BARRED by FINRA

Published on: January 19, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Javelin Mikol San Nicolas from the securities industry. FINRA expelled Mr. San Nicolas from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Edward Jones in August 2020.

Mr. San Nicolas was a financial advisor at Edward Jones in Sparks, Nevada, from December 2016 until his employment was terminated in August 2020. Edward Jones discharged Mr. San Nicolas over concerns that a client issued cashiers’ checks in the amount of $49,000 to Mr. San Nicolas with proceeds that were withdrawn from the client’s account at Edward Jones. Mr. San Nicolas stated that the checks were for the option of purchasing two Personal Seat Licenses for the Las Vegas Raiders football team, to be transferred to the client’s name later in 2020. At the time of the termination, the client had not received the purported Personal Seat Licenses.

The client filed a complaint with Edward Jones in July 2020. No further details are publicly available regarding this pending complaint.

Berthel Fisher & Company Financial Services, Inc. Customer in Layton, Utah Filed FINRA Arbitration Complaint About REITs and BDCs

Published on: January 14, 2021 | by Iorio Altamirano

A Berthel Fisher & Company Financial Services, Inc. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that former broker Robyn D. Simons recommended unsuitable investments in real estate investment trusts (REITs) and business development companies (BDCs). The investments were reportedly purchased between 2014 and 2016. The complaint also alleges that Berthel Fisher & Company Financial Services, Inc. failed to supervise Robyn Simons’ actions. The customer has alleged $200,000 in damages.

This complaint is not the first securities arbitration claim filed against Robyn Simons and Berthel Fisher & Company Financial Services, Inc. arising out of Robyn Simons’ investment recommendations. In 2015, a customer filed a FINRA arbitration complaint alleging that investments made in her accounts between 2013 and 2015 were unsuitable. The customer also alleged that Robyn Simons misrepresented the securities to her at the time of purchase. Reportedly, the investments included a REIT, BDC, Unit Investment Trust (UIT), and equities. According to Robyn Simons’ BrokerCheck Report, Berthel Fisher & Company Financial Services, Inc. settled the matter with the aggrieved customer for $21,500.

Robyn Simons was registered with Berthel Fisher & Company Financial Services, Inc. in Layton, Utah, from February 2008 until September 2017.

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.

New Year’s Resolutions for Investors in 2021

Published on: December 31, 2020 | by Iorio Altamirano

Investing your money is a great way to grow your wealth, save for retirement, and reach your financial goals. If you invest in the appropriate products, you can also receive income from investments, build on-pre-tax dollars, or reduce taxable income.

If you do not invest, you miss out on opportunities to increase your wealth. However, all investments carry risk, and when you invest, you have the potential to lose money.

There are many different types of investments. Some common types of investments include stocks, bonds, certificates of deposit, mutual funds, money market funds, exchange-traded funds, and annuities. There are also more complex investment vehicles, such as real estate investment trusts (REITs), unit investment trusts (UITs), hedge funds, commodities, and private placements.

Former J.P. Morgan Securities and Edward Jones Broker, Paul Zakhary, Suspended for Unsuitable Annuity Switch Recommendations – Florida

Published on: December 28, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Paul Zakhary (CRD No. 6399894) from the securities industry for three months and fined him $5,000.

FINRA alleged that between January and August 2018, while employed by J.P. Morgan Securities LLC in The Villages, Florida, Mr. Zakhary made unsuitable recommendations to three customers to sell variable annuities and replace them with fixed annuities, in violation of FINRA Rules 2111 and 2010.

Paul Zakhary was a financial advisor at J.P. Morgan Securities LLC from October 2017 until August 2019., working out of the firm’s branch office in Ocala, Florida. J.P. Morgan Securities LLC terminated Mr. Zakhary’s employment for violating the firm’s annuity switch policy related to annuity surrenders and managed brokerage transactions.

Jaime I. Sanchez Rivera, former First Southern, LLC Financial Advisor in Puerto Rico, Suspended by FINRA – Guaynabo, Puerto Rico

Published on: December 28, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Jamie I. Sanchez Rivera (CRD #6013022) from the securities industry for five months and fined him $10,000. Jamie I. Sanchez Rivera was a stockbroker at First Southern, LLC in Guaynabo, Puerto Rico, from April 2017 until May 2020.

First Southern, LLC fired Mr. Sanchez Rivera in May 2020, alleging the following:

Sanchez Rivera failed to immediately advise the firm of a customer’s complaint regarding an investment recommendation that he made, in violation of firm policy.