investment loss lawyer

Titan Securities CEO and Owner Brad Brooks Suspended for One Year

Published on: June 9, 2021 | by Iorio Altamirano

On June 2, 2021, FINRA’s National Adjudicatory Council modified a FINRA’s Office of Hearing Officers decision from 2019 that was filed by FINRA’s Department of Enforcement against Titan Securities, Brad Brooks, and broker Richard Demetriou. The modified order has resulted in a one-year suspension of Titan Securities’ CEO and owner Mr. Brooks.

The enforcement action arose out of alleged misconduct of Mr. Demetriou’s involvement with a private placement of preferred units in a limited partnership, RBCP Preferred, LLC (“RBCP”). RBCP was organized by the owner of Mr. Demetriou’s previous member firm, who employed Mr. Demetriou to solicit investments from Mr. Demetriou’s previous firm, and Mr. Demetrious represented that RBCP was offered to them as a means of recouping those losses. Mr. Demetriou recommended RBCP, made misrepresentations concerning the supposed collateral securing the investments, and told customers that an investment of 10 percent of their previous losses would result in recovery of their lost investments, plus a profit – alleged returns of more than 1,000 percent. The investors did not recoup their losses but instead lost an additional $337,000 when RBCP failed, and the alleged collateral was not foreclosed.

FINRA’s National Adjudicatory Council made the following findings:

Boiler Room Broker, James Flower, Barred by FINRA for Excessive Trading, Churning, Unauthorized Trading, Mismarking Orders, and Targeting Elderly Investors

Published on: June 3, 2021 | by Iorio Altamirano

Financial Industry Regulatory Authority (“FINRA”) Office of Hearing Officers has barred stockbroker James W. Flower from the securities industry for excessively trading in five customers’ accounts, executing 17 unauthorized trades, and mismarking 58 transactions. According to the findings, although he is based in New York, Mr. Flower generated business by cold calling people all over the country, focusing primarily on senior and elderly customers who are small business owners and retirees. Cold-calling customers is a common tactic for “boiler room” brokerage firms.

Mr. Flower was also ordered to pay restitution plus prejudgment interest to harmed customers. However, it is unclear whether he will be able to satisfy the judgment.

Mr. Flower was associated with Spartan Capital Securities, LLC since June 2019. Previously, he was associated with SW Financial from December 2015 to June 2019.

Broker Spotlight: Ross Barish of Joseph Stone Capital L.L.C. – Mineola, NY

Published on: May 31, 2021 | by Iorio Altamirano

Ross Barish is a stockbroker with Joseph Stone Capital L.L.C. (“Joseph Stone Capital”) in Mineola, New York. Mr. Barish is currently under investigation by the United States Securities and Exchange Commission (“SEC”) for defrauding sixteen retail customers by executing a high-cost, in-and-out pattern of trading that lost his customers over $800,000 while generating commissions and fees for him of more than $400,000.

The sixteen customers experienced total losses of $814,509.

If you have suffered financial losses investing with Ross Barish or Joseph Stone Capital L.L.C., or suspect that Mr. Barish 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 account or annuity contract.

FINRA Arbitration Award: Westpark Capital, Inc. Ordered to Pay Customers Nearly $800,000 for Actions of Former Broker, Lawrence Fawcett, Including Churning and Recommending Risky Private Placements

Published on: May 27, 2021 | by Iorio Altamirano

A FINRA Dispute Resolution Services arbitration panel in Richmond, Virginia, found Westpark Capital, Inc. to be liable for actions of its disgraced former broker, Lawrence Fawcett, and ordered the firm to pay nearly $800,000 to customers Charles and Karen Hailey. The award included over $545,000 in compensatory damages, $33,500 in costs, and $215,000 in attorneys’ fees. The arbitration panel found Westpark liable for failing to supervise Mr. Fawcett, who churned the Hailey’s accounts and made unsuitable investment recommendations. The unsuitable investment recommendations related to private placement investments in the following entities: Protagenic Therapeutics, Inc., Monster Digital, Inc., Miamar Labs, Inc.

The former stockbroker, Lawrence (Larry) Fawcett, was barred from the securities industry by FINRA in March 2018 for failing to cooperate with a FINRA investigation into his outside business activities. FINRA subsequently revoked Mr. Fawcett’s securities license for failing to pay a fine and suspended him for failing to comply with an arbitration award. Mr. Fawcett, who had only been in the securities industry for five years, had an extensive history of customer complaints, regulatory sanctions, associations with disreputable brokerage firms, and an employment termination after allegations of wrongdoing.

If you have lost money with Lawrence Fawcett or Westpark Capital, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Broker Spotlight: Robert Yasnis of Worden Capital Management LLC – New York, NY

Published on: May 26, 2021 | by Iorio Altamirano

Robert Yasnis is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Mr. Yasnis has a history of customer disputes, regulatory actions, and association with disreputable brokerage firms that have been expelled by FINRA.

If you have lost money with broker Robert Yasnis or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Worden Capital Management

Broker Spotlight: Kevin Wilson of Worden Capital Management LLC – New York, NY

Published on: May 26, 2021 | by Iorio Altamirano

Kevin Wilson is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Since December 2017, Mr. Wilson has been the subject of at least eleven customer complaints, most involving allegedly unsuitable recommendations of private placements.

