investor education

David Wells, Formerly with Fifth Third Securities, Inc., BARRED by FINRA – Chicago, IL

Published on: September 29, 2021 | by Iorio Altamirano

FINRA has barred former Fifth Third Securities, Inc. broker David Wells from the securities industry. Mr. Wells consented to the sanction and to the entry of findings that he failed to appear for on-the-record testimony or to produce documents requested by FINRA in connection with its investigation into his potential misconduct while at Fifth Third Securities.

Mr. Wells “voluntarily resigned” from Fifth Third Securities after he admitted to misappropriating funds from three clients.

If you have suffered investment losses with David Wells, or Fifth Third Securities, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Jerry Rice, Formerly with Raymond James, Suspended by FINRA – Tinton Falls, NJ

Published on: September 29, 2021 | by Iorio Altamirano

FINRA has suspended former Raymond James broker Jerry Rice from the securities industry for six months. Mr. Rice consented to the sanctions and to the entry of findings that he circumvented Raymond James’ procedures prohibiting, without the firm’s approval, representatives from receiving gifts from customers and being named as a beneficiary in a customer’s will.

Mr. Rice’s suspension began on September 20, 2021, and is scheduled to end on March 19, 2022. He was also fined $10,000.

If you have suffered investment losses with Jerry Rice, or Raymond James, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Robert Nyilas, Formerly with Advisory Group Equity Services, BARRED by FINRA – Westport, CT

Published on: September 23, 2021 | by Iorio Altamirano

FINRA has barred former Advisory Group Equity Services broker Robert Nyilas from the securities industry. Mr. Nyilas consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with its investigation into whether he made unsuitable securities recommendations in customer accounts.

If you have suffered investment losses with Robert Nyilas, or Advisory Group Equity Services, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

Ronald Daley, Formerly with W&S Brokerage Services, Inc., BARRED by FINRA – West Chester, OH

Published on: September 23, 2021 | by Iorio Altamirano

FINRA has barred former W&S Brokerage Services, Inc. broker Ronald Daley from the securities industry. Mr. Daley consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce documents and information requested by FINRA in connection with its investigation into his potential conversion of funds from elderly customers.

If you have suffered investment losses with Ronald Daley, or W&S Brokerage Services, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

William Michero, Formerly with Cambridge Investment Research, Inc., BARRED by FINRA – Fort Worth, TX

Published on: September 23, 2021 | by Iorio Altamirano

FINRA has barred former Cambridge Investment Research, Inc. broker William Michero from the securities industry. Mr. Michero consented to the sanction and to the entry of findings that from April 2018 through February 9, 2021, while associated with his firm and serving as the trustee for a senior beneficiary’s accounts at other financial institutions, he converted more than $263,000 from those accounts.

If you have suffered investment losses with William Michero, or Cambridge Investment Research, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.

Two More Wins for UBS Yield Enhancement Strategy (YES) Customers, Fourth and Fifth Awards in 2021

Published on: September 20, 2021 | by Iorio Altamirano

First, on September 15, 2021, a FINRA Dispute Resolution Services arbitration panel in Houston, Texas, ordered UBS Financial Services, Inc. (“UBS”) to pay customers over $357,000 in compensatory damages. Then, on September 17, 2021, arbitrators in Boca Raton, Florida, awarded customers over $691,000 in compensatory damages, more than $115,000 in prejudgment interest, and nearly $41,000 in expert witness fees.

The cause of action in both arbitration cases arose out of investments in UBS’s Yield Enhancement Strategy (“YES”), a complex and highly risky options strategy.

Customers across the country have filed securities arbitration claims against UBS, alleging that the brokerage firm misrepresented the options strategy as a safe way to obtain marginally higher yield on a portfolio of securities. In actuality, the complexity and nature of YES exposed customers to a significant risk of loss. Customers have also alleged that UBS and its team of options traders conducted the YES program with virtually no supervision or compliance oversight and with inadequate risk controls.

GPB Automotive Portfolio, LP to Sell Prime Automotive for $880 Million, Which Generated $1.8 Billion in Annual Revenue in 2020; GPB Automotive’ s Future Remains Uncertain

Published on: September 14, 2021 | by Iorio Altamirano

According to SEC filings, GPB Automotive Portfolio LP entered into an agreement with Group 1 Automotive, Inc. on September 12, 2021, to sell Prime Automotive for $880 million, consisting of 30 car dealerships and three collision centers located in the Northeast of the United States. According to a press release issued by Group 1 Automotive, Inc., the Prime Automotive dealerships generated $1.8 billion in annual revenues in 2020.

The future of GPB Automotive Portfolio, LP remains uncertain. Investors of GPB Automotive Portfolio LP are encouraged to act now and contact a securities arbitration law firm for a free consultation and review of their legal rights.

Iorio Altamirano LP is a securities arbitration law firm that represents GPB Automotive investors.

Adam Gerard Belardino, Formerly with MML Investors Services, LLC, BARRED by FINRA – Elmsford, NY

Published on: September 13, 2021 | by Iorio Altamirano

FINRA has barred former MML Investors Services, LLC (“MML”) broker Adam Gerard Belardino from the securities industry for failing to provide on-the-record testimony on two occasions in violation of FINRA Rules 8210 and 2010.

In April 2019, Mr. Belardino’s firm terminated his employment during a review of customer complaints made against him. After learning of the termination, FINRA initiated an investigation into the surrounding circumstances.

If you have suffered investment losses with Adam Gerard Belardino, or MML Investors Services, LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Santander Investment Securities Inc. Sanctioned by FINRA for Publishing and Distributing Inaccurate and Incomplete Research Reports to Institutional Investors

Published on: September 8, 2021 | by Iorio Altamirano

On September 7, 2021, the Financial Industry Regulatory Authority (“FINRA”) and Santander Investment Securities Inc. (“Santander”) entered into an agreement whereby Santander consented to a censure and $175,000 fine after FINRA alleged that Santander published and distributed research reports to institutional investors that omitted required disclosures or included inaccurate disclosures.

Iorio Altamirano LLP is investigating claims on behalf of institutional customers of Santander Investment Securities Inc.

Institutional clients of Santander Investment Securities Inc. that have suffered investment losses should contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.

Scott Madison, Formerly with Merrill Lynch, BARRED by FINRA – Riverhead, NY

Published on: September 4, 2021 | by Iorio Altamirano

FINRA has barred former Merrill Lynch broker Scott Madison from the securities industry after he failed to provide information and documents requested by FINRA in connection with its investigation into the circumstances of his termination from Merrill Lynch.

If you have suffered investment losses with Scott Madison, or Merrill Lynch, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.