securities arbitration

Charleston, SC Financial Advisor Paul Halvorson, Formerly of Morgan Stanley, BARRED by FINRA

Published on: February 17, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Paul John Halvorson from the securities industry. FINRA expelled Mr. Halvorson from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Morgan Stanley in November 2020.

Mr. Halvorson was a financial advisor at Morgan Stanley in Charleston, South Carolina, from June 2009 until his employment was terminated in November 2020. In connection with the discharge, Morgan Stanley alleged that Mr. Halvorson submitted transactions under production numbers that were inconsistent with an agreement that he had with another broker, resulting in a shortfall of revenue credited to the other broker.

If you have suffered financial losses investing with Paul Halvorson or suspect that Mr. Halvorson did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Arive Capital Markets Broker, Mirsad Muharemovic, Accused of Churning, Excessive Trading, and High-Pressure Sales Tactics

Published on: February 15, 2021 | by Iorio Altamirano

Mirsad Muharemovic is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Muharemovic has 22 years of experience in the securities industry. He has been associated with nine different broker-dealers, including a past association with a firm expelled by FINRA.

Mr. Muharemovic has been the subject of three customer complaints, including one dispute that is still pending and another one resulting in an arbitration award for the complaining customer.

Arive Capital Markets Broker, Lon Faccini, Facing Two Pending Disputes Alleging Excessive Trading, Churning, Misrepresentation, and Unsuitability

Published on: February 5, 2021 | by Iorio Altamirano

Lon Charles Faccini Jr. is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Faccini has been the subject of seven customer complaints, which include two pending disputes. The pending disputes are securities arbitration claims filed by customers of Mr. Faccini. At least one of the customers was also a client of Arive Capital Markets. The Arive Capital Markets customer alleged excessive trading, churning, and unsuitability. The second customer alleged misrepresentation and unsuitability.

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

Investor Alert: Iorio Altamirano LLP Continues to Investigate Robinhood, Webull, T.D. Ameritrade, Interactive Brokers, Charles Schwab, and Other Brokerage Firms for Market Manipulation and Breach of Contract

Published on: February 1, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, Webull Financial LLC, T.D. Ameritrade, Charles Schwab, E*Trade Financial Corp., Interactive Brokers Group, and other online brokerage platforms halted the ability of its clients to purchase GameStop (NYSE: GME), AMC (NYSE: AMC), Novavax, Inc. (NASDAQ: NVAX), Express (NYSE: EXPR), Blackberry (NYSE: BB), Bed Bath & Beyond (NASDAQ: BBBY), Koss Corp. (NASDAQ: KOSS) and Nokia (NYSE: NOK) stock on January 28, 2021.

According to reports, after the popular online brokerage firms implemented the trading restrictions, GameStop ($GME) dropped 44%, and AMC ($AMC) lost 57%. The trading restrictions, which appear to have sent the share prices of targeted companies plunging, set off a firestorm of criticism, including Congress members.

New York Attorney General Letitia James released the following statement on January 28, 2021: “We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock. We are reviewing this matter.”

Arive Capital Markets’ Roy Failla Suspended by New Jersey for Engaging in Dishonest and Unethical Practices in the Securities Business, Including Excessive Trading

Published on: February 1, 2021 | by Iorio Altamirano

The State of New Jersey Bureau of Securities has suspended the registration of stockbroker Roy Joseph Failla for 45-days and fined him $15,000.

The New Jersey regulator alleged that between October 27, 2014, through September 25, 2019, while employed by First Standard Financial Company in New York, NY, Roy Failla excessively and unsuitably traded two customers’ accounts.

Mr. Failla has since been associated with Arive Capital Markets, LLC (“Arive Capital Markets) in Staten Island, NY as a financial advisor and the firm’s Senior Vice President of Business Development. Also, according to public records, Mr. Failla has an indirect ownership interest in Arive Capital Markets.

Investor Alert: Iorio Altamirano LLP Investigates Robinhood, T.D. Ameritrade, Charles Schwab, and Other Brokerage Firms for Market Manipulation

Published on: January 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, T.D. Ameritrade, Charles Schwab, and other brokerage firms halted the ability of its clients to purchase GameStop ($GME), AMC ($AMC), Blackberry ($BB), and Nokia ($NOK) stock.

To read our most recent blog post on this investigation, please click here.

