investment losses

Palm City, Florida Financial Advisor, Richard Shelley, Formerly of Packerland Brokerage Services, Inc., Suspended by FINRA

Published on: March 5, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended broker Richard Scott Shelley from the securities industry for one month and ordered him to pay a $5,000 fine. FINRA sanctioned Mr. Shelley because he solicited a client to purchase $29,500 worth of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

Mr. Reed was a financial advisor with Packerland Brokerage Services, Inc. (“Packerland”) in Palm City, Florida, from December 2002 until December 2020.

Iorio Altamirano LLP is interested in speaking with customers of Mr. Shelley or Packerland Brokerage Services, Inc. Contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.

How to Recover Puerto Rico Bond Losses From David Lerner Associates, Inc.

Published on: March 3, 2021 | by Iorio Altamirano

Numerous stockbrokers at David Lerner Associates Inc. (“David Lerner Associates”) recommended risky and speculative Puerto Rico municipal bonds to customers.

An investor may be able to recover financial losses if the recommendation was not suitable for the customer or if David Lerner misrepresented or omitted material facts about the bonds in connection with making the recommendation.

Iorio Altamirano LLP, a securities arbitration law firm based in New York, has recently filed an arbitration claim against David Lerner Associates, alleging that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto Rico municipal bonds. The claim also alleges that Mr. Walcoe made material misrepresentations and omitted material facts concerning the risk and safety of the bonds. The recommendations occurred at a time when credit rating agencies were downgrading Puerto Rico municipal bonds and indicated that further credit downgrades were imminent. At the time of the recommendations, Mr. Walcoe was an investment counselor and branch manager.

Broker Megurditch Mike Patatian, Formerly of Western International Securities, Inc. Facing Disciplinary Charges by FINRA for Recommending Unsuitable Illiquid REITs to 59 Customers, Including 21 Elderly Customers – Westlake Village, California

Published on: March 1, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including:

making 81 unsuitable recommendations to purchase over $7.8 million in non-traded Real Estate Investment Trusts (REITs) to 59 customers, including 21 senior investors;
recommending illiquid non-traded REIT to six customers that also needed liquidity;

Broker Spotlight: Daniel T. Lerner of David Lerner Associates, Inc. Facing Three Pending Securities Arbitration Complaints – White Plains, New York

Published on: February 28, 2021 | by Iorio Altamirano

**Update: 4/19/21** In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc. The customer has alleged over $515,000 in damages as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX). The complaint alleged unsuitability, misrepresentation, breach of fiduciary duty, and unauthorized trading.

Former NBA Players Chandler Parsons and Courtney Lee Reportedly File a $5 Million Securities Arbitration Claim Against Morgan Stanley and Broker Darryl Cohen

Published on: February 24, 2021 | by Iorio Altamirano

Professional basketball players Chandler Parsons and Courtney Lee, who have both played in the National Basketball Association, have reportedly filed a $5 million securities arbitration complaint against Morgan Stanley. According to broker Darryl Cohen’s CRD report, the complaint alleges that Morgan Stanley made payments from the players’ accounts without prior approval. The complaint also alleges that Mr. Cohen recommended the use of a “liquidity access line” for real estate and life insurance policies for which they “now claim they hold no interest.”

Parsons and Lee were not the first professional athlete to file a claim against Morgan Stanley arising out of broker Darryl Cohen’s conduct. Former Major League Baseball outfielder Nyjer Morgan filed a securities arbitration complaint against Morgan Stanley in May 2020. The complaint alleged that Mr. Cohen unsuitably recommended using a liquidity access line” to loan funds to outside business entities.

