investor advocates

Broker Jason Howell Poff, Formerly with LPL Financial LLC, Suspended by FINRA – Houston, TX

Published on: June 15, 2021 | by Iorio Altamirano

FINRA has suspended former LPL Financial LLC broker Jason Howell Poff from the securities industry. According to an Office of Hearing Officers (“OHO”) order, Poff engaged in two outside business activities without his firm’s approval.

Poff’s suspension began on June 7, 2021, and is scheduled to end on September 6, 2021. He was also fined $5,000.

If you have lost money with Jason Howell Poff, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Oppenheimer & Co. Inc. Fined $525,000 by FINRA – New York, NY

Published on: June 15, 2021 | by Iorio Altamirano

FINRA has fined Oppenheimer $525,000 for negligently misrepresenting cost basis information on more than 1,000 customer account statements and Forms 1099. The firm was also censured and consented to conduct a comprehensive review of the adequacy of its procedures, systems, and controls to track and report cost basis information relating to customer securities transactions.

Oppenheimer is a full-service broker-dealer that is headquartered in New York, New York. The firm has been a FINRA member since 1945. It has approximately 140 branch offices and over 1,900 registered representatives.

If you have lost money with Oppenheimer, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Broker Gregory Walter McCloskey, Formerly with WestPark Capital, BARRED by FINRA – Newport Beach, CA

Published on: June 15, 2021 | by Iorio Altamirano

FINRA has barred former WestPark Capital broker Gregory Walter McCloskey from the securities industry. According to an Office of Hearing Officers (“OHO”) order, McCloskey participated in two undisclosed private securities transactions involving a customer who was an elderly, retired widow and then sought to conceal these transactions from his member firms and FINRA.

If you have lost money with Gregory Walter McCloskey, or WestPark Capital, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Disciplinary Proceeding No. 2018059242801

Broker Jimmie Darrel Summers, Formerly with Cetera Investment Services LLC, Suspended by FINRA – Tulsa, OK

Published on: June 15, 2021 | by Iorio Altamirano

FINRA has suspended former Cetera Investment Services LLC broker Jimmie Darrel Summers from the securities industry for 45 business days for circumventing Cetera’s procedures that prohibited registered representatives from being named as a trustee, successor trustee, or executor for a firm customer, or from having power of attorney for a firm customer, except when the customer was a member of the representative’s immediate family.

Summers’ suspension began on May 17, 2021, and is scheduled to end on June 30, 2021. He was also fined $5,000.

If you have lost money with Jimmie Darrel Summers or Cetera Investment Services LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Investor Alert: Iorio Altamirano LLP Investigates Titan Securities Over Sale of Future Income Payments

Published on: June 9, 2021 | by Iorio Altamirano

On June 8, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Titan Securities entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Titan Securities consented to a censure and $20,000 fine. The sanctions are a result of Titan Securities’ failure to properly conduct an evaluation of a broker’s proposed sale of Future Income Payments to customers.

Unrelatedly, just last week, Titan Securities CEO and owner Brad Brooks was suspended for one year for failing to supervise a broker’s outside business activities between 2009 and 2012.

FINRA Letter of Acceptance, Waiver, and Consent No. 2019061705101

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:

Broker Louis Kreisberg, Formerly with Wavecrest Securities, LLC and Pickwick Capital Partners, LLC, BARRED by FINRA

Published on: June 8, 2021 | by Iorio Altamirano

FINRA has barred former Wavecrest Securities, LLC and Pickwick Capital Partners, LLC broker Louis Kreisberg from the securities industry for failing to cooperate with a FINRA investigation.

The matter originated from a FINRA investigation of Kreisberg’s potential participation in private placement offerings.

If you have lost money with Louis Kreisberg, Wavecrest Securities, LLC, or Pickwick Capital Partners, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Former UBS Broker, Ricardo Turlan, Suspended by FINRA – San Antonio, Texas

Published on: June 8, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Ricardo Turlan from the securities industry for two months. Mr. Turlan consented to the suspension after FINRA alleged that he engaged in discretionary trading without written authorization in two customer accounts between June 2017 and February 2019. Mr. Turlan also allegedly mismarked approximately 72 trades as “unsolicited” when the trades should have been marked as “solicited.” FINRA also fined Mr. Turlan $7,500.

The alleged conduct occurred while UBS Financial Services Inc. (“UBS”) employed Mr. Turlan in San Antonio, Texas. UBS discharged Mr. Turlan in July 2019, alleging misconduct related to a non-discretionary account and trading in accounts that reached levels that could be considered unsuitable.

If you have suffered financial losses investing with Ricardo Turlan, or suspect that Mr. Turlan 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 brokerage account.

Former SagePoint Financial, Inc. Broker Grant Birkley BARRED by FINRA – Barrington, Illinois

Published on: June 8, 2021 | by Iorio Altamirano

FINRA has barred former SagePoint Financial, Inc. broker Grant Birkley from the securities industry for failing to cooperate with a FINRA investigation of the Form U5 filed by SagePoint Financial, which stated that the firm had discharged Birkley after he admitted making referrals to an outside asset manager without the firm’s approval.

The Form U5 is the Uniform Termination Notice for Securities Industry Registration, and broker-dealers use it to terminate the registration of an individual in the appropriate jurisdictions and/or self-regulatory organizations (“SROs”).

If you have lost money with Grant Birkley, or SagePoint Financial, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Former SagePoint Financial, Inc. Broker Cynthia Komarek BARRED by FINRA – Barrington, Illinois

Published on: June 8, 2021 | by Iorio Altamirano

FINRA has barred former SagePoint Financial, Inc. broker Cynthia Komarek from the securities industry for failing to cooperate with a FINRA investigation of the Form U5 filed by SagePoint Financial, which stated that the firm had discharged Komarek after she admitted making referrals to an outside asset manager without the firm’s approval.

The Form U5 is the Uniform Termination Notice for Securities Industry Registration, and broker-dealers use it to terminate the registration of an individual in the appropriate jurisdictions and/or self-regulatory organizations (“SROs”).

If you have lost money with Cynthia Komarek, or SagePoint Financial, Inc., contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.