The Financial Industry Regulatory Authority, which regulates brokerage firms like Robinhood, T.D. Ameritrade, and Charles Schwab, requires that broker-dealers make every effort to execute a marketable customer order that it receives fully and promptly.

After Merrill Lynch Has Paid Over $66 Million to Settle Churning Allegations Against Former Broker Charles Kenahan, FINRA Has Barred Kenahan From the Industry.

Published on: January 25, 2021 | by Iorio Altamirano

Summary:

FINRA has barred financial advisor Charles Kenahan from the securities industry after he refused to cooperate with FINRA’s investigation.
In 2019, Bank of America Merrill Lynch agreed to pay $40 million to settle with Robert Levine, co-founder of Cabletron Systems, over churning allegations.

Berthel Fisher & Company Financial Services, Inc. Customer in Layton, Utah Filed FINRA Arbitration Complaint About REITs and BDCs

Published on: January 14, 2021 | by Iorio Altamirano

A Berthel Fisher & Company Financial Services, Inc. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that former broker Robyn D. Simons recommended unsuitable investments in real estate investment trusts (REITs) and business development companies (BDCs). The investments were reportedly purchased between 2014 and 2016. The complaint also alleges that Berthel Fisher & Company Financial Services, Inc. failed to supervise Robyn Simons’ actions. The customer has alleged $200,000 in damages.

This complaint is not the first securities arbitration claim filed against Robyn Simons and Berthel Fisher & Company Financial Services, Inc. arising out of Robyn Simons’ investment recommendations. In 2015, a customer filed a FINRA arbitration complaint alleging that investments made in her accounts between 2013 and 2015 were unsuitable. The customer also alleged that Robyn Simons misrepresented the securities to her at the time of purchase. Reportedly, the investments included a REIT, BDC, Unit Investment Trust (UIT), and equities. According to Robyn Simons’ BrokerCheck Report, Berthel Fisher & Company Financial Services, Inc. settled the matter with the aggrieved customer for $21,500.

Robyn Simons was registered with Berthel Fisher & Company Financial Services, Inc. in Layton, Utah, from February 2008 until September 2017.

Statesboro, Georgia Financial Advisor Christopher B. Black BARRED by FINRA

Published on: January 13, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Christopher B. Black from the securities industry. FINRA handed down the expulsion because Mr. Black refused to provide information and documents connected with FINRA’s investigation into whether Mr. Black entered into undisclosed loan arrangements with a customer. Mr. Black was a financial advisor at LPL Financial LLC in Statesboro, Georgia, from October 2017 until his employment was terminated in April 2020 for violating firm policy for not disclosing the loan arrangements. Mr. Black has also been affiliated with the following business entities: Renasant Financial Services and LPL Business.

Mr. Black has also been the subject of three customer complaints while employed by LPL Financial LLC. First, in April 2020, a customer alleged that Mr. Black recommended the purchase of bonds that were not suitable for the investor. A second customer filed a complaint in July 2020, also alleging misrepresentation and unsuitable recommendations regarding the purchase of bond investments. Third, a customer filed a complaint in October 2020, which alleged that Mr. Black misappropriated funds between August 2019 and April 2020. No further details are publicly available regarding this pending complaint.

Before his employment with LPL Financial LLC, Mr. Black was a financial advisor at Wells Fargo in St. Simons Island, Georgia, from November 2013 until September 2017.

Crown Capital Securities, L.P. Customer Filed FINRA Arbitration Complaint About Non-Traded Real Estate Investment Trusts (REITs) and Non-Traded Business Development Companies (BDCs)

Published on: January 12, 2021 | by Iorio Altamirano

A Crown Capital Securities L.P. customer has recently filed a complaint with FINRA Dispute Resolution Services alleging that broker Jeffrey Michael Warren recommended unsuitable investments in non-traded real estate investment trusts (REITs) and non-traded business development companies (BDCs). The complaint includes additional causes of action, including inadequate due diligence and breach of fiduciary duty.

Mr. Warren has been registered with Crown Capital Securities, L.P. in San Ramon, California, since February 2013.

If you have suffered financial losses investing with Jeffrey Michael Warren or Crown Capital Securities, L.P., or suspect that Mr. Warren did not have your best interest in mind when recommending investments, including REITs and BDCs, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.