investor education

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.

Mario Rivero, Jr., Formerly with Wells Fargo, BARRED by FINRA – Elizabeth, New Jersey

Published on: June 8, 2021 | by Iorio Altamirano

FINRA has barred former Wells Fargo broker Mario Rivero, Jr. from the securities industry for failing to cooperate with a FINRA investigation into allegations made by two former customers.

If you have lost money with Mario Rivero, Jr., Wells Fargo, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent

Former Park Avenue Securities Broker Nick Palumbo, BARRED by FINRA

Published on: June 4, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Nicholas Palumbo from the securities industry. Mr. Palumbo was expelled from the brokerage industry after refusing to cooperate with a FINRA investigation into allegations related to his termination from Park Avenue Securities LLC. Mr. Palumbo was associated with Park Avenue Securities LLC from May 1999 until he was “permitted to resign” in May 2020 over allegations that he engaged in undisclosed private securities transactions.

If you have lost money with broker Nicholas Palumbo or Park Avenue Securities LLC, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020066651001

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.

Investor Alert: FINRA Files Enforcement Action Against Broker-Dealer NYPPEX, LLC, and Two Executives Alleging They Made Material Misrepresentations And Omissions to Prospective Investors of NYPPEX Holdings

Published on: June 2, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against brokerage firm NYPPEX, LLC (CRD No. 47654), Former Chief Executive Officer (“CEO”) Laurence Allen (CRD No. 1063970), and Chief Compliance Officer (“CCO”) Michael Schunk (CRD No. 732595). The complaint alleges:

Allen continued to serve as NYPPEX, LLC’s CEO after being statutorily disqualified in December 2018 when the Office of the New York Attorney General (“New York Attorney General”) secured an Ex Parte Order (the “Order”) from the Supreme Court of the State of New York that preliminarily enjoined and restrained Mr. Allen and NYPPEX Holdings from engaging in securities fraud, violating New York Securities law, and converting or otherwise disposing of or transferring funds from ACP X, LP, a private equity fund controlled by Mr. Allen. NYPPEX, LLC’s CCO Michael Schunk allowed Mr. Allen to continue to associate as NYPPEX, LLC’s CEO despite his statutory disqualification.
In March 2019, Mr. Allen devised and orchestrated an aggressive sales campaign to raise $10 million for NYPPEX Holdings through the sale of securities in NYPPEX Holdings. While soliciting these investments, NYPPEX, LLC, and Allen intentionally or recklessly made a series of material misrepresentations and omissions of material fact to prospective investors concerning, among other things, NYPPEX Holdings’ valuation, its financial condition, and its management team. NYPPEX and Allen also failed to disclose to prospective investors the New York Attorney General’s ongoing investigation into Mr. Allen’s and NYPPEX Holdings’ alleged fraudulent activity and the Order that preliminarily enjoined both of them.

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.