If you have lost money with broker Darryl Cohen or Morgan Stanley, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP Files Securities Arbitration Claim Against David Lerner Associates, Inc. Related to Unsuitable Recommendations Made by President and CEO Martin Walcoe

Published on: February 24, 2021 | by Iorio Altamirano

On behalf of a client, securities arbitration law firm Iorio Altamirano LLP has filed an arbitration claim through FINRA Dispute Resolution Services against David Lerner Associates Inc. (“David Lerner”). The claim alleges that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto Rico municipal bonds and misrepresented and omitted material facts concerning the risk and safety of the bonds. The recommendations and misrepresentations occurred at a time when credit rating agencies were downgrading Puerto Rico municipal bonds and indicated that further credit downgrades were imminent. At the time of the recommendations, Mr. Walcoe was an investment counselor and branch manager.

The claim also alleged that David Lerner also failed to suitably and properly allocate the customer’s brokerage account. Instead, David Lerner concentrated the customer’s account in risky, speculative, and uninsured Puerto Rico municipal bonds.

David Lerner’s recommendations to purchase and hold speculative Puerto Rico municipal bonds and its repeated recommendations to concentrate the customer’s investment accounts into speculative junk bonds were unsuitable and not in the customer’s best interest in light of the customer’s investment objectives and “middle ground” risk tolerance.

At Least Twenty-Four Customers Have Filed Securities Arbitration Complaints Against Robinhood Financial, LLC

Published on: February 17, 2021 | by Iorio Altamirano

Here is how you can file a claim to recover losses suffered from trading restrictions placed on GameStop, AMC, Blackberry, Nokia, and other stocks.

On February 12, 2021, in a letter addressed to Senator Elizabeth Warren, Robinhood Financial, LLC confirmed twenty-four (24) pending securities arbitrations.

Robinhood’s letter was written in response to an inquiry sent by Senator Warren on February 2, 2021, as to why Robinhood “abruptly changed the rules” for retail investors by restricting the purchase of certain securities.

Investigative Report: Iorio Altamirano LLP Investigation into Arive Capital Markets Reveals Troubling Pasts for Owners, Executives, and Brokers

Published on: February 8, 2021 | by Iorio Altamirano

This post is the first in a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm. Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high pressure or aggressive sales tactics. Other brokerage firms have a propensity for broker misconduct, such as excessive trading, churning, unauthorized trades, and misrepresentation. Iorio Altamirano LLP is a securities arbitration law firm based in New York City. We represent investors nationwide who have suffered investment losses due to wrongful conduct by financial advisors and brokerage firms. We are investor advocates.

SUMMARY:

In 2017, in collaboration with Columbia Law School, Reuters analyzed FINRA data and identified 48 firms whose brokers have been flagged for serious incidents. In 2021, our firm set out to update that analysis.

Former David Lerner Associates Financial Advisor, Charles Bonilla, Suspended by FINRA for Unsuitable Energy-Sector Securities – Boca Raton, FL

Published on: February 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Charles Bonilla from the securities industry for five months, fined him $5,000, and ordered him to disgorge $22,417 in commissions.

FINRA suspended Mr. Bonilla for recommending energy-sector securities to customers without having a reasonable basis to believe those investments were suitable. Mr. Bonilla was a broker with David Lerner Associates, Inc. in Boca Raton, FL when the alleged conduct occurred.

If you have suffered financial losses investing with Mr. Bonilla or suspect that Mr. Bonilla did not have your best interest in mind when recommending investments, including energy-sector mutual funds or limited partnerships, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Arive Capital Markets Broker, Lon Faccini, Facing Two Pending Disputes Alleging Excessive Trading, Churning, Misrepresentation, and Unsuitability

Published on: February 5, 2021 | by Iorio Altamirano

Lon Charles Faccini Jr. is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Faccini has been the subject of seven customer complaints, which include two pending disputes. The pending disputes are securities arbitration claims filed by customers of Mr. Faccini. At least one of the customers was also a client of Arive Capital Markets. The Arive Capital Markets customer alleged excessive trading, churning, and unsuitability. The second customer alleged misrepresentation and unsuitability.

If you have lost money with broker Lon Faccini or Arive Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.