investor education

Micah W. Patterson Was Suspended for One Month for Soliciting Future Income Payments, LLC – Centerville, Utah

Published on: November 23, 2020 | by Iorio Altamirano

In June 2020, FINRA suspended financial advisor Micha W. Patterson (CRD #5562392) for one month from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Patterson’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between June 2017 and November 2017, Micah Patterson participated in private securities transactions totaling $30,644 without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

From June through November 2017, Patterson solicited an investor to purchase $30,644 in securities of Future Income Payments, LLC.

INVESTIGATION: Former Edward Jones Financial Advisor Matthew Jennings Barred by FINRA– Johnston, Iowa

Published on: November 21, 2020 | by Iorio Altamirano

FINRA has barred financial advisor Matthew Jennings (CRD# 6762685) from the securities industry for refusing to cooperate with a FINRA investigation. Mr. Jennings was fired by Edward Jones in August 2019 due to concerns that he introduced clients to investments not offered through the firm. This type of conduct is often referred to as “selling away.”

What is “selling away?”

“Selling away” is when a financial advisor solicits a customer to participate in a private securities transaction that is not offered or approved by the brokerage firm where the financial advisor is employed or registered.

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.

Former Raymond James Financial Advisor Vonna Kay Husby (CRD# 1314070) BARRED by FINRA After Allegedly Co-Owning a Bank Account With an Elderly Customer – Fairbanks, Alaska

Published on: November 3, 2020 | by Iorio Altamirano

FINRA has permanently barred stockbroker Vonna Kay Husby from the securities industry. The expulsion was handed down by FINRA because Ms. Kay Husby ceased cooperating with FINRA in connection with FINRA’s investigation into whether Husby served as a Power of Attorney and opened an undisclosed bank account that she allegedly co-owned with one of her elderly customers.

Vonna Kay Husby was a financial advisor at Raymond James Financial Services, Inc. in Fairbanks, Alaska, from August 2003 until May 2019. Raymond James terminated her employment on May 9, 2019, alleging that Ms. Kay Husby was a co-owner on a bank account with a customer without providing disclosure to or receiving approval from the firm.

Being an undisclosed beneficiary in a customer account is a serious violation as it may give rise to misconduct, including potential conflicts of interest, or worse, elder abuse.