securities arbitration

Iorio Altamirano LLP Investigates David A. Noyes & Company Over GPB Funds

Published on: April 24, 2021 | by Iorio Altamirano

David A. Noyes & Company (a.k.a Sanctuary Securities, Inc.) is a broker-dealer headquartered in Indianapolis, Indiana. The firm was formed in 1978. According to publicly available records filed with the SEC, David A. Noyes & Company likely received sales compensation for selling the GPB funds to retail investors.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors.

If you lost money in GPB funds with David A. Noyes & Company, you may have a claim.

Independent Financial Group, LLC Fined by FINRA Over Supervisory Violations

Published on: April 23, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims on behalf of Independent Financial Group, LLC customers after the firm was censured and fined $200,000 by FINRA.

The sanctions involve supervisory failures related to a registered representative’s unsuitable recommendations to customers, including seniors. In addition to the censure and fine, the firm also agreed to implement supervisory systems and written supervisory procedures reasonably designed to, among other things, achieve compliance with suitability requirements for alternative investments. The registered representative is no longer with the firm.

Alternative investments include non-traded real estate investment trusts (REITs) and structured notes.

Former LPL Financial LLC Broker John Scott BARRED by FINRA – Phoenix, Arizona

Published on: April 23, 2021 | by Iorio Altamirano

FINRA has barred former LPL Financial LLC broker John Scott from the securities industry. According to FINRA, the matter originated from an investigation of Mr. Scott’s potential participation in certain private placement offerings.

If you have lost money with John Scott, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP represents investors in disputes with their financial advisors and brokerage firms, such as LPL Financial LLC.

Former LPL Financial LLC Broker Elias Hakimian, Suspended by FINRA – Costa Mesa, California

Published on: April 21, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Elias Hakimian from the securities industry for three months. Mr. Hakimian consented to the suspension after FINRA alleged that he borrowed $120,000 from a customer without notice to or obtaining written pre-approval from his employing brokerage firm, LPL Financial LLC, in violation of FINRA Rules 3240 and 2010. FINRA also fined Mr. Hakimian $5,000.

LPL Financial LLC allowed Mr. Hakimian to “voluntarily resign” after a customer alleged that he engaged in churning in the customer’s accounts and invested the customer’s funds in speculative ventures contrary to the customer’s objectives and risk tolerance, in addition to taking loans from the customer.

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.

Iorio Altamirano LLP Investigates HighTower Securities, LLC Over GPB Funds

Published on: April 20, 2021 | by Iorio Altamirano

HighTower Securities, LLC was formed in June 2001 and is headquartered in Illinois, Chicago. The firm is under common control with HighTower Advisors, LLC, a registered investment advisor (RIA). According to legal filings, HighTower Advisors, LLC facilitated the sale of some of the partnership interests of the GPB funds.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer HighTower Securities, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with HighTower Securities, LLC, you may have a claim.

Iorio Altamirano LLP Investigates Private Client Services, LLC Over GPB Funds

Published on: April 20, 2021 | by Iorio Altamirano

Private Client Services, LLC is an independently owned, full-service broker-dealer. The firm was formed in February 2001 and is headquartered in Louisville, Kentucky.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Private Client Services, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Private Client Services, LLC, you may have a claim.

Iorio Altamirano LLP Investigates Innovation Partners, LLC Over GPB Funds

Published on: April 20, 2021 | by Iorio Altamirano

Innovation Partners, LLC is a financial services and consulting firm headquartered in Charlotte, North Carolina. The firm was formed in November 2007.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Innovation Partners, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Innovation Partners, LLC, you may have a claim.

Iorio Altamirano LLP Investigates Kingsbury Capital, Inc. Over GPB Funds

Published on: April 20, 2021 | by Iorio Altamirano

Kingsbury Capital, Inc. was formed in December 2000 and was headquartered in Evanston, Illinois. The firm terminated or withdrew its registration with FINRA in December 2019.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Kingsbury Capital, Inc. likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Kingsbury Capital, Inc., you may have a claim.

Iorio Altamirano LLP Investigates Detalus Securities, LLC Over GPB Funds

Published on: April 20, 2021 | by Iorio Altamirano

Detalus Securities, LLC was formed in November 1999 and was headquartered in St. Louis, Missouri. The firm terminated or withdrew its registration with FINRA in October 2020.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Detalus Securities, LLC likely received sales compensation for selling the GPB funds to retail investors.

If you lost money in GPB funds with Detalus Securities, LLC, you may have a claim.

Iorio Altamirano LLP Investigates Cascade Financial Management, Inc. Over GPB Funds

Published on: April 20, 2021 | by Iorio Altamirano

Cascade Financial Management, Inc. was formed in May 2001 and was headquartered in Denver, Colorado. The firm terminated or withdrew its registration with FINRA in December 2020.

Former Cascade Financial Management, Inc. broker Daniel Alex Cantarovici was the subject of one regulatory disclosure involving GPB Capital funds. He was registered with the firm between April 2002 and October 2017.

Iorio Altamirano LLP is investigating claims on behalf of defrauded investors who were victims in the GPB funds scheme. The GPB funds were marketed to independent broker-dealers and investment advisers who would, in turn, sell the GPB funds to their retail investors. According to publicly available records filed with the SEC, broker-dealer Cascade Financial Management, Inc. likely received sales compensation for selling the GPB funds to retail investors.