investment losses

David T. Phillips Suspended for Nine Months for Future Income Payments, LLC Solicitation – Gilbert, Arizona

Published on: November 18, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker David T. Phillips (CRD #3094195) for nine months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Phillips’ solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between May 2017 and April 2018, David Phillips participated in private securities transactions totaling $876,636, without prior disclosure and approval from his employer at the time, ProEquities, Inc. Specifically, FINRA alleged:

Between May 2017 and April 2018, Mr. Phillips solicited eight investors to purchase $876,363 in securities of Future Income Payments, LLC.

Troy R. Baily Suspended for Recommending Future Income Payments, LLC – Omaha, Nebraska

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker Troy R. Baily (CRD #4458930) for six months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Baily’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between February and May 2017, Troy Baily participated in private securities transactions totaling $210,000, without prior disclosure and approval from his employer at the time, Sagepoint Financial, Inc. Specifically, FINRA alleged:

Between February and May 2017, Mr. Baily solicited investors to purchase $210,000 in securities of Future Income Payments, LLC.

Lonna R. Dehn Ristvedt Suspended for Soliciting Customers to Buy Future Income Payments, LLC – Fargo, North Dakota

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker Lonna Rae Dehn Ristvedt (CRD #2277778) for four months from the securities industry and ordered her to pay a $5,000 fine. These sanctions arose from Ms. Dehn Ristvedt’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that in June 2015, Lonna Rae Dehn Ristvedt participated in private securities transactions totaling $163,320 without prior disclosure and approval from her employer at the time, National Planning Corporation. Specifically, FINRA alleged:

In June 2015, Ms. Dehn Ristvedt solicited two investors to purchase $163,320 in securities of Future Income Payments, LLC.

John Westbrook Suspended for Future Income Payments, LLC Solicitation – Montgomery, Alabama

Published on: November 17, 2020 | by Iorio Altamirano

FINRA has suspended stockbroker John A. Westbrook (CRD #1846059) for five months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Wesbrook’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between October 1, 2016, and May 9, 2017, John Westbrook participated in private securities transactions totaling $350,335, without prior disclosure and approval from his employer at the time, Center Street Securities, Inc. Specifically, FINRA alleged:

Between October 1, 2016, and May 9, 2017, Mr. Westbrook solicited three investors to purchase $350,335 in securities of Future Income Payments, LLC.

Coastal Equities, Inc. Censured by FINRA and Ordered to Pay Over $280,000 in Restitution and Interest to Customers – Dublin, Ohio

Published on: November 13, 2020 | by Iorio Altamirano

FINRA has sanctioned Coastal Equities, Inc. for its failure to reasonably supervise a stockbroker who recommended excessive and unsuitable trades in the accounts of customers. Coastal Equities, Inc. was censured and ordered to pay $270,320 in restitution to clients, plus $9,589 in interest.

FINRA alleged that between October 2016 and July 2018, Coastal Equities, Inc. failed to reasonably supervise a financial advisor that recommended excessive and unsuitable trading in accounts of four customers. FINRA also alleged that the financial advisor was making unsuitable recommendations to purchase securities using margin in two of those accounts. According to the allegations, the financial advisor’s supervisor became aware of multiple instances of unsuitable trading but failed to respond reasonably.

Based on public records, it is believed that the financial advisor at issue is Sam Aziz. Mr. Aziz worked at Coastal Equities in the Dublin, Ohio branch from September 2015 through July 2018. In 2019, Mr. Aziz was barred by FINRA from the securities industry. He has also been the subject of numerous customer complaints.

Financial Advisor Lawrence Goldstein BARRED by FINRA – Nevada

Published on: November 11, 2020 | by Iorio Altamirano

FINRA has barred stockbroker Lawrence Goldstein from the securities industry. Lawrence Goldstein was a registered financial advisor with McNally Financial Services Corporation in Sparks, Nevada, from April 2010 until February 28, 2020.

According to public records, Mr. Goldstein refused to cooperate with a FINRA investigation in whether he engaged in unsuitable excessive trading in a customer’s account.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker. Excessive trading is unethical and illegal.

Oppenheimer Financial Advisor Ivan Shore (CRD# 1012943) SUSPENDED by FINRA for Short-Term Trading of Unit Investment Trusts in Customer Accounts – New York, NY

Published on: November 6, 2020 | by Iorio Altamirano

FINRA has suspended financial advisor Ivan Shore from the securities industry for three months and fined him $5,000. Ivan Shore has been a stockbroker at Oppenheimer & Co. Inc. since 1997.

FINRA alleged that between July 1, 2011, and December 31, 2015, Ivan Shore engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts.

If you have lost money with Ivan Shore, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your accounts.

National Securities Corporation Censured by FINRA and Fined $125,000 for Numerous Violations

Published on: October 29, 2020 | by Iorio Altamirano

FINRA has sanctioned National Securities Corporation for numerous violations, including failing to comply with reporting obligations and failing to enforce written supervisory procedures related to its reporting obligations between May 2015 and November 2018. National Securities Corporation was also sanctioned for failing to establish, maintain, and enforce written supervisory procedures relating to contingency offers from July 2015 through March 2017. FINRA’s most recent sanction is the third time National Securities Corporation has been censured and fined by FINRA since 2011. National Securities Corporation has also been the subject of customer complaints.

If you have lost money with National Securities Corporation, contact Iorio Altamirano LLP for a free and confidential evaluation of your investment or retirement accounts.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as National Securities Corporation.

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

Financial Advisor Donatas B. Vildzius (CRD# 2202883) SUSPENDED for a Third Time by FINRA for Excessive Trading – Danbury, CT

Published on: October 23, 2020 | by Iorio Altamirano

On October 9, 2020, FINRA suspended Donatas B. Vildzius from the securities industry for six months and fined him $5,000. This sanction is the third time Mr. Vildzius has been suspended by FINRA, with previous suspensions in 2006 and 2014. Donatas Vildzius is a stockbroker and registered representative at Network 1 Financial Securities Inc. in Danbury, CT.

The latest suspension is the result of a FINRA investigation alleging that between August 2015 and April 2017, while employed by Network 1 Financial Services Inc., Vildzius excessively traded the accounts of two customers.

Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker. Excessive trading is wrong.