If you have lost money with broker Kevin Wilson or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your legal rights.

Worden Capital Management

Bronx Broker, Matthew Siliato, Formerly of Wynston Hill Capital, LLC, Barred by FINRA

Published on: May 20, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Matthew Siliato from the securities industry. Mr. Siliato was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation. FINRA’s investigation originated from an investigation into Mr. Siliato’s potentially excessive and unauthorized trading in a customer’s account while he was associated with Wynston Hill Capital, LLC in the Bronx, New York.

Mr. Siliato has a history of regulatory sanctions. In June 2019, FINRA suspended Mr. Siliato for failing to comply with an arbitration award. That suspension was lifted in June 2019 but reimposed in January 2020. In September 2019, FINRA suspended Siliato for failing to comply with a second arbitration award. Mr. Siliato has also been the subject of numerous customer complaints.

If you have suffered financial losses investing with Matthew Siliato or Wynston Hill Capital, LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Calton & Associates, Inc. Sanctioned by FINRA Over Non-Traditional and Volatility-Linked Exchange Traded Products

Published on: May 20, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of customers of Calton & Associates, Inc. after the firm was censured, fined $250,000, and ordered to pay $472,007 in restitution to harmed investors by FINRA.

The sanctions involve supervisory failures between February 2014 and February 2020 related to suitability obligations connected with the sale of non-traditional and volatility-linked exchange-traded products (ETPs). Non-traditional and volatility-linked ETPs are complex products intended to be held for short periods of time as part of a trading strategy rather than as buy-and-hold investments. Although the firm was aware of the complex nature of the products, Calton permitted its representatives to offer the products to retail customers without a reasonable supervisory system to properly understand the products’ features and risks and review and monitor transactions. Consequently, Calton representatives recommended non-traditional and volatility-linked ETPs to retail customers without understanding the products were intended for short-term trading rather than as buy-and-hold investments, and the firm’s customers held the products for longer periods of time, resulting in losses.

In addition, during the period from January 1, 2014, to June 21, 2018, Calton failed to offer retail customers educational materials prior to their first purchases of collateralized mortgage obligations (CMOs), and it failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA rules.

Broker Spotlight: Martin Lerner of David Lerner Associates, Inc. Facing Pending Securities Arbitration Complaint Related to Energy 12 and SOAEX – Boca Raton, Florida

Published on: May 19, 2021 | by Iorio Altamirano

Martin Lerner is a stockbroker with David Lerner Associates, Inc. (“David Lerner Associates”) in Boca Raton, Florida, with a history of customer complaints.

Martin Lerner has been the subject of six customer complaints, which include one pending dispute and five resolved disputes that ended with monetary compensation being paid to a customer. The pending dispute is a securities arbitration claim filed by a customer against Martin Lerner and David Lerner Associates concerning energy-sector securities. The customer alleged that the recommendations to invest in Energy 12 L.P., an illiquid, non-traded limited partners, and Spirit of America Energy Fund (SOAEX), an energy mutual fund, were unsuitable. The customer also alleged that Martin Lerner made material misrepresentations or omissions regarding both energy-sector securities.

If you have invested in Energy 11, Energy 12, SOAEX, or lost money with broker Martin Lerner or David Lerner Associates, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Brokers International Financial Services, LLC and Broker Mark Perry Ordered to Pay $795,959 to Widow by a FINRA Arbitration Panel

Published on: May 19, 2021 | by Iorio Altamirano

On May 17, 2021, a FINRA arbitration panel issued an award in favor of customer Donna Wagner in a securities arbitration against Brokers International Financial Services, LLC and former broker Mark Christopher Perry. Brokers International Financial Services and Mr. Perry (the “Respondents”) were held jointly and severally liable for $795,929 in compensatory damages. The Respondents were also ordered to pay post-judgment interest at a rate of 8%, beginning 30 days after the issuance of the Award.

Ms. Wagner filed a securities arbitration claim in December 2019, seeking approximately $1.34 million in actual damages. The Statement of Claim alleged that Mr. Perry, while registered with Brokers International Financial Services, was also the President of Brendanwood Financial Brokerage, an insurance brokerage firm in Carmel, Indiana. The claim alleged that Brokers International Financial Services and Mr. Perry allowed Brian Simms, CEO of both Brendanwood Financial Brokerage and Brendanwood Financial Services, to use the company as a conduit to obtain funds from Mr. Wagner and convert those funds for his own personal use. According to the claim, Mr. Perry, who was responsible for its operations oversight, appears to be complicit in the actions of Mr. Simms.

According to public reports, Ms. Wagner also filed a lawsuit on December 2, 2019, in Hamilton Circuit Court against Brian Simms. The lawsuit alleged that Mr. Simms relied on Brian Simms after the 2017 death of her husband, Michael Wagner. Mr. Simms allegedly assisted Ms. Wagner in making death benefit claims on life insurance policies through North American Company for Life and Health Insurance and the Lincoln National Life Insurance Company and then convinced her to vest the proceeds in additional insurance, annuities, and investments. The lawsuit alleges in total, $1,342,482 of Ms. Wagner’s assets are missing and unaccounted for or misappropriated by Mr. Simms and Brendanwood.