investment loss lawyer

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:

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.

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.

Former Worden Capital Management LLC Broker, Christopher Orlando, BARRED by FINRA for Excessively Trading 13 Accounts

Published on: July 1, 2021 | by Iorio Altamirano

On July 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) and broker Christopher Orlando entered into a Letter of Acceptance, Waiver, and Consent No. 2017056432603 after FINRA alleged that from October 2015 through December 2018, Mr. Orlando excessively traded 13 accounts of 12 customers in violation of Rules 2111 and Rule 2010. The alleged conduct occurred when Mr. Orlando was associated with Legend Securities (2015-2016) and Worden Capital Management LLC (2016-2019).

As part of the settlement terms with FINRA, Mr. Orlando consented to a bar from associating with any FINRA member brokerage firm in any capacity.

If you have suffered financial losses investing with Christopher Orlando or Worden Capital Management LLC, or suspect that Mr. Orlando did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Breaking News: Robinhood Ordered to Pay $70 Million, the Largest Financial Penalty Ever Ordered by FINRA

Published on: June 30, 2021 | by Iorio Altamirano

On June 30, 2021, the Financial Industry Regulatory Authority (“FINRA”) announced that it ordered Robinhood Financial LLC to pay approximately $70 million for systemic supervisory failures and significant harm suffered by millions of customers. The sanctions included an order to pay a $57 million fine and $12.6 million in restitution, plus interest, to thousands of harmed customers. According to the FINRA press release, the sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations.

Robinhood agreed to the sanctions to settle broad regulatory allegations that the firm misled customers, approved ineligible traders for risky strategies, and did not supervise technology that failed and locked millions out of trading.

In determining the appropriate sanctions, FINRA stated that it “considered the widespread and significant harm suffered by customers, including millions of customers who received false or misleading information from the firm, millions of customers affected by the firm’s systems outages in March 2020, and thousands of customers the firm approved to trade options even when it was not appropriate for the customers to do so.”

Joseph Stone Capital L.L.C. Broker Suspended by FINRA

Published on: June 30, 2021 | by Iorio Altamirano

On June 29, 2021, the Financial Industry Regulatory Authority (“FINRA”) and a Joseph Stone Capital L.L.C. stockbroker entered into a Letter of Acceptance, Waiver, and Consent No. 2020066888001 whereby the broker consented to a three-month suspension, $5,000 fine, and to pay $7,653.21 in restitution to a customer. The broker consented to the sanctions after FINRA alleged that between May 2018 and March 2019, the broker excessively and unsuitably traded a customer’s account in violation of FINRA Rules 2111 and 2010.

FINRA previously suspended the broker in 2019 after FINRA alleged that he exercised discretion in customers’ accounts without prior authorization from the customers and without seeking or obtaining approval from his firm.

If you have suffered financial losses investing with Joseph Stone Capital L.L.C., or suspect that Joseph Stone Capital L.L.C. did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your legal rights.

Columbia, Missouri Broker, Alex Perry, Formerly of Stifel, Nicolaus & Company, Barred by FINRA

Published on: June 28, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Matthew Alexander Perry (“Alex Perry”) from the securities industry. Mr. Perry was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation after Mr. Perry received a customer complaint alleging he failed to follow a customer’s stated goals and failed to disclose risks associated with options trading. Mr. Perry was associated with Stifel, Nicolaus & Company, Incorporated in Columbia, Missouri, from June 2016 until May 2019.

If you have suffered financial losses investing with Alex Perry or Stifel, Nicolaus & Company, Incorporated, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms, such as Stifel, Nicolaus & Company, Incorporated.

Investor Alert: Iorio Altamirano LLP Investigates Merrill Lynch Over Unit Investment Trust (UIT) Early Rollover Practices

Published on: June 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) customers who invested in Unit Investment Trusts (UITs). If you have lost money with Merrill Lynch, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your legal rights.

On June 25, 2021, Merrill Lynch and the Financial Industry Regulatory Authority (“FINRA”) entered into a Letter of Acceptance, Waiver, and Consent No. 2017053437701 (“AWC”) over allegations that between January 2011 and December 2015, Merrill Lynch violated NASD and FINRA rules for failing to maintain an adequate supervisory system and written procedures to monitor Unit Investment Trusts transactions.

As part of the AWC, Merrill Lynch was censured and agreed to a fine of $3.75 million. Merrill Lynch also agreed to pay over $8.43 million in restitution to customers.