investor education

FINRA Files Enforcement Action Against Former Joseph Stone Capital, LLC. Broker Abdul Rahmani

Published on: April 16, 2021 | by Iorio Altamirano

**Update: November 8, 2021** On April 15, 2021, FINRA’s Department of Enforcement filed disciplinary proceeding No. 2019063626703 against former Joseph Stone Capital broker Abdul Rahmani. On October 28, 2021, Mr. Rahmani submitted an Offer of Settlement to FINRA’s Department of Enforcement. On November 2, 2021, FINRA’s Department of Enforcement and the National Adjudicatory Council (NAC), a Review Subcommittee of the NAC, or the Office of Disciplinary Affiars (ODA) have accepted Mr. Rahmani’s offer of settlement. Under the terms of the settlement, Mr. Rahmani has consented to a bar from the securities industry.

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FINRA Files Enforcement Action Against Former Joseph Stone Capital, LLC. Broker Abdul Rahmani

Dawson James Securities, Inc. Sanctioned by FINRA for Charging Customers Excessive Commissions

Published on: April 6, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has sanctioned Dawson James Securities, Inc. (“Dawson James”) for charging customers excessive commissions. On April 6, 2021, FINRA and Dawson James entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) whereby Dawson James accepted the following sanctions:

a censure;
a $20,000 fine; and

Cantor Fitzgerald & Co. Trader, Riaz Haidri, Suspended for Disclosing a Customer’s Confidential Trading Strategy to Another Customer

Published on: March 25, 2021 | by Iorio Altamirano

FINRA has suspended a Senior Managing Director at Cantor Fitzgerald & Co., Riaz Haidri, for three weeks for disclosing confidential information regarding a customer’s trading strategy and later confirming the customer’s identity to another customer. Mr. Haidri was the co-head of Cantor Fitzgerald’s high yield fixed income trading desk at the time of the alleged conduct. FINRA also fined Mr. $15,000 and ordered him to complete five hours of training.

Cantor Fitzgerald has employed Mr. Haidri since May 2013.

FINRA Letter of Acceptance, Waiver, and Consent No. 2017054288401

Investigative Report: Iorio Altamirano LLP Investigation into Joseph Stone Capital L.L.C. Reveals Troubling Pasts for Owners, Executives, and Brokers

Published on: March 16, 2021 | by Iorio Altamirano

This post is part of 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.

Other Investigative Blog Posts:

Arive Capital Markets, LLC

Aegis Capital Fined and Censured by FINRA

Published on: March 11, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

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Great Nation Investment Corporation President and CEO, Bryon Pat Treat, BARRED by FINRA – Amarillo, Texas

Published on: March 1, 2021 | by Iorio Altamirano

FINRA has barred Great Nation Investment Corporation President, and CEO Bryon Pat Treat from the securities industry. Mr. Treat has been barred from associating with any FINRA member firm in any capacity because he refused to provide information and documents connected with FINRA’s investigation into whether he reasonably supervised the sale of illiquid “church bonds.”

Earlier this year, FINRA also barred financial advisor David A. Jenson from the securities industry for failing to cooperate with an investigation into whether Mr. Jenson recommended customers invest in an unsuitable concentration of church bonds. To read more about Mr. Jenson’s expulsion, please click here.

Great Nation Investment Corporation is an SEC-registered brokerage firm headquartered in Amarillo, Texas. The firm’s primary business activity is the offer and sale of church bonds.

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.

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.

Broker Spotlight: Michael Hernandez of Arive Capital Markets – Brooklyn, New York

Published on: February 15, 2021 | by Iorio Altamirano

Michael Joseph Hernandez is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, New York. Mr. Hernandez has a history of associations with disreputable broker-dealers and at least one customer complaint, employment termination, and regulatory sanction.

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

Arive Capital Markets

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.